瑞银证券全球投资银行部联席主管谌戈：2026年港股IPO市场将延续热度

Core Viewpoint - The Hong Kong IPO market is expected to maintain its momentum into 2026, with stricter selection criteria from international investors, driven by the low allocation of global funds to high-quality Chinese assets and the presence of numerous industry leaders waiting to go public [1][2]. Group 1: IPO Market Trends - As of February 3, 2023, four A-share companies have successfully listed in Hong Kong, with many more updating their listing progress [1]. - The "A+H" model continues to thrive, but there is increasing differentiation among companies, with larger, fundamentally strong firms likely to perform better than smaller firms that do not align with international long-term capital preferences [2]. - The IPO pipeline remains robust, with 376 companies in the "processing" stage and 11 having passed hearings as of February 3, 2023 [3]. Group 2: Investor Preferences - International investors are increasingly recognizing the core competitiveness of Chinese companies, particularly in supply chain efficiency, product development, and digital operations [3]. - There is a notable shift in the investor landscape, with Middle Eastern sovereign funds showing strong interest in complementary assets to their local economies, participating in cornerstone investments and demonstrating high decision-making efficiency [4]. - U.S. institutional participation in Hong Kong IPOs has seen a rebound in 2025, and by 2026, a combination of European, Middle Eastern, and U.S. funds is expected to support market activity [5]. Group 3: Strategic Considerations for Companies - Companies are advised to base their listing decisions on strategic needs rather than short-term market conditions, emphasizing the importance of aligning business strategy with capital market opportunities [3]. - International long-term funds are focused on companies that can deliver real profits, free cash flow, and sustainable dividends, while also being open to valuing emerging sectors like AI and innovative healthcare based on future potential [5]. - Sovereign funds are extending their reach from primary to secondary markets, leveraging established networks to efficiently identify quality investment opportunities [6].