Group 1 - The core viewpoint of the article highlights the remarkable resurgence of the Hong Kong capital market in 2025, with a total of 100 IPOs raising $34.3 billion, surpassing major exchanges like New York and Nasdaq [2][3] - The structure of the IPOs shows a significant shift, with 82 companies listed on the main board and 18 on the growth enterprise market, predominantly featuring emerging technology firms [3][5] - The market's appetite has changed, with a notable increase in listings from sectors such as biotechnology, AI, and smart driving chips, contrasting with the previous dominance of real estate and finance [5][7] Group 2 - The number of companies waiting to go public has surged, with 316 firms on the main board's queue by the end of 2025, nearly tripling from 2023, indicating a strong demand for IPOs [8][9] - Over 60% of the queued companies are in technology and biotechnology sectors, reflecting a significant market shift [9] - The Hong Kong Stock Exchange has introduced a "technology validation" pathway for unprofitable companies, allowing them to list if their core technology is recognized by third-party institutions, which has changed investor attitudes towards unprofitable biotech firms [11][13] Group 3 - The introduction of the 18A chapter in 2018 has facilitated the IPO process for unprofitable biotech companies, with 14 such companies going public in 2025, raising 45 times more capital than in 2018 [13][15] - The 18C chapter, introduced in 2023, allows unprofitable hard tech companies to list, covering various cutting-edge sectors, and has already seen successful IPOs, including a smart driving chip company that surged 70% on its debut [15][17] - The financial ecosystem in Hong Kong is evolving towards "hard tech services," with increased demand for professionals who understand technology valuation and patent assessment [19][21] Group 4 - The transformation of Hong Kong's capital market is attributed to its willingness to reform, with the 18A and 18C chapters demonstrating a commitment to continuous improvement in regulations [21][23] - The article suggests that Hong Kong's unique approach to accommodating emerging tech companies may provide a competitive edge over other global financial centers like New York and London [21][23] - Looking ahead, there are expectations for more AI and quantum computing firms to list in Hong Kong, with regulatory bodies exploring dedicated pathways for green technology companies [23]
14家生物科技，3家AI芯片企业上市，香港制度创新有多敢？
Sou Hu Cai Jing·2025-12-16 11:25