Zheng Quan Shi Bao·2025-12-24 18:35Core Viewpoint - The Hong Kong stock market is expected to fully recover in 2025 after experiencing a significant downturn from 2021 to 2024, with the Hang Seng Index dropping over 50% during that period. The market is now witnessing a resurgence driven by technological breakthroughs and strong IPO activity, leading to record levels in various capital market dimensions [1]. IPO Performance - The IPO scale in Hong Kong is projected to exceed 300 billion HKD in 2026, with 2025 expected to see an IPO scale of 286.3 billion HKD, reclaiming the title of the world's largest IPO market [2][3]. - Eight companies in the top ten IPOs of 2025 raised over 10 billion HKD each, with many being A-share companies listed in Hong Kong [3]. - The IPO failure rate has decreased significantly, reaching a low of 28.83% in 2025, attributed to market conditions and new pricing mechanisms implemented by the Hong Kong Stock Exchange [4]. New Share Subscription Records - The Hong Kong market has set multiple records in new share subscriptions, including a historic oversubscription of 11,465 times for the IPO of Jinye International Group, marking the highest oversubscription in Hong Kong's history [5]. Refinancing Market - The refinancing scale in Hong Kong surpassed 300 billion HKD in 2025, with a total of 3,166 billion HKD raised, significantly exceeding the total from the previous three years [6][7]. - Leading companies like Xiaomi and BYD are at the forefront of major refinancing projects, raising substantial amounts for business expansion and development [8]. Stock Index Performance - The Hang Seng Index recorded a year-to-date increase of 28.49% as of December 23, 2025, positioning it among the top global stock indices [9]. - Sectors such as innovative pharmaceuticals and non-ferrous metals have shown remarkable performance, with stocks like Yaojie Ankang experiencing a staggering increase of 950.95% [10]. Capital Inflows and Buybacks - Southbound capital inflows into the Hong Kong market reached a record high of approximately 1.41 trillion HKD in 2025, significantly enhancing market liquidity [11][12]. - Stock buybacks by listed companies totaled 1,759.36 billion HKD in 2025, with Tencent leading the buyback amounts [13][14]. - Dividends distributed by Hong Kong companies reached nearly 1.46 trillion HKD, surpassing the total for the entire year of 2024 [15]. Delisting Trends - The pace of delistings in Hong Kong accelerated in 2025, with 61 companies exiting the market, primarily due to privatization and forced delisting mechanisms [16].