安永：A股及港股全年IPO数量和筹资额分别占全球总量的16%和33%

Core Insights - The report by Ernst & Young indicates 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 totals respectively in terms of IPO numbers and fundraising amounts [1][2] - In 2025, the A-share IPO market is expected to achieve moderate growth under stable regulation and structural optimization, with a significant increase in fundraising scale compared to the previous year, and an average fundraising amount for IPOs increasing by over 50% [1][2] - The Hong Kong IPO market is projected to recover strongly in 2025, with fundraising surpassing 200 billion HKD for the first time in four years, marking the second-highest peak in five years [2] A-Share Market Insights - The A-share market has shifted from "scale expansion" to "quality priority" over the past five years, with a focus on technology innovation as a core feature of new listings [2] - The average return rate for newly listed stocks remains at 253%, consistent with 2024, and there have been no instances of first-day price drops [1][2] Hong Kong Market Insights - Large IPO projects are key drivers for the resurgence of the Hong Kong market, with over 20 A-share companies expected to list in Hong Kong, raising more than 170 billion HKD collectively [2] - The year 2025 marks the beginning of a new decade for interconnectivity between mainland and Hong Kong capital markets, with expectations for deeper cooperation and enhanced market integration [2] Industry Focus - The top three industries for IPO numbers are industrial, technology, and materials, while the energy sector has risen to the top three in terms of fundraising scale [2] - Active applicants are primarily from strategic emerging industries, including artificial intelligence, robotics, semiconductors, new energy, and biomedicine [2] Recommendations for Companies - Companies are advised to embrace technology and build integrated financial and operational systems, enhancing digital transformation to ensure data consistency and transparency [3]