AI boom pushes Hong Kong share sales to record $47.5B in the quarter

Hong Kong is experiencing a new surge in capital raising amid the artificial intelligence boom. In July–September, companies sold $47.5 billion worth of shares — a record volume for the third quarter. However, there is an important nuance behind the large sums: most of the biggest new listings have so far failed to bring investors share price gains.

The $47.5 billion includes not only initial public offerings (IPOs) but also additional share sales by already listed companies, as well as large block trades.

Since the start of 2026, companies have raised over $92 billion through the Hong Kong equity market, bringing the market closer to the 2021 annual record of $112.5 billion.

Why companies are going for billions again

One of the main drivers of the current upswing is the investment boom around artificial intelligence. Chinese AI model developers, chipmakers, and other technology companies are actively raising capital to expand their businesses.

Moreover, some companies are returning to investors soon after their previous listing, taking advantage of high market interest in artificial intelligence and related technologies.

One of the largest deals of the third quarter was Alibaba Group's additional share placement of roughly $10.2 billion.

Optical components maker Zhongji Innolight raised almost $8 billion, in the largest listing in Hong Kong in nearly seven years.

AI model developer Z.AI raised a total of around $9.6 billion during 2026 through IPOs, follow-on offerings, and convertible bonds.

Other AI sector players also entered the market, including MiniMax and semiconductor manufacturers.

The boom extends far beyond Hong Kong

The rise in share sales has spread across the entire Asia-Pacific region. In the third quarter, companies raised over $120 billion through equity sales — the highest figure for this period in six years.

In mainland China, one of the largest deals was the IPO of memory maker CXMT at around $9.9 billion.

India also set a quarterly record: since July, the amount of capital raised through the equity market reached about $26 billion.

Thus, Asia has become one of the most active centers of the global listings market at a time when investors are paying especially close attention to companies tied to artificial intelligence and semiconductors.

But record placements don't yet mean profits for investors

Behind the record volumes of raised capital lies a less clear-cut picture.

According to Bloomberg, of the ten largest placements in Hong Kong since early July, only two were trading above their deal price by early October.

This shows that high corporate demand for capital does not necessarily translate into equally strong demand for their shares after they hit the market.

Investors are increasingly scrutinizing whether heavy spending on artificial intelligence will produce profits sufficient to justify high valuations of technology companies.

Why Hong Kong's record matters for the global market

The record $47.5 billion shows that the AI boom is no longer just reflected in rising interest in individual tech stocks, but also in large-scale capital raising.

Companies are using a favorable market window to finance further development, and Hong Kong, after several weaker years, is once again becoming one of Asia's key hubs for large share sales.

The next stage, however, may prove more difficult. If recently placed shares continue to show weak performance, investors will become much more selective when choosing new deals.

Therefore, the main question now is not whether there will be companies willing to raise billions more on the wave of artificial intelligence, but which of them will be able to convince the market that the capital raised can actually turn into sustainable business and profit growth.

Sources: Bloomberg / The Business Times, Hong Kong Exchanges and Clearing

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