德勤：预计2025年A股IPO融资规模同比增加94%

Group 1: A-Share Market Outlook - The A-share market is expected to see 114 companies listed by December 31, 2025, raising approximately 129.6 billion yuan, representing a 14% increase in new listings and a 94% increase in total financing compared to 2024 [1] - The ChiNext board is projected to have the highest number of new listings (19), while the Shanghai Stock Exchange is expected to lead in financing amount (43.2 billion yuan) [1] - The Shanghai Stock Exchange is anticipated to maintain its position as the fifth largest stock exchange globally, with a new stock financing amount of 80 billion yuan [1] Group 2: Hong Kong IPO Market Forecast - Hong Kong is projected to complete 114 new stock listings in 2025, raising around 286.3 billion HKD, which indicates a 63% increase in new listings and more than a twofold increase in financing compared to the previous year [2] - The positive outlook for Hong Kong's IPO market is attributed to various reforms, including simplified listing approval processes and the establishment of a special listing system for technology companies [2] - In 2026, approximately 160 new stocks are expected to be listed in Hong Kong, with total financing of at least 300 billion HKD, including seven stocks each raising at least 10 billion HKD [2] Group 3: U.S. Market for Chinese Companies - About 63 Chinese companies are expected to list in the U.S. in 2025, raising approximately 1.12 billion USD, which is a 7% increase in the number of new listings but a 41% decrease in financing compared to 2024 [3] - The largest two Chinese companies listed in the U.S. this year are from the consumer and pharmaceutical sectors [3] - There is a cautious outlook for Chinese companies listing in the U.S. in 2026, particularly if proposed listing thresholds by Nasdaq are approved, which may lead to a decrease in the number of eligible Chinese companies [3]