2025年香港资产管理和私募股权展望报告

Group 1: Industry Overview - The Hong Kong asset management and private equity industry is demonstrating resilience amidst global geopolitical uncertainties and uneven economic recovery, solidifying its position as a financial hub in the Asia-Pacific region [1][13][18] - By the end of 2024, the total assets under management in Hong Kong's asset and wealth management industry are expected to grow by 13% year-on-year, reaching HKD 35.1 trillion, with net inflows surging by 81% [1][18][21] Group 2: IPO Market Performance - In the first half of 2025, Hong Kong raised HKD 107.1 billion through IPOs, marking the highest level since 2021, driven by "A+H" listings contributing 72% of the total financing [1][21][22] - The strong performance of the IPO market is supported by a robust pipeline of companies in technology, healthcare, and consumer sectors, with a record 26 A-share companies seeking dual listings in Hong Kong [1][21] Group 3: Industry Consolidation and Trends - Global asset management is experiencing significant consolidation, with firms seeking to expand scale and product offerings through mergers and acquisitions, a trend also evident in Hong Kong [2][27][28] - The rise of a "multi-strategy supermarket" model is emerging, where firms offer a wide range of investment solutions to meet the diverse needs of Asia's growing middle class [2][27] Group 4: Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) is enhancing scrutiny of asset management firms, focusing on potential risks in private fund management and aiming to improve compliance standards [2][34][37] - Key regulatory priorities include investor protection, cybersecurity, and the implementation of robust internal controls to mitigate risks in the digital age [2][34][39] Group 5: Tax Policy Optimization - Hong Kong is reforming its Unified Fund Exemption (UFE) system to include more investment categories and simplify approval processes, enhancing tax certainty for fund managers [3][43][44] - The proposed reforms aim to attract international fund managers by providing clearer guidelines and expanding the scope of tax exemptions [3][43][45] Group 6: Private Equity and Alternative Investments - Despite geopolitical tensions, the Chinese mainland market remains vibrant, with active RMB funding providing exit opportunities for foreign investors [3][48] - The emergence of structured liquidity solutions is accelerating the development of the secondary private equity market, catering to the growing demand for liquidity and exit strategies [3][48] Group 7: Cross-Border Cooperation and Technological Innovation - Hong Kong is enhancing cross-border investment facilitation, with initiatives like "Cross-Border Wealth Management Connect 2.0" expanding participation and product offerings [4][13] - Technological innovations, particularly in artificial intelligence and virtual assets, are reshaping the industry landscape, improving operational efficiency and attracting retail investors [4][5][13] Group 8: Family Offices and Wealth Management - The number of family offices in Hong Kong is projected to grow by 43% by 2025, driven by government initiatives to attract ultra-high-net-worth individuals [5][13] - Local asset management firms are expanding services to include wealth management and tax consulting, enhancing Hong Kong's appeal to global family offices [5][13]