百惠金控：香港资本市场具增长空间 AI新股建立正向循环

Group 1 - The core viewpoint is that Hong Kong's capital market is regaining international investor interest due to improved global liquidity, decreasing U.S. inflation, and the return of technology and manufacturing supply chains to Asia, leading to increased trading volume and new IPO activities [1][3] - The valuation of Hong Kong stocks is currently attractive, and the rising demand for offshore RMB positions Hong Kong as a key global financial hub [1] - There has been significant oversubscription for new IPOs, particularly in technology, fintech, and high-end manufacturing sectors, indicating that investors are seeking growth stories with reasonable valuations [1][3] Group 2 - AI technology is a major driving force in the global capital market this year, benefiting Hong Kong as well, with the total market capitalization of new economy sectors doubling to 35% over the past eight years [3] - Increased investments from Chinese and international tech companies in Hong Kong, including data center deployments and cross-border fintech collaborations, are enhancing Hong Kong's role as a "super connector" [3] - The global venture capital investment in AI has exceeded $190 billion, and if Hong Kong can attract more AI, semiconductor, and data processing companies to list, it could create a positive cycle of funding, technology, and demand [3] Group 3 - Hong Kong's advantages include a mature financial system, international regulatory framework, and strong connectivity with mainland China, which supports AI development [5] - The Hong Kong government has introduced various initiatives, such as AI supercomputing resources and international talent permits, to attract multinational and leading domestic companies to establish R&D or regional headquarters [5] - As IPO momentum returns, more companies are reassessing the attractiveness of listing in Hong Kong, which offers high transparency, abundant international funds, and strong connectivity with mainland China [5] Group 4 - Companies planning to list in Hong Kong must prepare in advance, focusing on financial integration, group structure design, internal control enhancement, and valuation strategy [7] - Professional intermediaries with international perspectives are essential to ensure a smooth IPO process and market recognition [7] - 2025 is projected to be a pivotal year for Hong Kong's capital market, with opportunities for structural growth driven by the return of global funds to Asia and the rise of new economy enterprises [7]