2024年香港IPO市场及二级市场白皮书

Group 1 - The 2024 Hong Kong IPO market has significantly recovered, with the Hong Kong Stock Exchange returning to the position of the fourth largest fundraising hub globally, raising approximately HKD 87.8 billion, a year-on-year increase of 89% [8][11][14] - 60% of new stocks recorded price increases on their first trading day, while only 36% faced a decline, indicating profitable opportunities for retail investors [5][8] - The Hang Seng Index ended a four-month decline, reaching a peak of 23,000 points, and recorded a 17.67% annual increase [5][11] Group 2 - The influx of mainland capital into Hong Kong stocks has become a significant source of liquidity, with the Hong Kong Stock Connect trading volume exceeding one-third of the total market [5][11] - In 2024, 281 Hong Kong companies repurchased shares totaling over HKD 265 billion, doubling year-on-year [5][11] - The trend of A-share leading companies preparing for listings in Hong Kong is expected to continue, contributing to a prosperous IPO market in 2025 [6][8] Group 3 - The technology sector has emerged as the leading industry for IPOs in Hong Kong, with 18 companies listed in 2024, reflecting an increase in technological content among new listings [25][29] - Guangdong province has surpassed Shanghai as the top contributor to Hong Kong IPOs, with 18 new listings, while Beijing ranks second with 11 [29][34] - The average time from initial application to official listing has decreased to 382 days, a reduction of 67 days compared to the previous year [56][57]