CATL(SZ:300750) Xin Lang Cai Jing·2026-01-09 10:39Core Viewpoint - The Hong Kong IPO market has shown a strong recovery in 2025, with 115 companies completing listings and raising a total of 285.3 billion HKD, a 224% increase compared to 88.1 billion HKD in 2024, making it the largest IPO fundraising exchange globally [1][4]. Group 1: IPO Market Performance - The top ten IPO projects accounted for 1,555 billion HKD, representing 55% of the total fundraising for the year [1][4]. - Notably, CATL led the IPOs with a fundraising amount of 41 billion HKD, marking the largest IPO in Hong Kong in nearly four years and the second largest globally in 2025 [2][5]. Group 2: A-Share Companies Going Public - A total of 19 A-share companies listed in Hong Kong, making up 17% of the total IPOs, but they raised 1,400 billion HKD, which is 49% of the total IPO fundraising in Hong Kong [3][6]. - The trend of A-share companies going public in Hong Kong is driven by the advantages of international capital access and financing convenience [3][6]. Group 3: Notable IPOs and Trends - Zijin Mining's spin-off, Zijin Gold International, raised 28.7 billion HKD, benefiting from favorable gold market conditions [3][7]. - The return of Chinese concept stocks to Hong Kong, exemplified by Pony.ai's 6.7 billion HKD IPO, indicates a trend of capital flow back to the Hong Kong market [3][7]. Group 4: Market Composition and Future Outlook - The top ten IPOs primarily consist of familiar names, with six being A to H listed A-share companies, two being spin-offs, and one being a returning Chinese concept stock, while Chery Automobile is the only new entrant [4][8]. - The Hong Kong market is expected to continue attracting high-quality new listings to enhance its market vitality and financing capabilities [4][8].