Core Viewpoint - The article discusses the resurgence of the Hong Kong Stock Exchange (HKEX) as a leading platform for AI companies, highlighting a significant shift from traditional sectors to technology-driven firms, particularly in AI and semiconductor industries [6][9][12]. Group 1: IPO Trends and Market Dynamics - Wall Street's IPO market has seen a drastic decline from approximately 310 billion HKD in 2021 to just over 100 billion HKD in 2022, a drop of about 65% [6]. - In 2023, the HKEX recorded only 68 IPOs, raising around 46 billion HKD, marking the lowest level since 2013 [6]. - The first two weeks of 2026 witnessed an unprecedented AI IPO wave, with companies like Wallran Technology experiencing a 2348 times oversubscription and raising 130 billion HKD [9]. Group 2: Financial Performance of HKEX - The HKEX reported a 41% increase in major business revenue from 14,542 million HKD in 2024 to 20,438 million HKD in 2025 [10]. - The net profit attributable to shareholders rose by 45%, from 9,270 million HKD in 2024 to 13,419 million HKD in 2025 [10]. - The EBITDA for the first three quarters of 2025 reached 17,164 million HKD, a 48% increase compared to the previous year [10]. Group 3: AI Companies and Their Financial Needs - AI companies often have R&D expenditures that are several times their revenue, with companies like Zhipu spending over eight times their revenue on R&D in the first half of 2025 [11]. - Wallran Technology's revenue surged from less than 500,000 HKD in 2022 to over 300 million HKD in 2024, but its R&D expenses reached 830 million HKD, indicating a cash burn situation [11]. - The need for continuous funding is critical for AI companies, as they require a sustainable capital pool to support ongoing operations and development [12]. Group 4: Advantages of HKEX for AI Companies - The HKEX has adapted its listing rules to accommodate frontier technology companies, allowing unprofitable firms to list if they have technological barriers and top-tier capital backing [13][14]. - The minimum market capitalization requirements for companies have been lowered, benefiting many AI firms [13]. - The HKEX's approval process has been streamlined, reducing the time from 8-12 months to 4-6 months, enhancing its attractiveness for tech firms [14]. Group 5: Future Outlook and Market Sentiment - The article suggests that the HKEX will continue to attract more technology-focused companies, with several AI and semiconductor firms already in the pipeline for IPOs [16]. - The success of AI companies is paradoxical; as they succeed, they require more capital, which may lead to prolonged periods of unprofitability [17]. - Investors are betting on the potential of AI companies, despite uncertainties regarding their profitability and market sustainability [18].

1月27日，香港交易所宣布与巴西证券交易所签署合作备忘录，促进两地的可持续金融及碳市场发展。 根据合作备忘录，港交所将与巴西证券交易所共同推动香港与巴西的碳市场发展、开拓大宗商品机遇， 并建立定期沟通渠道，加强双方合作。两家交易所亦会探讨旗下市场证券相互挂牌的可能性，同时寻找 亚洲及南美洲碳产品和ESG产品的新机遇。 ...

| .HSIADR 恒生指数ADR | | --- | | 27133.89 ↑ +6.94 +0.03% - 收盘价 01/27 16:00 美东 | | ■ 可 可 可 中 可 中 | | 最高价 27190.23 开盘价 27190.23 成交量 3858.63万 | | 最低价 27051.22 昨收价 27126.95 平均价 27120.72 | | 52周最高 27275.90上 涨 -- 平 智 -- | | 52周最低 19335.70 下 跌 -- 振 幅 0.51% | | 800000 恒生指数 27126.95 +361.43 +1.35% | 智通财经APP获悉，周二，美股三大指数涨跌不一。恒生指数ADR上涨，按比例计算，收报27133.89点，较香港收市升6.94点或0.03%。 大型蓝筹股涨跌不一，汇丰控股收报138.036港元，较香港收市涨2.63%；腾讯控股收报608.989港元，较香港收市涨0.33%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 较活 | | --- | --- | - ...

本报讯 （记者毛艺融）1月27日，香港交易所宣布与巴西证券交易所签署合作备忘录，促进两地的可持 续金融及碳市场发展。 根据合作备忘录，香港交易所将与巴西证券交易所携手推动碳市场发展、开拓大宗商品机遇，并建立定 期沟通渠道，加强双方合作。两家交易所亦会探讨旗下市场证券相互挂牌的可能性，同时寻找亚洲及南 美洲碳产品和ESG产品的新机遇。 香港交易所首席可持续发展总监周冠英表示："我们很高兴能与巴西证券交易所签署这份合作备忘录。 这次合作进一步拓展了Core Climate在碳市场上的发展，充分展现香港交易所持续推动全球各地可持续 金融发展的承诺。我们期待与巴西证券交易所紧密合作，共同推动国际碳排放标准的发展，鼓励创新， 并透过跨境合作，为市场迈向低碳经济带来实质进展。" 香港交易所表示，致力于拓展可持续金融领域的发展，推动建立透明、包容且与全球接轨的碳市场。透 过加强与巴西证券交易所的合作及持续推进可持续金融举措，进一步巩固其作为市场联系人的地位，促 进跨境创新和协作，以构建更具韧性和包容性的金融生态圈。 （编辑 张昕） ...

转自：新华财经 编辑：胡晨曦 新华财经香港1月27日电（记者林迎楠）香港交易及结算所有限公司27日宣布与巴西证券交易所签署合 作备忘录，双方将携手推动香港与巴西的碳市场发展、开拓大宗商品机遇，并建立定期沟通渠道，加强 双方合作。 巴西证券交易所国际业务发展部（亚洲及大洋洲）总监Sérgio Gullo指出，与香港交易所合作不仅巩固 了巴西证券交易所作为推动可持续经济转型方面的影响力，也为巴西市场在国际舞台上开辟了新机遇。 扩大其国际业务布局能够加强巴西在全球可持续金融市场中的影响力，并协助企业投资各类ESG产品。 香港交易所表示，通过加强与巴西证券交易所的合作及持续推进可持续金融举措，进一步巩固其作为市 场联系人的地位，促进跨境创新和协作，以构建更具韧性和包容性的金融生态圈。 根据合作备忘录，香港交易所与巴西证券交易所两家交易所还会探讨旗下市场证券相互挂牌的可能性， 同时寻找亚洲及南美洲碳产品和ESG产品的新机遇。 香港交易所首席可持续发展总监周冠英表示，此次合作进一步拓展了核心气候（Core Climate）在碳市 场上的发展，充分展现香港交易所持续推动全球各地可持续金融发展的承诺。他说，"我们期待与巴西 ...

智通财经APP获悉，港交所今天(1月27日)宣布与巴西证券交易所签署合作备忘录，促进两地的可持续金 融及碳市场发展。根据合作备忘录，港交所将与巴西证券交易所携手推动香港与巴西的碳市场发展、开 拓大宗商品机遇，并建立定期沟通渠道，加强双方合作。两家交易所亦会探讨旗下市场证券相互挂牌的 可能性，同时寻找亚洲及南美洲碳产品和ESG产品的新机遇。 这份合作备忘录不仅展现了香港交易所致力推动全球市场迈向低碳转型的决心，也进一步将集团的可持 续发展合作伙伴关系拓展至南美洲这个在全球气候解决方案具有重要意义的地区。 港交所首席可持续发展总监周冠英表示："我们很高兴能与全球领先的金融市场基础设施集团之一—— 巴西证券交易所签署这份合作备忘录。这次合作进一步拓展了Core Climate在碳市场上的发展，充分展 现香港交易所持续推动全球各地可持续金融发展的承诺。我们期待与巴西证券交易所紧密合作，共同推 动国际碳排放标准的发展，鼓励创新，并透过跨境合作，为市场迈向低碳经济带来实质进展。" 巴西证券交易所国际业务发展部(亚洲及大洋洲)总监Sérgio Gullo表示："与香港交易所合作不仅巩固了 巴西证券交易所作为推动可持续经济转 ...

新华社香港1月27日电 香港恒生指数27日涨361.43点，涨幅1.35%，收报27126.95点。全日主板成交 2543.73亿港元。 国企指数涨97.67点，收报9244.88点，涨幅1.07%。恒生科技指数涨28.73点，收报5754.72点，涨幅 0.5%。 中资金融股方面，中国银行涨0.89%，收报4.51港元；建设银行涨1.44%，收报7.77港元；工商银行 涨1.92%，收报6.36港元；中国平安涨2.35%，收报69.7港元；中国人寿涨5.97%，收报34.1港元。 石油石化股方面，中国石油化工股份无升跌，收报5.26港元；中国石油股份涨0.92%，收报8.81港 元；中国海洋石油涨0.77%，收报23.52港元。 【纠错】 【责任编辑:邱丽芳】 蓝筹股方面，腾讯控股涨1.25%，收报607港元；香港交易所涨1.75%，收报430.4港元；中国移动跌 0.38%，收报78.5港元；汇丰控股涨2.67%，收报134.5港元。 香港本地股方面，长实集团涨0.22%，收报45.46港元；新鸿基地产涨1.18%，收报120.4港元；恒基 地产跌0.2%，收报30.24港元。 ...

Group 1 - The core point of the article is that Beijing Xingchen Tianhe Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International acting as the sole sponsor [1] Group 2 - The listing application is aimed at the main board of the Hong Kong Stock Exchange [1] - The involvement of Huatai International as the sole sponsor indicates a significant backing for the company's public offering [1]

另外，香港金融发展局主席洪丕正在早餐会上表示，去年是前所未有一年，政策波动影响广泛，投资者 检视投资组合是否过度集中于某个领域，期望组合可避免受政策波动影响，而香港去年则协助投资者将 投资从成熟市场分散至新兴市场，亦帮助内地投资者将资产由国内分散至全球。 洪丕正表示，世界不断向前，香港不能原地踏步，香港金发局必须发挥角色，提出相关政策以确保香港 保持竞争力，并向全球投资者及机构推广香港。 智通财经APP获悉，1月27日，港交所(00388)行政总裁陈翊庭在亚洲金融论坛专题早餐会上表示，两年 前她还在与人们争论中国是否值得投资，现在大家已达成共识，需要增加对中国的配置，"需要从低权 重提升至与市场同步权重"，相信这是一种进步。她提到，将进一步扩大产品范围，提升市场营运效 率，以应对国际投资者期望加码投资中国的需求。 她表示，目前稳定币、24小时交易和代币化是最常谈的三个话题，自己理解的是，投资者对此关心的是 交易所将如何在技术操作层面改进，让他们在执行和交易效率上更具明确性和速度，未来港交所会继续 在科技方面作投入，维持港交所的领先优势。 谈及港交所未来发展，陈翊庭指出，现代交易所的竞争不再是传统交易所的竞争， ...

Investment Rating - The report maintains an "Accumulate" rating for the real estate development sector in Hong Kong [4] Core Insights - The recovery of the Hong Kong real estate market in 2025 is characterized by a rebound in transaction volume, transaction value, and property prices after a period of adjustment, with key indicators showing synchronized growth [9][10] - The recovery is driven by multiple favorable factors including policy support, manageable inventory levels, and an influx of talent and financial sector recovery, which collectively enhance market demand [9] Summary by Sections 1. Recovery of the Hong Kong Real Estate Market in 2025 - In 2025, the Hong Kong real estate market shows signs of recovery with a significant increase in transaction volume and value, with first-hand residential transactions reaching 21,000 units, up 21% year-on-year, and transaction value at 220.83 billion HKD, up 14% [10] - Second-hand residential transactions also increased to 42,000 units, with a transaction value of 299.01 billion HKD, reflecting a 17% and 14% year-on-year growth respectively [10] - The Centaline City Leading Index shows a cumulative year-on-year increase of 4.7%, indicating a "first drop, then stabilization, and finally rebound" trend [10] 2. Core Support Factors for the Recovery A. Policy Support - Continuous policy support, including the "de-spicy" measures and tax reductions, has activated the Hong Kong real estate market. The government removed several restrictive measures and significantly reduced stamp duties for non-local buyers, stimulating market activity [22][23] - The budget proposal in February 2025 raised the property value cap for the 100 HKD stamp duty from 3 million HKD to 4 million HKD, easing the financial burden on small unit buyers and leading to a surge in transactions below 4 million HKD [22] B. Manageable Inventory Levels - The inventory level is relatively controllable, with the total number of first-hand residential units available for sale decreasing to 18,387 units, a reduction of 2.7% month-on-month and 15.2% year-on-year, marking a two-and-a-half-year low [2] - The absorption rate of inventory is approximately 10 months, indicating a balanced supply-demand structure that supports price stabilization [2] C. Talent Policies and Financial Sector Recovery - The introduction of talent policies has led to an influx of high-quality buyers, with over 570,000 applications received for talent entry programs, resulting in approximately 260,000 new residents, which bolsters housing demand [3] - The financial sector has seen a strong recovery, with the Hong Kong IPO market raising 82.6 billion USD in 2025, more than doubling from the previous year, which enhances consumer confidence and purchasing power in the housing market [3][46]