港股掀起18C章递表热潮

Core Viewpoint - The introduction of the 18C chapter listing mechanism has led to a surge in IPO applications on the Hong Kong Stock Exchange, indicating a shift in the market dynamics towards new economy sectors [1] Group 1: IPO Activity - In 2025, only three companies, including Yujian, successfully listed on the Hong Kong stock market using the 18C chapter, while since 2025, four companies, including Wen Yuan Zhi Xing, have successfully listed under this rule [1] - The number of companies aiming for IPOs through the 18C chapter has reached 20, creating a "submission frenzy" [1] Group 2: Market Structure Changes - The 18C, 8A, and 18A chapters are beginning to outline a new economic sector within the Hong Kong stock market [1] - Currently, the market capitalization of companies listed under the 18C chapter is very low compared to the overall Hong Kong stock market [1] - If the secondary market can provide sustained liquidity and refinancing capabilities, it is expected to attract more "hardcore" assets such as semiconductors, quantum technology, and commercial aerospace to choose Hong Kong as their primary listing location, potentially altering the traditional market structure dominated by finance, real estate, and consumer sectors [1]