2 1 Shi Ji Jing Ji Bao Dao·2025-12-31 00:18Core Insights - The Hong Kong stock market is expected to lead globally in IPO financing in 2025, surpassing 200 billion HKD, marking the second-highest record in five years [1] - Four of the top ten global IPOs in 2025 are from the Hong Kong market, including major companies like CATL and Sany Heavy Industry [1] - Domestic securities firms are leveraging the growth of the Hong Kong market to build competitive advantages through diverse strategies [2] Group 1: Market Dynamics - The Hong Kong market's unique advantages and regulatory support are driving mainland companies to list, with notable firms like CATL and Sany Heavy Industry participating [2] - The surge in the Hong Kong market presents historic opportunities for domestic securities firms, with leading firms enhancing competitiveness through capital increases and business license improvements [2] - The establishment of benchmark projects is crucial for firms to break into the market, exemplified by the successful IPO of Seres, which is the largest IPO for a car company globally in 2025 [2][3] Group 2: Competitive Strategies - Domestic firms are exploring differentiated paths in the Hong Kong market, such as focusing on specific regions or industries, leveraging prior A-share IPO experience [4][5] - China Galaxy Securities has established a significant international presence, enhancing its competitive edge in the Hong Kong market through acquisitions and a broad network across Southeast Asia [5][6] - The firm has successfully completed over 20 IPO projects in 2025, covering various sectors including technology and renewable energy [6] Group 3: Talent and Mechanism Integration - The integration of domestic and international operations is emphasized, with firms recruiting top talent to enhance their capabilities in the Hong Kong market [8] - China Galaxy Securities has developed a well-trained team to provide high-quality investment banking services, promoting cross-border collaboration [8] - The firm is also innovating in cross-border capital market services, addressing challenges in foreign currency allocation for domestic investors [9]