Hong Kong equity sales hit record US$47.5 billion in Q3 driven by AI

Hong Kong’s equity capital markets reached a record US$47.5 billion in fundraising during the third quarter of 2026, driven primarily by an intense surge in artificial intelligence-related capital requirements. This total, which includes initial public offerings, placements, and block trades, brings the year-to-date total above US$92 billion, approaching the 2021 record of US$112.5 billion.

AI companies have been the primary catalysts for this activity. Alibaba Group Holding conducted a US$10.2 billion follow-on offering, while Zhongji Innolight completed the city’s largest listing in nearly seven years, raising almost US$8 billion. Zhipu AI has raised US$9.6 billion in 2026 through various methods, including a US$4 billion share placement in July that was part of a broader US$5.8 billion week of AI financing.

Other notable participants in the market include MiniMax Group, Shanghai Iluvatar CoreX Semiconductor, and Shanghai Biren Technology. Analysts note that the frequency of capital raising has increased, with companies returning to the market much sooner after IPO lockup expirations than in previous years. There are also indications that some of this significant AI funding has bypassed traditional Wall Street banks.