HKEX(HK:00388) Xin Lang Zheng Quan·2025-10-22 10:39Core Insights - The Hong Kong market is experiencing a strong recovery as it approaches 2025, coinciding with the 25th anniversary of the Hong Kong Stock Exchange Group, which is enhancing capital flow between China and the world [1][3]. Market Performance - By the end of September, the new stock issuance scale on the Hong Kong Stock Exchange reached HKD 182.9 billion, more than doubling compared to the same period in 2024, with nearly 300 public listing applications currently being processed [3][4]. - The average daily trading volume in the Hong Kong securities market reached HKD 256.4 billion, a year-on-year increase of 126% [5]. IPO Market Dynamics - The Hong Kong IPO market has regained its top position globally by the end of September, with refinancing activities also growing rapidly, totaling HKD 456.1 billion, which is more than double the new stock market fundraising during the same period [4][5]. - The A+H listing model has further developed, with nearly half of the new stock total coming from A+H listed companies, indicating closer integration between mainland and Hong Kong markets [3][4]. International Investment Trends - International investors are showing strong interest in Hong Kong IPOs, with long-term funds from Europe, the Middle East, and emerging markets actively participating in the issuance of Chinese tech companies, reflecting growing confidence in China's technological innovation [3][4]. Regulatory and Market Innovations - The Hong Kong Stock Exchange has implemented various reforms to enhance market vitality, including measures to optimize the listing process for tech companies and improve market quality and transparency [4][6]. - Recent initiatives include the launch of the "Hang Seng Biotechnology Index Futures" to provide diversified risk management tools for investors, responding to the rising interest in the biotechnology sector [6][7]. Future Outlook - The Hong Kong Stock Exchange aims to enhance its international competitiveness and continue optimizing its listing system and product offerings to meet the diverse needs of global investors, particularly from mainland China [7].