“A+H”上市风潮驱动港股强劲复苏 上半年港股IPO平均筹资额同比上涨超5倍

Core Insights - The report by Ernst & Young highlights a strong performance in the IPO activities in Mainland China and Hong Kong amidst a global decline in IPO activities, with a significant increase in their market share [1] - The A-share IPO market shows steady progress with a notable emphasis on technology, while the Hong Kong IPO market has seen a significant recovery [1][9] A-share Market Summary - In the first half of 2025, approximately 50 companies went public in the A-share market, raising over 37.1 billion RMB, marking a 14% increase in both the number of IPOs and the total funds raised year-on-year [6] - The industrial, technology, and materials sectors led in both the number and amount of IPOs, with over 30% of the new listings related to the automotive industry, indicating its critical role in the capital market [6] - The report indicates a shift towards a "new normal" in A-share IPOs, focusing on high-quality technology companies that meet listing criteria, influenced by macroeconomic conditions and market liquidity [7] Hong Kong Market Summary - The Hong Kong IPO market is experiencing a robust recovery, with an estimated 40 companies going public in the first half of 2025, raising approximately 108.7 billion HKD, reflecting a 33% increase in the number of IPOs and a 711% increase in funds raised year-on-year [9] - The introduction of the "Tech Company Special Line" facilitates the listing process for technology and biotech firms, enhancing financing efficiency and reducing compliance costs [2][5] - The "new consumption + hard technology" sectors are emerging as key drivers in the Hong Kong IPO market, with biotechnology and health, as well as retail and consumption, leading in IPO numbers [10] North Exchange Market Summary - The North Exchange has seen a significant increase in average IPO fundraising, indicating its growing appeal to high-quality innovative small and medium enterprises [7][8] - The North Exchange is transitioning from a platform for small and micro enterprises to a hub for hard technology companies, with expectations of expanding into emerging industries like artificial intelligence and cultural creativity [8]