长线资金持续回归 国资外资争当港股IPO基石投资者丨港美股看台

Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with over 40 companies listed and total financing exceeding HKD 100 billion, indicating a significant increase in both the quantity and quality of cornerstone investors compared to the same period in 2024 [1][4]. Group 1: Cornerstone Investors - The number of cornerstone investors participating in Hong Kong IPOs has surged, with 189 cornerstone investors involved in 43 companies in the first half of 2025, averaging 4.39 investors per company, compared to 41 investors for 30 companies in the same period last year [4]. - The presence of high-quality cornerstone investors enhances the performance of newly listed stocks, as seen with companies like Ying'en Biotechnology-B, which had a first-day increase of 116.70% backed by 15 cornerstone investors [5]. Group 2: Local State-Owned Enterprises - Local state-owned enterprises (SOEs) have increasingly become key players in the cornerstone investment landscape, often linked to the companies' headquarters or significant local projects [7]. - The involvement of local government-backed funds as cornerstone investors significantly increases the likelihood of successful IPOs, as these investments align with local industrial development plans [8]. Group 3: Foreign Institutional Participation - The participation of well-known foreign institutions in cornerstone investments has risen, with a noticeable preference for large IPO projects, indicating a shift in foreign investment sentiment towards Chinese assets [10][11]. - Foreign investors are particularly interested in technology, pharmaceutical, and new consumer companies, reflecting a broader trend of international capital returning to the Hong Kong market [11][12].