2025年港股股权融资规模同比增长251% IPO热潮延续

Core Viewpoint - The Hong Kong stock market experienced explosive growth in equity financing in 2025, with expectations for continued activity into 2026, despite potential structural challenges [1] Group 1: Market Performance - In 2025, the total equity financing in the Hong Kong stock market reached HKD 612.2 billion, representing a year-on-year increase of 250.91% [1] - The IPO market regained its position as the global leader, with 117 companies raising a total of HKD 285.8 billion, a year-on-year growth of 224.24% [1] - Currently, there are over 300 companies waiting for IPO approval, indicating sustained interest and activity in the market [1] Group 2: International Capital Inflow - International capital has significantly returned to the Hong Kong market, with participation rates from major international long-term funds (including US, European, and Asian funds) in IPO projects rising to 85%-90% [1] - The active IPO market is expected to attract more international capital rather than detract from liquidity, as quality IPOs can enhance market attractiveness [1] Group 3: Future Outlook - Most institutions predict that the active trend in Hong Kong's equity financing will continue, suggesting a robust market environment moving forward [1] - Analysts emphasize the need to differentiate between structural issues and temporary phenomena when assessing the impact of IPOs on market liquidity [1]