安永：预计2026年港股IPO将保持热度，中概股回归与特专科技公司是重要上市来源

Core Insights - The report by Ernst & Young indicates a growth trend in IPO activities in mainland China and Hong Kong for 2025, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [2] - The Hong Kong Stock Exchange leads globally with a fundraising amount of $36 billion, marking a significant recovery in the IPO market [2] - Chinese companies occupy five spots in the global top ten IPOs, with sectors including automotive, mining, energy, and advanced manufacturing [2] A-Share Market Summary - The A-share IPO market has transitioned from "scale expansion" to "quality priority" over the past five years, focusing on technology innovation and institutional inclusivity for high-quality development [3] - The number of companies applying for A-share IPOs in 2025 is expected to remain stable compared to last year, with a notable increase in average fundraising amount exceeding 50%, reaching 1 billion yuan [3] - As of November 26, 2025, 199 companies have submitted IPO applications, with a peak in submissions occurring in June, primarily in the technology sectors such as artificial intelligence and high-end chips [3] Hong Kong IPO Market Summary - The Hong Kong IPO market is experiencing a strong recovery, with fundraising exceeding 200 billion HKD for the first time in four years, driven by large IPO projects [4] - Over 20 A-share companies are expected to debut in Hong Kong, raising more than 170 billion HKD, contributing significantly to the market's resurgence [4] - The average fundraising size has increased by 137% compared to last year, reaching the second-highest level in five years [4] Future Outlook - For 2026, A-share IPOs are anticipated to gradually return to a normalized issuance pace, focusing on sustainable growth within market capacity [4] - The Beijing Stock Exchange is becoming a key player in IPO applications and guidance, with a continued emphasis on strategic emerging industries such as artificial intelligence, robotics, semiconductors, new energy, and biomedicine [4] - The Hong Kong IPO market is expected to maintain its momentum, with a focus on A+H share models and the return of Chinese concept stocks, while the Hong Kong Stock Exchange continues to optimize listing regulations [5]