HKEX(HK:00388) Mei Ri Jing Ji Xin Wen·2025-06-21 02:00Core Insights - Hong Kong Stock Exchange (HKEX) celebrated its 25th anniversary and has completed 31 IPOs raising over HKD 884 billion from early 2025 to June 20, solidifying its position as a leading global financing market [3] - Despite facing challenges such as aggressive interest rate hikes and geopolitical risks, HKEX has shown resilience, with a significant policy and mechanism reform driving its recovery [3][4] - The IPO fundraising amount surged in Q1 2025, highlighted by CATL's record HKD 35.3 billion IPO, marking a turnaround for HKEX [4] Group 1 - HKEX's achievements reflect the advantages of the "One Country, Two Systems" framework and the resilience of the Chinese economy [3] - The exchange has introduced innovative listing mechanisms, such as Chapter 18C for specialized technology companies, to facilitate new economy enterprises [3] - There are currently 190 companies waiting to list on HKEX, indicating strong demand for capital [3] Group 2 - The IPO trend in Hong Kong is characterized by a "Chinese characteristic," with major A-share companies like Midea Group and Hengrui Medicine launching dual-platform strategies [4] - International long-term investors, including the Kuwait Investment Authority and Singapore's GIC, are increasing their allocations to Chinese assets, reflecting confidence in the Chinese economy [4] - Interest from companies in Singapore, Thailand, and Indonesia to list in Hong Kong is growing, with HKEX recognizing 20 overseas markets as approved stock exchanges [4] Group 3 - HKEX aims to serve the real economy and enhance its role as a financing platform, focusing on improving IPO listing rules to meet the financing needs of developing companies [4][5] - The exchange is adopting a more open approach to embrace future opportunities as a crucial financial hub connecting China and the world [5]