Goldman Sachs(US:GS) Huan Qiu Wang·2025-06-12 02:44Group 1 - The core message conveyed by Goldman Sachs is that international long-term capital is returning to Chinese projects, with a notable shift in investment preferences [1][3] - Since 2025, the Hong Kong IPO market has seen a strong rebound in financing, with expectations that the first half of 2025 will surpass the total financing amount of 2024 [1][3] - The successful launch of multi-billion dollar financing projects and the enthusiastic participation of cornerstone investors indicate a comprehensive recovery of market vitality [1][3] Group 2 - The recovery of the Hong Kong IPO market is attributed to three main factors: favorable macroeconomic conditions from Chinese economic policies and rapid technological development, improved regulatory efficiency, and an overall enhancement in the quality of enterprises [3] - International long-term capital is shifting its focus towards companies with clear profit models, particularly in the consumer and technology sectors, as well as industry leaders [3] - The valuation gap between A-shares and H-shares is viewed as a normal market supply-demand relationship, while the active Hong Kong refinancing market is primarily driven by international capital [3]