Core Insights - Hong Kong's financial market demonstrated robust vitality and resilience in 2025, with record transaction volumes across multiple projects, leading to a significant increase in new stock market financing, which ranked first globally [2] Group 1: Market Performance - The average daily trading volume in the cash market reached HKD 230.7 billion in the first 11 months, representing a 43% year-on-year increase [2] - A total of 117 companies were listed on the Hong Kong Stock Exchange (HKEX) in 2025, raising a total of HKD 285.7 billion, with four companies making it to the global top ten new stocks [2] - HKEX-listed companies raised USD 66 billion through refinancing, highlighting the expansive nature of Hong Kong's capital market [2] Group 2: Factors Driving Growth - The first key factor is the surge in major technological innovations from mainland China, particularly in artificial intelligence, quantum information, biotechnology, new energy, and new materials, which have significantly boosted global investor confidence [3] - The second key factor is the facilitation of financing for technology companies through modified listing rules, including the launch of the "Tech Company Fast Track" in May 2025, which allows innovative firms to raise funds more effectively [4] - The third key factor is the expansion of international financial connections, with HKEX attracting issuers from various regions, including Kazakhstan, Singapore, Thailand, and the UAE, and establishing partnerships to enhance its global presence [5]

Core Insights - Hong Kong's financial market demonstrated robust vitality and resilience in 2025, with record transaction volumes across multiple projects, leading to a significant increase in the IPO financing amount, which ranked first globally [2] Group 1: Market Performance - The average daily trading volume in the cash market reached HKD 230.7 billion in the first 11 months, representing a 43% year-on-year increase [2] - A total of 117 companies were listed on the Hong Kong Stock Exchange (HKEX) in 2025, raising a total of HKD 285.7 billion, with four companies making it to the global top ten IPOs [2] - HKEX-listed companies raised USD 66 billion through refinancing, highlighting the expansive nature of Hong Kong's capital market [2] Group 2: Factors Driving Growth - The first key factor is the surge in major technological innovations from mainland China, particularly in artificial intelligence, quantum information, biotechnology, new energy, and new materials, which have significantly boosted global investor confidence [3] - The second key factor is the facilitation of technology companies' access to capital markets, with HKEX modifying listing rules to ease the process for tech firms, including the launch of the "Tech Company Fast Track" in May 2025 [4] - The third key factor is the expansion of international financial connections, with HKEX attracting issuers from various regions, including Kazakhstan, Singapore, Thailand, and the UAE, and establishing new partnerships to enhance its global presence [5]

Core Viewpoint - The article discusses a significant capital migration in Asia, highlighting the shift of wealthy individuals from Singapore to Hong Kong due to stricter regulations in Singapore and more favorable conditions in Hong Kong [3][5][20]. Group 1: Wealth Migration Trends - In 2025, Hong Kong is projected to have 114 new listings, raising HKD 286.3 billion, surpassing Nasdaq's HKD 205.2 billion, making it the world's leading IPO market [2][38]. - Singapore is experiencing a decline in the number of millionaires, with a forecasted net inflow of only 1,600 millionaires in 2025, down from 3,500 in 2024 [4]. - The number of high-net-worth individuals in Hong Kong has surged to 17,215, marking a 22.9% increase, the fastest globally [6][7]. Group 2: Regulatory Changes in Singapore - A major money laundering scandal in Singapore has exposed vulnerabilities in its financial system, prompting the government to implement stringent reforms [10][12]. - New regulations have increased scrutiny on family offices and foreign funds, making it more challenging for wealthy individuals to establish and manage their assets in Singapore [15][17]. - The regulatory environment has become less appealing, leading to a significant outflow of capital and wealthy individuals seeking more favorable conditions elsewhere [19][20]. Group 3: Hong Kong's Competitive Advantage - Hong Kong's government has actively promoted policies to attract family offices and international capital, including tax incentives and streamlined processes for high-net-worth individuals [25][26]. - The number of single-family offices in Hong Kong has exceeded 2,700, significantly outpacing Singapore's 1,400 [26]. - Hong Kong's financial services sector boasts a larger pool of professionals, enhancing its attractiveness as a wealth management hub compared to Singapore [28][30]. Group 4: Future Outlook - The competition between Hong Kong and Singapore will continue to shape the landscape of Asian wealth management, with both regions striving to offer the best combination of certainty, privacy, and returns [46]. - As Hong Kong enhances its position as a financial center, it is expected to attract more international capital, especially as geopolitical tensions persist [30][41].

Group 1 - The Hang Seng Index (HSI) closed at 26,445.95, up by 107.48 points or 0.41% as of January 2, 16:00 Eastern Time [1] - The highest price during the trading session was 26,472.92, while the lowest was 26,180.87, with a trading volume of 58.0567 million [1] - The HSI has a 52-week high of 27,275.90 [1] Group 2 - Major blue-chip stocks showed mixed performance, with HSBC Holdings closing at HKD 125.368, up 0.86% from the Hong Kong close [2] - Tencent Holdings closed at HKD 627.621, reflecting a 0.74% increase from the Hong Kong close [2] Group 3 - Tencent Holdings (code: 00700) latest price is HKD 623.000, with an increase of HKD 24.000 or 4.01% [3] - Alibaba Group (code: 09988) latest price is HKD 149.000, up by HKD 6.200 or 4.34% [3] - HSBC Holdings (code: 00005) latest price is HKD 124.300, increasing by HKD 1.900 or 1.55% [3] - Other notable stocks include AIA Group (code: 01299) at HKD 83.300, up 4.26%, and Baidu Group (code: 09888) at HKD 143.800, up 9.35% [3]

Group 1 - Major investment banks like Goldman Sachs, Morgan Stanley, and UBS are optimistic about the global stock market outlook for 2026, expecting double-digit gains in both developed and emerging markets due to strong earnings growth, declining interest rates, and reduced policy headwinds [1] - The United States is projected to maintain its position as the global growth engine, driven by a resilient economy and an AI-driven supercycle that is leading to record capital expenditures and rapid earnings expansion [1] - The momentum of the AI industry is spreading globally across various sectors including technology, utilities, banking, healthcare, and logistics, creating both winners and losers amid an already imbalanced K-shaped economy [1] Group 2 - Goldman Sachs has released a list of recommended stocks for investment based on the Earnings Revision Leading Indicator (ERLI), which includes companies such as AIA Group (01299.HK), Xiaomi Group-W (01810.HK), Lenovo Group (00992.HK), and Hong Kong Exchanges and Clearing (00388.HK) [1] - Other notable stocks on the list include China Ping An (02318.HK), Zijin Mining (02899.HK), Techtronic Industries (00669.HK), and China Pacific Insurance (02601.HK) [1] - Additional companies mentioned are ZTO Express-W (02057.HK), Luoyang Molybdenum (03993.HK), Hua Hong Semiconductor (01347.HK), and China Aluminum (02600.HK) [1]

Core Insights - Wallan Technology, a leading domestic GPU company, successfully listed on the Hong Kong Stock Exchange, becoming the first listed company in Hong Kong in 2026 with an issue price of HKD 19.6 per share and an opening price of HKD 35.7 per share, resulting in a market capitalization of HKD 85.542 billion [2] Group 1: Company Overview - Wallan Technology was founded in 2019 and is recognized as a leading provider of general intelligent computing solutions in China [4] - The company focuses on original core architecture and has pioneered the Chiplet high-performance chip, aiming to build a technology system that integrates software and hardware innovation [4] - Wallan Technology has developed its first-generation GPGPU architecture and a series of hardware based on GPGPU, including the Walli™ 106, Walli™ 110, and the higher-performance Walli™ 166 chip products, which are applied in key industries such as AI data centers, telecommunications, AI solutions, energy and utilities, fintech, and the internet [4] Group 2: Investment and Support - Qiming Venture Partners has been a steadfast supporter of Wallan Technology since its inception, leading the company's first round of financing and continuing to support its development [2] - Qiming Venture Partners is the largest external institutional investor in Wallan Technology and plays a significant role as a senior independent investor [2] Group 3: Future Outlook - Wallan Technology's CEO, Zhang Wen, emphasized that becoming a public company brings greater responsibility and that the company will continue to increase R&D investment to advance the development of fully autonomous and controllable products [4] - The company aims to enhance the safety, stability, and resilience of China's intelligent computing industry and lead the high-quality development of the AI industry [4] - Qiming Venture Partners' managing partner, Zhou Zhifeng, expressed optimism about Wallan Technology's future, highlighting the importance of continuous technological innovation and the company's role in contributing to the AI ecosystem both in China and globally [4]

元旦次日，中国香港交易所正常开市，南、北向交易关闭；今日日本东京证券交易所因元旦假期继续休 市。 本文源自：金融界AI电报 ...

来源：滚动播报 百度建议分拆昆仑芯在香港交易所独立上市。 ...

每经AI快讯，1月2日，百度在港交所公告，计划分拆昆仑芯业务并于香港交易所独立上市。 ...

Core Insights - The Hong Kong capital market is set for a full recovery in 2025, with total IPO fundraising exceeding HKD 285.8 billion, reclaiming its position as the leading global exchange, indicating a significant rebound in Hong Kong's attractiveness as an international financial center [1][2] Group 1: IPO Market Performance - In 2025, a total of 119 companies went public in Hong Kong, representing a 63% increase from the previous year, with total fundraising amounting to HKD 285.8 billion, a staggering 2.25 times increase year-on-year [2] - The top ten IPOs of the year included eight companies that raised over HKD 10 billion, with CATL leading at HKD 41.0 billion and Zijin Mining at HKD 42.8 billion, making them the largest and second-largest IPOs globally [2] - A-share companies played a crucial role in the Hong Kong IPO market, with 19 A-share firms raising approximately HKD 140 billion, nearly half of the total IPO fundraising in Hong Kong [2] Group 2: Market Drivers - The surge in IPO activity is driven by the concentrated listing of Chinese tech companies, a wave of A-share companies listing in Hong Kong, and a significant improvement in market liquidity [1][2] - The introduction of the "Specialized Technology Company Fast Track" service and the ongoing appeal of Listing Rules Chapter 18A and Chapter 18C have opened up listing avenues for unprofitable biotech and specialized tech companies [1][3] Group 3: Institutional Reforms - Continuous institutional innovations have been pivotal for the strong performance of the Hong Kong stock market, including the introduction of Chapter 18A in April 2018, allowing unprofitable biotech companies to apply for listings [3] - By the end of 2025, 88 biotech and specialized tech companies had listed under these new rules, with 16 companies listing in 2025 alone [3] - The average daily trading volume in the first 11 months of 2025 was HKD 255.8 billion, a year-on-year increase of approximately 95%, enhancing the attractiveness of Hong Kong for international capital [3] Group 4: Future Outlook - Deloitte forecasts that with over 300 listing applications, the Hong Kong IPO market could see fundraising of at least HKD 300 billion in 2026, with around 160 new stocks expected to be issued [5] - Factors such as potential interest rate cuts by the Federal Reserve, increased support for mainland Chinese companies, and ongoing capital market reforms in Hong Kong are expected to attract more large-scale IPOs [5]