AI-driven fundraising surge pushes Hong Kong Q3 share sales to record $47.5 billion

Capital-raising activity in Hong Kong surged to a historic $47.5 billion in July-September, driven by an AI-centric rush that saw firms like Alibaba Group Holding launch a $10.2 billion follow-on offering and Zhongji Innolight raise almost $8 billion in the city’s biggest listing in almost seven years. Model-maker Z.AI accumulated $9.6 billion through IPOs, placements and convertible bonds, while other AI players such as MiniMax Group and chipmakers Shanghai Iluvatar CoreX Semiconductor returned to market after lock-up expirations.

The broader Asia-Pacific region recorded over $120 billion in share sales, the strongest Q3 in six years, with China contributing major deals like CXMT’s $9.9 billion IPO. Despite the fundraising boom, weak post-issue performance and higher global rates are prompting investors to become more selective, according to market officials. Nevertheless, a robust pipeline remains, with upcoming listings in the Philippines, Australia and India expected to add further momentum.