AI deals push Hong Kong share sales to a record US$47.5bn summer, Bloomberg data show, but most big deals trade below water
Alibaba's follow-on and Zhongji Innolight's listing led the July–September haul. Of the ten largest deals since July, two trade above their offer price.
Companies raised US$47.5 billion in Hong Kong through initial public offerings, placements and block trades from July to September, the biggest haul ever for the period, according to data compiled by Bloomberg and reported on 4 October. That takes the year above US$92 billion, within reach of the US$112.5 billion record set in 2021.
Bloomberg ties the surge to AI, as Chinese technology companies raise larger sums to expand in the sector. The deals it names include Alibaba's US$10.2 billion follow-on offering and Zhongji Innolight's listing of nearly US$8 billion. Zhongji Innolight makes the optical transceivers that connect chips in AI data centres.
There is a warning in the same report. Of the ten largest deals in Hong Kong since the start of July, just two are trading above water. “If you look at overall sentiment, having large transactions trading through the offer price is not helpful for risk appetite,” said Martin Zoll, global head of equity capital markets at HSBC.
The exchange's own figures run only to August. HKEX's monthly market highlights show HK$342.4 billion raised in IPOs in January to August 2026, up 153% from HK$135.1 billion a year earlier, and HK$651.3 billion in total funds raised, up 76%. September's figures, which would confirm the quarter, are not out yet.
AI is now the main reason companies are lining up to sell shares in Hong Kong. If the newest deals keep trading below their price, the next ones will have to come cheaper.
- Reported US$47.5bn was raised in Hong Kong via IPOs, placements and block trades in July–September, a record for the period; year to date is above US$92bn. Bloomberg via Taipei Times
- Reported Of the ten largest Hong Kong deals since the start of July, just two are trading above water. Bloomberg via Taipei Times
- Confirmed HKEX: IPO funds raised in January–August 2026 were HK$342.4bn, up 153%; total funds raised were HK$651.3bn, up 76%. HKEX Monthly Market Highlights
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