(Yicai) April 9 -- Hong Kong topped global fundraising in the first quarter, driven by a slate of very large initial public offerings and a wave of secondary listings by Chinese mainland firms, while the mainland’s three main bourses also posted gains in both deal count and proceeds, according to a new report by Deloitte.

The Hong Kong Stock Exchange had 40 new listings in the three months ended March 31, raising a total of HKD109.9 billion (USD14.1 billion), up from 15 and HKD18.2 billion (USD2.3 billion) a year earlier, Deloitte’s latest quarterly review and outlook for the Hong Kong and China mainland IPO markets showed yesterday.

The Nasdaq Stock Market hosted 21 listings that raised USD5.7 billion in the March quarter, while the New York Stock Exchange welcomed 15 newcomers, raising USD4.3 billion.

A concentration of big listings was the main reason Hong Kong led the world in IPO fundraising over the period,  Deloitte pointed out. The three largest -- pork producer Muyuan Foods, energy drinks maker Dongpeng Beverage, and chip designer Montage Technology -- together raised HKD31.3 billion, or nearly 30 percent of the total. They ranked third, fourth, and fifth globally at HKD12.1 billion, HKD11.1 billion and HKD8.1 billion, respectively.

Among those to list in Hong Kong, 15 firms already traded on mainland exchanges. They accounted for more than 60 percent of total IPO proceeds, including four of the five largest deals -- Muyuan Foods, Dongpeng Beverage, Montage Technology, and Han’s Laser Technology Industry Group. Technology companies also made up a sizeable share of fundraising, the report said.

The Shanghai, Shenzhen, and Beijing stock exchanges notched up a combined 30 IPOs in the quarter, raising a total of CNY25.9 billion (CNY3.6 billion), up 11 percent and 59 percent from 27 and CNY16.3 billion a year ago, the report also showed.

The Shanghai Stock Exchange welcomed 10 IPOs in the three months that raised CNY15.4 billion. The Beijing Stock Exchange had 16, raising CNY4.9 billion, while the Shenzhen Stock Exchange hosted four that brought in CNY5.6 billion, according to the report.

Looking ahead, Deloitte predicts around 160 businesses will list in Hong Kong this year, with total fundraising of at least HKD300 billion. About seven are expected to complete IPOs for at least USD1 billion each. Companies in technology, media, and telecommunications, especially artificial intelligence businesses, along with life sciences and pharmaceutical firms, are set to dominate Hong Kong’s IPO pipeline.

The special administrative region will likely remain among the world’s top three IPO fundraising centers in 2026, supported by ongoing market reforms, strong overseas financing demand from Chinese firms, and long-term allocations by global investors to Asian markets, Deloitte predicted.

Editors: Tang Shihua, Emmi Laine