Core Insights - The report by Ernst & Young highlights that the A-share and Hong Kong IPO markets accounted for 16% and 33% of the global total in terms of IPO quantity and fundraising amount respectively [1] - The A-share market showed steady progress, while the Hong Kong Stock Exchange led globally with a fundraising amount of $36 billion [1] Group 1: A-share Market Performance - In 2025, the A-share IPO market achieved moderate growth with a significant increase in fundraising scale, with the average IPO fundraising amount rising over 50% to 1 billion yuan [4] - The number of IPOs in the industrial, technology, and materials sectors ranked highest, while the energy sector saw a rise in fundraising scale [4] - The core characteristic of the reported companies was technological innovation, marking a shift from quantity-driven to quality-driven growth in the A-share IPO market [4][7] Group 2: Hong Kong Market Recovery - The Hong Kong IPO market experienced a strong recovery, with fundraising exceeding 200 billion HKD, marking the second-highest level in five years [5] - Over 20 A-share companies are expected to list in Hong Kong, raising more than 170 billion HKD, with large IPOs being a key driver of this resurgence [5][6] - The industrial and retail consumption sectors dominated the top IPOs, particularly in the fields of new energy vehicles and advanced manufacturing [5][6] Group 3: Market Trends and Future Outlook - The report indicates that 2025 marks the beginning of a new decade for the interconnected capital markets of mainland China and Hong Kong, with a focus on deepening cooperation and enhancing market efficiency [7] - The A-share market is expected to maintain a steady pace of growth, with a focus on strategic emerging industries such as AI, robotics, semiconductors, and renewable energy [7] - The Hong Kong IPO market is anticipated to remain active, with a structural deepening trend, particularly in the A+H model and the return of Chinese concept stocks [7][8]

Core Insights - The Hong Kong Stock Exchange (HKEX) is leveraging technological advancements, particularly in artificial intelligence (AI), to enhance its operational efficiency and international competitiveness in the financial market [1] Group 1: Technological Impact on Financial Services - Technology is profoundly reshaping the global financial services landscape, presenting new challenges and opportunities for market builders and participants [1] - The significant breakthroughs in AI technology this year have not only transformed everyday life but have also propelled financial markets into the "AI+" era [1] Group 2: HKEX Initiatives - HKEX has implemented a series of optimization services over the past two years, emphasizing the importance of the technology sector in enhancing market efficiency [1] - AI technology has been integrated into daily operations at HKEX, leading to substantial time savings in document processing and information organization, thereby significantly improving office efficiency [1] - The listing department at HKEX utilizes AI to more effectively identify information disclosure violations during the review of annual reports from listed companies [1] Group 3: Future Directions - HKEX is actively exploring the use of AI to drive the digital transformation of financial regulation, aiming to improve the efficiency of issuance reviews and assist in monitoring market fluctuations to enhance regulatory effectiveness [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is adapting to rapid market changes and leveraging technology, particularly artificial intelligence (AI), to enhance operational efficiency and regulatory effectiveness [1][2] Group 1: Market Environment and Challenges - The current market environment is characterized by rapid changes, geopolitical adjustments, and increased volatility, which pose challenges and provide new development mechanisms for financial market participants [1] - The breakthrough in AI technology this year is accelerating its application across various industries, significantly altering production and lifestyle, and leading global capital markets into a new phase of "AI+" [1] Group 2: Technological Integration and Efficiency - HKEX has integrated AI into daily operations, significantly reducing time costs associated with routine tasks and improving office efficiency [2] - The application of AI in reviewing annual reports of listed companies has enhanced the identification efficiency and accuracy of information disclosure violations [2] - HKEX is exploring AI applications in the digital transformation of financial regulation, aiming to improve the efficiency of issuance reviews and strengthen regulatory effectiveness through AI-assisted oversight [2] Group 3: Regional Advantages and Future Plans - The Guangdong-Hong Kong-Macao Greater Bay Area is recognized as a hub for technological innovation, possessing leading financial technology infrastructure, top-tier talent, and skilled financial professionals, which are core advantages for its development [2] - HKEX plans to leverage the technological and talent resources of the Greater Bay Area to accelerate innovation, enhance market operational efficiency, and optimize service systems through financial technology, thereby strengthening Hong Kong's international competitiveness in the financial market [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 陈翊庭强调，近两年来，香港交易所推出了很多优化服务，提升市场效率和活力的战略举措。这些举措 大都离不开金融科技，离不开云计算、大数据和人工智能等先进的信息技术。比如我们已经将人工智能 技术应用于日常的办公运营，节省了很多处理文档和信息整理的时间，提升了办公效率。在审阅上市公 司年报的过程中，也采用了人工智能，更高效地识别信息披露违规的情况。除此以外，港交所也正在探 索利用人工智能推动金融监管数字化转型，比如用人工智能来帮助提高发行审核工作的效率，用人工智 能来辅助监测股价异动，提高监管效率。 责任编辑：郝欣煜 陈翊庭称，当前我们正处在一个前所未有、快速变化的市场环境中，地缘政治冲击不断，市场波动加 剧，科技正在重塑全球金融服务，这给所有金融市场的建设者和参与者都带来了新的挑战和机遇，特别 是今年以来，人工智能技术取得了重大突破，资本市场也在迈入人工智能+时代，香港交易所也越来越 深刻体会到了科技赋能的重要性。 专题：2025年大湾区交易所科技大会 2025年大湾区交易所科技大会11月28日在深交所开幕。香港交易所集团行政总裁陈翊庭在致辞中表示， 港交所将探索人 ...

展望未来，陈翊庭表示，香港交易所将继续善用大湾区科技和人才优势，加快创新，提升效率，通过科 技赋能优化服务，提升香港金融市场的国际竞争力。 责任编辑：郝欣煜 陈翊庭称，当前我们正处在一个前所未有、快速变化的市场环境中，地缘政治冲击不断，市场波动加 剧，科技正在重塑全球金融服务，这给所有金融市场的建设者和参与者都带来了新的挑战和机遇。特别 是今年以来，人工智能技术取得了重大突破，资本市场也在迈入人工智能+时代，香港交易所也越来越 深刻体会到了科技赋能的重要性。 专题：2025年大湾区交易所科技大会 2025年大湾区交易所科技大会11月28日在深交所开幕。香港交易所集团行政总裁陈翊庭在致辞中表示， 资本市场正在迈入"人工智能+"时代，通过科技赋能提升香港金融市场的国际竞争力。 ...

人民财讯11月28日电，11月28日至29日，2025年大湾区交易所科技大会在深交所举行，港交所行政总裁 陈翊庭表示，当前科技正在重塑全球金融服务，这给所有金融市场的建设者、参与者都带来了新的挑战 和机遇。今年以来，人工智能技术取得了重要突破，正在各个行业加速落地应用。香港交易所也越来越 深刻体会到了科技部门的重要性，并推出了很多优化服务，提升市场效率。这些举措均离不开金融科技 这个最重要的帮手。未来香港交易所将继续利用大湾区科技和人才优势，加快创新，提升效率，提升香 港金融市场的国际竞争力。 （原标题：港交所行政总裁陈翊庭：以科技创新提升香港金融市场国际竞争力） ...

2025年大湾区交易所科技大会11月28日在深交所开幕。香港交易所集团行政总裁陈翊庭在致辞中表示， 科技正深刻改变全球金融服务格局，今年以来人工智能技术的重大突破与加速落地，不仅改变了大众生 活，也推动金融市场迈入 "人工智能 +" 时代。 责任编辑：郝欣煜 登录新浪财经APP 搜索【信披】查看更多考评等级 港交所作为金融市场的建设者与参与者，近两年来推出的一系列优化服务。在具体应用层面，港交所已 将人工智能技术应用于日常办公运营，有效节省了文档处理与信息整理的时间，显著提升了办公效率； 港交所上市科在审阅上市公司年报过程中，也通过人工智能技术更高效地识别信息披露违规情况。此 外，港交所正积极探索利用人工智能推动金融监管数字化转型，研究如何通过人工智能提高发行审核工 作效率、辅助监测市场异动，进而提升监管效能。 专题：2025年大湾区交易所科技大会 陈翊庭表示，大湾区拥有全国领先的金融科技、出类拔萃的科技人才以及实力优秀的金融同业。未来， 港交所将继续善用大湾区的科技与人才优势，加快创新步伐，提升服务效率，通过科技赋能优化金融服 务，进一步增强香港金融市场的国际竞争力。（新浪财经香港站） ...

Core Insights - The 2025 Greater Bay Area Exchange Technology Conference will be held on November 28-29, focusing on the theme of "Entering the Era of Artificial Intelligence+" [1] - The event is organized by Shenzhen Stock Exchange, Hong Kong Stock Exchange, and Guangzhou Futures Exchange [1] Agenda Summary - The first day includes a high-level seminar with various keynote speeches from industry leaders, including topics on China's computing network plan and the role of AI in capital market development [2][3] - Keynote speakers include prominent figures such as Gao Wen from the Chinese Academy of Engineering and Luo Kai from the China Securities Regulatory Commission [2][3] - The second day features sub-forums on trading settlement technology and financial AI, with technical sharing sessions from various experts in the field [6][7][8] - Topics covered in the sub-forums include low-latency communication optimization, AI integration in financial data, and digital transformation in brokerage services [6][7][8][9]

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 markets accounting for 16% and 33% of global totals respectively [1] - The Hong Kong Stock Exchange leads globally with a fundraising amount of $36 billion, surpassing major markets like New York and Nasdaq [1] - A-shares are expected to see moderate growth in 2025, with average fundraising amounts increasing by over 50% year-on-year to reach 1 billion yuan [1] Group 1: A-share Market Insights - The A-share market is maintaining a steady operational rhythm, with significant contributions from large IPOs, leading to a notable increase in the proportion of billion-yuan IPOs [1] - The average return rate for newly listed stocks this year reached 253%, with no instances of first-day price drops [1] - Regulatory policies such as the "827" new rules and the "Nine New National Policies" have contributed to a decline in new stock issuance price-to-earnings ratios to a five-year low [1] Group 2: Hong Kong Market Insights - The Hong Kong IPO market is expected to recover strongly in 2025, with fundraising projected to exceed 200 billion HKD, driven by large IPO projects [1] - Over 20 A-share companies are anticipated to list in Hong Kong, raising more than 170 billion HKD collectively [1] - The average fundraising scale for IPOs is expected to increase by 137% compared to the previous year, marking the second-highest level in five years [1] Group 3: Future Trends and Market Dynamics - The collaboration between mainland and Hong Kong capital markets is expected to deepen, enhancing institutional cooperation and market connectivity [2] - A-share IPOs are likely to gradually return to normalized issuance, focusing on quality and structural improvements [2] - The Hong Kong market is projected to maintain high activity levels, with a structural deepening characteristic, particularly in the A+H model and the return of Chinese concept stocks [2] Group 4: Sector-Specific Insights - The A-share market is expected to see an increase in financing from hard technology sectors, with clearer market segmentation [3] - For the Hong Kong IPO market in 2026, key supporting sectors include biotechnology, specialized technology companies, traditional industry upgrades, and new consumer brands from mainland China [3] Group 5: Hong Kong's Role in Internationalization - Hong Kong serves as a vital bridge for mainland companies seeking international exposure, benefiting from a robust base of international institutional investors [4] - The flexibility of Hong Kong's regulatory framework enhances its attractiveness as a listing destination for mainland enterprises [4] - The trend of Hong Kong-listed companies returning to A-shares is gaining momentum, driven by policy support and valuation differences between markets [4]

Core Insights - The report by Ernst & Young highlights that the capital markets in mainland China and Hong Kong continue to lead globally in IPO activities, with A-shares achieving a technological upgrade and Hong Kong returning to the top of global fundraising with $36 billion in annual financing [1][3] - A-shares and Hong Kong stocks accounted for 16% and 33% of global IPO numbers and fundraising amounts respectively, becoming key drivers of growth in the global capital market [1] - The global IPO market is expected to see a divergence in 2025, with stable numbers but a slight increase in fundraising, while Chinese companies occupy five of the top ten global IPO projects, showcasing their global financing appeal [1][2] A-share Market Summary - The A-share IPO market has transitioned from "scale expansion" to "quality priority," with average fundraising amounts increasing by over 50% year-on-year to reach 1 billion yuan [2] - The new policies, including the "National Nine Articles," have led to a decline in new stock issuance price-to-earnings ratios, reaching a five-year low, while the average first-day return for new listings remained stable at 253% [2] - Strategic emerging industries, particularly in artificial intelligence, robotics, new energy, and biomedicine, are expected to remain the main force in future listings, supported by the expansion of the Beijing Stock Exchange [2] Hong Kong Market Summary - The Hong Kong IPO market rebounded strongly in 2025, surpassing the New York Stock Exchange and Nasdaq with a fundraising scale of $36 billion, driven by large IPO projects [3][4] - Over 20 A-share companies are expected to list in Hong Kong, contributing more than 85% of the total fundraising in the market, with an average financing scale increasing by 137% year-on-year [3] - The market is characterized by a dual engine of new consumption and hard technology, with significant contributions from sectors like new energy vehicles and advanced manufacturing [3][4] Investment Trends and Strategies - The report indicates a shift in the investor base for Hong Kong IPOs, with participation from sovereign funds, insurance capital, and industrial capital from various regions, enhancing Hong Kong's position as an international financial center [4] - Companies preparing for IPOs are advised to prioritize the integration of business and financial data systems to address challenges in data collection and regulatory scrutiny, showcasing their governance capabilities through digital transformation [5]