独家盘点｜2025年证监会境内企业境外上市备案年度数据分析

Core Insights - In 2025, the trend of domestic companies listing overseas continued to grow, with a significant increase in the number of companies successfully obtaining approval for overseas listings, reflecting a robust demand for cross-border financing and improved efficiency in the approval process [4][26]. Group 1: Overseas Listing Application Statistics - As of December 19, 2025, a total of 307 companies submitted applications for overseas listing, with 252 aiming for Hong Kong, 54 for the United States, and 1 for Taiwan [3]. - Among the 307 companies awaiting approval, 174 are pursuing direct listings, while 92 are opting for indirect listings, and 41 are seeking full circulation [3]. Group 2: Successful Overseas Listing Statistics - By December 31, 2025, 179 companies received approval for overseas listings, marking a 15% increase from 156 in 2024, indicating a steady rise in the number of companies seeking to list abroad [4]. - The distribution of successful listings shows that 156 companies chose to list in Hong Kong, a 36.5% increase from 99 in 2024, while only 14 companies opted for the U.S., a sharp decline of 75% from 56 in 2024 [5][7]. Group 3: Analysis of Hong Kong Listings - The dominance of Hong Kong as the preferred listing destination is underscored by the fact that 86.6% of the total successful listings were in Hong Kong, driven by the market's favorable conditions and regulatory innovations [7]. - The Hong Kong Stock Exchange's initiatives, such as optimizing dual primary listing standards and enhancing inclusivity for tech and innovative companies, have contributed to its attractiveness [7]. Group 4: U.S. Listing Trends - Only 14 companies successfully listed in the U.S. in 2025, with several using VIE structures or SPAC mergers, reflecting a significant decline in interest due to geopolitical uncertainties and tightening regulations by the SEC [13][14]. - The U.S. market's appeal has diminished, leading to a trend of companies withdrawing from U.S. listings and returning to Hong Kong [13]. Group 5: Other Regions and Industry Analysis - In addition to Hong Kong and the U.S., 7 companies listed in Taiwan and 2 in Singapore, indicating a growing interest in regional markets beyond the mainstream [16]. - The industry distribution of the 179 companies that completed overseas listings shows a strong focus on hard technology and consumer sectors, with over 43% in tech and biomedicine, highlighting Hong Kong's role as a key market for these sectors [18][19]. Group 6: Policy Environment - The positive trend in overseas listings is supported by ongoing policy reforms aimed at optimizing the listing process, enhancing regulatory collaboration, and stabilizing market expectations [22][23]. - The regulatory framework has been adjusted to support technology companies in accessing capital markets, thereby alleviating financing pressures for R&D [24][25]. Group 7: Summary - The overall data for 2025 indicates a growth in overseas listing applications and approvals, with Hong Kong emerging as the dominant market, particularly for hard technology and consumer sectors, driven by strong demand for cross-border financing and supportive policies [26].