香港新股市场领跑全球具备三大战略支点

Core Insights - The Hong Kong stock market has emerged as a global leader in new stock financing, with a total financing amount of HKD 188.3 billion in the first three quarters of 2025, more than three times that of the same period last year [1] - The significant growth in new stock financing is attributed to the continuous expansion of the listing pipeline, highlighting Hong Kong's strategic value as a "super connector" between China and the world amid global economic restructuring and increasing uncertainty [1] Group 1: Market Dynamics - The Hong Kong stock market has optimized its listing system through differentiated rules and efficient approval mechanisms, facilitating the listing of technology companies and solidifying the institutional foundation for quality asset aggregation [2] - Special listing chapters have been established to create a "green channel" for technology companies, allowing for a multi-faceted evaluation system that replaces the single profitability assessment standard [2] - The "A+H" dual listing mechanism has been optimized to enhance the predictability and operability of cross-border listings while adhering to regulatory requirements [2] Group 2: Capital Flow and Connectivity - The Hong Kong stock market serves as a financial hub connecting domestic and international capital, creating a diversified funding supply system that injects liquidity into the market [3] - The Stock Connect mechanism exemplifies this dual-channel role, allowing foreign investors to invest in A-shares while domestic investors can allocate global assets through Hong Kong stocks [3] - Average daily trading volumes for the northbound and southbound Stock Connect reached historical highs of RMB 206.4 billion and HKD 125.9 billion, respectively, in the first three quarters of 2025, reflecting the effectiveness of the connectivity mechanism [3] Group 3: Value Creation Ecosystem - The Hong Kong stock market is not just a financing platform but also a value creation ecosystem that empowers companies for sustainable growth [3] - It attracts top global investment banks and long-term funds, providing diverse value support beyond financing, including precise value discovery and strategic industry linkage [3] - Professional institutions adhere to international governance and service standards, helping companies gain global capital trust and enhancing their international competitiveness [3]