德勤：2026年中国内地A股市场将继续稳定增长 香港新股融资额有望再破3000亿港元

Group 1 - The report by Deloitte China indicates that despite geopolitical tensions and the impact of the US "reciprocal tariff" policy, the global IPO financing amount for the top ten new stocks in 2025 shows slight improvement compared to 2024 [1] - The Hong Kong Stock Exchange is expected to lead in new stock financing in 2025, with four out of eight super-large IPOs ranking among the top ten globally [1] - The A-share market in 2025 continues the momentum from 2024, with an increase in the number of new stocks and a significant rise in financing amounts, supported by new policies [1][2] Group 2 - The Hong Kong IPO market is projected to rebound strongly in 2025, with expectations to reach a record financing amount of at least 300 billion HKD in 2026, driven by measures encouraging mainland enterprises to list in Hong Kong and the return of international capital [2] - By December 31, 2025, 114 companies are expected to list in the A-share market, raising 129.6 billion RMB, with the Shanghai Stock Exchange leading in financing amount [2] - The report anticipates that the A-share market will continue to see stable growth in new stock issuance in 2026, particularly in sectors like AI and those prioritized in the "14th Five-Year Plan" [1][3] Group 3 - Deloitte's partner in East China noted that the A-share market's performance in 2025 surpasses that of 2024, with an increase in average financing scale among the top five new stocks, indicating a healthy supply of quality IPOs [3] - The Hong Kong market achieved significant success in 2025, reclaiming its position as the leading global IPO market, attributed to various reforms and measures implemented by the Hong Kong Stock Exchange and the Securities and Futures Commission [3] - Predictions for 2026 suggest around 160 new IPOs in Hong Kong, with financing expected to exceed 300 billion HKD, including several large-scale listings from mainland enterprises [3][4] Group 4 - The outlook for the Hong Kong IPO market may still be influenced by macroeconomic and geopolitical factors, including US monetary policy and global capital allocation trends [4] - Continuous reforms and institutional optimizations in the capital market are expected to enhance Hong Kong's overall competitiveness, liquidity, and valuation levels, improving the IPO market's ecosystem [5]