Core Viewpoint - The recent surge of mainland companies, such as CATL and Hansoh Pharmaceutical, listing on the Hong Kong stock market indicates a growing trend of IPOs in Hong Kong, driven by regulatory improvements and market demand [1] Group 1: Market Developments - The Hong Kong Stock Exchange (HKEX) launched a "Tech Company Fast Track" in May, which has received a positive response with numerous inquiries from companies [1] - HKEX and the Hong Kong Securities and Futures Commission (SFC) are optimizing listing regulations, including reviewing requirements for primary, secondary, and dual primary listings [1] - The Hong Kong government established a dedicated task force in 2023 to enhance market liquidity by examining factors affecting it and proposing optimization suggestions [1] Group 2: Economic Trends - The SFC noted that recent measures to support high-quality financial development have shown resilience in the mainland economy [1] - Breakthroughs in high-tech sectors, particularly artificial intelligence, have attracted global investor interest, leading to a revaluation of Chinese assets [1] - The average daily trading volume in the first four months of this year reached 250.4 billion HKD, a 144% increase compared to the same period last year [1] Group 3: Future Outlook - HKEX is currently processing around 130 listing applications, indicating growing confidence among companies in the Hong Kong financing landscape [1] - The Hong Kong market is expected to continue playing a crucial role as a "super connector" between domestic and international capital and enterprises [1]

21世纪经济报道记者孙迟悦香港报道 近年来，港股市场对于内地公司和中概股的吸引力正不断增强。 4月29日，香港财经事务及库务局发言人表示，在海外上市的中概股一直有回流香港市场的意向，配合 相关需求，港交所近年推出一系列上市制度改革，包括针对中概股和其他海外发行人的融资需求对有关 上市机制作出了全面检讨，以进一步便利中概股在港上市。自2018年上市制度改革以来，截至2025年3 月底，已有33家中概股发行人回流香港。 此外，香港证监会方面也表示，为配合最新经济趋势和企业需求，吸引更多来自不同地区的企业来港上 市，香港证监会和港交所正推进全面的上市制度检讨，其中包括审视上市要求和上市后的持续责任；检 视上市规例和安排，改善审批流程；以及研究优化双重主要上市及第二上市门槛等。相关检讨将进一步 便利新兴产业公司和海外企业在港上市。 港交所CEO陈翊庭5月20日对21世纪经济报道记者表示，目前已有超过40家A股上市公司提交了H股上市 申请，还有众多A股上市公司已宣布计划在港交所进行二次上市。预计在未来几个月内，将有更多A股 上市公司选择在香港上市。 在今年5月格林威治香港论坛接受专访时，诺亚控股首席财务官潘青也强调了香 ...

Group 1 - In 2025, 27 new stocks debuted in the Hong Kong market, with a 26% initial closing price drop rate, which is an improvement from the previous year's 32% [1] - The performance of new stocks showed significant divergence, with 10 stocks rising over 20% on their first day, and Ming En Bio leading with a 116.7% increase [1] - Retail investors are increasingly participating in Hong Kong IPOs, with over half of the IPO projects since May having subscription multiples exceeding 50 times [3] Group 2 - The difficulty of winning allocations in new stock subscriptions has increased, with only 10% or lower allocation rates for 9 new stocks, excluding SPAC listings [3] - The special IPO structure of Ningde Times has sparked discussions about "retail investor disenfranchisement," as it limits retail participation to 7.5% while institutional investors receive over 90% of allocations [3] - The Hong Kong Stock Exchange is systematically reducing the influence of retail investors in new stock offerings, as indicated by the CEO's comments on increasing the proportion of institutional allocations [3][4] Group 3 - Industry experts agree that a high public offering ratio for new stocks may create selling pressure in the market, while institutional investors can provide stability [4] - There is a growing trend towards an institutional-led issuance model, as companies seek to minimize the impact of retail investors on their stock prices [4] - Concerns have been raised about the concentration of shares among large investors, which may lead to mispricing and increased volatility, suggesting a need for a balance between institutional stability and retail investor interests [4]

值得注意的是，近两年来，香港与中东地区频频互动，在双方合作不断加深的背景下，大量中东资金借道香港投 资内地资本市场和企业。近期不少港股新股中，都有中东资金的身影。 据了解，本次"香港—沙特资本市场论坛"以促进交流为题，云集超过500名来自沙特阿拉伯、中国内地、香港及世 界各地的金融界领导、监管机构、投资者及企业。论坛亦旨在链接投资者和企业，促进两地市场的资本流动，推 动市场发展、创新及合作。 证券时报记者 吴瞬 5月29日，由香港交易及结算所有限公司（香港交易所）与沙特证交所集团合办的第二届"香港—沙特资本市场论 坛"在香港金融大会堂举行。 双方对本次论坛都极为重视。证券时报记者在现场看到，本次论坛聚集了香港和沙特众多的财经、证券领域的关 键人物。香港方面包括香港财政司司长陈茂波，香港证监会主席黄天祐、行政总裁梁凤仪，香港交易所主席唐家 成及行政总裁陈翊庭等；沙特方面则有沙特证券交易所行政总裁Mohammed AlRumaih等出席。 "我们还在更广泛的地区发展了伙伴关系，我们看到了商业组织、金融机构、旅游机构之间的许多合作，以及更多 香港与中东之间的合作。事实上，我刚随香港代表团访问中东回来，在那里我们看到 ...

Core Viewpoint - The establishment of the Premia Bank of China Saudi Islamic Bond ETF marks a significant step in the deepening financial cooperation between Hong Kong and Saudi Arabia, enhancing capital flow between the Asia-Pacific and Middle Eastern markets [1][3][4]. Group 1: Financial Cooperation and Market Development - The Hong Kong Stock Exchange (HKEX) aims to act as a "super connector" to enhance financial market infrastructure and promote cooperation plans, providing Asian investors with new investment opportunities in the Gulf region [3][6]. - The Hong Kong Securities and Futures Commission emphasizes the importance of a balanced investment portfolio that includes equity, debt, and other assets, and looks forward to launching more products to diversify investment opportunities for international investors [3][6]. - The Premia Bank of China Saudi Islamic Bond ETF (03478) is the first ETF in Asia to invest in Islamic bonds, tracking the iBoxx Saudi Exchange Government and Agency Islamic Bond Index [4][5]. Group 2: Market Dynamics and Future Prospects - The HKEX's CEO highlighted the increasing synergy and capital flow potential between the Middle East, mainland China, and Hong Kong, indicating a shift in the global economic focus towards Asia [6]. - The Hong Kong IPO market is currently very active, with the financing amount reaching approximately 90% of last year's total, attracting global investors, including those from the Gulf region [6]. - The Hong Kong Financial Secretary pointed out that geopolitical factors create both challenges and opportunities, with Hong Kong serving as a financing platform for companies seeking global expansion [6][7].

值得注意的是，近两年来，香港与中东地区频频互动，在双方合作不断加深的背景下，大量中东资金借道香港投资中国资本市场和中国企业。近期不少港 股新股中，都有中东资金的身影。 促进两地市场合作 据了解，本次"香港—沙特资本市场论坛"以促进交流为题，云集超过500名来自沙特阿拉伯、中国内地、香港及世界各地的金融界领导、监管机构、投资 者及企业。论坛旨在连系投资者和企业，促进两地市场的资本流动，推动市场发展、创新及合作。 5月29日，由香港交易及结算所有限公司(香港交易所)与沙特证交所集团合办的第二届"香港—沙特资本市场论坛"在香港金融大会堂举行。 双方对本次论坛都极为重视。证券时报记者在现场看到，本次论坛聚集了中国香港和沙特众多的财经、证券领域的关键人物。中国香港方面包括香港财政 司司长陈茂波，香港证监会主席黄天祐、行政总裁梁凤仪，香港交易所主席唐家成及行政总裁陈翊庭等；沙特方面则有沙特证券交易所行政总裁 Mohammed AlRumaih等出席。 香港交易所及沙特证交所集团自2023年签订合作协议后不断深化战略伙伴关系，"香港—沙特资本市场论坛"正展现双方的合作成果。香港交易所利雅得开 设办事处亦将于今年内开幕，将进 ...

5月29日，由香港交易及结算所有限公司（香港交易所）与沙特证交所集团合办的第二届"香港—沙特资本市场论坛"在香港金融大会堂举行。 双方对本次论坛都极为重视。证券时报记者在现场看到，本次论坛聚集了中国香港和沙特众多的财经、证券领域的关键人物。中国香港方面包括香港财政司司长陈 茂波，香港证监会主席黄天祐、行政总裁梁凤仪，香港交易所主席唐家成及行政总裁陈翊庭等；沙特方面则有沙特证券交易所行政总裁Mohammed AlRumaih等出 席。 值得注意的是，近两年来，香港与中东地区频频互动，在双方合作不断加深的背景下，大量中东资金借道香港投资中国资本市场和中国企业。近期不少港股新股 中，都有中东资金的身影。 促进两地市场合作 据了解，本次"香港—沙特资本市场论坛"以促进交流为题，云集超过500名来自沙特阿拉伯、中国内地、香港及世界各地的金融界领导、监管机构、投资者及企业。 论坛旨在连系投资者和企业，促进两地市场的资本流动，推动市场发展、创新及合作。 "我们还在更广泛的地区发展了伙伴关系，我们看到了商业组织、金融机构、旅游机构之间的许多合作，以及更多香港与中东之间的合作。事实上，我刚从香港代表 团访问中东回来，在那里我们 ...

Group 1 - The second "Hong Kong-Saudi Capital Market Forum" was held in Hong Kong, focusing on promoting exchanges and investment opportunities among participants from Saudi Arabia, mainland China, Hong Kong, and globally [1] - Hong Kong's Financial Secretary emphasized the importance of connecting with outstanding Middle Eastern companies and leveraging Hong Kong's fundraising platform for mainland tech companies seeking overseas development [1][4] - The CEO of Hong Kong Exchanges and Clearing highlighted the active Hong Kong securities and IPO markets this year, attracting global investors, particularly from the Gulf region [2] Group 2 - The Saudi capital market had a record year with 55 new listings and over $4.5 billion raised, marking a 14% year-on-year increase [2] - A new ETF tracking Saudi government bonds was launched, providing Asian investors with an additional investment option in the Saudi market [3] - The CEO of the Hong Kong Securities and Futures Commission noted significant growth in the asset management scale of ETFs tracking Hong Kong stocks listed in Saudi Arabia, indicating a robust capital flow between Hong Kong and the Middle East [3] Group 3 - The Hong Kong Monetary Authority discussed agreements with Saudi Arabia for currency swap tools to encourage local enterprises to use RMB for settlements [4] - The forum facilitated over 600 meeting invitations between enterprises and investors from both regions, promoting business connections [4]

Group 1 - The Hong Kong Stock Exchange (HKEX) has established strong momentum in connecting with the Middle East market, with the first Saudi Arabian government bond listed on HKEX [2] - The Premia Bank of China Saudi Islamic Government Bond ETF, the first investment-grade Islamic bond ETF in Asia, was officially listed on HKEX on May 29, 2025, providing investors direct access to Saudi government and government agency bonds [2] - The CEO of the Saudi Exchange, Mohammed AlRumaih, stated that the successful issuance of the ETF on HKEX opens investment channels for global investors into the Saudi market, enhancing global asset diversification [2] Group 2 - In February 2023, HKEX signed a memorandum of cooperation with the Saudi Exchange to explore collaboration in multiple areas, including the launch of the largest Saudi ETF in Hong Kong, managing approximately 10 billion HKD in assets [3] - Hong Kong's Financial Secretary, Paul Chan, emphasized that cooperation between Hong Kong and the Middle East extends beyond finance to include infrastructure and professional services, as the Middle East seeks economic diversification [3] - HKEX and the Saudi Exchange are promoting connectivity through capital markets, aiming to uncover opportunities within Saudi Arabia's Vision 2030 and share opportunities arising from China's development [3]

Group 1 - The second "Hong Kong-Saudi Capital Markets Forum" was held in Hong Kong, co-organized by the Hong Kong Stock Exchange and the Saudi Stock Exchange Group, focusing on the evolving landscape and opportunities in capital markets across Asia, the Middle East, and globally [1] - The forum, themed "Promoting Exchange," lasted for two days and included discussions on investment opportunities in different regions, as well as business matching activities [1] - Over 600 meetings were arranged between enterprises and investors from both markets, facilitated by collaboration with the Hong Kong SAR government's office for introducing key enterprises [1] Group 2 - The "Premia Bank of China Hong Kong Saudi Islamic Bond ETF" was officially launched at the forum, marking a significant development in the investment product offerings [1]