Global IPO Market Recovery in H1 2026: Structural Divergence Driven by Strong Tech and China Market Opportunities

Keywords: Global IPO, SpaceX, Nasdaq, HKEX, A-share IPO, A+H, Hard Tech, Capital Reallocation

Introduction

In the first half of 2026, the global IPO market saw a significant recovery, with fundraising size surging 208% YoY, and market sentiment turning from cautious to positive. The most iconic event was SpaceX, the largest IPO ever, landing in the capital market. Its massive fundraising not only set a global record but also redefined the primary market's valuation imagination for "super unicorns." Meanwhile, IPO markets in Mainland China and Hong Kong strengthened in tandem, with HKEX fundraising reaching a five-year high for the same period, and A-share IPO pace steadily increasing from last year.
This recovery is not merely a quantitative rebound but a typical "strong tech-driven" structural repair: new economy tracks such as technology, semiconductors, AI infrastructure, quantum computing, and renewable energy have become the core destinations for capital concentration. Global IPO is shifting from "broad expansion" to "high-quality selection," and market divergence is becoming increasingly evident.

1. Global IPO Strong Recovery, Tech Becomes Absolute Main Line

From the exchange fundraising perspective, Nasdaq rose to first place globally in H1 2026, with total fundraising reaching $113.1 billion, driven most crucially by SpaceX's mega-IPO. This single project raised $86.25 billion, accounting for three-quarters of Nasdaq's H1 fundraising, almost single-handedly changing the global IPO landscape.
More notably, Nasdaq is not just relying on a single project. Besides SpaceX, several other large IPO projects, including Cerebras Systems, INNIO, Fervo Energy, and Quantinuum, entered the global top ten, covering AI chips, electrical equipment, geothermal power, and quantum computing. This indicates that the capital market is no longer just paying for "growth stories" but is more clearly betting on hard tech assets with technological barriers, industrialization paths, and long-term cash flow potential.

The essence of this change is the repricing of "next-generation infrastructure" by global venture capital and secondary markets. AI computing power, advanced manufacturing, energy transition, and quantum technology are no longer just concepts but industrial directions with clear supply constraints, policy support, and commercial landing expectations. The recovery of the IPO market is essentially the result of accelerated capitalization of high-tech industries.

2. HK IPO Recovery, A+H Model Becomes Key Engine

In H1 2026, the Hong Kong IPO market continued its boom, with fundraising scale hitting a five-year high for the same period, even exceeding the combined total of the previous four years. Behind this are three clear main lines: large IPO projects boosting total fundraising, high-quality small and medium projects raising average fundraising, and continuous active issuance of A-share listed companies in Hong Kong.
From a structural perspective, the top ten HK IPOs accounted for 44% of total fundraising, with 8 adopting the "A+H" model, showing a trend of high-quality mainland enterprises using Hong Kong platforms for international financing, brand revaluation, and shareholder structure optimization.

In recent years, HKEX has continuously optimized its listing system, introducing the "A+H" fast track and the "Tech Enterprise Express," essentially reducing institutional friction costs for high-tech companies. For enterprises with high R&D investment, long profit cycles, but high growth elasticity, the Hong Kong market offers a financing environment more in line with their lifecycle characteristics. Compared to traditional manufacturing, hard tech enterprises need more tolerance for early losses and emphasize technology iteration, so Hong Kong's advantages in valuation framework, investor structure, and international recognition are further amplified.

At the same time, the cornerstone investor structure has become more international. In Q2, HK IPOs saw active participation from sovereign funds, top asset management institutions, especially Middle Eastern capital. This change is not just diversification of funding sources but also reflects global capital's asset reallocation amid geopolitical uncertainty: on one hand, seeking options beyond dollar assets; on the other hand, capturing long-term growth dividends by participating in Chinese tech assets.

3. A-share IPO Steadily Recovers, Tech Manufacturing Remains Core Supply

Compared to Hong Kong, A-share IPO performance emphasizes a stable pace of recovery. In H1 2026, the number and scale of A-share new listings both increased from the same period last year, with the average IPO fundraising rising to 1.305 billion RMB, up 49% YoY. This shows the market is not simply "expanding volume," but has formed a more effective balance between review, issuance, pricing, and underwriting capacity.

By industry distribution, industry, technology, and materials rank top three in IPO numbers, with tech manufacturing enterprises dominating. Unlike past reliance on traditional consumption or cyclical enterprises, current A-share listing resources are more concentrated in high-end manufacturing, core components, new materials, and upstream links of the industrial chain. This means A-share IPO is gradually shifting from a "financing function" to an "industrial upgrading function," with capital markets providing more precise support to the real economy.

For investors, the recovery of A-share IPOs does not mean comprehensive expansion, but a stronger quality orientation. Whether an enterprise can enter the capital market increasingly depends on whether it has technological moats, supply chain integration capabilities, and domestic substitution value. In other words, the IPO review logic is aligning more closely with national industrial policies and the goal of technological self-reliance.

4. Behind Global IPO Divergence: Capital Preferences Being Restructured

The IPO data for H1 2026 sends a clear signal: global capital markets are entering a "structural recovery" phase, not universal prosperity. Capital significantly prefers a few strategically important top tech companies, while SME listing financing relies more on regional market institutional support and industrial ecology.
This divergence stems from three aspects: first, improved interest rate and liquidity environment, allowing long-duration tech assets to regain pricing space; second, AI revolution and energy transition provide new industrial narratives; third, global capital's perception of Chinese tech assets is being repaired, especially a reassessment of the long-term value of hard tech and advanced manufacturing.

Therefore, IPO is no longer just a corporate financing event, but the result of the combined effect of industrial competitiveness, capital flows, and institutional supply. Whoever can provide a more efficient listing mechanism, a more matching valuation framework, and more stable capital underwriting capacity will likely gain advantages in the next round of global financing competition.

Conclusion

Overall, the recovery of the global IPO market in H1 2026 has distinct era characteristics: technology as the core, mega-projects as the marker, and regional market divergence as the manifestation. Nasdaq regained the global top spot with SpaceX and other projects; Hong Kong achieved strong recovery through institutional optimization and the A+H model; while A-shares steadily strengthened their role in serving the real economy and tech manufacturing.
Looking ahead, with more large-scale new stock reserves released and international capital continuing to reallocate to Chinese tech assets, Hong Kong and A-share markets are expected to further enhance their presence in the global IPO landscape. It is foreseeable that future IPO competition will not only be about fundraising scale but also a comprehensive contest of institutional design, industry selection, and global capital appeal.