U.S. STOCKS EXTEND GAINS, DOW JONES UP 1.00%

ASX200 INDEX CLOSED DOWN 0.77%

Hong Kong listings raised over $13 billion in the first quarter of 2026, the strongest since 2021, driven by a record January, bringing total equity fundraising (IPOs, placements, block trades) above $76 billion in 2025, the highest in four years. However, deal momentum is weakening as regulators warn about staffing shortages and documentation quality, while Beijing tightens rules on certain China-linked IPO structures and the Iran war adds market volatility. Major upcoming deals include Syngenta Group’s potential $10 billion IPO, A.S. Watson Group, and Baidu unit Kunlunxin. Banks are also constrained by limits on lead banker workloads, while some issuers delay listings due to restructuring requirements for offshore “red-chip” structures.