德勤中国马德辉：A股和港股的估值将越来越接近

Group 1 - The recent surge in Hong Kong IPOs is characterized by a significant increase in the number of listings and the amount of capital raised, with 27 new stocks listed and HKD 77.6 billion raised as of May 27, compared to 21 listings and HKD 9.6 billion in the same period last year, marking a 29% increase in listings and an over eightfold increase in capital raised [1] - Over 150 new listing applications are currently being processed, with a 30% increase, including several A-share companies and more than five applicants planning to raise over USD 1 billion [1][2] - The favorable conditions for companies to list in Hong Kong include clearer and more efficient approval processes, which help companies achieve financing goals quickly, and the dual listing requirement enhances corporate governance and investor confidence [2] Group 2 - The narrowing premium between A-shares and H-shares is attracting investor attention, as the valuation levels of the A-share market have historically been higher than those of the Hong Kong market, with the liquidity in the Hong Kong market improving [2] - The trend of companies listing in Hong Kong is expected to continue, with a focus on large A-share companies, leading enterprises, Chinese concept stocks, and companies from the Middle East and ASEAN, particularly in technology and healthcare sectors [2][3] - The role of the Hong Kong market as a bridge between the domestic and global economies is expected to become more pronounced, with an increasing number of high-quality A-share companies entering the Hong Kong capital market, enhancing its capacity and influence [3]