港股IPO基石投资活跃度大增，超四成企业引入5家以上投资者

Group 1 - The core viewpoint of the article highlights a significant increase in cornerstone investment activity in the Hong Kong IPO market during the first half of 2025, with over 40% of the 43 IPO projects successfully attracting five or more cornerstone investors, a substantial rise compared to the same period in 2024 [1] - The enthusiasm of cornerstone investors is closely linked to the overall performance of the Hong Kong market, with the Hang Seng Index rising by 20% and the Hang Seng Tech Index experiencing a surge of over 40% in the first quarter [1] - Local state-owned enterprises have become a crucial force in cornerstone investments for Hong Kong IPOs, providing advantages such as shorter review processes and deeper understanding of the companies involved [1] Group 2 - Foreign institutions have also significantly increased their participation in cornerstone investments in Hong Kong IPOs, with notable entities like the Government of Singapore Investment Corporation and UBS frequently appearing on investor lists [2] - Industrial capital is actively participating in cornerstone investments, with strategic collaborations between industry partners and listed companies, enhancing resource sharing and business complementarity [2] - The trend of cornerstone investment is evolving from a traditional "issue protection" tool to an important means of "asset acquisition," with investors increasingly willing to lock in quality assets through cornerstone investments [2]