港股IPO“王者归来”：“A+H” 火爆 硬科技新消费齐飞

Core Viewpoint - In 2025, the Hong Kong Stock Exchange (HKEX) is expected to lead the global IPO market with a projected fundraising total exceeding 280 billion HKD, marking a significant comeback after several years [2][4]. Group 1: IPO Market Dynamics - The HKEX is anticipated to host 117 new listings in 2025, averaging a new listing every two trading days [2]. - The total IPO fundraising amount for 2025 is projected to reach 286.3 billion HKD (approximately 36 billion USD), surpassing Nasdaq's expectations [4]. - A notable trend is the increase in "A-share inclusion," with 19 A-share companies successfully listing in Hong Kong, contributing nearly half of the total new fundraising amount [7]. Group 2: Major Contributors to IPO Growth - Six major IPOs, including leading companies like CATL and Heng Rui Medicine, are expected to raise a combined total of 1,033.2 billion HKD, accounting for 36.12% of the total IPO fundraising [6]. - The "A+H" listing model is becoming increasingly popular among companies, serving various strategic needs such as international expansion and risk hedging [9]. Group 3: Policy Support and Market Structure - Continuous policy support, including measures from the China Securities Regulatory Commission to encourage leading companies to list in Hong Kong, is fueling this IPO trend [10][11]. - Recent optimizations to HKEX listing rules have made it easier for companies to meet public shareholding requirements, further enhancing the attractiveness of the Hong Kong market [12]. Group 4: Emerging Sectors and New Economy - The IPO market is witnessing a strong emergence of "new economy" companies, particularly in sectors like AI and robotics, with six companies set to list simultaneously [13]. - The hard technology sector is a significant contributor, with 20 biotech companies and 19 software service companies leading the number of new listings [14]. Group 5: Investment Sentiment and Market Performance - The IPO market's performance is reflected in a low first-day IPO failure rate of approximately 28.83%, the lowest in five years, with many new stocks seeing significant price increases [19]. - The net inflow of southbound funds into Hong Kong stocks reached a record 1.41 trillion HKD, a 74.37% increase from the previous year [19]. Group 6: Future Outlook - Forecasts suggest that in 2026, around 160 new stocks will list in Hong Kong, with fundraising expected to exceed 300 billion HKD, maintaining the market's leading position globally [20]. - Long-term prospects indicate that the Hong Kong market could become a global pricing hub for core Chinese assets, enhancing its attractiveness to international capital [21].