Bei Jing Shang Bao·2025-10-21 15:35Core Viewpoint - The Hong Kong IPO market has seen significant activity this year, with insurance capital becoming a notable force as cornerstone investors in new listings, reflecting a shift in investment strategy towards stable returns in the context of favorable market conditions [1][2]. Group 1: Insurance Capital Participation - Insurance institutions have participated as cornerstone investors in 7 Hong Kong IPOs this year, with a total subscription amount of approximately 34.4 billion HKD, which is more than three times the total of less than 10 billion HKD from the previous year [1]. - The participation of insurance capital in Hong Kong IPOs is driven by the need for stable investment returns, the relatively low valuations in the market, and supportive regulatory policies encouraging long-term investments [1][2]. Group 2: Active Insurance Institutions - Among the most active insurance institutions in the Hong Kong IPO market are Taikang Life and China Pacific Insurance, with Taikang Life participating in 6 IPOs, while China Pacific Insurance and its subsidiaries have appeared twice as cornerstone investors [3]. - Other participants include Zhongyou Insurance and Dajia Life, each participating in one IPO as cornerstone investors [3]. Group 3: Investment Preferences - Insurance capital shows a preference for sectors such as technology, consumer goods, and new energy, including industries like automotive, home appliances, semiconductors, and energy storage [3]. - This investment strategy aligns with the growth potential of new economy sectors and the national industrial development direction, indicating a focus on high-growth and quality assets [3].