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毕马威：A+H上市热潮驱动 香港上半年IPO集资额同比激增7倍
Zheng Quan Shi Bao Wang·2025-07-03 15:15

Group 1 - The core viewpoint of the article highlights the strong performance of the Hong Kong IPO market in the first half of 2025, achieving the highest fundraising amount since 2021, with a total of HKD 107.1 billion, a sevenfold increase compared to the same period in 2024 [1] - The number of new IPOs in Hong Kong reached 42, representing a year-on-year increase of approximately 40% [1] - The surge in A+H listings, including contributions from companies like CATL, accounted for over 70% of the total fundraising amount in Hong Kong, propelling it to the top of the global IPO fundraising rankings for the first half of 2025 [1] Group 2 - KPMG has raised its full-year fundraising forecast for Hong Kong IPOs to over HKD 200 billion, with an optimistic scenario suggesting it could reach HKD 250 billion, and the number of IPOs is expected to increase by 20 to a total of 100 [1] - As of June 30, there were 210 applications pending on the main board, including 44 A+H applications, with expectations of 7 companies having a market capitalization exceeding HKD 100 billion and 2 to 3 companies potentially raising over HKD 10 billion [1] - The strong momentum in the Hong Kong IPO market is anticipated to continue into the second half of 2025, maintaining its significant role in the global capital markets [1] Group 3 - The A+H listing trend is driven by an increasing number of mainland companies seeking international business opportunities, with Hong Kong serving as an ideal listing destination to connect with global investors [2] - In the A-share market, there were 61 IPOs in the first half of 2025, raising a total of RMB 53.7 billion, with 10 real estate investment trusts (REITs) contributing RMB 16.3 billion, accounting for 30% of the total fundraising in the A-share market [2] - Recent regulatory reforms support the simultaneous listing of Greater Bay Area companies on the Shenzhen Stock Exchange, promoting the H+A listing model, while the Shanghai Stock Exchange has introduced a growth tier on the Sci-Tech Innovation Board to support high-growth potential tech companies [2]