Zhong Guo Zheng Quan Bao·2025-08-26 22:15Core Insights - The Hong Kong IPO market has raised over 123 billion HKD this year, ranking among the top global exchanges [1][2] - A total of 11 A-share companies have successfully listed on the Hong Kong Stock Exchange (HKEX) this year, with 49 more in the queue [1][2] - The trend of A-share companies listing in Hong Kong is driven by policy support and a recovering capital market, indicating a new upward cycle for the A+H model [1][9] Group 1: IPO Performance - The Hong Kong IPO market has shown strong recovery, with over 50 new stocks listed and total fundraising exceeding 123 billion HKD as of August 26 [2][9] - Among the A-share companies, the top three—CATL, Hengrui Medicine, and Haitian Flavoring—account for nearly 80% of the total fundraising from A+H listings [3][4] - The average market capitalization of the listed A-share companies is significantly high, with most exceeding 200 billion HKD [2][7] Group 2: Market Trends - The A+H listing trend is expanding, with over 49 A-share companies already in the queue for HKEX, including several industry leaders [7][8] - The market is witnessing a notable phenomenon where H-shares of some leading companies are trading at higher valuations than their A-shares, indicating strong international capital interest [4][9] - Analysts predict that the Hong Kong IPO market will continue to accelerate, supported by improved liquidity and favorable policies [9][10] Group 3: Future Outlook - Deloitte forecasts that 80 new stocks will be listed in Hong Kong in 2025, raising 200 billion HKD, with 25 of these being A+H listings [11] - The ongoing reforms in the Hong Kong market are expected to attract more quality companies and enhance the market's asset quality and liquidity [10][11] - The A+H listing wave is anticipated to improve the structure of the Hong Kong market, attracting more capital and reinforcing its position as a key investment hub [10]