瑞银：监管发函意在「提醒」，瑞银增加人手「不怕IPO多，最怕无IPO」

Core Viewpoint - The Hong Kong IPO market is thriving, with fundraising exceeding HKD 270 billion, ranking first globally, and over 300 companies are currently in line to go public [2] Group 1: IPO Market Outlook - UBS expects the Hang Seng Index to rebound to 30,000 points next year, which will further drive new IPOs to reach a record high, with an estimated 150 to 200 IPOs and total fundraising exceeding HKD 300 billion [2][9] - The current low rejection rate of IPO applications, with only one case being withdrawn, indicates a healthy market environment [3][4] Group 2: Regulatory Environment - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange issued a joint letter to IPO sponsors, emphasizing the importance of maintaining high-quality application documents [2] - The letter is viewed as a reminder rather than a warning, aimed at ensuring that both sponsors and issuers uphold the quality standards of the Hong Kong market [2] Group 3: Market Dynamics - Despite recent softening in stock prices post-IPO, this is considered a cyclical phenomenon, with expectations of increased foreign investment in Hong Kong and Greater China markets due to attractive valuations [7] - The continuous reduction in interest rates is expected to benefit the stock market, alongside the ongoing recovery of the mainland economy [8] Group 4: Future IPO Themes - Upcoming IPOs are anticipated to focus on themes such as consumption, high technology, and artificial intelligence, with potential for large-scale fundraising similar to CATL's HKD 40 billion IPO [10] - Discussions are ongoing with several Middle Eastern companies regarding potential listings [11]