百惠金控：港股上市热潮再起 最新香港IPO流程和时间表速递

Core Viewpoint - The Hong Kong IPO market is experiencing a strong resurgence in 2025, with total fundraising exceeding HKD 100 billion in the first half of the year, reclaiming the top position globally for IPO fundraising. The concentration of listings from biotech, new economy, and "A+H" companies has fueled this capital boom [1]. Group 1: IPO Process Overview - The IPO process in Hong Kong involves several key stages: submission of application, hearing, roadshow, subscription, announcement of allocation results, and listing [3]. - The initial stage includes appointing sponsors and advisors, conducting due diligence, preparing the prospectus, and submitting the listing application along with the draft prospectus to the Hong Kong Stock Exchange [3][4]. - The hearing stage lasts approximately 2-3 days, where the Exchange evaluates the application materials. If approved, the updated prospectus is published on the "disclosure" website [5]. Group 2: Detailed IPO Steps - After the hearing, a roadshow is conducted for about one week, where the management presents the company's performance and strategy to investors, aiming to secure cornerstone investors [6]. - The subscription phase lasts about one week, utilizing a combination of international placement (approximately 90%) and public offering (approximately 10%), with a mechanism for reallocating shares based on subscription levels [7]. - Following the subscription, allocation results are announced, detailing the final issue price, subscription multiples, and cornerstone investor participation [7]. Group 3: Post-Listing Support - After listing, the "green shoe mechanism" is employed to stabilize the stock price, allowing underwriters to borrow up to 15% of the shares for over-allotment. This mechanism helps support the stock price if it falls below the issue price or allows for additional shares to be issued if the price rises significantly [10]. - The IPO process is a rigorous and systematic endeavor requiring comprehensive evaluation of the company's business stage, compliance level, and strategic goals, supported by experienced intermediaries [10].