During the first three quarters of 2026, hard-tech companies delivered a standout performance on the fundraising leaderboard for Chinese enterprise IPOs.

Among the top 20 Chinese enterprises by IPO proceeds, ChangXin Technology (688825.SH) and Zhongji Innolight (03308) ranked first and second with 66.607 billion yuan and 53.174 billion yuan, listing on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, respectively.

Over the same period, Chinese enterprises completed a total of 244 IPOs globally, raising 561.173 billion yuan combined. Of that total, Hong Kong stock offerings raised 336.896 billion yuan, accounting for 60.03%, making the Hong Kong market the primary venue for Chinese enterprise IPO financing.

Global IPO Activity of Chinese Enterprises

01 Number of Global IPOs by Chinese Enterprises

Wind data shows that in the first three quarters of 2026, Chinese enterprises completed 244 IPO listings across global markets (A-shares based on online issuance dates, Hong Kong and overseas markets based on first listing dates, same below), an increase of 48 compared with the first three quarters of 2025, or 24.49%. Of these, 83 were completed in the third quarter, down 1 from the previous quarter but up 22% year on year.

02 Funds Raised by Chinese Enterprises Through Global IPOs

In the first three quarters of 2026, Chinese enterprises raised 561.173 billion yuan through global IPOs. Of this, 280.505 billion yuan was raised in the third quarter, up 84.20% quarter on quarter and up 252% year on year.

03 Number of IPOs by Chinese Enterprises by Market

Breaking this down by market, in the first three quarters of 2026, the A-share market completed 127 IPOs, an increase of 51 from the first three quarters of 2025; the Hong Kong market completed 114, an increase of 51; and overseas markets completed 3, a decrease of 54.

04 Funds Raised by Chinese Enterprises by Market

In terms of IPO proceeds, in the first three quarters of 2026, Chinese enterprises raised 223.859 billion yuan in the A-share market, accounting for 39.89%; 336.896 billion yuan in the Hong Kong market, accounting for 60.03%; and 418 million yuan in overseas markets, accounting for 0.07%. The three market categories combined totaled 561.173 billion yuan.

05 Funds Raised by Chinese Enterprises by Industry

By industry (based on Wind Level 1 classification, same below), in the first three quarters of 2026, the information technology sector raised the largest amount at 381.725 billion yuan, accounting for 68.02% of all fundraising; the industrials and materials sectors raised 55.708 billion yuan and 27.926 billion yuan, respectively. In addition, the consumer staples, utilities, healthcare, and consumer discretionary sectors raised 26.761 billion yuan, 24.570 billion yuan, 22.938 billion yuan, and 21.545 billion yuan, respectively.

06 Top 20 Chinese Enterprises by IPO Proceeds

Looking at individual companies, the two largest fundraisers in the first three quarters of 2026 were ChangXin Technology, listed on the Shanghai Stock Exchange, and Zhongji Innolight, listed on the Hong Kong Stock Exchange, raising 66.607 billion yuan and 53.174 billion yuan, respectively.

A-Share Market IPOs by Chinese Enterprises

01 Number of A-Share IPOs by Chinese Enterprises

In the first three quarters of 2026, a total of 127 companies completed IPOs in the A-share market, an increase of 51 from the first three quarters of 2025, or 67.11%. By quarter, the first, second, and third quarters saw 35, 40, and 52 companies, respectively, with the third quarter up 86% year on year.

02 Funds Raised by Chinese Enterprises Through A-Share IPOs

In the first three quarters of 2026, Chinese enterprises raised a total of 223.859 billion yuan through A-share IPOs. By quarter, the first, second, and third quarters raised approximately 29.8 billion yuan, 65.6 billion yuan, and 128.5 billion yuan, respectively; the third quarter was up 238% year on year and up 95.92% quarter on quarter.

03 Number of A-Share IPOs by Chinese Enterprises by Exchange

By exchange, in the first three quarters of 2026, the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange saw 32, 30, and 65 companies complete IPOs, respectively, totaling 127.

04 Funds Raised by Chinese Enterprises Through A-Share IPOs by Exchange

In terms of fundraising, in the first three quarters of 2026, companies listed on the Shanghai Stock Exchange raised a combined 119.676 billion yuan; companies listed on the Shenzhen Stock Exchange raised a combined 81.997 billion yuan; and companies listed on the Beijing Stock Exchange raised a combined 22.186 billion yuan. The three exchanges combined totaled 223.859 billion yuan.

05 Industry Distribution of A-Share IPOs by Chinese Enterprises

In the first three quarters of 2026, among the 127 companies that issued A-share IPOs, the information technology sector had the largest number of companies at 33; the materials, industrials, and consumer discretionary sectors had 29, 27, and 24, respectively. In terms of fundraising, information technology led with 130.919 billion yuan; utilities, industrials, and materials raised 24.500 billion yuan, 22.995 billion yuan, and 20.311 billion yuan, respectively.

06 Regional Distribution of A-Share IPOs by Chinese Enterprises

In the first three quarters of 2026, among the 127 companies that issued A-share IPOs, Jiangsu and Zhejiang each contributed 26 companies, tying for the highest number; Guangdong contributed 20 companies. In terms of fundraising, companies from Anhui and Guangdong led with total proceeds of 72.988 billion yuan and 57.541 billion yuan, respectively.

Hong Kong Market IPOs by Chinese Enterprises

01 Number of Hong Kong IPOs by Chinese Enterprises

In the first three quarters of 2026, Chinese enterprises completed 114 IPO listings in the Hong Kong market, an increase of 51 from the first three quarters of 2025, or 80.95%. By quarter, the first, second, and third quarters saw 40, 43, and 31 listings, respectively, with the third quarter up 48% year on year.

02 Funds Raised by Chinese Enterprises Through Hong Kong IPOs

In the first three quarters of 2026, Chinese enterprises raised a total of 336.896 billion yuan through Hong Kong IPOs. By quarter, the first, second, and third quarters raised 98.537 billion yuan, 86.350 billion yuan, and 152.009 billion yuan, respectively; the third quarter was up 274% year on year and up 76% quarter on quarter.

03 Industry Distribution of Hong Kong IPOs by Chinese Enterprises

In the first three quarters of 2026, among the 114 companies that issued Hong Kong IPOs, the information technology sector had the largest number of companies at 59; the healthcare and industrials sectors had 18 and 17, respectively. In terms of fundraising, information technology led with 250.806 billion yuan; industrials and consumer staples raised 32.713 billion yuan and 26.122 billion yuan, respectively.

04 Regional Distribution of Hong Kong IPOs by Chinese Enterprises

In the first three quarters of 2026, among companies listed in the Hong Kong market, Guangdong contributed 31 companies, the highest number; Shanghai and Beijing contributed 19 and 14, respectively. In terms of fundraising, companies from Guangdong and Shandong led with total proceeds of 120.090 billion yuan and 61.466 billion yuan, respectively.

Overseas Market IPOs by Chinese Enterprises

01 Number of Overseas IPOs by Chinese Enterprises

In the first three quarters of 2026, Chinese enterprises completed 3 IPO listings in overseas markets, a decrease of 54 from the first three quarters of 2025. By quarter, 2 were completed in the first quarter, 1 in the second quarter, and none in the third quarter, with the third quarter down 100% year on year.

02 Funds Raised by Chinese Enterprises Through Overseas IPOs

In the first three quarters of 2026, Chinese enterprises raised a total of 418 million yuan through overseas IPOs. By quarter, 70 million yuan was raised in the first quarter, 348 million yuan in the second quarter, and none in the third quarter, with the third quarter down 100% year on year.

03 Industry Distribution of Overseas IPOs by Chinese Enterprises

In the first three quarters of 2026, among the 3 companies that issued overseas IPOs, 2 came from the utilities sector and 1 from the consumer discretionary sector. In terms of fundraising, the consumer discretionary and utilities sectors raised 348 million yuan and 70 million yuan, respectively.

04 Regional Distribution of Overseas IPOs by Chinese Enterprises

Based on the regional distribution chart methodology, in the first three quarters of 2026, among Chinese enterprises listed overseas, 1 each came from Zhejiang and Hong Kong; the two raised 348 million yuan and 70 million yuan, respectively.

Appendix: Details of Chinese Enterprise IPOs in the First Three Quarters of 2026