Cai Jing Wang·2025-12-31 09:19Core Insights - In 2025, the Hong Kong IPO market has significantly rebounded, reclaiming the top position globally in fundraising, driven by the increasing allocation of international capital to Chinese assets and the enhanced international service capabilities of Chinese investment banks [1][7] Group 1: Market Performance - The Hong Kong market completed 117 IPOs in 2025, with China International Capital Corporation (CICC) participating in 53, achieving a market coverage rate of 45%, a substantial increase from 17% in 2019 [1] - CICC sponsored 33 companies for listing, maintaining the number one market share for four consecutive years, with a sponsorship market share of 36% [1][2] Group 2: Underwriting Scale - CICC's total underwriting scale exceeded $10 billion, with a market share of nearly 30%, nearly doubling from about 15% in 2019 [2] - The shift in market dynamics reflects CICC's enhanced ability to cover global investors and its growing dominance in key underwriting processes [2] Group 3: Leading Projects - CICC's involvement in head projects increased from 4 in 2019 to 10 in 2025, representing 50% of the total head projects, with 8 projects having an underwriting share exceeding 45% [3] - This change highlights CICC's professional capabilities in leading organization and communication with global investors [3] Group 4: Internationalization and Capital Access - CICC has successfully attracted top-tier sovereign funds and long-term institutional investors for various IPOs, providing crucial funding for companies [4] - Notable IPOs include CATL's $5.25 billion listing, which set multiple records, and Chery Automobile's $1.34 billion IPO, marking the largest financing scale for a comprehensive automotive company in nearly a decade [5][6] Group 5: Strategic Innovations - The listing of Jaxin International Resources marked a significant milestone as the first dual listing project in Hong Kong and Astana, showcasing innovative trading structures and the internationalization of the RMB [6] - CICC's role in these projects has established a strong market pricing foundation for emerging international mining enterprises [6] Group 6: Overall Impact - From 2019 to 2025, CICC has transitioned from a significant participant to a leader in the Hong Kong IPO market, enhancing its influence and establishing a more robust pricing foundation for Chinese assets in the global capital market [7]