Goldman Sachs anticipates a significant recovery in Hong Kong's IPO market by 2026, benefiting the Hong Kong Exchange and Chinese brokerages with substantial offshore business. Analysts, including Si Fu, attribute this recovery to a market shift towards hard technology and new economy sectors, alongside an increase in A-share companies listing in Hong Kong. The total equity supply in Hong Kong is expected to reach $110 billion in 2026, with $60 billion from IPO proceeds and $50 billion from refinancing. Funding is projected to come from $180 billion in corporate allocations, $20 billion from global long-term investor capital reallocation, $200 billion in southbound capital inflows, and retail participation.