HK IPO fundraising hits HK$401.4bn, highest since 2011

Hong Kong's primary market is clearly back at scale, with the year's tally now within striking distance of a record set more than a decade ago — a signal that issuance appetite has recovered meaningfully rather than just marginally. The breadth matters as much as the headline: 118 listings points to a functioning pipeline across deal sizes, not a handful of mega-deals carrying the total. Whether the pace holds into year-end, and whether this depth extends beyond Hong Kong into other listing venues, is the open question for anyone tracking where new equity supply is actually finding demand.