港股募资全球第一！全年募股超2700亿的背后，有人吃肉有人喝风？

Group 1 - The Hong Kong stock market has seen a significant increase in IPO activity, with fundraising expected to exceed 270 billion HKD in 2025, surpassing the total from the past three years combined [3][5] - Major companies such as CATL, Hengrui Medicine, and Naxin Microelectronics have contributed significantly to this fundraising, accounting for over half of the total new stock fundraising [5][10] - The Hong Kong Stock Exchange has introduced policies to support hard technology and biotechnology companies, resulting in a record number of unprofitable biotech firms going public this year [7][10] Group 2 - Despite the high number of IPOs, the secondary market remains weak, with average daily trading volume dropping to just over 140 billion HKD, the lowest level of the year [12][19] - Many newly listed stocks are struggling, with nearly half of the 19 new stocks listed since November experiencing price drops on their first day [14][19] - The market is undergoing a "dewatering" process, where only companies with solid fundamentals and profitability are likely to succeed, as seen with the performance of certain stocks [16][24] Group 3 - The current market environment is pushing companies to focus on real business performance rather than just storytelling, with investors prioritizing profitability and cash flow [19][24] - There are over 300 companies waiting to go public, but the market is expected to become increasingly selective, rewarding only those with genuine value [26][28] - The 2025 Hong Kong stock market is characterized by a stark contrast between successful large companies and struggling smaller firms, indicating a shift towards valuing substance over hype [28]