港股IPO节奏放缓，“A+H”上市热度不减

Core Viewpoint - The Hong Kong IPO market has seen a slowdown in new listings and fundraising activities in August 2025, with a total of 6 new stocks raising 5.386 billion HKD, a significant decrease compared to previous months [1][5]. Group 1: IPO Market Performance - In August 2025, the IPO market in Hong Kong saw 6 new stocks listed, raising a total of 5.386 billion HKD, which is a decline from 15 stocks raising 30.035 billion HKD in June and 9 stocks raising 19.859 billion HKD in July [1]. - Tianyue Advanced and Jiaxin International Resources were the top two fundraisers, raising 2.044 billion HKD and 1.379 billion HKD respectively, while other listings raised less than 1 billion HKD [1][3]. Group 2: Notable Listings - Tianyue Advanced listed on August 20 at an issue price of 42.8 HKD per share, with a first-day increase of 6.4%, but later fluctuated to close at 44.1 HKD on September 3 [3]. - Silver Medical's stock surged over 200% on its first day, becoming the highlight of August's new listings [3]. - Aokex Electric, listed on September 2 at 17.42 HKD per share, experienced a first-day drop of 5.4%, currently holding a market value of approximately 24.9 billion HKD [3]. Group 3: Pipeline and Future Prospects - As of August 31, there are 234 companies waiting to go public on the Hong Kong Stock Exchange, with over 90% on the main board [4]. - Notable companies from the A-share market, such as Blukoo and Lixun Precision, are preparing for dual-platform financing to enhance their global competitiveness [4]. - The demand for IPOs remains strong, particularly in strategic emerging industries like semiconductors, new energy, and pharmaceuticals, indicating a robust pipeline for future listings [5].