CATL(SZ:300750) Huan Qiu Wang·2026-01-02 02:47Group 1 - In 2025, Hong Kong's capital market regained the top position globally with an IPO financing amount of HKD 285.8 billion [1] - A total of 119 companies were listed in Hong Kong, representing a significant increase of 63% compared to 2024, with total fundraising amounting to approximately 2.25 times higher year-on-year, marking a three-year high [3] - December 2025 was the busiest month for listings since November 2019, with at least 25 companies going public [3] Group 2 - Among the top ten IPOs of the year, eight raised over HKD 10 billion, with CATL and Zijin Mining International ranking as the top two global IPOs [3] - Notably, 19 A-share companies listed in Hong Kong, raising a total of approximately HKD 140 billion, accounting for nearly half of the market total [3] - The strong market performance was attributed to ongoing institutional innovations and a significant improvement in liquidity conditions [3][4] Group 3 - The average daily trading volume in the first eleven months of 2025 reached HKD 255.8 billion, reflecting an increase of approximately 95% year-on-year [4] - Major intermediary firms ranked at the top include Morgan Stanley Asia, LifeMoore Securities, King & Wood Mallesons, and Ernst & Young in their respective fields of sponsorship, underwriting, legal, and auditing [5] - Deloitte China predicts that with over 300 listing applications currently in support, the Hong Kong IPO market is expected to welcome around 160 new stocks in 2026, with fundraising expected to exceed HKD 300 billion [5]