一天16家，港股IPO爆了

Core Viewpoint - The Hong Kong IPO market is experiencing a significant surge in activity, with a notable increase in the number of companies going public and the amount of capital raised, indicating a robust recovery and potential for future growth in the sector [3][4][6]. IPO Activity Overview - On June 30, 2025, eight companies launched their IPOs in Hong Kong, with the remaining seven continuing their offering for 2-4 days [4]. - The previous week saw a record 16 companies submit their listing applications to the Hong Kong Stock Exchange, spanning various industries including robotics, semiconductors, and biomedicine [5]. - In the first half of 2025, Hong Kong welcomed 43 new IPOs, a 43.3% increase from 30 in the same period of 2024, raising a total of approximately 1,067.1 million HKD, surpassing the total for the entire year of 2024 [6][10]. Fundraising Performance - The top three IPOs in terms of fundraising in the first half of 2025 were Ningde Times, Hengrui Medicine, and Haitian Flavoring, raising 410.1 million HKD, 113.7 million HKD, and 101.3 million HKD respectively, accounting for 58.6% of the total funds raised [10][14]. - The industrial sector led in fundraising, primarily due to Ningde Times, while healthcare and consumer sectors had the highest number of new listings [14]. Market Trends - In the first half of 2025, 27 out of 43 new IPOs saw their stock prices rise on the first day of trading, with a first-day drop rate of 30.2%, indicating a decline in the overall trend of IPO failures compared to previous years [15][16]. - The most significant first-day price increases were observed in biotech companies, with the top performers being Ying'en Biotechnology and Yaojie Ankang, which rose by 116.7% and 78.7% respectively [16][18]. Subscription and Demand - The demand for IPOs has been exceptionally high, with several companies experiencing oversubscription rates exceeding 1,000 times, including Blukoo, which had a staggering 6,000 times oversubscription [19][20]. - The average subscription rate for new stocks has shown significant variation, with some companies achieving over 50% success rates for first-hand allocations [19]. Regulatory and Policy Environment - The Hong Kong Stock Exchange has seen a substantial increase in new applications, with around 180 companies applying in the first half of 2025, compared to 73 in the same period of 2024 [21][24]. - Recent policy changes have allowed companies listed in Hong Kong to return to the Shenzhen Stock Exchange, enhancing the interconnectedness of the capital markets in the Greater Bay Area [25][26].