6月26日，港交所迎来了3家公司集体鸣锣——周六福、圣贝拉、颖通控股。这般热闹的场景在今年的港 交所频繁上演。就在6月10日，容大科技、新琪安和MetaLight这3家公司也同日登陆港股市场。 在近期举办的2025陆家嘴金融论坛上，港交所行政总裁陈翊庭表示，当前港股IPO排队企业超160家，仅 5月就有40多家企业递表。火热的港股背后，是一群GP的狂欢。 "锣不够用了"！如此形容2025年的港交所一点也不为过。 市场风向转变 赴港IPO成佳选 今年港股IPO市场火热有目共睹。6月12日，安永发布2025年上半年《中国内地和香港IPO市场》报告 （以下简称"报告"）。报告显示，2025年上半年，港交所预计约有40家公司首发上市，筹资额约140亿 美元（约合1087亿港元），筹资额占全球总筹资额的24%，排在全球首位。 然而，在今年之前，由于企业上市后估值偏低、市场缺乏流动性等因素，不少企业和机构投资者对港股上 市抱有偏见。据记者观察，今年以来，市场风向正开始转变。"去年我们还想劝企业被并购的，今年我们 建议他们上港股。"上述VC机构负责人对记者表示，企业对港股上市的积极性比去年显著升温。 投资人态度的变化，最典 ...

（原标题："锣不够用了"！港股IPO火爆，GP收益显著回升，有机构大赚26倍！） "锣不够用了"！如此形容2025年的港交所一点也不为过。 6月26日，港交所迎来了3家公司集体鸣锣——周六福、圣贝拉、颖通控股。这般热闹的场景在今年的港交所频繁上演。就在6月10日，容大科技、 新琪安和MetaLight这3家公司也同日登陆港股市场。 在近期举办的2025陆家嘴金融论坛上，港交所行政总裁陈翊庭表示，当前港股IPO排队企业超160家，仅5月就有40多家企业递表。火热的港股背 后，是一群GP的狂欢。 据执中ZERONE统计，2025年以来，赴港上市企业的创投机构渗透率高达75%，与去年同期相比高出约2%。"相比去年，我们所投资的企业今年 去港股上市的积极性和热情更高了。"深圳一家VC机构负责人对记者表示。 市场风向转变 赴港IPO成佳选 今年港股IPO市场火热有目共睹。6月12日，安永发布2025年上半年《中国内地和香港IPO市场》报告（以下简称"报告"）。报告显示，2025年上 半年，港交所预计约有40家公司首发上市，筹资额约140亿美元（约合1087亿港元），筹资额占全球总筹资额的24%，排在全球首位。 然而，在 ...

Group 1 - The Hong Kong IPO market continues to thrive, with three companies—Rongda Technology, New Qi'an, and MetaLight—successfully listing on June 10, 2025 [1][2] - The "new share subscription" profit effect remains strong, with Rongda Technology and New Qi'an seeing increases of over 40% and 20%, respectively, while MetaLight experienced a significant drop of 30% [1][2] - The market capitalization of the newly listed companies is relatively small, with the largest being just over 2 billion HKD, and the subscription multiples for international offerings were low, particularly for MetaLight at 2.49 times, while Rongda Technology and New Qi'an were below 1 [1][2] Group 2 - The absence of cornerstone investors for MetaLight, in contrast to the other two companies that had multiple cornerstone investors, may have contributed to its poor performance [2] - The Hong Kong IPO market has seen a significant increase in fundraising, with total IPO proceeds exceeding 77.6 billion HKD in 2025, a more than sevenfold increase compared to the same period last year [2][3] - The positive sentiment in the market, driven by breakthroughs in Chinese AI technology, has led to a more active IPO market, with a first-day drop rate of only 28% for new stocks in 2025, compared to 50% the previous year [3]

Group 1: IPO Performance - The Hong Kong Stock Exchange welcomed three IPOs on June 10: Rongda Technology, New Qian'an, and MetaLight, with the IPO profit effect still ongoing [1][11] - MetaLight experienced a significant drop of over 30% on its first trading day, while Rongda Technology and New Qian'an saw increases of over 40% and 20%, respectively [1][11] - The subscription ratios for institutional investors were relatively low, with MetaLight at 2.49 times, and Rongda Technology and New Qian'an below 1 time [9][10] Group 2: Company Profiles - **Rongda Technology**: A global supplier of automatic identification and data collection (AIDC) devices, with projected revenues of approximately 348.7 million and 350.1 million in 2023 and 2024, respectively [4][6] - **New Qian'an**: A leading manufacturer of food-grade glycine and sucralose, with a global market share of approximately 5.1% in sales volume and 3.1% in sales revenue for food-grade glycine in 2023 [5][6] - **MetaLight**: Operates a mobile app "Che Lai Le," providing real-time bus arrival information, with revenues projected to grow from 135.4 million in 2022 to 206.1 million in 2024 [8][9] Group 3: Market Trends - The Hong Kong IPO market has seen a significant increase in fundraising, with total IPO proceeds exceeding 77.6 billion HKD in 2023, a more than sevenfold increase compared to the previous year [12][15] - The "new share" profit effect is evident, with 31 new stocks listed this year, of which only 9 experienced a decline on their first day [13][15] - The overall sentiment in the market has improved due to advancements in AI technology, leading to increased participation from both institutional and individual investors [15][16]

Core Viewpoint - The Hong Kong IPO market continues to thrive, with recent listings showing significant price increases for most new stocks, indicating a strong "money-making effect" for investors [1][12][13]. Group 1: Recent IPO Performance - On June 10, three companies—Rongda Technology, New Qian'an, and MetaLight—successfully listed on the Hong Kong stock market, with Rongda Technology and New Qian'an experiencing substantial gains, while MetaLight saw a significant drop [1][2]. - MetaLight's stock fell over 30% on its first trading day, while Rongda Technology surged over 40% and New Qian'an increased by over 20% [2]. Group 2: Company Profiles Rongda Technology - Rongda Technology is a global supplier of automatic identification and data collection (AIDC) devices, with a market that has grown from $60.8 billion in 2018 to $90.1 billion in 2023, reflecting a compound annual growth rate (CAGR) of 8.2% [5]. - The company's projected revenues for the fiscal years 2023 and 2024 are approximately 348.7 million and 350.1 million yuan, respectively, with net profits of 27.6 million and 41.35 million yuan [5]. New Qian'an - New Qian'an specializes in food-grade glycine and sucralose, ranking first in the global market for food-grade glycine by sales volume and revenue, with market shares of approximately 5.1% and 3.1% in 2023 [6][7]. - The company's revenue decreased from about 761.5 million yuan in 2022 to approximately 446.9 million yuan in 2023, a decline of about 41.3%, but is expected to rebound by 27.3% to around 568.9 million yuan in 2024 [7][8]. MetaLight - MetaLight operates the "Bus Arrival" mobile app, which provides real-time bus arrival information using big data analytics, with mobile advertising accounting for 85.2%, 96.2%, and 98.0% of total revenue from 2022 to 2024 [9]. - The company reported revenues of approximately 135.4 million, 174.5 million, and 206.1 million yuan for the years 2022, 2023, and 2024, respectively, with adjusted net profits of about 9.8 million, 46.5 million, and 54.2 million yuan [9]. Group 3: Market Dynamics - The Hong Kong IPO market has seen a significant increase in fundraising, with total IPO proceeds exceeding 77.6 billion HKD in 2025, a more than sevenfold increase compared to the same period last year [13]. - The "money-making effect" in the Hong Kong IPO market is evident, with 31 new stocks listed this year, of which only 9 experienced a decline on their first day, while 22 saw increases, some with remarkable gains [14][16]. - The presence of cornerstone investors and the allocation of shares significantly influenced the performance of the newly listed companies, with MetaLight lacking cornerstone investors and having a lower allocation for institutional investors compared to its peers [10][11].

Group 1 - Hong Kong's new stock fundraising has exceeded HKD 60 billion this year, ranking first globally, with a significant increase of over 6 times compared to the same period last year [1] - The upcoming listing of CATL (宁德时代) on May 20 is expected to be the largest IPO globally this year, further boosting market confidence and highlighting the rapid development of the renewable energy sector [1][2] - The strong performance of Hong Kong's stock market, particularly in the new stock market, reflects its attractiveness as an international financial center [1] Group 2 - CATL's H-share price is set at HKD 263, with 17.68 million additional shares to be issued, representing approximately 15% of the total shares available for subscription [2] - The listing of CATL is a significant milestone for the global renewable energy market, enhancing Hong Kong's position in this sector and increasing CATL's international influence [2] Group 3 - MetaLight has passed the listing hearing for the Hong Kong Stock Exchange, aiming to list on the main board, despite facing losses in recent years [3] - The company's revenue has shown steady growth, indicating strong market demand and potential for expansion in the public transportation digital services sector [3] Group 4 - Midea Group and ZTO Express will be included in the Hang Seng Index, reflecting structural changes in the Hong Kong stock market and the growing importance of the consumer and logistics sectors [4] - BYD will be added to the Hang Seng Tech Index, highlighting strong growth in technology and renewable energy sectors [4] Group 5 - Ferretti reported a net profit of EUR 2.39 million in Q1 2025, a 7.7% increase from Q1 2024, driven by strong performance in the custom yacht segment [5] - The increase in new orders by 1.5% year-on-year indicates sustained demand in the high-end yacht market despite global economic challenges [5] Group 6 - The Hang Seng Index closed at 23,345.05, with a decline of 0.46% on May 16, reflecting a slight downturn in the market [6] - The Hang Seng Tech Index and the National Enterprises Index also experienced minor declines of 0.31% and 0.49%, respectively [6]