近2000亿港元！年底前，港股迎来“解禁狂潮”的考验

Group 1 - The core viewpoint is that 28 companies listed in Hong Kong will face a share lock-up expiration starting this Wednesday until the end of the year, with a total value of $24.9 billion based on Tuesday's closing price [1] - The share unlock coincides with rising global risk aversion and weakening market momentum, adding pressure to the Hong Kong stock market [1] - Despite a year-to-date increase of 29% in the Hang Seng Index, it is experiencing its largest weekly decline in a month, influenced by uncertainties in Federal Reserve policies [1][2] Group 2 - The expiration of lock-up periods is identified as a clear risk factor for the Hong Kong stock market before the end of the year, with investors likely to take profits after significant gains this year [3] - The IPO market in Hong Kong is experiencing its most active year in four years, with total fundraising expected to exceed $40 billion by 2025 [4] - The recent wave of IPOs has directly increased the scale of share unlocks at year-end, with the average increase of 95% for the 28 companies since their listing [5] Group 3 - Companies listed in both A-shares and H-shares that maintain a premium on H-shares are expected to face greater downward pressure, as noted by a strategist from China Everbright Securities [6] - The valuation advantage of H-shares relative to A-shares may lead shareholders to prioritize reducing their positions in Hong Kong stocks, exacerbating the downward pressure on H-shares [7] - The structural pressure from the share unlock highlights the differentiated impact of the unlock wave on various types of listed companies, necessitating investor attention to individual stock structures and valuation disparities [7]