德勤：上半年港交所IPO融资额升至全球第一，新股强劲势头将持续至2025年底

Core Viewpoint - The article discusses the performance and outlook of the IPO market in Hong Kong and A-shares, highlighting significant growth in new listings and financing amounts in 2025 compared to the previous year [2][4]. Hong Kong IPO Market - In the first half of 2025, Hong Kong's IPO market is expected to see 40 new listings, raising HKD 1,021 billion, which represents a 33% increase in the number of new listings and a 673% increase in financing compared to the same period last year [2]. - The strong performance is attributed to the encouragement of mainland leading companies to list in Hong Kong, improved approval processes for new listings, and enhanced market liquidity [2]. - Approximately 75% of the financing in the first half of 2025 will come from four large A+H new listings and one H-share listing [2]. - The healthcare and pharmaceutical sectors have dominated the number of new economy listings, while the manufacturing sector leads in financing amounts [3]. A-share Market - As of June 30, 2025, there will be 50 new A-share listings raising CNY 371 billion, marking a 14% increase in both the number of new listings and total financing compared to the first half of 2024 [4]. - The Shanghai Stock Exchange will see 19 new listings raising CNY 202 billion, while the Shenzhen Stock Exchange will have 26 new listings raising CNY 150 billion, and the Beijing Stock Exchange will have 5 new listings raising CNY 19 billion [4]. - The ChiNext board is the most active in terms of the number of new listings, while the Shanghai main board leads in financing amounts [4]. Future Outlook - There are over 170 IPO applications currently being processed in Hong Kong, with more than five companies potentially raising at least USD 1 billion each [4]. - Deloitte projects that the Hong Kong IPO market will see 80 new listings raising HKD 2,000 billion in total for the year 2025, with significant contributions expected from the TMT and consumer sectors [4]. - The sentiment towards Hong Kong's IPO market remains cautiously optimistic, contingent on the absence of major geopolitical or macroeconomic disruptions [5].