21专访丨启明创投邝子平：香港已成为硬科技企业国际化重要融资渠道

Group 1: Hong Kong Capital Market and IPO Trends - Hong Kong's capital market has provided a strong international financing channel for China's new generation of technology companies, particularly in hard tech fields like artificial intelligence [1][9] - In the first ten months of 2025, the number of companies listed on the Hong Kong Stock Exchange reached 81, a 50% year-on-year increase, with strategic emerging industries like healthcare and information technology accounting for over 70% of IPOs [1] - The total amount raised through IPOs in Hong Kong reached HKD 216.47 billion, a staggering 203.5% increase year-on-year, making it the leading market globally [1] Group 2: Investment Trends and Globalization - The investment theme has shifted towards supporting Chinese companies that are inherently globalized, with a focus on their ability to compete on a global scale [3][6] - Chinese enterprises are leveraging their large domestic market to validate products quickly before expanding internationally, indicating a shift in strategy from waiting to grow before going global [5][7] - The need for venture capital firms to enhance their international capabilities has become crucial as companies are now "born global" [6][8] Group 3: Innovation and Ecosystem in the Greater Bay Area - The Greater Bay Area has seen a significant increase in technology innovation, with 349,900 new tech startups established in the past year, making it one of the most active regions for tech startups in China [2] - The "Guangdong-Hong Kong-Macau" innovation cluster has topped the global innovation index for the first time, reflecting its growing importance in the global tech landscape [2] Group 4: AI Investment Focus - The company has invested in over 100 projects in the AI sector, emphasizing the importance of teams with a deep understanding of AI technology for successful investment [2][12] - There is a focus on "embodied intelligence," with applications like autonomous driving being highlighted as significant areas of interest [13][14] - The company is cautious about investing in teams solely focused on developing new large models, preferring those with a comprehensive understanding of AI and its potential applications [12][15]