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 IPO market is experiencing a significant surge in new listings, with over 400 applications received by January 2026, indicating strong demand and capacity to absorb new supply without concerns of a "backlog" [5][10]. Group 1: Market Performance - Since 2025, the Hong Kong capital market has shown robust momentum, with the number of IPO applications increasing from over 300 at the end of 2025 to 414 by the end of January 2026, marking a rapid growth of nearly 100 applications in just one month [5]. - The Hong Kong Stock Exchange (HKEX) reclaimed the top position globally in IPO financing in 2025, attracting three of the top five global IPOs, with daily trading volume doubling to approximately 250 billion HKD [7]. - As of early 2026, the average daily trading volume reached 278 billion HKD, reflecting continued strong market activity [7]. Group 2: Quality of IPOs - The quality of IPOs is emphasized as a critical factor for the success of the Hong Kong market, with the HKEX and the Hong Kong Securities and Futures Commission (SFC) focusing on the quality of listing documents submitted by sponsors [8]. - A joint statement from the HKEX and SFC in November 2024 committed to a 40-working-day timeline for IPO approvals, contingent on the quality of submitted materials [8]. Group 3: Foreign Investment Interest - There has been a noticeable return of foreign capital to the Hong Kong market since 2025, driven by a desire for diversified asset allocation amid rising geopolitical uncertainties [12]. - The HKEX is seen as providing attractive investment opportunities, with significant interest from international investors noted at recent global forums [12]. Group 4: Future Strategies - The HKEX plans to enhance its fixed income market offerings, recognizing the need for a comprehensive asset allocation strategy beyond equities [13]. - The exchange has invested in the Central Moneymarkets Unit (CMU) to build a foundation for the fixed income market and aims to collaborate with various stakeholders to develop a robust market ecosystem [13].