这一刻，港交所等了5年

Group 1 - The Hong Kong Stock Exchange (HKEX) is experiencing a significant moment with five companies listing simultaneously, marking the first instance of six bell-ringing events in its history [2][3]. - In the first half of 2025, the IPO fundraising amount in the Hong Kong market reached HKD 1,067 billion, nearly eight times that of the same period last year, reclaiming the title of the world's largest IPO market [4][10]. - The resurgence of the HKEX follows a five-year wait since 2019 when it had an IPO fundraising amount of HKD 2,896 billion, but faced a decline in subsequent years [5][6]. Group 2 - The influx of A-share companies has significantly contributed to the HKEX's IPO fundraising, with four A-share companies accounting for nearly 70% of the total fundraising in the first half of 2025 [12][13]. - The average oversubscription rate for new stocks on the Hong Kong main board reached 96%, with some consumer companies experiencing oversubscription rates exceeding 5,000 times [18]. - The overall performance of the Hong Kong market has been strong, with the Hang Seng Index rising by 20% in the first half of 2025, making it one of the top-performing indices globally [18]. Group 3 - Foreign investment banks have regained their footing in the HKEX IPO market, with six foreign banks making it to the top ten IPO underwriters in the first half of 2025 [25][26]. - The competitive landscape for IPO underwriting has shifted, with foreign banks demonstrating strong underwriting capabilities in large projects, while domestic banks are focusing on volume [27][28]. - The average basic underwriting fee for the top ten IPO projects in 2025 was only 1.16%, indicating increased competition among underwriters [32]. Group 4 - The A-share IPO market remains relatively stable, with a total fundraising amount of approximately CNY 37 billion in the first half of 2025, similar to the previous year [7][34]. - The number of IPO projects accepted by the three major exchanges in June 2025 saw a significant increase, indicating a potential warming in the A-share market [8][35]. - The Shenzhen Stock Exchange has introduced supportive policies to attract companies listed in Hong Kong back to the A-share market, particularly those from the Guangdong-Hong Kong-Macao Greater Bay Area [41].