资本热话 | 国际资金大幅回流至中资IPO项目，“长线资金已经回来了五六成”

Core Insights - The return of international capital to the Hong Kong market is significant, with estimates suggesting that 50% to 60% of previously exited foreign capital has returned, indicating a strong recovery in the market [4] - The Hong Kong market is expected to be vibrant in 2025, with a projected 117 new IPOs and total fundraising of approximately 285.7 billion HKD, marking a substantial increase from 2024 [7] - The participation rate of top international long-term funds in Hong Kong IPOs has surged from 10%-15% in early 2024 to 85%-90%, reflecting a robust influx of international capital [3] Investment Trends - International capital is increasingly favoring Chinese technology and consumer stocks, driven by clear business logic and attractive valuations in the consumer sector [4] - The AI sector is anticipated to see more companies from the industry chain, including telecommunications, data, and semiconductors, listing in Hong Kong [4][5] - The overall market sentiment has improved, despite concerns over potential IPO failures, as evidenced by the rapid recovery of market conditions [8] Market Dynamics - The Hong Kong IPO market is expected to maintain high activity levels in 2026, although the number of A-share companies listing may decrease compared to 2025 [7] - The market's resilience will be tested as independent listings, particularly in the AI sector, are anticipated to increase [7] - Recent IPOs have faced challenges, with several new stocks experiencing significant first-day declines, raising concerns about a potential wave of IPO failures [8]