Sou Hu Cai Jing·2025-12-30 10:21Core Insights - The capital markets in China, particularly A-shares and Hong Kong stocks, have shown significant activity with a total of 9 IPOs on December 30, 2025, marking a vibrant end to the year and reflecting a promising outlook for 2026 [1] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, a 16% increase compared to 2024, with a total fundraising amount of 131.77 billion yuan, representing a 95.64% year-on-year increase [3][4] - The leading sectors for IPOs were technology, with notable companies like Moer Technology and Muxi leading the charge, indicating a shift towards "hard technology" as the core focus of the market [4][5] - The largest IPO in the A-share market was Huadian New Energy, raising 18.17 billion yuan, making it the sixth largest IPO globally for the year [4] Hong Kong Market - The Hong Kong stock market hosted 117 new IPOs in 2025, a more than 60% increase from the previous year, with total fundraising reaching 285.69 billion HKD, a 220% increase year-on-year, reclaiming the top position globally for fundraising [7][8] - Eight major IPOs raised over 10 billion HKD each, contributing significantly to the total fundraising, with companies like CATL and Zijin Mining leading the way [7] - The performance of new stocks was strong, with only 27.35% experiencing a drop on their first trading day, the lowest rate in five years [8] Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust demand for technology-driven companies, with regulatory bodies enhancing the market's inclusivity and adaptability [9][10] - The influx of capital from international investors and the increasing number of mainland companies listing in Hong Kong have strengthened the market's position [11][15] - Looking ahead to 2026, expectations are high for continued growth in both markets, with projections of around 160 new IPOs in Hong Kong and a focus on quality over quantity in A-shares [13][12]