经济观察报·2025-06-29 05:51Core Viewpoint - The competitive landscape of brokerage investment banking is changing, with policy dividends becoming a significant driver for the recovery of IPO activities in both A-shares and Hong Kong stocks [1][15]. Summary by Sections IPO Market Recovery - In the first half of 2025, there has been a noticeable recovery in IPO activities, with A-share IPO financing totaling 37.355 billion yuan, a year-on-year increase of 14.96%, and the number of IPOs rising by 15.91% to 51 [2]. - Hong Kong's IPO financing has seen explosive growth, reaching 1,047.21 billion HKD (approximately 95.663 billion yuan), a staggering year-on-year increase of 785.99%, with 40 IPOs, up 33.33% [2]. Policy Impact - The introduction of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) aims to deepen the reform of the Sci-Tech Innovation Board, which includes the establishment of a growth layer for innovative companies, thus facilitating the listing of unprofitable tech firms [2][15]. - This policy is expected to create new opportunities for brokerage investment banks and private equity direct investment businesses [4]. Changes in Brokerage Performance - Despite an overall decline in average revenue for brokerage investment banking in 2024, leading firms have managed to grow through bond underwriting, cross-border mergers, and services related to the Beijing Stock Exchange [5]. - The competitive landscape among brokerages is shifting, with a notable increase in the number of firms successfully sponsoring IPOs, including new entrants like Dongxing Securities and China Galaxy [12]. Market Dynamics - The number of IPO projects accepted by major exchanges has surged, with 67 projects accepted in June alone, compared to only 30 in the first half of 2024 [8][9]. - The current environment is characterized by a recovery phase compared to the previous year's "small year" for IPOs, with a significant increase in the acceptance rate of IPO applications [9][12]. Hong Kong IPO Market - The Hong Kong IPO market has seen a significant uptick, with 28 brokerages participating in new stock issuances, and leading firms like CICC and CITIC Securities capturing a substantial market share [18]. - As of June 26, 2025, the total IPO financing in Hong Kong has exceeded 1,000 billion HKD, surpassing the total for the previous three years and accounting for one-third of the average annual IPO financing from 2018 to 2021 [19]. Future Outlook - The overall market activity is expected to increase in the latter half of 2025, driven by a series of capital market reforms and a favorable macroeconomic environment [16][22]. - The positive market factors are anticipated to provide a window for high-quality large IPO projects, suggesting a continued prosperous outlook for the Hong Kong IPO market [22].