21世纪经济报道·2025-12-30 00:30Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a resurgence in IPO activity, with an expected total fundraising amount exceeding HKD 280 billion in 2025, reclaiming its position as the global leader in IPO fundraising [1][4]. Group 1: IPO Market Dynamics - In 2025, HKEX is projected to have 117 new listings, averaging one IPO every two trading days [1]. - The total IPO fundraising amount is expected to reach HKD 286.3 billion (approximately USD 36 billion), surpassing Nasdaq's annual expectations [4]. - Six companies listed on both A-share and H-share markets contributed significantly to the fundraising, totaling HKD 1,033.2 million, accounting for 36.12% of the total IPO fundraising [4]. Group 2: A+H Listing Trend - Nineteen A-share companies successfully listed on the HKEX in 2025, raising a total of HKD 1,399.93 million, which constitutes nearly half of the total new stock fundraising in the Hong Kong market [5]. - The A+H listing model is becoming increasingly popular among companies, driven by various strategic needs such as international expansion and risk hedging [6]. - Regulatory support, including relaxed public holding requirements for A+H issuers, has facilitated this trend [6]. Group 3: New Economy and Technology Focus - The IPO market in 2025 is characterized by a strong influx of new economy companies, particularly in sectors like AI and robotics, indicating a broad appeal for innovative businesses [9]. - The healthcare and software service sectors are leading in the number of IPOs, with significant growth observed in companies like Paig Bio and autonomous driving firms [9][10]. - The introduction of specific listing rules for biotech and specialized technology companies has resulted in 88 listings since their implementation, showcasing the effectiveness of these regulations [10]. Group 4: Market Performance and Investor Sentiment - The IPO market has seen a notable increase in profitability, with a first-day IPO failure rate of approximately 28.83%, the lowest in five years [14]. - A record net inflow of HKD 1.41 trillion from southbound funds was observed, marking a 74.37% increase from the previous year [14]. - Despite the positive trends, there are concerns about market capacity and the potential for increased volatility as new listings surge [14]. Group 5: Future Outlook - Forecasts for 2026 suggest continued vibrancy in the IPO market, with expectations of around 160 new listings and fundraising of at least HKD 300 billion [15]. - The long-term vision for the HKEX includes becoming a global pricing hub for core Chinese assets, necessitating ongoing regulatory improvements and enhanced cross-border capital flow [15][16]. - Strengthening the link between mainland and Hong Kong markets through initiatives like ETF connectivity is essential for reinforcing Hong Kong's role as a global financial center [16].