许正宇：香港IPO市场领跑全球 料下半年迎新发展及突破

Core Insights - The Hong Kong IPO market has shown strong growth in the first half of the year, ranking first globally in terms of fundraising [1][2] - A total of 53 new listings were recorded in the first seven months, raising approximately HKD 127 billion, representing an increase of over six times year-on-year [1][2] - There are currently over 210 listing applications in process, indicating a robust pipeline for future IPOs [1][2] Market Performance - Hong Kong's IPO market outperformed other major international markets, with global IPO fundraising increasing by only about 10% year-on-year [2][3] - The diversity of sectors represented in the IPO market includes industrial, financial, consumer, healthcare, technology, media, telecommunications, and renewable energy [3][4] - The healthcare sector has been particularly strong, with 10 companies successfully listing and raising a total of HKD 16.3 billion [3] International Participation - Companies with international backgrounds, such as those from Thailand and Singapore, have chosen to list in Hong Kong, enhancing its status as a global listing hub [4][5] - The active participation of international investors, including long-term funds and hedge funds from North America, Europe, and the Middle East, has contributed to the market's vibrancy [4][5] Policy and Institutional Support - The strong performance of the IPO market is attributed to years of institutional innovation and policy support, including the expansion of the Stock Connect program [5][6] - Recent reforms have improved the IPO pricing and allocation mechanisms, ensuring a balanced approach for local and international investors [6][7] - The introduction of new requirements for initial free float has enhanced liquidity and trading foundations for newly listed stocks [6][7] Economic Impact - The capital market is a key driver of Hong Kong's economic growth, with a reported real GDP growth of 3.1% year-on-year in the second quarter [7] - The financial and related business services sectors have shown strong momentum, supported by the thriving capital market [7] - The ongoing optimization of institutional design and regulatory innovation aims to enhance market efficiency and competitiveness [7]