报告还指出，2025年港股IPO市场迎来强势复苏，IPO筹资额时隔四年再度突破2000亿港元，创近 五年第二高纪录。港交所融资额位居全球交易所榜首，大型IPO项目上市成为推动港股崛起的关键因 素。其中，来自内地的A+H及A拆H企业贡献突出，全年预计超过20家A股公司在港首发上市，合计募 资超过1700亿港元。 安永大中华区财务会计咨询服务主管合伙人刘国华表示："当前，内地与香港资本市场已进入互补 发展阶段，两地市场协同发力、共同服务国家战略全局。上半年国际资本持续涌入香港市场，南下资金 加速流入，推动港股投资者结构从'外资主导'转向'内外资双轮驱动'。虽然面临阶段性震荡，但港股整 体呈现上行趋势，并在龙头企业、市场政策、外部环境等多重作用下实现规模增长与结构升级。" 11月27日，安永发布了2025年《中国内地和香港IPO市场回顾及展望》报告。 报告指出，A股和香港市场全年IPO数量和筹资额占全球总量的16%和33%。其中，今年港交所以 2800亿港元（折合360亿美元）的融资额，跃居全球交易所榜首，远超排名第二的纽交所（205亿美 元）。 从全球市场来看，IPO数量与去年基本持平，但筹资额相比去年有所增长。 ...

Core Insights - The report by Ernst & Young indicates a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong accounting for 16% of global IPO numbers and 33% of global fundraising amounts in 2025 [1] Group 1: IPO Market Overview - Hong Kong Stock Exchange is projected to lead global exchanges with a fundraising amount of $36 billion in 2025, while Shanghai Stock Exchange ranks fifth with $11 billion [2] - Chinese companies occupy five positions in the global top ten IPOs, with representation across automotive, mining, energy, and advanced manufacturing sectors [2] Group 2: A-share Market Dynamics - The A-share IPO market is expected to see moderate growth in 2025, with approximately 97 companies going public and raising around 100 billion RMB [3] - The average fundraising amount per IPO in A-shares has increased to 1.031 billion RMB, reflecting a 53% year-on-year rise, driven by large IPOs [4] - The automotive sector accounts for about 30% of A-share IPOs, with significant contributions from industrial, technology, and materials sectors [4] Group 3: Hong Kong IPO Landscape - The Hong Kong IPO market is experiencing a strong recovery, with fundraising surpassing 200 billion HKD, marking the second-highest peak in five years [5] - Mainland enterprises dominate the Hong Kong IPO market, contributing 88.5% of the number of listings and 83.5% of the total fundraising [5] - New consumption and hard technology sectors are identified as the dual engines driving IPO activities in Hong Kong [5] Group 4: Future IPO Trends - The IPO issuance in 2026 is expected to transition to a "new normal," focusing on a steady pace rather than a return to rapid expansion, influenced by macroeconomic conditions and the quality of prospective listings [8] - The A-share market is anticipated to gradually restore normal issuance patterns, emphasizing quality and structural optimization, particularly in strategic emerging industries [8] - The Hong Kong IPO market is expected to maintain its momentum, with a focus on A+H listings and the return of Chinese concept stocks [8]

Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [1] - The A-share market shows steady progress, while the Hong Kong Stock Exchange leads globally with a fundraising amount of $36 billion [1] - Chinese companies occupy five spots in the top ten global IPOs, with a notable increase in numbers compared to 2024, spanning industries such as automotive, mining, energy, and advanced manufacturing [1] A-share Market Summary - In 2025, the A-share IPO market experienced moderate growth under stable regulation and improved structure, with a significant increase in fundraising scale compared to last year [2] - The average fundraising amount for IPOs rose over 50% year-on-year to 1 billion yuan, driven by large IPOs, with the proportion of 10 billion yuan IPOs significantly increasing [2] - New regulations have led to a continuous decline in new stock issuance price-to-earnings ratios, reaching a five-year low, with no instances of first-day price drops and an average return rate of 253%, maintaining the top position over the past five years [2] - The industrial, technology, and materials sectors ranked highest in IPO numbers, while the energy sector rose to the top three in fundraising scale [2] - The core characteristic of companies applying for IPOs this year is technological innovation, marking a shift from quantity-driven to quality-focused development in the A-share IPO market [2] Hong Kong Market Summary - The Hong Kong IPO market saw a strong recovery in 2025, with fundraising exceeding 200 billion HKD for the first time in four years, reaching the second-highest level in five years [3] - The Hong Kong Stock Exchange surpassed New York and other exchanges in global fundraising scale, with over 20 A-share companies expected to list in Hong Kong, raising more than 170 billion HKD [3] - The average fundraising scale increased by 137% year-on-year, driven by large IPO projects, with the industrial and retail sectors dominating the top ten IPOs [3] - The capital markets of mainland China and Hong Kong are entering a complementary development phase, with a shift in investor structure from foreign-dominated to a dual-driven model [3] - New consumption and hard technology are identified as the dual engines driving IPO activities in Hong Kong, supported by policies that facilitate rapid listings for high-potential tech companies [3] Capital Market Trends - The year 2025 marks the beginning of a new decade for the interconnected capital markets of mainland China and Hong Kong, with an emphasis on deepening cooperation and enhancing institutional synergy [4] - The A-share market is gradually returning to normalized issuance under a framework of stable rhythm, quality improvement, and structural optimization, with the Beijing Stock Exchange becoming a key player in IPO applications [5] - The Hong Kong IPO market is expected to maintain its momentum, with a steady growth pace and structural deepening characteristics, particularly in the A+H model and the return of Chinese concept stocks [5] - Recommendations for prospective listed companies include embracing technology and building a future-oriented governance system to ensure data transparency and enhance digital transformation [5]

11月27日，安永发布2025年《中国内地和香港IPO市场回顾及展望》报告。报告指出，A股和香港市场 全年IPO数量和筹资额占全球总量的16%和33%。其中，A股市场整体稳中有进，港交所融资额位居全球 交易所榜首，预计全年港股上市新股数量超百只，融资额2800亿港元。 报告显示，大型IPO项目上市成为推动港股崛起的关键因素，其中来自A股的"A+H"及"A拆H"企业贡献 突出，全年预计超过20家A股公司在港首发上市，合计募资超过1700亿港元。 安永大中华区上市服务主管合伙人何兆烽表示："上半年国际资本持续涌入香港市场，南下资金加速流 入，推动港股投资者结构从'外资主导'转向'内外资双轮驱动'。虽然面临阶段性震荡，但港股整体呈现 上行趋势，并在龙头企业、市场政策、外部环境多重作用下实现规模增长与结构升级。" 行业结构上，新消费与硬科技成为推动港股上市活动的"双引擎"。"科企专线"等政策落地，为更多高潜 力科技企业提供了快速上市通道。安永大中华区TMT行业联席主管合伙人李康表示："当前，港股诸多 改革举措展现了制度灵活性和创新包容性，可以在上市、交易、产品及资金流动等多个维度，提升港股 市场的活力和竞争力。今年， ...

人民财讯11月27日电，安永11月27日发布的报告显示，2025年，香港交易所IPO筹资额创下近五年第二 高纪录，仅次于2021年峰值，并时隔四年再度突破2000亿港元大关。本年度港股市场的筹资表现主要受 益于大型IPO项目，其中来自内地的A股上市公司成为推动筹资规模增长的重要力量。 ...

2025年，香港IPO市场迎来强劲复苏，全年集资额达2800亿港元，同比大幅增长218%，并时隔四年再度 突破2000亿港元大关，创近五年第二高纪录，并以融资规模全球第一超越纽约交易所及印度(国家证券 交易所和孟买证券交易所）。全年新股上市逾100宗，较去年增长43%，市场活跃度显著提升。 大型IPO成为推动港股崛起的关键因素，十大IPO合计集资1547亿港元，占全年总额逾半，平均融资规 模较去年增长137%。其中八宗IPO集资额超过100亿港元，显示大型项目在市场复苏中发挥关键作用。 十大IPO集资额中，新能源电池、先进制造及工业机器人等工业领域企业均为热门赛道，占据半壁江 山。逾20家A股公司在港首发上市，合计集资超过1700亿港元，显示"A+H"及"A拆H"模式持续火热。 智通财经APP获悉，11月27日，安永发布《中国内地和香港IPO市场》报告，回顾2025年市场表现及展 望 2026年。报告指出，中国内地和香港IPO活动在全球呈现增长态势，A股和香港市场全年IPO宗数和 集资额分别占全球总量的16%和33%。其中港交所(00388)以全年360亿美元集资额跃居全球榜首。 全球IPO市场持续改善，IP ...

Core Insights - The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) hosted the second Joint Climate Finance Conference on November 26 in Dubai, focusing on climate finance and innovation [1][2] - The conference attracted nearly 250 participants from the Middle East and Asia, emphasizing the importance of collaboration in addressing climate-related financial risks [1][2] Group 1: Conference Highlights - The event served as a platform for discussions on leveraging financial and technological strengths to support energy transition and sustainable development goals [2] - Findings from the joint research, "Scaling Sustainable Debt in Emerging Markets," were presented, highlighting the role of sustainable debt in expanding climate finance in emerging markets [2] Group 2: Strategic Partnerships and Contributions - Strategic partners included the Dubai International Financial Centre Authority, Nasdaq Dubai, and Hong Kong Exchanges and Clearing Limited, showcasing a collaborative effort across regions [3] - Key speakers from various sectors contributed to the dialogue, emphasizing the conference's role in knowledge sharing and collaboration [3] Group 3: Future Outlook - Mark Steward, Chief Executive of the DFSA, noted that tokenization and emerging technologies could enhance the transparency and efficiency of climate finance, facilitating a global transition [3] - Darryl Chan, Deputy Chief Executive of the HKMA, highlighted the unique position of Dubai and Hong Kong in driving climate action and capturing growth opportunities in green sectors [4]

Market Overview - The Hang Seng Index (HSI) closed at 25,936.51, up by 8.43 points or 0.03% on November 26 [1] - The index reached a high of 26,078.75 and a low of 25,801.83 during the trading session, with a trading volume of 61.01 million shares [1] Stock Performance - Major blue-chip stocks showed mixed performance, with HSBC Holdings closing at HKD 109.799, up by 2.04% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 614.101, down by 0.87% compared to the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) reported a price of HKD 619.500, down by HKD 5.500 or 0.88%, with an ADR price of USD 614.101, reflecting a decrease of 0.87% [3] - Alibaba Group (09988) saw a decline of HKD 3.000 or 1.90%, with a latest price of HKD 154.800 and an ADR price of USD 153.233, down by 1.01% [3] - HSBC Holdings (00005) increased by HKD 0.800 or 0.75%, with a latest price of HKD 107.600 and an ADR price of USD 109.799, up by 2.04% [3] - AIA Group (01299) rose by HKD 1.450 or 1.83%, with a latest price of HKD 80.700 and an ADR price of USD 81.128, up by 0.53% [3] - Meituan (03690) increased significantly by HKD 5.550 or 5.65%, while other stocks like Baidu (09888) and Kuaishou (01024) experienced declines of 2.05% and 2.83% respectively [3]

Group 1 - The first comprehensive ranking of global futures exchanges was released by Fudan University, filling a gap in the field of quantitative assessment [1] - The ranking includes 16 influential futures exchanges, with the observation period from 2016 to 2025, showing CME, ICE, and HKEX as the top three [1] - The Shanghai Futures Exchange has made significant progress, ranking among the second tier of exchanges due to the rapid growth of China's commodity trade [1] Group 2 - The global commodity futures exchange industry has seen three notable trends: significant market growth, enhanced innovation capabilities, and increased challenges in risk management due to macroeconomic uncertainties [2] - The trading volume of global commodity futures and options has increased by over 60% in the past five years, with an annual compound growth rate exceeding 10% [2] - The Shanghai Futures Exchange has introduced innovative products, including the first domestic crude oil futures and the first shipping index futures, reflecting a focus on green and technological advancements [2] Group 3 - Building a world-class exchange is a systematic project that involves various factors beyond the exchange's development level, including the financial and economic systems [3] - A new comprehensive evaluation index system for exchanges has been developed, which is expected to evolve into a "Shanghai standard" for assessing exchange competitiveness [3] - The Shanghai Futures Exchange has made substantial progress in the steel futures sector, leading globally in trading volume and becoming a key pricing reference for steel trade [3]

Core Insights - The first comprehensive ranking of global futures exchanges was released by Fudan University, with CME, ICE, and HKEX taking the top three spots [1][2] - The ranking evaluates 16 influential futures exchanges based on a multi-dimensional assessment framework, covering aspects such as capacity, governance, and macro performance [2][4] Group 1: Market Trends - Significant growth in market size has been observed, with global futures and options trading volume increasing over 60% in the past five years, averaging a compound annual growth rate (CAGR) of over 10% [3] - The domestic futures and options trading volume in China has nearly doubled, with a CAGR of approximately 14% [3] - The innovation capability of exchanges is on the rise, focusing on new technologies and renewable energy, with notable product launches such as crude oil futures and shipping index futures [3] Group 2: Risk Management and Challenges - The macro environment's uncertainty poses greater challenges for exchanges' risk management capabilities, highlighted by geopolitical events affecting commodity supply chains [3] - Chinese futures exchanges have effectively utilized their regulatory framework to stabilize price fluctuations, providing reliable price signals to global clients [3][4] Group 3: Future Directions - The development of China's futures market has been significant, with commodity trading volume leading globally, laying a solid foundation for becoming a world-class futures exchange [4] - Recommendations for exchanges include launching more international products, simplifying participation processes for foreign investors, and promoting "Shanghai prices" in international markets to enhance global competitiveness [4]