内地和香港IPO市场-2025年回顾与2026年展望

Global IPO Market Overview - The global IPO fundraising amount for 2025 is projected to reach $158.4 billion, an increase of 18% compared to 2024 [1] - Hong Kong is expected to lead the global IPO market with $34.3 billion, surpassing the New York Stock Exchange and NASDAQ [1][10] - Key drivers for this growth include the return of Chinese concept stocks, the A+H listing system, and increased foreign investment participation [1][3] Hong Kong IPO Market - Hong Kong's IPO market is set to benefit significantly from the return of Chinese companies, with three companies expected to list in 2025 compared to none in 2024 [1] - The A+H listings have seen a record number of applications, with 109 applications processed, and the average listing time reduced to 4-6 months [1][29] - Major IPOs in Hong Kong include Ningde Times with HKD 41 billion and 恒瑞医药 with HKD 11.4 billion [28] A-share Market Overview - The A-share IPO market is projected to have 130 IPOs raising approximately RMB 130 billion, a decrease of 28% from the previous year [2] - The market is characterized by a contraction in the main board and expansion in the Sci-Tech Innovation Board and Beijing Stock Exchange [2] - The introduction of REITs has stabilized the market, with 20 listings, while traditional manufacturing sectors have seen a decline in fundraising [2][13] 2026 Outlook - The Hong Kong market is expected to continue its growth driven by A+H listings, special technology sectors, and increased participation from Middle Eastern and Southeast Asian sovereign funds [3][10] - The A-share market is anticipated to implement reforms allowing unprofitable companies to list with options, aiming to counteract the pressure from Hong Kong [2][3] - Potential risks include fluctuating U.S. Federal Reserve policies and geopolitical tensions affecting foreign investment [3]