城数Lab. | 港股IPO狂飙，哪些城市赢了？

Group 1 - In 2025, the Hong Kong stock market experienced a significant IPO boom with 117 companies listed, raising a total of 285.8 billion HKD, representing a year-on-year increase of over 200%, reclaiming the top position globally in IPO fundraising [1] - The active IPO market in Hong Kong is attributed to a combination of policy support, industrial accumulation, and capital awareness, further solidifying Hong Kong's status as an international financial center and accelerating the "going out" of Chinese enterprises [1] - A total of 20 provinces in mainland China had companies that went public in Hong Kong, with Shanghai leading at 19 listings, followed by Guangdong with 17, and other provinces contributing significantly to the overall IPO count [1] Group 2 - The "Matthew Effect" is increasingly evident, with the top five provinces being economically advanced, while other provinces like Fujian, Anhui, and Sichuan formed a "second tier" in terms of IPO activity [2] - Major cities such as Shanghai, Beijing, and Shenzhen dominated the IPO landscape, while cities like Ningde and Lianyungang achieved high fundraising amounts despite fewer listings, showcasing the impact of industry leaders [7] - The IPO landscape in Hong Kong in 2025 highlighted a focus on "new economy" and "hard technology," with the pharmaceutical and biotechnology sector leading with 20 listings, followed by software services and other industries [12] Group 3 - The concentration of pharmaceutical and biotechnology companies is particularly notable in the Yangtze River Delta region, with a significant portion of fundraising coming from this area, indicating a strong industrial foundation [14] - Currently, there are over 300 companies waiting to be listed on the Hong Kong Stock Exchange, and the market is expected to maintain its momentum into 2026, emphasizing the importance of leveraging local industrial advantages [14]