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Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is poised for a busy year in 2025, with a surge in large IPOs and record market transactions, while also focusing on enhancing connectivity between Asian markets and opportunities in China [1][6]. Market Performance - The past year's market performance has been driven by two main factors: the global trend of diversified capital allocation and the shift in China's economic development model. Investors are increasingly seeking diversified growth and risk management opportunities globally [2][5]. - Since the end of 2024, the Hong Kong market has seen significant activity, with the 20 most active trading days occurring after September 2024, indicating a shift in investor behavior towards Asian markets [2][5]. IPO Activity - As of 2025, the Hong Kong IPO market has welcomed over 100 new companies, raising more than 270 billion HKD, with expectations of over 300 companies currently processing listing applications for 2026 [3]. Asian Economic Trends - Asia is becoming a central player in the global economy, contributing nearly double its share to global GDP since 1990, and attracting about 40% of global foreign direct investment. Asian companies represent 55% of global listed companies, accounting for 27% of total global stock market capitalization [5][6]. Future Outlook for HKEX - The long-term outlook for the Asian market is positive, with expectations of continued economic growth driving the development of regional financial markets and attracting global capital. HKEX is positioned to leverage its unique connectivity with mainland China to enhance its role as a global financial hub [6][7]. - HKEX aims to strengthen its advantages in connectivity with mainland markets, optimizing mechanisms to support further opening of the Chinese capital market and the internationalization of the Renminbi [7].