Zheng Quan Shi Bao·2025-07-31 11:45Core Viewpoint - The Hong Kong stock placement market is expected to experience explosive growth in 2025, driven by ample liquidity, valuation recovery, and corporate strategic expansion needs [1] Fundraising Overview - Hong Kong listed companies have raised nearly 170 billion HKD through placements this year, significantly surpassing the same period last year and exceeding the total for 2024 [1][3] - 223 Hong Kong listed companies have completed placements this year, raising a total of 169.83 billion HKD, which represents a 419.09% increase compared to the same period last year [3] - 67 companies have announced placement plans but have not yet implemented them, with a total planned fundraising amount of approximately 259.69 billion HKD [5][6] Notable Companies and Amounts - BYD Company Limited has raised the highest amount through placements this year, totaling 43.51 billion HKD, accounting for 25.62% of the total refinancing scale for 2025 [5] - WuXi AppTec plans to raise 7.38 million H-shares at a price of 104.27 HKD per share, aiming for a total of approximately 76.95 billion HKD, with 90% allocated for global expansion and capacity building [2][5] Market Dynamics - The historical peaks of placements in the Hong Kong market typically occur during periods of ample liquidity and relatively high valuations [7] - The current market environment has improved liquidity and valuation levels, providing a favorable backdrop for corporate refinancing [7] - The sectors leading in fundraising include new energy, internet, artificial intelligence, and biomedicine, with companies focusing on significant R&D investments and business expansion [7] Future Expectations - The Hong Kong stock exchange is expected to continue optimizing listing and refinancing mechanisms, enhancing market efficiency and attractiveness [8] - The estimated additional fundraising for the second half of the year is projected to be between 150 billion and 200 billion HKD [8]