港交所陈翊庭：不担心IPO“堰塞湖” 香港市场“胃口好，都能吃得下”

Core Viewpoint - The Hong Kong capital market has shown strong momentum since 2026, with a significant increase in IPO applications, raising concerns about the market's capacity to absorb this influx [1][5]. Group 1: IPO Market Performance - The number of IPO applications in Hong Kong surged from over 300 at the end of 2025 to 414 by the end of January 2026, indicating a rapid growth of nearly 100 applications in just one month [1]. - Hong Kong Exchanges and Clearing Limited (HKEX) regained the top position globally in IPO financing in 2025, with a daily trading volume that doubled to approximately 250 billion HKD, and the average daily trading volume for 2026 has reached 278 billion HKD [3]. - The market has received over 400 IPO applications, including 11 from international companies outside mainland China, showcasing global interest in entering the Chinese market through Hong Kong [3]. Group 2: Quality of IPOs - The quality of IPOs is emphasized as a key factor for attracting global investors, with the HKEX and the Hong Kong Securities and Futures Commission (SFC) focusing on the quality of sponsor submissions rather than the qualifications of the applicants themselves [3][5]. - HKEX has committed to a 40-working-day timeline for IPO approvals, contingent on the quality of submitted materials, which is aimed at ensuring high-quality listings [3]. Group 3: Market Capacity and Demand - HKEX's CEO expressed confidence that the market can absorb the influx of IPOs, attributing this to strong demand from international capital seeking diversified investment opportunities [5]. - The CEO highlighted that as long as the IPOs are of high quality, foreign capital will continue to flow into the market, negating concerns about a "backlog" of IPOs [5]. Group 4: Global Investor Interest - Since 2025, there has been a noticeable return of foreign capital to the Hong Kong market, driven by a desire for diversified asset allocation amid rising geopolitical uncertainties [7]. - The CEO noted that the Hong Kong market is providing attractive investment opportunities, which has been confirmed by international interest observed at events like the World Economic Forum in Davos [7]. Group 5: Future Market Development - HKEX plans to enhance its fixed income market as a core strategic focus for 2026, aiming to provide a broader range of investment options beyond equities [8]. - The exchange has invested in the Central Moneymarkets Unit (CMU) to build a foundation for the fixed income market and intends to collaborate with regulatory bodies and partners to develop a comprehensive market ecosystem [8].