[Hong Kong stock IPOs raised more than HK$380 billion in the first three quarters, and the top three underwriters accounted for 42% of the total underwriting scale] October 15th, in the first three quarters of 2026, the Hong Kong stock IPO market delivered a report card that far exceeded expectations. A total of 115 companies were listed, raising a total of HK$385.566 billion. This fundraising scale has exceeded the annual level of any year since 2011. The hot market has also benefited intermediaries. The head effect is very obvious, with the top three underwriters accounting for 42% of the total underwriting scale. However, the resource constraints of sponsor institutions and the quality of their practice still attract regulatory attention.