Guang Zhou Ri Bao·2025-05-29 16:46Core Insights - The Hong Kong IPO market is experiencing a capital boom in 2025, with nearly $10 billion raised in the first five months, approaching last year's total of $11.3 billion [1] - Major companies like CATL and Hansoh Pharma are accelerating their "A+H" strategy, focusing on hard technology and new consumption sectors [1][2] - Over 150 companies are currently waiting to list in Hong Kong, with many planning to raise over $1 billion [1] - The attractiveness of Hong Kong stocks is expected to increase, with the AH premium likely to narrow [1] Market Trends - 26 mainland companies have listed in Hong Kong this year, raising approximately HKD 74 billion, with A-share companies making up over 57% of this total [2] - The trend of mainland companies listing in Hong Kong has significantly increased compared to the same period in 2024, where only 19 companies raised HKD 9 billion [2] - The hard technology sector is seeing a surge in interest, with companies like Yujing Technology and Horizon Robotics going public [2] IPO Performance - Notable IPOs include CATL, which raised HKD 35.657 billion, and Hansoh Pharma, which raised HKD 9.89 billion [2][4] - The performance of H-shares has occasionally surpassed A-shares, as seen with CATL's H-share price being higher than its A-share price, resulting in an AH premium of -11.06% [3][11] Policy and Market Dynamics - Policy incentives and mechanisms like "flash placements" are attracting mainland companies to Hong Kong [5] - The collaboration between domestic and international regulatory bodies is enhancing the efficiency of overseas listings [5] - The global capital allocation landscape is shifting, making Hong Kong a preferred channel for international long-term capital [5] Future Outlook - The IPO momentum is expected to continue, with a focus on hard technology and new consumption sectors [10] - The trend of Chinese companies seeking international capital through Hong Kong listings is likely to grow, especially as A-share financing becomes more restrictive [9][10] - The narrowing of the AH premium indicates a potential revaluation of Hong Kong stocks, with increased liquidity and improved market conditions [13][14] Investment Opportunities - Investors are encouraged to focus on sectors such as technology, new consumption, and dividend-paying assets [17][18] - The narrowing AH premium can serve as a reference for investment decisions, with technology and consumer sectors showing strong potential [19][22]