Market Performance - The Hong Kong stock market showed a rebound on December 5, with the Hang Seng Index returning to the 26,000-point mark, significantly boosting market sentiment [1] - The Hang Seng Index closed at 26,085.08 points, up by 149.18 points, representing a 0.58% increase, with a total trading volume of 210.473 billion HKD [3] - The Hang Seng Technology Index rose by 0.84% to 5,662.46 points, while the National Enterprises Index increased by 1.01% to 9,198.3 points, indicating active trading in technology and non-ferrous metal sectors [3] IPO Market Activity - In the first 11 months of 2025, there were 93 new listings in the Hong Kong securities market, a 52% increase from 61 in the same period last year, with IPO fundraising amounting to 259.4 billion HKD, up 228% from 79.1 billion HKD [3] - The total fundraising amount exceeded 259.8 billion HKD, marking a significant year-on-year increase of 228% [3] - The IPO pipeline consists of 306 companies, with 14 having passed the hearing, indicating a sustained interest in new listings as the year ends [3] Sector Analysis - The leading sectors for IPOs towards the end of the year include new energy vehicles, biomedicine, and high-end manufacturing, with 6 out of the top 10 IPOs coming from A-share listed companies [4] - The dual engines driving the IPO activity in Hong Kong are new consumption and hard technology [4] Future Outlook - According to a report by Ernst & Young, the IPO activities in mainland China and Hong Kong are showing growth on a global scale, with a diversified base of cornerstone investors reflecting the international appeal of Hong Kong stocks [4] - A recent survey by the Australian Institute of Chartered Accountants indicated that 66% of respondents expect an increase in new stock activities in 2026, while 63% anticipate continued economic growth in Hong Kong [4] - It is projected that the new stock fundraising amount in Hong Kong will exceed 300 billion HKD next year, solidifying its position as the leader in global new stock fundraising [5]