Zheng Quan Shi Bao·2025-11-12 18:44Core 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] - UBS has played a pivotal role in this resurgence, leading significant projects such as the listings of Mixue Ice City and CATL, and participating in BYD's placement [1][2] - The outlook for the Hong Kong IPO market remains positive, driven by the influx of quality companies and the return of foreign capital [1][6] Market Performance - The fundraising in the Hong Kong IPO market has surpassed expectations, with the market returning to the top globally in the first three quarters of the year [2] - The "924 policy" introduced last year signaled a positive shift, with high-quality foreign investors showing strong interest in projects like China Resources Beverage [2] - UBS's role in BYD's placement, raising approximately HKD 435 billion (around USD 56 billion), has significantly boosted market confidence [2] Representative Projects - Mixue Ice City is highlighted as a landmark project that opened the IPO market in Q1, 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 trend of domestic and foreign capital participation [3] Impact of HKEX Reforms - Recent reforms by the Hong Kong Stock Exchange (HKEX) have positively influenced the market, allowing larger companies to issue shares at more reasonable scales [4] - The new regulations have stabilized the allocation ratio between institutional and retail investors, enhancing pricing mechanisms and improving post-listing performance [4] Foreign Capital Trends - There is a clear trend of foreign capital returning to the Hong Kong IPO market, particularly from Europe and the Middle East [5] - The shift in foreign investment is driven by the need for diversified asset allocation, with China becoming a key focus for global investors [5] Future Outlook - The outlook for the Hong Kong IPO market in the next 1-2 years remains optimistic, supported by a positive cycle of supply and demand [6] - Key trends include diversification in company size and industry, a strong linkage between supply and demand, and the globalization of Chinese enterprises [7]