中金点睛·2025-07-27 23:47Core Viewpoint - The Hong Kong stock market has been active since 2025, outperforming major global markets, particularly the A-share market, driven by significant inflows of southbound capital and an increase in IPO activities [1][2][3]. IPO Market Status - The Hong Kong IPO market is currently the largest globally, with a fundraising total of HKD 1,273.6 billion, marking a new high since 2021 and nearing the total of the past two years combined [4][12]. - As of July 25, 2025, 52 companies have listed on the Hong Kong stock exchange, approaching 75% of the total listings in 2024 and 2023 [3][4]. - A notable trend is the increasing number of A-share companies choosing to list in Hong Kong, with 13 leading A-share firms already listed and over 50 more planning to do so [3][4]. Market Dynamics - The influx of southbound capital has been significant, with over HKD 820 billion entering the Hong Kong market in just seven months, surpassing the total for the entire year of 2024 [15][24]. - The average daily trading volume in the Hong Kong main board has reached HKD 2,423 billion, significantly higher than the averages of HKD 1,318 billion in 2024 and HKD 1,049 billion in 2023 [9][24]. Future Outlook - The increase in IPOs and placements is expected to raise liquidity demands, with an estimated total of HKD 3,000 billion in IPOs and placements anticipated for the second half of the year [20][21]. - The Hong Kong Stock Exchange has implemented several reforms since 2018 to attract more companies, including allowing unprofitable biotech firms to list and easing restrictions on dual-class shares [22][24]. Investment Strategy - The performance of IPOs varies significantly, with a notable difference in returns based on company size and market conditions. Smaller companies tend to perform well initially but may underperform over time [26][36]. - The optimal strategy for investors is to sell within three trading days post-IPO for the highest potential returns, while holding for six months may not yield the best outcomes due to market pressures [42][43].