港交所递表企业破130家！哪些行业正在抢占上市“窗口期”？

Core Viewpoint - Despite global market volatility, Hong Kong remains an attractive international financing hub, with a surge in listing activities driven by the trend of Chinese companies returning to the market through dual primary or secondary listings [2][11]. Group 1: Listing Activity Overview - As of May 30, 2025, there are 138 companies with listing applications in process on the main board, 29 companies have been listed, and 18 companies are awaiting listing approval [3]. - The GEM (Growth Enterprise Market) has 5 companies currently in the application process, with no companies listed or awaiting approval [3]. Group 2: Industry Distribution of Applicants - The majority of companies applying for main board listings are concentrated in five key sectors: biomedicine, high-end manufacturing/hard technology, industrial digitalization, consumer upgrades, and new energy, with biomedicine and hard technology accounting for over 60% of applications [4][11]. - Biomedicine and gene technology represent approximately 23% of the applicants, with notable companies including Axbio and Elpiscience [6]. - High-end manufacturing and hard technology make up about 33% of the applicants, featuring companies like GoerTek and TianYue Advanced [7]. - Industrial digitalization and AI applications account for around 18%, with companies such as Qunhe Technology and DeepBrain Intelligence [8]. - Consumer upgrades and brand chains represent about 13%, including companies like MingMing and HuShang Ayi [9]. - New energy and green technology also account for approximately 13%, with companies like Haichen Energy and Zhongwei New Materials [10]. Group 3: Policy and Market Drivers - The Hong Kong market benefits from significant policy support, including the "Five Measures to Benefit Hong Kong" from the State Council, which optimizes the listing environment [11]. - The introduction of a "confidential application" mechanism for specialized technology and biopharmaceutical companies aims to reduce risks related to technology and business strategy leaks [11]. - Domestic consumption policies are driving investment interest in the consumer sector, while the 18A and 18C policies attract unprofitable innovative drug and hard technology companies to list in Hong Kong [11]. Group 4: Challenges and Risks for Listing - Companies must consider significant ESG compliance pressures, with mandatory disclosure of carbon emissions expected to increase costs for industries like manufacturing [12]. - Market and valuation risks are present, as foreign investment preferences can fluctuate [12]. - Regulatory differences and cost pressures exist, particularly for H-shares that must comply with both mainland and Hong Kong regulations [13]. - Specific industry risks include biomedicine facing clinical trial failures and patent litigation, hard technology dealing with geopolitical conflicts, and new consumer sectors facing high marketing costs and supply chain disruptions [14].