安永：上半年A股IPO稳中有进、北交所吸引力增强，港股IPO显著复苏

Core Viewpoint - The report indicates a significant increase in IPO activities in China, particularly in the A-share and Hong Kong markets, with a notable focus on industrial, technology, and materials sectors [2][4]. A-share Market - In the first half of 2025, 50 companies went public in the A-share market, raising over 37.1 billion RMB, marking a 14% year-on-year increase in both the number of IPOs and the total funds raised [4]. - The industrial, technology, and materials sectors led in both the number of IPOs and the amount raised, with over 30% of the new listings related to the automotive industry [4]. - The ChiNext and Shanghai main board ranked first in terms of IPO activity, while the STAR Market saw a record low in fundraising [5]. - The average fundraising amount for the Beijing Stock Exchange (BSE) significantly increased, indicating a shift towards attracting high-quality innovative small and medium enterprises [5]. Hong Kong Market - Approximately 40 companies are expected to go public in Hong Kong in the first half of 2025, raising around 1,087 million HKD, with a 33% increase in the number of IPOs and a 711% increase in funds raised year-on-year [7]. - The average fundraising amount for IPOs in Hong Kong surged over five times compared to the previous year, driven by several large IPOs [7]. - The launch of the "Tech Company Special Line" in May 2025 aims to facilitate the listing of technology and biotech companies, enhancing financing efficiency and reducing compliance costs [7]. US Market - In the first half of 2025, 36 Chinese companies are expected to go public in the US, raising 841 million USD, with a 44% increase in the number of IPOs but a 62% decrease in total funds raised [7].