HKEX(HK:00388) Sou Hu Cai Jing·2025-06-17 12:26Core Viewpoint - The Hong Kong IPO market is experiencing a resurgence, with an increasing number of Chinese companies considering returning to Hong Kong for listing amid geopolitical tensions between China and the U.S. [1][2] Group 1: Market Dynamics - Since the reform of the Hong Kong Stock Exchange listing system in 2018, 33 Chinese companies have listed in Hong Kong, accounting for over 70% of the total market capitalization of Chinese companies listed in the U.S. [1] - In the first five months of 2025, the Hong Kong stock market saw 27 IPOs raising a total of HKD 77.346 billion, nearing the total amount raised in the previous year [2][3]. - The average daily trading volume in the Hong Kong securities market for the first five months of 2025 was HKD 2.423 billion, more than double the amount from the same period last year [2]. Group 2: Regulatory Environment - The Hong Kong Stock Exchange is considering relaxing the market capitalization threshold and dual-class share structure restrictions for Chinese companies returning to Hong Kong [1][20]. - The introduction of the "FINI" system aims to shorten the settlement period for new shares from T+5 to T+2, enhancing capital turnover efficiency and attracting more international investors [3]. Group 3: Investment Trends - The return of large Chinese companies to Hong Kong is expected to inject new vitality into the capital market, with concerns about trading activity and stock price suppression being addressed by the exchange's leadership [2][21]. - The trend of "de-dollarization" is driving international capital into the Hong Kong stock market, with a year-to-date increase of over 20% in the Hang Seng Index, leading global major stock markets [7][8]. Group 4: A+H Listing Model - The A+H listing model is gaining traction among Chinese companies seeking overseas financing platforms to support international expansion plans [23]. - The China Securities Regulatory Commission has introduced measures to facilitate the overseas listing process for mainland companies, reducing compliance costs and time [4][5]. Group 5: Future Outlook - The Hong Kong Stock Exchange is committed to continuously reviewing its listing rules to better serve the needs of companies and adapt to market demands [19][20]. - The exchange's leadership emphasizes the importance of maintaining liquidity and attracting quality companies to ensure a robust market environment [21][22].