Hong Kong's initial public offering (IPO) momentum has cooled sharply in the fourth quarter amid market volatility and tighter regulatory scrutiny, with only three new listings since October. However, industry players and Deloitte China anticipate a year-end rush of listings could still help the city secure a top-three global ranking for 2026, targeting HK$480 billion (US$61 billion) in fundraising. As of the end of September, 118 companies had listed, raising HK$388 billion. Last Friday, six companies began bookbuilding, aiming to raise up to HK$6 billion.