智通财经网·2026-01-12 08:45Summary of Key Points Core Viewpoint The Hong Kong stock market is set to welcome 117 new listings in 2025, with a total of 114 IPOs and 1 introduction listing, indicating a robust IPO environment despite fluctuations in previous periods. Group 1: New Listings and IPO Statistics - In 2025, the Hong Kong stock market will see 117 new companies listed, including 114 IPOs and 1 introduction listing [1] - Over the past 24 months, there have been 187 new listings, with 184 being IPOs, while the past 36 months saw a total of 260 new listings, with 252 IPOs [1][2] - The leading IPO underwriter in 2025 is CICC, with 41 projects, followed by CITIC Securities with 32 projects [5][12] Group 2: Underwriter Performance - CICC has maintained its position as the top underwriter for IPOs, accounting for 36% of the total projects in 2025 [5] - In the past 24 months, CICC also led with 60 projects, representing 33% of the total [8] - Over the last 36 months, CICC again topped the list with 81 projects, making up 32% of the total [10] Group 3: Fundraising Scale - The total fundraising amount from the 114 IPOs in 2025 is approximately HKD 2,606.7 billion [12] - CICC leads in fundraising with HKD 1,320.0 billion, followed by CITIC Securities with HKD 745.7 billion [13] Group 4: Legal and Audit Services - Ernst & Young is the leading auditor for IPOs in 2025, involved in 41 projects, which is 36% of the total [16] - The top mainland law firm for IPOs in 2025 is Jingtian Gongcheng, providing services for 47 projects, accounting for 41% [21] - The leading overseas law firm is Kirkland & Ellis, involved in 23 projects, representing 20% of the total [30] Group 5: Industry Advisors - Frosst & Sullivan is the top industry advisor for IPOs in 2025, participating in 82 projects, which is 73% of the total [42] - Over the past 24 months, Frosst & Sullivan also led with 125 projects, making up 68% [42]