CICC(SH:601995) Zhi Tong Cai Jing·2025-11-13 06:14Core Insights - Hong Kong's IPO fundraising has surpassed $30 billion this year, nearly doubling from last year's $10 billion and significantly up from less than $6 billion two years ago, indicating a robust market environment [1] - The presence of international long-term investors and sovereign funds has increased, with cornerstone investments totaling approximately $12 billion this year, of which foreign capital accounts for 42% [1] - The "A+H" listing theme has emerged as a significant trend, with 17 out of 85 IPO projects being A+H, contributing over $18 billion, or 60% of the total fundraising in Hong Kong this year [1][2] IPO Market Dynamics - The trend of A-share companies preparing for Hong Kong IPOs is expected to continue, with more high-tech firms like those in semiconductors and robotics anticipated to list [2] - The return of Chinese concept stocks to Hong Kong is likely to provide additional support to the IPO market, helping to mitigate delisting risks for these companies [2] - Recent occurrences of new stocks breaking below their issue price may be attributed to industry positioning, suggesting that not all companies possess scarcity in the Hong Kong market [2] New Mechanisms and Market Performance - The new IPO mechanism introduced in August has revitalized the market, allowing for a fixed public subscription ratio of 10%-60%, which benefits institutional investors and reduces selling pressure [3] - Data shows that since the implementation of the new mechanism, 22 out of 25 new stocks have opted for the new approach, with 21 of them experiencing price increases on their first trading day [3] - The participation rate of the company in new listings has been notable, with 29.1% in the past 24 months, 32.0% in the last 12 months, and 33.8% this year [3]