2025年港股IPO热度强势回归：募资规模跃居全球交易所第一 熟面孔成主导力量 占全年募资近七成

Core Viewpoint - The Hong Kong IPO market experienced a strong resurgence in 2025, with 114 companies completing listings and raising a total of HKD 285.3 billion, a 224% increase from HKD 88.1 billion in 2024, making it the largest IPO fundraising exchange globally [1][3]. Group 1: IPO Market Performance - The significant rebound in the IPO market is attributed to both the global liquidity environment and the concentrated demand from mainland companies seeking to raise funds in Hong Kong [1][3]. - The fundraising landscape in 2025 is characterized by a dominance of familiar types of listings, including A to H, spin-offs, and returning Chinese companies, which collectively contributed over 70% of the total fundraising [1][3]. Group 2: A to H Listings - A to H listings emerged as the absolute mainstay of fundraising in 2025, with 19 A-share companies successfully listing in Hong Kong, raising a total of HKD 140 billion, accounting for 49% of the total IPO fundraising [3]. - Notable A to H IPOs include CATL, which raised HKD 41 billion, followed by SANY Heavy Industry (HKD 15.3 billion), Seres (HKD 14.3 billion), and others, all contributing significantly to the overall fundraising [3]. Group 3: Spin-offs and Related Listings - In 2025, four companies completed spin-off listings, raising a total of HKD 34.9 billion, with Zijin Mining International leading at HKD 28.7 billion [3]. - Related companies, such as Innovation Industry and Conch Materials Technology, raised a combined HKD 6.8 billion, leveraging their parent company resources [3]. Group 4: Returning Chinese Companies - Three Chinese companies returned to Hong Kong for secondary listings, focusing on advanced sectors like smart driving and lidar, raising a total of HKD 13.9 billion [4]. - The trend of returning Chinese companies is expected to encourage more firms to consider dual listings in Hong Kong, enhancing market dynamics [4]. Group 5: Market Structure Changes - The fundraising structure has shifted significantly over the years, with familiar faces dominating the market in 2025, contrasting with the balanced new face listings seen in 2021-2022 [4]. - The proportion of familiar face listings surged in 2025, marking a reversal from the previous year's decline, driven by the resurgence of A to H listings [4]. Group 6: Market Outlook - The Hong Kong market serves as a crucial bridge between mainland and global capital, requiring both established players and new entrants to enhance market vitality [6]. - The expectation is for more high-quality unlisted entities, like Chery Automobile, to enter the market, bringing innovation and growth potential [6].