HKEX(HK:00388) Huan Qiu Wang·2025-11-28 03:58Core 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 [1] - The Hong Kong Stock Exchange leads globally with a fundraising amount of $36 billion, surpassing major markets like New York and Nasdaq [1] - A-shares are expected to see moderate growth in 2025, with average fundraising amounts increasing by over 50% year-on-year to reach 1 billion yuan [1] Group 1: A-share Market Insights - The A-share market is maintaining a steady operational rhythm, with significant contributions from large IPOs, leading to a notable increase in the proportion of billion-yuan IPOs [1] - The average return rate for newly listed stocks this year reached 253%, with no instances of first-day price drops [1] - Regulatory policies such as the "827" new rules and the "Nine New National Policies" have contributed to a decline in new stock issuance price-to-earnings ratios to a five-year low [1] Group 2: Hong Kong Market Insights - The Hong Kong IPO market is expected to recover strongly in 2025, with fundraising projected to exceed 200 billion HKD, driven by large IPO projects [1] - Over 20 A-share companies are anticipated to list in Hong Kong, raising more than 170 billion HKD collectively [1] - The average fundraising scale for IPOs is expected to increase by 137% compared to the previous year, marking the second-highest level in five years [1] Group 3: Future Trends and Market Dynamics - The collaboration between mainland and Hong Kong capital markets is expected to deepen, enhancing institutional cooperation and market connectivity [2] - A-share IPOs are likely to gradually return to normalized issuance, focusing on quality and structural improvements [2] - The Hong Kong market is projected to maintain high activity levels, with a structural deepening characteristic, particularly in the A+H model and the return of Chinese concept stocks [2] Group 4: Sector-Specific Insights - The A-share market is expected to see an increase in financing from hard technology sectors, with clearer market segmentation [3] - For the Hong Kong IPO market in 2026, key supporting sectors include biotechnology, specialized technology companies, traditional industry upgrades, and new consumer brands from mainland China [3] Group 5: Hong Kong's Role in Internationalization - Hong Kong serves as a vital bridge for mainland companies seeking international exposure, benefiting from a robust base of international institutional investors [4] - The flexibility of Hong Kong's regulatory framework enhances its attractiveness as a listing destination for mainland enterprises [4] - The trend of Hong Kong-listed companies returning to A-shares is gaining momentum, driven by policy support and valuation differences between markets [4]