Zhong Guo Xin Wen Wang·2025-10-22 11:15Core Insights - The number of listing applications in Hong Kong is rapidly increasing, with nearly 300 applications being processed by the Hong Kong Stock Exchange as of the end of September 2023 [1] - In the first three quarters of 2025, Hong Kong's new stock market welcomed 69 new listed companies, raising over HKD 180 billion, which is more than double the amount from the same period last year, making it the top globally [1] - More overseas issuers are choosing to list in Hong Kong, with over half of the companies listed this year having international business operations, averaging about 50% of their revenue from overseas markets [1] Market Developments - The GEM (Growth Enterprise Market) has seen 4 companies listed since its reform in 2024, raising HKD 280 million, with 11 applications from small and medium-sized enterprises received this year [1] - The Hong Kong Stock Exchange and the Securities and Futures Commission are working on further optimizing the system to enhance market vitality and competitiveness [1] Revenue Projections - The stock stamp duty revenue for the fiscal year 2024-2025 is projected to be approximately HKD 52 billion, an increase of about 43% compared to the previous year [1] - For the first two quarters of 2025-2026, the stock stamp duty revenue is expected to be around HKD 44 billion, reflecting a 143% increase compared to the same period last year [1]