中国内地和香港IPO市场2025年回顾与2026年展望报告

Group 1: Global IPO Market Overview - The global IPO market is gradually recovering, with total fundraising reaching $158.4 billion in 2025, an 18% increase from 2024 [1][12][16] - Although the number of IPOs slightly decreased, market liquidity improved, particularly with large IPOs, which accounted for 17% of total fundraising [1][12] - Key factors influencing IPO activities include easing global trade tensions and advancements in high-tech industries like artificial intelligence [1][12] Group 2: Hong Kong IPO Market Performance - Hong Kong's IPO market showed remarkable performance in 2025, with total fundraising of HKD 272.1 billion, a significant increase of 210% compared to 2024 [2][4] - The number of IPOs reached 100, representing a 43% year-on-year growth, positioning Hong Kong as the top global exchange for fundraising with $34.3 billion [2][15] - The market's improvement is attributed to enhanced market sentiment, a surge in new stock projects, and the maturation of technologies like artificial intelligence [2][4] Group 3: A-Share Market Development - The A-share market in mainland China maintained steady growth in 2025, completing 130 IPOs with a total fundraising of approximately RMB 163.7 billion, a 23% increase year-on-year [3][20] - The market structure has optimized, with different exchanges like the Shanghai Stock Exchange and the Science and Technology Innovation Board playing distinct roles in financing [3][20] - Notably, the Science and Technology Innovation Board implemented reforms to support unprofitable high-growth tech companies, reflecting an increasing market tolerance for such firms [3][20] Group 4: A+H Listings and New Economy Companies - The number of companies listed through the A+H method reached a historical high in 2025, with 17 IPOs raising HKD 136.5 billion, a 225% increase [4] - New economy companies saw a significant rise in IPO activities in Hong Kong, with 58 new economy IPOs raising HKD 158.7 billion, indicating a shift towards innovative sectors [4] - The listing process for A+H companies has accelerated, with an average duration of 4 to 6 months, showcasing improved regulatory coordination and market efficiency [4] Group 5: Outlook for 2026 - The report maintains a positive outlook for the IPO market in 2026, with Hong Kong expected to strengthen its position as a leading global financing market due to its regulatory advantages and influx of high-tech companies [5][16] - The A-share market is anticipated to achieve steady growth guided by ongoing reforms and enhanced market inclusivity [5][16] - Increased global interest in Chinese assets and the rapid application of cutting-edge technologies are expected to support the growth of innovative enterprises and contribute to economic structural upgrades [5][16]