科技驱动A股动能，港交所居全球交易所榜首

Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [1] - The A-share market shows steady progress, while the Hong Kong Stock Exchange leads globally with a fundraising amount of $36 billion [1] - Chinese companies occupy five spots in the top ten global IPOs, with a notable increase in numbers compared to 2024, spanning industries such as automotive, mining, energy, and advanced manufacturing [1] A-share Market Summary - In 2025, the A-share IPO market experienced moderate growth under stable regulation and improved structure, with a significant increase in fundraising scale compared to last year [2] - The average fundraising amount for IPOs rose over 50% year-on-year to 1 billion yuan, driven by large IPOs, with the proportion of 10 billion yuan IPOs significantly increasing [2] - New regulations have led to a continuous decline in new stock issuance price-to-earnings ratios, reaching a five-year low, with no instances of first-day price drops and an average return rate of 253%, maintaining the top position over the past five years [2] - The industrial, technology, and materials sectors ranked highest in IPO numbers, while the energy sector rose to the top three in fundraising scale [2] - The core characteristic of companies applying for IPOs this year is technological innovation, marking a shift from quantity-driven to quality-focused development in the A-share IPO market [2] Hong Kong Market Summary - The Hong Kong IPO market saw a strong recovery in 2025, with fundraising exceeding 200 billion HKD for the first time in four years, reaching the second-highest level in five years [3] - The Hong Kong Stock Exchange surpassed New York and other exchanges in global fundraising scale, with over 20 A-share companies expected to list in Hong Kong, raising more than 170 billion HKD [3] - The average fundraising scale increased by 137% year-on-year, driven by large IPO projects, with the industrial and retail sectors dominating the top ten IPOs [3] - The capital markets of mainland China and Hong Kong are entering a complementary development phase, with a shift in investor structure from foreign-dominated to a dual-driven model [3] - New consumption and hard technology are identified as the dual engines driving IPO activities in Hong Kong, supported by policies that facilitate rapid listings for high-potential tech companies [3] Capital Market Trends - The year 2025 marks the beginning of a new decade for the interconnected capital markets of mainland China and Hong Kong, with an emphasis on deepening cooperation and enhancing institutional synergy [4] - The A-share market is gradually returning to normalized issuance under a framework of stable rhythm, quality improvement, and structural optimization, with the Beijing Stock Exchange becoming a key player in IPO applications [5] - The Hong Kong IPO market is expected to maintain its momentum, with a steady growth pace and structural deepening characteristics, particularly in the A+H model and the return of Chinese concept stocks [5] - Recommendations for prospective listed companies include embracing technology and building a future-oriented governance system to ensure data transparency and enhance digital transformation [5]