国际投行看好中国IPO前景，科技、创新药、新消费仍是主线

Core Viewpoint - The article highlights the resurgence of the Hong Kong IPO market driven by sectors such as artificial intelligence, new consumption, and innovative pharmaceuticals, with expectations for continued activity in 2025 [1][3]. Group 1: IPO Market Dynamics - The Hong Kong IPO market is projected to remain active in 2025, with an estimated 90 to 100 companies expected to list, raising over 200 billion HKD [1]. - As of mid-July, approximately 288 companies are in the IPO queue, indicating a strong pipeline of upcoming listings [5]. - The recent IPO of CATL in Hong Kong marked a significant milestone, raising approximately 30.72 billion HKD, making it the largest IPO globally this year [3]. Group 2: Foreign Investment Sentiment - There is a notable recovery in foreign investor interest in Hong Kong IPOs, with overseas long-term funds increasingly participating in the market [2][5]. - Foreign investors contributed 42% of the IPO financing this year, with two-thirds of this coming from overseas investors [5]. Group 3: Sector Focus - Key sectors attracting investor attention include AI-related hardware and software, biopharmaceuticals, new consumption, and high-end manufacturing [7][10]. - The innovative pharmaceutical sector has seen significant foreign interest, with over 1 billion USD in overseas licensing orders becoming commonplace [8]. - The Hang Seng Biotechnology Index has surged by 90.66% this year, significantly outperforming the Nasdaq Biotechnology Index [8]. Group 4: Future Trends - The article anticipates continued interest in biopharmaceutical IPOs, particularly in oncology and autoimmune disease areas, with a growing trend of Chinese companies retaining some overseas participation rights [9]. - New consumption brands, including those in the food and beverage sector, are also gaining traction, with several companies preparing for IPOs in Hong Kong [10].