安永：港股IPO复苏强劲 A+H模式预计持续火热

Group 1 - The report by Ernst & Young indicates that the IPO markets in A-shares and Hong Kong are expected to show growth in 2025, with Hong Kong's exchange leading globally with a total financing amount of $36 billion [1] - A-shares are projected to experience moderate growth in the IPO market, with the average fundraising amount increasing by over 50% year-on-year to reach 1 billion yuan, driven by large IPOs [1] - The industrial, technology, and materials sectors are the top three in terms of IPO numbers, while the energy sector has risen to the top three in terms of fundraising scale [1] Group 2 - The Hong Kong IPO market is anticipated to recover strongly, with fundraising expected to exceed 200 billion HKD for the first time in four years, largely driven by large IPO projects [2] - Over 20 A-share companies are expected to debut in Hong Kong, raising a total of more than 170 billion HKD, with the industrial and retail sectors being the main contributors [2] - The capital markets of mainland China and Hong Kong are entering a phase of complementary development, with a shift from foreign capital dominance to a dual-driven model of domestic and foreign investment [2] Group 3 - The Hong Kong IPO market is expected to maintain its momentum, with a steady growth pace and structural deepening characteristics [3] - The A+H model is likely to remain popular, alongside the return of Chinese concept stocks and specialized technology companies as significant sources of listings [3] - The Hong Kong Stock Exchange is continuing to optimize its listing system to enhance overall market efficiency and competitiveness [3]