Shang Hai Zheng Quan Bao·2025-10-10 18:20Core Insights - The Hong Kong IPO market has seen significant activity this year, with insurance capital actively participating as cornerstone investors, totaling nearly 30 billion HKD in subscriptions [1][2] Group 1: Insurance Capital Participation - Seven insurance institutions have participated in the IPO placements of seven companies in Hong Kong, with a total subscription amount of approximately 29.32 billion HKD [1] - The number of participating insurance institutions, the number of companies invested in, and the subscription amount have all exceeded the total for the previous year, which was less than 10 billion HKD [1] - Taikang Insurance and its subsidiaries have been the most active, participating in five IPO placements and investing over 14 billion HKD [1][2] Group 2: Market Drivers - The active participation of insurance capital in Hong Kong IPOs is driven by three main factors: policy guidance, asset allocation needs, and market opportunities [2] - In a low-interest-rate environment, insurance capital seeks to enhance long-term returns through equity investments, particularly in emerging industries that align with national strategic goals [2] Group 3: Performance and Strategy - Many participating insurance institutions have already realized floating profits from their IPO investments, with significant price increases observed in stocks like Zijin Mining and Chery Automobile [3] - Insurance capital's strategy as cornerstone investors involves a long-term perspective, focusing on the future growth potential of the companies rather than short-term price fluctuations [3] - The classification of assets for insurance capital participating in IPOs is expected to remain primarily as trading financial assets under new financial instrument standards [3] Group 4: Future Outlook - Industry experts anticipate that insurance capital will continue to increase its equity investment in both primary and secondary markets to address challenges posed by the low-interest-rate environment [4] - The recent regulatory changes have enhanced the advantages for insurance capital in IPO allocations, allowing them to leverage their long-term investment capabilities [5] - Future investment strategies may shift towards active industry empowerment, focusing on hard technology and green sectors, with an increased holding ratio [5]