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事关长线资金！高盛最新判断来了
券商中国·2024-12-12 03:56

Core Viewpoint - The article highlights the resurgence of IPO activities for Chinese companies in Hong Kong, indicating a recovery in the market and renewed confidence from international investors in Chinese assets [1][2]. Group 1: Market Recovery and Trends - The overall financing amount in overseas capital markets is expected to increase by 25%-30% next year, with a notable recovery in the IPO market supported by fundamental logic and technical backing [3]. - Chinese companies' financing in overseas markets, primarily Hong Kong and the U.S., has nearly doubled compared to last year, with projections for 2024 estimating financing amounts between 50billionand50 billion and 60 billion, reflecting a year-on-year growth of approximately 25%-30% [3][4]. - The overseas IPO market has shown three key characteristics of recovery: an increase in total fundraising by mainland companies, a rise in the number of projects raising over 500million,andstablepost−listingtradingperformance[4].Group2:InvestorSentimentandParticipation−Globallong−termfundshaveregainedconfidenceinChineseIPOs,withincreasedparticipationinrecentprojects,includingariseinthenumberoffundsinvolvedandthescaleoforders[5][9].−Thecurrentmarketconditionsfavorcompaniesthatcanmeetthehigherqualitystandardssetbyoverseasinvestors,asnotallChinesecompanieswillbeabletocapitalizeonthecurrentIPOwindow[11].Group3:StrategicInsightsforCompanies−CompaniesareincreasinglylookingtolistsimultaneouslyinbothA−sharesandH−shares,leveragingoverseascapitalmarketsforexpansion[6].−TheissuanceofconvertiblebondsbyChinesecompanieshasgainedpopularity,astheyprovideasafetynetforinvestorsduringchallengingmarketconditions,withexpectationsforsignificantissuanceinthecomingyear[8].−Thearticleemphasizestheimportanceoffocusingoninfluentiallong−termfundsforsuccessfulIPOprojects,aslargerIPOsaround500 million, and stable post-listing trading performance [4]. Group 2: Investor Sentiment and Participation - Global long-term funds have regained confidence in Chinese IPOs, with increased participation in recent projects, including a rise in the number of funds involved and the scale of orders [5][9]. - The current market conditions favor companies that can meet the higher quality standards set by overseas investors, as not all Chinese companies will be able to capitalize on the current IPO window [11]. Group 3: Strategic Insights for Companies - Companies are increasingly looking to list simultaneously in both A-shares and H-shares, leveraging overseas capital markets for expansion [6]. - The issuance of convertible bonds by Chinese companies has gained popularity, as they provide a safety net for investors during challenging market conditions, with expectations for significant issuance in the coming year [8]. - The article emphasizes the importance of focusing on influential long-term funds for successful IPO projects, as larger IPOs around 1 billion are becoming more common [13].