HKEX(00388) 智通财经·2025-05-02 12:28Core Insights - Hong Kong's IPO fundraising has significantly increased, with 17 new listings raising approximately HKD 177 billion (around USD 20 billion) in the first quarter of 2025, more than doubling the amount from the previous year [1] - The follow-on market has also become more active, raising over USD 18 billion in the first quarter of 2025, a 20-fold increase year-on-year, with notable transactions from BYD and Xiaomi [1] - There is a growing trend of A+H listings, with around 30 companies planning to list in Hong Kong, particularly in the technology and biotech sectors [2] Market Trends - The new economy, artificial intelligence, renewable energy, and tech unicorns are key focus areas for new listings in Hong Kong [2] - Increased dialogue with ASEAN companies has led to successful listings from several firms in the region, indicating a strong interest in the Hong Kong market [2] - Hong Kong is also targeting the Middle East, with plans to open an office in Riyadh and strengthen ties with the Saudi stock exchange [3] Regulatory and Structural Developments - Hong Kong has completed consultations on IPO pricing, aiming to enhance the pricing process and distribution structures [4] - The Hong Kong Securities and Futures Commission and the exchange have announced measures to improve the transparency of the new listing application process [4] - Initiatives like the "REIT Connect" and a dedicated line for tech companies are in preparation to further optimize the listing environment [4]