抱歉，投资人想靠港股IPO上岸依然很难

Core Viewpoint - The Hong Kong IPO market is experiencing a significant surge in fundraising, with over 892 million HKD raised in the first two months of the year, ten times that of the same period last year, while simultaneously facing liquidity challenges as many companies struggle with low trading volumes [2][3]. Group 1: IPO Market Dynamics - In 2025, the Hong Kong Stock Exchange (HKEX) saw a total IPO fundraising exceeding 2,850 million HKD, reclaiming its position as the global leader in IPO fundraising after four years [3]. - Despite the impressive fundraising figures, the market remains dominated by a small number of large-cap companies, with 268 firms in the top 10% capturing 80.33% of trading volume, indicating a significant liquidity disparity [4][6]. - The average daily trading volume for the Hong Kong market reached 2,015 million HKD in 2025, a substantial increase from previous years, yet it only represents 10.25% of the A-share market and 4.39% of the US market [3]. Group 2: Liquidity Challenges - A staggering 1,517 listed companies in Hong Kong have an average daily trading volume of less than 1 million HKD, accounting for 56.58% of the total, highlighting a significant number of companies facing liquidity issues [4][8]. - By the end of 2025, over 1,820 companies on the main board had a market capitalization of less than 10 billion HKD, indicating that many companies may peak at the IPO stage and then face declining liquidity [6]. - The upcoming wave of unlocks in 2026 is expected to release approximately 1.6 trillion HKD worth of restricted shares, with significant monthly unlocks projected, raising concerns about market stability [9]. Group 3: Market Reactions and Future Outlook - The liquidity crisis is exacerbated by the fact that many newly listed companies experience a rapid decline in trading volume after their initial trading days, with some stocks seeing daily trading volumes drop below 500 million HKD [11]. - The Hong Kong Stock Connect program is viewed as a potential solution for improving liquidity, but it is not a guaranteed remedy, as the criteria for inclusion are stringent and maintaining eligibility is challenging [12][15]. - The tightening of market entry standards for the Hong Kong Stock Connect may further complicate the situation for smaller companies, as they may struggle to meet the new requirements [13][14].