“潮起长江、扬帆香江”，安永多地联动赋能中国企业赴港上市新征程

Group 1 - The Hong Kong capital market is experiencing a strong recovery, with 108 IPOs completed in 2025, raising approximately HKD 277.1 billion, a year-on-year increase of over 216%, making it the largest IPO market globally [1][2] - Ernst & Young (EY) successfully supported 39 companies in their IPOs on the Hong Kong Stock Exchange, maintaining a leading market share in IPO audit services [1][2] - The market is seeing increased participation from mainland investors, with a shift towards a more mature and efficient ecosystem, where listing is viewed as a strategic move for governance upgrade and global expansion [2][3] Group 2 - Various forums have been organized in cities like Suzhou, Chengdu, Ningbo, Hefei, and Wuhan to provide support for companies preparing for IPOs, focusing on compliance, financial readiness, and strategic insights [3][11][17][23][28] - Key discussions at these forums included the importance of financial models, legal compliance, and the need for a robust governance structure to ensure long-term success post-IPO [5][7][9][12][16] - The forums emphasized the necessity for companies to proactively build compliance capabilities and address potential issues early in the IPO process [3][11][23][25][34] Group 3 - The 2025 IPO market is characterized by structural differentiation, where companies with core technological advantages can achieve reasonable valuations despite short-term losses [11][30] - The focus on sustainable growth and the ability to tell a compelling business story is becoming increasingly important for attracting investor interest [5][30] - The upcoming year 2026 is anticipated to be a turning point for the Hong Kong market, with expectations of deeper institutional reforms and a return to value-based investing [36][37]