2863亿港元完美收官 全球IPO市场的“香港时刻”
Sou Hu Cai Jing·2025-12-23 12:33

Core Viewpoint - The Hong Kong IPO market experienced a significant year-end surge in December 2025, with six companies launching their IPOs simultaneously, marking the highest number of IPOs on a single day for the year [2] Group 1: Market Performance - As of December 19, 2025, the Hong Kong IPO market ranked first globally in terms of fundraising, with 106 companies raising a total of 274.6 billion HKD [2] - The Hang Seng Index recorded a yearly increase of 33.25%, while the Hang Seng Tech Index and Hang Seng China Enterprises Index both rose over 25%, achieving the best annual performance in five years [4] - The average daily trading volume in the Hong Kong stock market reached 230.7 billion HKD in the first 11 months of 2025, a 43% increase year-on-year [4] Group 2: Factors Driving Growth - The influx of capital, particularly from southbound funds, contributed significantly to market liquidity, with net inflows exceeding 1.38 trillion HKD, accounting for about one-quarter of the total trading volume [4] - International long-term funds are increasingly participating in Hong Kong IPOs as cornerstone investors, indicating a shift towards deeper and more sustained foreign investment [5] - Eight mega IPOs, each raising over 10 billion HKD, contributed to approximately half of the total fundraising for the year [5] Group 3: Regulatory Changes - In August 2025, the Hong Kong Stock Exchange implemented a comprehensive IPO pricing reform aimed at balancing the interests of institutional and retail investors, enhancing pricing efficiency [7] - The new dual-track system allows issuers to choose between a mechanism with a callback option or one without, which is expected to attract more institutional participation [7] Group 4: Future Outlook - Deloitte predicts that the Hong Kong IPO market will see around 160 new listings in 2026, with fundraising expected to exceed 300 billion HKD [10] - The market is anticipated to maintain strong momentum at the beginning of 2026, with several large projects expected to launch [11] - The new economy sector, including AI and biotech, is expected to dominate the IPO landscape, with 49 new economy listings in 2025, a 32% increase year-on-year [12]