上 半 年 ， A 股 IPO 募 集 总 额 达 373.55 亿 元 ， 同 比 增 长 14.96%； 港 股 IPO 融 资 规 模 达 974.25 亿 元 ， 同 比 激 增 688.56%。 作者： 牛钰 封图：图虫创意 从年初的"松动"信号到年中节点，IPO（首次公开发行）市场节奏和主线的变化一直牵动着资本市 场的神经。回头来看，在政策优化和市场复苏的双向加持下，2025年IPO市场的活跃度骤起，融资 项目与规模显著回暖。 Wind数据显示，截至6月30日，上半年A股共有51只新股上市，同比增加7家，IPO募集总额达 373.55亿元，同比增长14.96%。其中，9只新股募资金额超过10亿元，中策橡胶（603049.SH）首 发募资金额最高，达40.66亿元。 港股IPO市场更是火热"出圈"，上半年共有43家企业成功上市，IPO融资规模达1067.13亿港元（约 合人民币974.25亿元），同比激增688.56%。按交易所排名，港交所的IPO融资规模位居全球榜 首，居于其后的纳斯达克交易所在上半年有79宗IPO（剔除特殊目的收购公司），筹资约90.74亿 美元（约合人民币650.32亿元）。 ...

Group 1 - The IPO market in China has seen significant activity in the first half of 2025, with a total of 51 new stocks listed on the A-share market, raising a total of 37.355 billion yuan, a year-on-year increase of 14.96% [2] - The Hong Kong IPO market has also experienced a surge, with 43 companies successfully listed, raising 1,067.13 million HKD (approximately 974.25 million yuan), a staggering increase of 688.56% year-on-year [2][4] - The top five IPO projects in Hong Kong by financing amount include major companies such as CATL and Hengrui Medicine, with CATL raising 410.06 million HKD (approximately 374.39 million yuan), making it the highest globally [4][5] Group 2 - Seven A-share companies have successfully listed in Hong Kong, raising a total of 770.17 million HKD (approximately 703.39 million yuan), accounting for 72.17% of the total IPO financing in Hong Kong for the first half of the year [5] - The A-share market has seen a competitive landscape with 26 brokers assisting in 51 IPOs, with CITIC Securities leading with six projects [10][12] - The number of IPO applications received by the three major exchanges in China has expanded significantly, with a total of 177 applications in the first half of 2025, surpassing the total for the entire year of 2024 [10] Group 3 - The performance of the stock market has been closely linked to the warming of the IPO market, with the Shanghai Composite Index rising by 2.76% in the first half of 2025 [4] - The trend of A-share companies listing in Hong Kong reflects a new characteristic, with leading companies adopting a dual-platform strategy and focusing on hard technology and new consumption sectors [6][7] - The leading brokers in the Hong Kong IPO market include CICC, Huatai Securities, and CITIC Securities, with notable growth in business volume compared to foreign investment banks [8][9]

Core Viewpoint - The Hang Seng Index (HSI) experienced a low opening but rallied to close approximately 0.7% higher, driven by strong performance in the semiconductor sector and a rebound in the pharmaceutical sector [1] Market Performance - The HSI closed at 23,689.13 points, up 0.67%, while the Hang Seng Tech Index rose by 1.05% to 5,187.01 points [1] - The total market turnover reached 1,985.91 million HKD, a decrease from the previous trading day's turnover of 2,224.23 million HKD [1] Sector Performance - The semiconductor sector led the market with significant gains, while the pharmaceutical sector showed a strong rebound [1] - New consumption and automotive sectors also experienced a low opening but managed to recover throughout the day [1] Notable Stocks - Semiconductor company SMIC (00981.HK) saw a rise of 4.56% [1] - Li Auto (02015.HK) increased by 5.49% [1] - Pharmaceutical company Jiateng Pharmaceutical (02617.HK) surged by 78.71% [1] - Sanhua Intelligent Control (02050.HK) experienced a slight decline of 0.13% on its first trading day [1]

Core Viewpoint - Sanhua Intelligent (02050) is set to launch an IPO from June 13 to June 18, 2025, aiming to issue 360 million H-shares, with 7% allocated for public offering in Hong Kong and 93% for international offering, plus a 15% over-allotment option [1] Group 1: Company Overview - According to Frost & Sullivan, Sanhua is the largest manufacturer of refrigeration and air conditioning control components globally, with a market share of approximately 45.5% in the refrigeration and air conditioning control components market as of 2024 [1] - The company is also a leading manufacturer of automotive thermal management system components, ranking fifth globally with a market share of about 4.1% as of 2024 [1] - Sanhua aims to develop a smart low-carbon economy and create a green quality environment, focusing on research, promotion, and application of thermal management technology [1] Group 2: Fundraising and Use of Proceeds - The cornerstone investors, including Schroders, GIC, and others, have agreed to subscribe to shares amounting to approximately $562 million, with a total of 202 million shares expected to be subscribed at a price of HKD 21.87 per share [2] - Assuming no exercise of the over-allotment option and after deducting commissions and estimated expenses, the net proceeds from the global offering are expected to be approximately HKD 7.741 billion [3] - The net proceeds will be allocated as follows: 30% for ongoing global R&D and innovation, 30% for expanding and building new factories in China, 25% for enhancing overseas capacity, 5% for strengthening digital infrastructure, and 10% for working capital and general corporate purposes [4]

Group 1 - The company plans to globally offer 360 million shares, with 25.22 million shares available in Hong Kong and 335 million shares internationally, along with an overallotment option of 54.05 million shares [1] - The subscription period for the shares is from June 13 to June 18, with a maximum offer price of HKD 22.53 per share and an entry fee of approximately HKD 2,275.72 for 100 shares [1] - The total expected fundraising amount is HKD 7.88 billion, with a net amount of HKD 7.74 billion, which will be used for ongoing global R&D and innovation, factory expansion in China, enhancing production automation, and strengthening digital infrastructure [1] Group 2 - The company's main business includes the research and development of household appliances, manufacturing of refrigeration and air conditioning equipment, and various types of valves and pumps [2] - The net profits for the years 2023, 2024, and the first quarter of 2025 (ending March 31) are projected to be CNY 2.92 billion, CNY 3.10 billion, and CNY 903 million, reflecting year-on-year changes of 13.51%, 6.10%, and 39.47% respectively [2]