百惠金控：11月香港市场表现优于去年同期 IPO总集资额增2.3倍

Core Viewpoint - The Hong Kong capital market is experiencing a strong recovery in 2025, with significant improvements in market capitalization, trading volume, and IPO activities compared to the previous year [1][3]. Market Capitalization - As of the end of November 2025, the total market capitalization of the securities market reached HKD 48.0 trillion, a 41% increase from HKD 34.0 trillion in the same period last year, indicating a rapid recovery in market valuations and a notable improvement in investor sentiment [1]. Trading Volume - The average daily trading volume in November was HKD 230.7 billion, representing a 43% year-on-year increase. For the first 11 months of the year, the average daily trading volume was HKD 255.8 billion, a substantial 95% increase, highlighting significant improvements in market liquidity [3]. IPO Market Performance - In the first 11 months of 2025, Hong Kong saw 93 new listings, a 52% increase from 61 in the same period last year. The total funds raised through IPOs reached HKD 575 billion, a remarkable 230% year-on-year increase, positioning Hong Kong among the top global exchanges for both the number of listings and fundraising [3][10][11]. Future Outlook - The strong IPO momentum is driven by three main factors: the recovery of global new economy enterprises, the ongoing trend of mainland companies seeking secondary listings in Hong Kong, and the influx of southbound capital providing support for the market. The outlook for the IPO market in 2026 is optimistic, with expectations of new peaks driven by sectors like AI, technology, and innovative pharmaceuticals [14][15].