IPO全球领先、恒指大涨，港股成为“中国资产重估”关键枢纽

Core Insights - The Hong Kong Stock Exchange (HKEX) is positioned as a key platform for Chinese enterprises to expand internationally, driven by institutional innovation and a unique investor structure [1][3]. Group 1: Market Dynamics - From 2014 to 2024, Hong Kong's IPO fundraising exceeded $300 billion, leading other major stock exchanges globally, reflecting changes in China's economic structure and capital flow [2]. - In the first eleven months of this year, 93 new companies listed on the Hong Kong stock market, raising nearly HKD 260 billion, maintaining the top position in global IPO fundraising [2]. - The Hang Seng Index rose by 34% in the first nine months, significantly outperforming major indices in Europe and the U.S. [2]. Group 2: Sector Performance - The Hang Seng Tech Index, which includes major tech companies like Tencent and Alibaba, increased by 44.7% in the first nine months, while the Hang Seng Biotech Index more than doubled, indicating strong investor interest in high-tech sectors [3]. - Over half of the new stock issuers this year have international business layouts, with funds raised aimed at overseas capacity building and supply chain expansion [3]. Group 3: Institutional Innovations - HKEX has implemented a "report and review" mechanism, eliminating waiting periods for listings, and has optimized approval processes to enhance market accessibility [4]. - The introduction of the "same share, different rights" structure in 2018 has attracted major tech firms back to the market, while the 18A chapter has opened pathways for biotech companies without revenue to list [4][5]. - The 2023 introduction of the 18C chapter further supports "specialized, refined, and innovative" enterprises, providing capital support for long-term R&D investments [5]. Group 4: Investor Structure - The Hong Kong market is predominantly driven by institutional investors, including international long-term funds and sovereign wealth funds, which focus on long-term holdings and in-depth research [6]. - The continuous inflow of southbound capital has created a unique liquidity cycle, combining international and domestic capital [6]. Group 5: A+H Listing Mechanism - The A+H listing mechanism has strengthened the synergy between the Hong Kong and mainland markets, with 14 A+H companies completing listings in the past year, including significant offerings over $1 billion [6]. - The diverse structure of issuers, including high-tech, biotech, and consumer sectors, contributes to the market's robust foundation [6].