Zheng Quan Shi Bao·2025-05-29 18:20Core Viewpoint - The resurgence of the Hong Kong IPO market is driven by a wave of Chinese companies seeking to expand internationally, with a focus on high-quality firms in sectors like consumer goods, new energy, and pharmaceuticals [1][2][3] Group 1: Market Dynamics - The willingness of mainland companies to list in Hong Kong has increased due to the strategic need for overseas development and the improved performance and liquidity of the Hong Kong market, with the average discount rate of H-shares compared to A-shares decreasing from nearly 40% to around 30% [1][2] - The Hong Kong market is seen as an ideal choice for companies seeking overseas financing due to its active trading environment and openness, which facilitates subsequent refinancing [2][3] Group 2: Investor Preferences - International investors are showing strong interest in high-quality Chinese assets, as evidenced by the overwhelming demand for IPOs from companies like CATL and Heng Rui Pharmaceutical, with significant oversubscription and a high number of orders [3][4] - Investors currently favor large-scale, industry-leading companies or those with strong growth potential, such as Midea Group, CATL, and emerging consumer brands like Mixue and Pop Mart [4][5] Group 3: Competitive Advantages - The Hong Kong Stock Exchange is actively welcoming more technology and biotech companies, reflecting ongoing reforms aimed at enhancing the market's attractiveness [5][6] - Companies are encouraged to highlight their core competencies and unique value propositions, such as market leadership, technological advantages, and growth potential, to achieve higher valuations during the IPO process [6]