独家专访麦楷亚洲联合主席：科技超级大国崛起，中国市场不可错过

Core Viewpoint - The Hong Kong IPO market is expected to regain its position as the global leader in 2025, raising over 285.8 billion HKD, driven by various factors including the shift of Chinese tech companies towards local listings due to geopolitical risks and the modernization of listing procedures in Hong Kong [1][2][4]. Group 1: Market Performance - In 2025, the global IPO market showed strong performance despite tariff impacts, with the US market seeing 203 companies complete IPOs, raising 44.1 billion USD, a nearly 50% increase from the previous year [7]. - The Hong Kong market outperformed expectations, ending a three-year slump and surpassing Nasdaq to reclaim the top position in global IPO fundraising [7][8]. Group 2: Factors Contributing to Hong Kong's Success - Investor focus has shifted towards China as a tech superpower, with the "DeepSeek moment" indicating that the innovation gap between China and the US has closed [4][8]. - Hong Kong serves as an international financial hub that meets the listing needs of mainland companies while minimizing geopolitical risks [4][8]. - The Hong Kong Stock Exchange has modernized its listing processes for industries such as artificial intelligence and life sciences [4][8]. Group 3: Future Outlook - The Asia-Pacific region is expected to dominate the IPO landscape, with seven out of the top ten global IPOs in 2025 coming from this region, reflecting a strong desire for change and openness to risk [3][12]. - Bernstein predicts that 2026 could be a record year for the IPO market, supported by a stable US economy, gradual easing of Federal Reserve policies, and a healthy competitive environment among companies [3][14]. Group 4: Investment Trends - The average first-day return for Hong Kong IPOs was 37%, significantly outperforming the Hang Seng Index, while US IPOs had an average return of 15% [9]. - Two emerging strategies for Chinese companies are identified: the "China Home Base" strategy focusing on local listings to avoid geopolitical risks, and the "Chinese Multinational Corporations" strategy seeking global branding and potential US listings [10][11].