180家A股公司正排队香港上市

Core Viewpoint - The Hong Kong IPO market is experiencing a surge in activity, driven by the "A+H" listing model, with significant contributions from large A-share companies seeking to raise capital in Hong Kong [1][10]. Group 1: IPO Market Dynamics - Bluefin Technology's IPO on July 9, 2023, raised HKD 54.83 billion, marking it as the largest financing project for Hong Kong IPOs in 2025 [1]. - The first half of the year saw the Hong Kong Stock Exchange (HKEX) achieve a financing scale of HKD 880 billion, reclaiming its position as the top global IPO market [1]. - The trend of A-share companies listing in Hong Kong is expected to continue, with 180 A-share companies currently in line for H-share listings [10][11]. Group 2: Bluefin Technology's H-Share Listing - Bluefin Technology's H-share IPO is notable for being the first independent underwriting project in Hong Kong with a market value exceeding HKD 1 billion in nearly two decades [2]. - The company aims to use the raised funds primarily to enhance its overseas business presence, particularly in Southeast Asia and North America [5]. - The rapid process of Bluefin's H-share listing took only 100 days from application to completion, showcasing the efficiency of the HKEX [2]. Group 3: Market Trends and Investor Sentiment - The "A+H" listing model is becoming increasingly popular among A-share companies, driven by the need to attract global capital and enhance brand influence [10][11]. - The valuation disparity between A-shares and H-shares is prompting companies to choose the Hong Kong market for its higher valuation potential [8][9]. - The influx of foreign capital into the Hong Kong market is improving liquidity and driving up valuations, creating a positive feedback loop for companies considering H-share listings [9].