HKEX(HK:00388) Mei Ri Jing Ji Xin Wen·2025-09-25 08:45Group 1 - Deloitte announced that the number of IPOs in Hong Kong is expected to exceed 80 by 2025, with the fundraising forecast raised from approximately HKD 200 billion to between HKD 250 billion and HKD 280 billion [1] - As of September 23, 2023, the total IPO fundraising in Hong Kong for the first three quarters reached approximately HKD 180 billion, with highlights including the return of Chinese concept stocks and the expansion of ETF products [1][2] - The technology sector is anticipated to remain a focal point for the market, with expectations for continued valuation improvements [1][2] Group 2 - In the first three quarters of 2025, Hong Kong's IPO market saw a significant increase, with 66 new listings compared to 45 in the same period last year, marking a 47% growth [2] - The total fundraising amount reached HKD 1,823 billion, a 228% increase from HKD 556 billion in the previous year, with six large IPOs contributing approximately 60% of the total [2][5] - The Hong Kong Stock Exchange (HKEX) remains the global leader in IPO fundraising, with a significant gap of over HKD 60 billion compared to the second-ranked New York Stock Exchange [4][5] Group 3 - The top ten global IPOs in terms of fundraising saw a slight decline of 3% year-on-year, with four of them listed on the HKEX, including Ningde Times at the top with HKD 41 billion [3] - The number of listing applications received by HKEX increased significantly, with 283 applications in the first eight months of 2025, up 123% from 127 applications in the same period last year [4] - The average price-to-earnings ratio for the Hong Kong main board reached 15 times, returning to levels seen in Q4 2021, indicating a recovery in the market [5]