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”

Group 1 - The core viewpoint of the article highlights that the Hong Kong stock market (HKEX) is set to become the "global fundraising king" in 2025, with significant growth in IPO activities and fundraising amounts [1][2][3] - As of December 18, 2023, 102 companies have listed on the Hong Kong stock market, raising a net amount of HKD 238.2 billion, which represents a 246% increase compared to the same period last year [2][3] - Ernst & Young (EY) forecasts that the total fundraising amount for HKEX could reach USD 36 billion in 2025, making it the highest globally [3][5] Group 2 - The "new economy" sectors, including industrial engineering, gold and precious metals, automotive, pharmaceuticals, and biotechnology, have collectively raised over HKD 130 billion [1][3] - The IPO boom has led to a dynamic balance in the market, with 27 companies privatizing and delisting, while 30 companies have had their listings canceled [4] - The average daily trading volume in the first half of 2025 is expected to surge to HKD 240.2 billion, reflecting a 118% year-on-year increase [7] Group 3 - The number of pending IPO applications has exceeded 300, creating a "bottleneck" in the review process, raising concerns about the quality of submitted documents [1][13] - The market is also worried that the concentrated issuance of new stocks may divert liquidity from the secondary market [13][14] - Despite the challenges, the overall risk is considered manageable, with expectations for a wave of lock-up expirations in 2026 following the active IPO activities of 2025 [1][16] Group 4 - The influx of mainland companies seeking to list in Hong Kong is a key driver behind the market's resurgence, with significant IPOs from companies like CATL and Zijin Mining [9][11] - Policy improvements, such as the establishment of fast-track listing channels for tech companies, have contributed to the current IPO boom [12] - The introduction of the Hong Kong Stock Exchange Technology 100 Index aims to enhance the market's image and support innovation-driven enterprises [12]