UBS(US:UBS) Zheng Quan Shi Bao·2025-11-12 18:33Core Insights - The Hong Kong IPO market has seen a strong recovery since 2025, with fundraising exceeding HKD 200 billion, regaining its position as the global leader in IPOs [1][2] - UBS has played a significant role in this resurgence, leading several high-profile projects such as the listings of Mixue Ice City and CATL, and the placement for BYD [1][2] - The outlook for the Hong Kong IPO market remains positive, driven by the influx of quality companies and the continued return of foreign capital [1][2] Market Performance - The fundraising amount in the Hong Kong IPO market has surpassed HKD 200 billion this year, with the first three quarters marking a return to the top position globally, exceeding initial expectations [2] - The "924 policy" introduced last year signaled a positive shift, as evidenced by the successful fundraising for projects like China Resources Beverage, which attracted significant foreign investment [2] - UBS's role in the placement of BYD, raising approximately HKD 435 billion (around USD 56 billion), has significantly boosted market confidence [2] Representative Projects - The listing of Mixue Ice City is highlighted as a key milestone for the IPO market, setting a record for frozen capital and demonstrating strong institutional demand [3] - CATL's successful listing, with a "0 discount" pricing strategy, reflects the positive sentiment among both domestic and foreign investors [3] Impact of HKEX Reforms - Recent reforms by the Hong Kong Stock Exchange (HKEX) have positively influenced the market, particularly in terms of IPO pricing and issuance requirements [4] - The new regulations allow larger companies to issue shares at a more reasonable scale, encouraging high-quality issuers to consider the Hong Kong market [4] Retail Investor Distribution - The new IPO pricing mechanism has established a more predictable allocation ratio between institutional and retail investors, stabilizing retail distribution at around 10% [5] - This change aligns with international market practices and enhances the pricing power of institutions, ultimately benefiting all parties involved [5] Foreign Capital Trends - There is a clear trend of foreign capital returning to the Hong Kong IPO market, particularly from European and Middle Eastern investors [6] - The shift in foreign investment is driven by a need for diversified asset allocation, with China becoming a key focus for global investors [8] Future Trends - The outlook for the Hong Kong IPO market in the next 1-2 years is optimistic, characterized by a positive cycle of supply and demand [9] - Key trends include diversification in company size and industry, a strong linkage between quality offerings and capital attraction, and the globalization of Chinese enterprises [10]