Hong Kong’s equity capital markets raised a record $47.5 billion from July through September 2026 through initial public offerings, placements and block trades, as Chinese technology companies sought funding for artificial intelligence expansion. The quarterly total was the highest ever for those months and pushed Hong Kong’s fundraising for 2026 above $92 billion, within reach of the $112.5 billion annual record set in 2021. Alibaba Group’s $10.2 billion follow-on offering was the quarter’s largest transaction, while Zhongji Innolight raised almost $8 billion in Hong Kong’s biggest listing in nearly seven years. Z.AI has raised $9.6 billion this year through its IPO, placements and convertible bonds, while MiniMax and chipmakers Shanghai Iluvatar CoreX Semiconductor and Shanghai Biren Technology returned to investors after their IPO lockups expired. The broader Asia-Pacific region recorded more than $120 billion in third-quarter share sales, the highest level for the period in six years, including a record $26 billion raised in India since July. Investor appetite has nevertheless become more selective as markets weaken, AI spending returns face scrutiny and higher bond yields and expectations for further Federal Reserve rate increases tighten financial conditions. Only two of Hong Kong’s 10 largest deals since July were trading above their offer prices, while the deal pipeline includes planned offerings in India, the Philippines and Australia.