Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO financing, reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024, making it the top global market for IPOs this year [1][3] - There is a notable rise in participation from international investors in the Hong Kong IPO market, particularly from Europe, the Middle East, and emerging markets, indicating a strong global interest in Chinese technology innovation [3] - The A+H listing model has developed further, with nearly half of the new IPO financing in the first nine months coming from A+H listed companies, showcasing strong market linkage between mainland China and Hong Kong [3] - The average daily trading volume in the Hong Kong securities market reached HKD 256.4 billion by the end of September, a 126% year-on-year increase, indicating robust activity in the secondary market [3] - The Hang Seng Technology Index has risen by 40.1% year-to-date, driven by the surge in AI-related stocks, with the Hang Seng Hong Kong Stock Connect China Technology Index showing a 55.8% increase [5] Industry Trends - The global economic landscape is shifting, with diminishing returns from technological advancements and demographic dividends, leading to changes in asset allocation logic [4] - Hong Kong is positioned to attract international capital, enhancing its role in global capital allocation amidst geopolitical risks and a retreat from globalization [4] - The technology sector has surpassed the financial sector in terms of weight within the Hang Seng Index, highlighting the central role of technological innovation in economic development [4]

Core Insights - China's investment opportunities have regained global investor attention due to economic policies and technological innovations since September last year [1] - The Hong Kong market has shown strong performance, with record trading volumes in the securities and derivatives markets, and new stock market financing returning to the top globally [1] Group 1: Market Performance - As of September 30, 2023, the total IPO financing in Hong Kong reached HKD 182.9 billion, more than doubling compared to the same period in 2024 [3] - The average daily trading volume in the Hong Kong securities market reached HKD 256.4 billion, a 126% year-on-year increase [5] - The average daily trading volume for the derivatives market increased by 11% [5] Group 2: Investor Participation - There has been a notable increase in overseas investor participation in new stock subscriptions, particularly from Europe, the Middle East, and emerging markets [3] - The A+H listing model has developed further, with nearly half of the new stock financing in the first nine months coming from A+H listed companies [3] Group 3: Market Structure and Reforms - Recent listing policy reforms have enhanced the vitality of the Hong Kong capital market, attracting high-quality companies, especially in technology [4] - The "Tech Company Fast Track" launched in May aims to assist specialized technology and biotech companies in preparing for listings more efficiently [4] Group 4: Connectivity Mechanisms - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 206.4 billion, a 68% year-on-year increase [7] - The Southbound and Northbound ETF trading volumes have also seen significant activity, with Southbound ETFs averaging HKD 4.2 billion and Northbound ETFs averaging RMB 3.2 billion in daily trading [7] Group 5: Future Outlook - The company plans to continue optimizing listing arrangements and expanding connectivity mechanisms to promote the joint development of capital markets in both regions [9]

"我们近年来推出的上市政策改革，释放了香港资本市场活力，吸引了大量优质企业，特别是科技企业 赴港上市融资，也使港股市场结构不断优化。"陈翊庭表示，目前提交了上市申请的企业中有接近一半 来自科技企业。 香港二级市场表现同样强劲 10月22日，香港交易所集团行政总裁陈翊庭在2025香港交易所中国机遇论坛上发表致辞时表示："香港 交易所新股发行规模大幅增长，截至9月底的IPO融资总额达1829亿港元，较2024年同期增长超过两 倍。目前，新股市场的强劲势头仍在持续，上市科正在处理的公开上市申请近300宗。" 陈翊庭介绍，海外投资者参与新股认购的热情明显上涨，近期，来自欧美、中东和新兴市场的国际长线 资金积极参与科创企业的新股发行，反映出国际市场对中国科技创新的高度关注与信心。外资回流的背 后，反映出全球资产配置逻辑正在发生深刻转变。 今年"A+H"上市模式得到进一步发展。陈翊庭提到，去年10月份港交所推出的新上市申请审批流程时间 表的优化，加快了合资格A股公司在香港上市的进程。今年"A+H"上市企业表现突出，占前九个月新股 总融资额的接近一半，充分体现出内地与香港市场联动的强劲势头。 香港位居全球IPO市场首位 陈 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) is resisting cryptocurrency hoarding platforms disguised as listed companies, having raised concerns about at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [1] - HKEX's main rationale for its objections is based on rules regarding "cash companies," which aim to limit entities primarily holding liquid assets from being listed [1] - This trend is not unique to Hong Kong, as similar opposition to DAT has been observed in India and Australia, with the Bombay Stock Exchange rejecting a listing application for a company planning to invest in cryptocurrency [1][2] Group 2 - The regulatory actions have significantly pressured the market performance of these companies, with many digital asset treasury firms' stock prices declining and even falling below their net asset value (NAV) [2] - The recent downturn in the cryptocurrency market has exacerbated the situation, leading to investor skepticism regarding the sustainability of their business models [2]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is resisting cryptocurrency hoarding platforms disguised as listed companies, questioning the plans of at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [1] Group 1: Regulatory Actions - HKEX has raised concerns based on rules regarding "cash companies," which aim to limit entities primarily holding liquid assets from being listed [1] - The HKEX spokesperson stated that their framework ensures that all applicants for listing have viable, sustainable, and substantive business operations [1] - Similar resistance to DAT has been observed in India and Australia, with the Bombay Stock Exchange rejecting a listing application from a company planning to invest in cryptocurrency [1][2] Group 2: Market Impact - The regulatory actions have significantly pressured the market performance of these companies, with many digital asset treasury firms' stock prices declining and even falling below their net asset value (NAV) [2] - The recent downturn in the cryptocurrency market has exacerbated the situation, leading to increased investor skepticism regarding the sustainability of their business models [2]

Core Viewpoint - Stock exchanges in Hong Kong, India, and Australia are resisting cryptocurrency hoarding platforms disguised as public companies [3] Group 1: Regulatory Actions - The Hong Kong Stock Exchange has raised concerns about at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [3] - These companies have not received approval for their plans to transition to cryptocurrency hoarding [3] - Hong Kong currently prohibits public companies from transforming into entities solely focused on hoarding cryptocurrencies [3] Group 2: Responses from Exchanges - The Hong Kong Stock Exchange declined to comment on specific companies but emphasized that its framework ensures the viability and sustainability of all applicants seeking to list [3] - Similar opposition to DAT has been reported in India and Australia [3]

Core Insights - Hong Kong's IPO market has seen significant growth in 2023, with 69 new listings and over HKD 180 billion raised, more than doubling compared to the same period last year, making it the top market globally [1] - The Hong Kong Stock Exchange (HKEX) is actively optimizing listing mechanisms to attract potential companies from around the world, including easing regulations for overseas issuers [2][3] - The ETF market in Hong Kong has rapidly developed, with average daily trading volume reaching HKD 34.2 billion in the first three quarters of 2025, a 113% increase from 2024 and a 190% increase from 2023 [4] Listing Market Developments - The number of IPO applications is increasing, with nearly 300 applications being processed by HKEX as of September [1] - The GEM market has seen four companies listed since its reform in 2024, raising HKD 280 million, indicating early success of previous measures [1] - The government is committed to enhancing the competitiveness of Hong Kong as a listing venue by reviewing the effectiveness of listing reforms and optimizing regulations [3] International Participation - International investors are increasingly participating in Hong Kong's IPO market, with issuers from countries like Thailand, Indonesia, Kazakhstan, and Singapore choosing to list in Hong Kong [1] - Over half of the companies that went public in Hong Kong this year have international business operations, with an average of 50% of their revenue coming from overseas markets [1] ETF Market Growth - The ETF market in Hong Kong has become one of the largest and most active in Asia, supported by various policy initiatives [4] - Recent innovations include the launch of the first ETF tracking the Saudi Arabian market and the introduction of virtual asset ETFs [4] - The government has implemented tax exemptions for ETF transactions to lower costs and promote market growth [3][4] Future Initiatives - The government aims to collaborate with stakeholders to introduce more innovative products, including tokenized ETFs and gold-related ETFs [5] - HKEX is focusing on promoting its services in ASEAN and the Middle East to enhance the local ETF ecosystem [5]

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen record-high average daily trading volumes for both the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in the first half of 2025, with average daily trading amounts reaching RMB 206.4 billion, a 68% year-on-year increase, and HK Stock Connect reaching HKD 126 billion, more than double that of 2024 [1][2] Group 1 - The HKEX CEO highlighted that since September 2024, China's economic policies and technological innovations have attracted global investor interest, leading to strong performance in the Hong Kong market [1] - The Hong Kong securities and derivatives markets, as well as the Stock Connect trading volumes, have all reached new highs for the half-year, with the new stock market financing amount returning to the top of global exchanges, showcasing the market's vitality and resilience [1] - HKEX is collaborating closely with Shanghai and Shenzhen exchanges to include REITs in the Stock Connect, introduce block trading mechanisms, and incorporate RMB counters into the HK Stock Connect, aiming to provide more convenience and investment options for domestic and foreign investors [1] Group 2 - Looking ahead, HKEX plans to deepen collaboration with various parties, continuously optimize listing arrangements, and expand the connectivity mechanisms to enhance market efficiency and promote the joint development of capital markets in both regions [2] - HKEX aims to build a competitive ecosystem for fixed income and currency products, offering diverse asset allocation and risk hedging tools to domestic and international investors, while actively expanding offshore RMB application scenarios to support the steady internationalization of the RMB [2]

吴伟强调，在工作机制方面，今年6月18日陆家嘴论坛召开期间，沪港两地共同签署了《沪港国际金融 中心协同发展行动方案》，聚焦推进两地基础设施互联互通、共建金融产品服务体系、离岸金融战略布 局等领域，提出38条具体举措，进一步推动两地金融领域的深化合作。 文/新浪财经上海站 陈秀颖 10月22日，香港交易所在上海举办"HKEX中国机遇论坛"。本次论坛恰逢香港交易所成立25周年，香港 市场强劲复苏，作为连接东西方的"超级联系人"，港交所通过互联互通机制、多元产品生态和国际化市 场，持续推动中国与世界的双向资本流通。上海市常务副市长吴伟出席活动并发表致辞。 吴伟表示，在金融改革开放进程中，沪港两地扮演了关键角色，双方秉持优势互补、互惠共赢理念，在 金融领域实现双层协同、错位发展。从机制完善到设施联通，从业态创新到风险共防，取得了丰硕成 果。 他指出，特别是在应对外部环境复杂变化、推动构建新发展格局的关键阶段，沪港两地凭借深厚的金融 底蕴和紧密的协作能力，为国家金融战略提供了有力支撑，不断提升我国在国际金融体系中的话语权和 影响力。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 他介绍，在金 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 陈秀颖 10月22日，香港交易所在上海举办"HKEX中国机遇论坛"。本次论坛恰逢香港交易所成立25周年，香港 市场强劲复苏，作为连接东西方的"超级联系人"，港交所通过互联互通机制、多元产品生态和国际化市 场，持续推动中国与世界的双向资本流通。 上海证券交易所国际合作部总监张斌在论坛上表示，上交所将携手港交所，在两地证监会的指导下，持 续优化沪港通机制，积极服务境内外投资者，推动在岸和离岸市场协同发展，提升沪港两地国际金融中 心的竞争力和影响力。 他表示，提起沪港金融合作，绕不开2014年11月17日正式开通的沪港通。这一机制开创了跨境证券投资 的新模式，探索出金融高水平对外开放的新路径。 他回顾道，自沪港通开通以来，机制不断优化，交易品种逐渐丰富，交易机制日渐完善。2016年取消总 额度限制；2018年双向扩大每日额度至四倍；2019年将不同投票权架构公司股票纳入港股通股票范围； 2021年将科创板股票纳入沪股通股票范围；2022年将ETF产品纳入标的证券；2023年双向扩大可交易日 历，股票范围双向扩容。 他介绍， ...