Zhong Guo Zheng Quan Bao·2025-06-10 20:52Group 1 - The Hong Kong IPO market has been active this year, with fundraising exceeding 78 billion HKD, representing a year-on-year increase of over 670% [1][2] - Notable A-share companies such as CATL and Hengrui Medicine have listed in Hong Kong, indicating a growing trend of "A+H" listings [1][5] - As of June 10, 190 companies are queued for listing on the Hong Kong Stock Exchange, with nearly 30 already listed on A-shares [4][5] Group 2 - Major IPOs this year include CATL, which raised over 41 billion HKD, and Hengrui Medicine, which raised nearly 10 billion HKD, making them the top two fundraising IPOs in Hong Kong this year [2] - Among the 30 new stocks listed this year, 18 saw their share prices rise on the first day, with an average increase of approximately 11.14% [2] - The first-day performance of new listings indicates a 60% rise rate and a 30% rate of stocks trading below their IPO price [2] Group 3 - Three core factors driving the recovery of the Hong Kong IPO market include advancements in AI technology, improved liquidity due to foreign capital inflows, and a more pronounced profit-making effect from new listings [3][5] - The trend of A+H listings is expected to grow, supported by favorable policies and narrowing AH share price premiums, enhancing the valuation of A-share companies in Hong Kong [5][6] - Deloitte predicts that by 2025, around 80 new IPOs will occur in Hong Kong, raising approximately 130 to 150 billion HKD, indicating a long-term improvement in the market structure [6]