港股年内募资2382亿有望登顶全球第一，102家IPO落地后隐现“堰塞湖”

Core Insights - The Hong Kong stock market has seen a significant increase in IPO activities, with 102 companies listed and a net fundraising amount of HKD 238.2 billion, representing a 246% increase compared to the same period last year [1][2] - Ernst & Young predicts that the Hong Kong Stock Exchange (HKEX) will become the world's largest fundraising exchange in 2025, with an expected fundraising amount of USD 36 billion [1][2] - The "new economy" sectors, including industrial engineering, gold and precious metals, automotive, pharmaceuticals, and biotechnology, have collectively raised over HKD 130 billion [1][2] IPO Activity - As of December 18, 2023, the number of IPOs in Hong Kong has surpassed last year's total of 73, with a current count of 102 [2] - The top five sectors by fundraising amount are industrial engineering (HKD 31.98 billion), gold and precious metals (HKD 29.49 billion), automotive (HKD 25.82 billion), pharmaceuticals and biotechnology (HKD 23.53 billion), and software services [2][6] - The IPO boom has led to a dynamic balance in the market, with 27 companies privatized and 30 companies delisted this year [2] Market Dynamics - The average daily trading volume in the first half of 2025 is expected to reach HKD 240.2 billion, a 118% increase year-on-year, indicating a significant recovery in market activity and liquidity [3] - The enthusiasm for IPOs has resulted in a high percentage of new stocks performing well, with 76 out of 102 new listings seeing their stock prices rise [4] - A record-breaking subscription rate was observed, with one GEM-listed company achieving a subscription multiple of 11,465 times [4] Listing Drivers - The influx of large IPOs from mainland China has been a key driver for the rise of the Hong Kong stock market [5][6] - The average fundraising scale of the top ten IPOs has increased by 137% compared to 2024, with major contributions from companies like CATL and Zijin Mining [6][7] - The number of pending IPO applications has surged to over 319, covering various sectors including AI and biotechnology [10][11] Regulatory Environment - The Hong Kong Stock Exchange has implemented several reforms to facilitate the listing process, including the establishment of a fast-track listing channel for tech companies [9] - The introduction of the Hong Kong Stock Exchange Technology 100 Index aims to enhance the market's image and support innovation-driven enterprises [9] Future Outlook - The IPO market is expected to remain active in 2026, with a focus on A+H listings and the return of Chinese concept stocks [14] - Despite potential challenges from a wave of lock-up expirations, the overall risk is considered manageable [14][15] - The macroeconomic environment, including anticipated interest rate cuts by the Federal Reserve, may provide additional support for the market [16]