港股年内新股破百！合计募资超2700亿港元，18股“A+H”两地上市

Core Viewpoint - The Hong Kong IPO market has reached a significant milestone with the listing of JD Industrial, marking the 100th new stock of the year, and has raised a total of over 270 billion HKD, surpassing 200 billion HKD for the first time in four years, making it the top global exchange for fundraising in 2025 [1][3][10]. Group 1: Market Performance - The total fundraising amount from 100 new IPOs in Hong Kong this year is approximately 2700.86 billion HKD, a notable increase from 64 IPOs last year [3][6]. - The average oversubscription rate for Hong Kong IPOs in 2025 is 1544 times, marking a 3.3 times increase year-on-year, the highest in five years [6][10]. - 75 out of 100 new stocks saw their prices rise on the first day of trading, resulting in a first-day drop rate of only 25%, the lowest in five years [6][10]. Group 2: Major IPOs and Contributions - Notable IPOs include CATL, which raised 410.06 billion HKD, making it the largest IPO globally this year, along with seven other companies that raised over 100 billion HKD each [3][4]. - A significant portion of the fundraising, approximately 51.35%, comes from 18 A-share companies that have listed in Hong Kong, highlighting the increasing trend of A+H listings [8][10]. Group 3: Market Dynamics and Trends - The current market is characterized by a strong interest in "new consumption" and "hard technology," with companies like Mijia Group and CATL leading the charge [10][12]. - The Hong Kong IPO market is experiencing a structural shift, with a growing number of A-share companies seeking to list in Hong Kong, driven by favorable policies and a high level of market openness [9][10]. Group 4: Challenges and Concerns - Despite the robust fundraising figures, there are concerns regarding the quality of new listings, with an increase in the rate of IPOs trading below their issue price and a decline in the quality of listing applications [14][15]. - The shortage of experienced investment banking professionals is impacting service quality, as many firms are struggling to manage the increased volume of IPOs effectively [15][16].