2024年全球IPO“西强东弱”，A股急刹车，香港为何趁势崛起？

Core Insights - The global financial market is experiencing a significant transformation in 2024, with A-shares facing a sharp decline in IPO numbers and fundraising amounts, while the Hong Kong market is rebounding strongly, re-entering the top five global listing venues [1][12]. Group 1: A-share Market Dynamics - A-shares are undergoing a "self-revolution," with a drastic reduction in IPO numbers and fundraising amounts by 60% and 70% respectively, attributed to a regulatory shift from quantity to quality [5][21]. - The current listing logic requires companies to demonstrate their quality before going public, leading to a decrease in tech and pharmaceutical companies that previously relied on concepts and narratives for listings [7][21]. - The top ten A-share IPOs are predominantly infrastructure-related REITs, indicating a shift in market preference towards stable cash flow assets [8][10]. Group 2: Hong Kong Market Resurgence - The Hong Kong market has seen an 80% increase in fundraising, reaching $10.4 billion, driven by support from the mainland regulatory authority for leading companies to list in Hong Kong [12][18]. - The expansion of the Stock Connect mechanism has facilitated greater access for mainland funds to invest in Hong Kong, enhancing market liquidity and creating a beneficial "internal-external circulation" ecosystem [14][16]. - Despite the resurgence, the Hong Kong market's vitality is heavily reliant on a few major projects, with the top ten IPOs accounting for 76% of total fundraising, raising concerns about market stability [18][19]. Group 3: Broader Market Trends - Both A-share and Hong Kong markets are moving away from "scale worship," emphasizing the importance of corporate governance and long-term value over short-term fundraising figures [21].