长线资金持续回归 国资外资争当港股IPO基石投资者

Core Insights - The Hong Kong IPO market has been thriving since 2025, with over 40 companies listed and total financing exceeding HKD 100 billion, indicating a robust investment environment [1] - The number and quality of cornerstone investors in the Hong Kong IPO market have significantly increased, surpassing levels seen in 2024 [1][2] Group 1: Cornerstone Investors - The participation of cornerstone investors has surged, with 189 cornerstone investors involved in 43 IPOs in the first half of 2025, averaging 4.39 investors per company, compared to 41 investors for 30 companies in the same period last year [2] - The presence of high-quality cornerstone investors enhances the performance of newly listed stocks, with examples like Ying'en Biotechnology-B, which saw a first-day increase of 116.70% backed by 15 cornerstone investors [3] - Local state-owned enterprises (SOEs) have become prominent cornerstone investors, often linked to the companies' local government or significant projects [4][5] Group 2: Local State-Owned Enterprises - Local SOEs are increasingly participating as cornerstone investors, providing advantages such as deeper understanding of local companies and shorter review processes [5] - The investment behavior of local government platforms is driven by the need to support local industrial development rather than solely seeking financial returns [6] Group 3: Foreign and Industrial Capital - The involvement of well-known foreign institutions and industrial capital has risen, with many cornerstone investors being partners or suppliers of the listed companies [7][8] - Foreign capital is particularly interested in large IPO projects, with examples including Mirae Securities and Kuwait Investment Authority participating in major listings [8] - The recent trend shows a shift in global investor sentiment towards Chinese assets, with increased interest in technology, healthcare, and new consumer companies [9][10]