安永报告：港股IPO复苏强劲 大型IPO推动港交所募资规模登顶全球

Group 1: 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] - Hong Kong's IPO fundraising has surpassed 360 billion USD, making it the leading exchange globally [1] - Chinese companies occupy five spots in the top ten global IPOs, with a notable increase in representation from sectors such as automotive, mining, energy, and advanced manufacturing [1] Group 2: Hong Kong IPO Market Recovery - The Hong Kong IPO market has seen a strong recovery in 2025, with fundraising exceeding 200 billion HKD for the first time in four years, marking the second peak in five years [2] - Major IPO projects have been pivotal in driving this resurgence, particularly from mainland "A+H" and "A拆H" companies, with over 20 A-share companies expected to list in Hong Kong, raising more than 170 billion HKD [2] - The average fundraising size has increased by 137% compared to last year, reaching the second highest level in five years, with industrial and retail sectors leading the charge [2] Group 3: Capital Market Cooperation - 2025 marks the beginning of a new decade for interconnectivity between mainland and Hong Kong capital markets, with an emphasis on deepening cooperation and enhancing institutional synergy [3] - A-shares are gradually returning to normalized issuance, focusing on quality and structural improvements, with the Beijing Stock Exchange becoming a key player in IPO applications [3] - The Hong Kong IPO market is expected to maintain its heat, with a steady growth pace and a focus on "A+H" models and the return of Chinese concept stocks [3] Group 4: Recommendations for Listing Companies - Companies planning to go public are advised to embrace technology and build a future-oriented financial governance system [4] - It is essential for companies to integrate business and financial data processes as a priority for IPO preparation, ensuring data consistency and transparency [4] - Strengthening digital transformation and intelligent financial management is crucial for showcasing governance capabilities to investors [4]