港股 IPO 大爆发！年内回报率 18% 跑赢恒指 ，外资抢筹中国核心资产

Group 1 - The demand from foreign investors for core Chinese assets is increasing, with Hong Kong's IPO market recovering this year, raising a total of $9 billion, which is a 320% year-on-year increase despite being lower than the peak in 2020 [1][2] - The average return rate for IPOs this year has reached 18%, outperforming the Hang Seng Index, which increased by 13% [1] - UBS attributes the strong performance of IPOs to improved quality of listed companies, tightening IPO restrictions in mainland China, improved liquidity in Hong Kong, and increased demand from foreign investors for core Chinese assets [2] Group 2 - The A-H premium currently stands at 33%, close to the 10-year average but below the recent 5-year average, with potential for narrowing in the short term due to factors such as easing geopolitical tensions and increased foreign capital inflow [3][5] - Certain stocks are experiencing A-H discounts rather than premiums, viewed as high-quality core holdings by foreign investors, with examples including BYD and China Merchants Bank, which currently have an A-H discount of about 3% [5] Group 3 - Passive fund flows may further benefit large IPOs in Hong Kong, with estimated management funds for ETFs tracking the Hang Seng Tech Index and MSCI China Index at approximately $24 billion and $12 billion, respectively [8] - Despite frequent IPO activities this year, the total financing amount remains modest compared to the peak in 2020 and the $53 billion inflow of southbound funds this year [9] Group 4 - The diversification and quality of Hong Kong stocks have improved due to the influx of A-share blue-chip companies and the return of American Depositary Receipts (ADRs), with H-shares showing robust earnings performance [12]