Group 1 - The core viewpoint of the articles highlights a significant recovery in the Hong Kong stock market, with the Hang Seng Composite Index rising by 30.98% in 2025, creating an optimal "issuance window" for primary equity financing [1] - The total amount of equity financing in the Hong Kong stock market reached HKD 612.2 billion in 2025, a substantial increase of 250.91% compared to HKD 174.5 billion in the previous year, indicating a remarkable scale leap [1] - Analysts attribute the surge in equity financing to the return of large Chinese concept stocks and the normalization of specialized technology enterprises (18C) issuance, which has transformed Hong Kong into a global fundraising center and shifted its role from a "valuation lowland" to an "asset pricing hub" [1] Group 2 - In 2025, 117 companies were listed on the main board, an increase of 67.14% from 70 companies in the previous year [3] - The total amount raised through IPOs in Hong Kong reached HKD 285.8 billion in 2025, a significant rise of 224.24% from HKD 88.1 billion in the prior year [3] - From an underwriting perspective, China International Capital Corporation (CICC) led with an underwriting scale of HKD 51.65 billion and 42 deals, followed by CITIC Securities (Hong Kong) with HKD 46.03 billion and 33 deals, and Morgan Stanley with HKD 25.83 billion and 12 deals [3]

Core Viewpoint - The Chinese concept stock market is undergoing significant changes in 2025, characterized by a wave of privatizations and delistings from U.S. exchanges, while a number of small and medium-sized enterprises continue to seek global financing opportunities, particularly through listings in the U.S. and Hong Kong [3][4]. Group 1: Privatization and Delisting - Geely Automobile completed the privatization of Zeekr, which became a wholly-owned subsidiary and delisted from the NYSE. The privatization was marked by a rapid process, with 70.8% of Zeekr shareholders opting for shares and 29.2% for cash, totaling $701 million [6]. - Dada Group, part of the JD ecosystem, was privatized by JD Group at a valuation of $520 million, allowing for more strategic flexibility and deeper collaboration with JD in the instant retail market [7]. - Financial One Account pioneered dual delisting by completing its exit from both the NYSE and Hong Kong Stock Exchange, with a privatization deal valued at approximately HKD 1.69 billion, driven by long-term low stock prices and liquidity issues [7]. Group 2: Trends in U.S. Listings - In 2025, 63 Chinese companies went public in the U.S., raising approximately $1.12 billion, indicating a trend of increasing numbers but decreasing fundraising amounts, with an average fundraising of less than $20 million [9]. - The largest IPOs included Bawang Tea and Ascentage Pharma, raising $411 million and $126 million respectively, highlighting a shift towards smaller enterprises in the U.S. market [9][10]. - The outlook for 2026 is cautious, as new listing requirements from Nasdaq may lead to a decline in the number of Chinese companies able to meet these standards [10]. Group 3: Return to Hong Kong - The trend of Chinese companies returning to Hong Kong is gaining momentum, with companies like Pony.ai and Hesai achieving dual primary listings, which is becoming the mainstream return model [12]. - Hesai's IPO in Hong Kong was the largest in the global lidar industry to date, raising over HKD 4.16 billion (approximately $533 million) [12]. - Other companies, such as Tianjing Biopharma, are also planning to pursue dual listings in Hong Kong, indicating a broader trend of returning to Asian markets [12]. Group 4: Strategic Implications - Some analysts suggest that privatization followed by IPOs in Hong Kong or A-shares may allow companies to escape U.S. regulatory pressures and achieve better valuations in local markets [13].

Core Insights - The Hong Kong IPO market has seen a significant surge in 2025, with 102 companies listed and net fundraising reaching HKD 238.2 billion, more than doubling compared to the same period last year, with expectations to hit USD 36 billion for the year [1][21] Group 1: Market Performance - The average daily trading volume in the Hong Kong stock market increased to HKD 240.2 billion in the first half of the year, showing a notable rise from the previous year [7] - 75% of new stocks have either increased in price or remained stable, with 16 stocks seeing cumulative gains exceeding 100% and 27 companies experiencing subscription multiples in the thousands [7] Group 2: Sector Contributions - Key sectors driving fundraising include industrial engineering, gold and precious metals, automotive, pharmaceutical biotechnology, and software services, collectively raising over HKD 130 billion [3] - Retail and consumer IPOs have surged, becoming the most numerous this year, indicating a shift towards new consumption enterprises [3] Group 3: IPO Dynamics - 27 companies opted for privatization and delisting, while 4 voluntarily withdrew their listing applications, and 30 companies had their listing status canceled by the exchange, indicating a rapid market turnover [5] - The top ten IPOs raised a total of HKD 154.7 billion, accounting for more than half of the total annual fundraising, with major mainland companies like CATL and Zijin Mining each raising over HKD 10 billion [9] Group 4: Regulatory Changes - The Hong Kong Stock Exchange has implemented several reforms to attract companies, including the introduction of a special listing mechanism for technology companies and lowering the market cap threshold for special technology listings [11] - The exchange has also optimized the listing approval process, resulting in significant fundraising increases for biotech companies [11] Group 5: Investor Sentiment - There has been a noticeable shift in investor behavior, with more funds directed towards IPO subscriptions rather than traditional savings or insurance products, contributing to the market's vibrancy [13] - Concerns have arisen regarding the backlog of 319 listing applications and the quality of materials submitted by intermediaries, prompting regulatory scrutiny [15] Group 6: Future Outlook - Predictions indicate that the A+H share model will continue to thrive, with the return of Chinese concept stocks and special technology companies being significant contributors [19] - Potential challenges include a wave of lock-up expirations for newly listed companies, which may lead to large shareholder sell-offs, although the overall impact may be mitigated by improving macroeconomic conditions [19][22]

2025年的中概股市场正经历一场深刻变革。一边是极氪被私有化从纽交所退市，达达从纳斯达克退市，金融壹账通港股美股双重退市等标志性事件接连落 地，中概股从美股主动撤离的步伐持续提速；另一边，60多家中小企业以细分赛道优势寻求全球化融资，延续着中企赴美上市的传统路径；与此同时，小 马智行、禾赛等企业加速回港，双重主要上市成为主流选择。 在监管环境变迁、估值差异分化、产业发展需求等多重因素的影响下，这场"退与进"的博弈，既是中国企业全球化布局的缩影，也映射出全球资本市场格 局的重塑。 多家巨头私有化退市 12月22日，吉利汽车公告称，正式完成对极氪的私有化及合并事项的交易，极氪成为吉利汽车的全资附属公司，并于纽交所退市。此前12月9日已公告交 易对价选择结果，70.8%的极氪股东选择股份，吉利汽车共为其配发7.7723亿股股份；29.2%的股东选择现金，吉利汽车共支付7.01亿美元现金。 作为年内最受关注的私有化案例之一，吉利汽车推动极氪智能科技退市堪称"闪电式撤离"。极氪于2024年5月在纽交所上市，上市首日股价大涨34.57%， 但随后股价一直表现低迷。对于上市不足一年便宣布私有化，吉利汽车表示，将以此次整合完 ...

Group 1 - The core viewpoint is that Hong Kong's technology sector is becoming a key entry point for global investors to allocate Chinese technology assets, with significant mid-to-long term investment value and strategic importance reflected in three dimensions [1] Group 2 - There is an increasing demand from global investors to diversify their technology exposure, as the global portfolio is highly concentrated in large-cap US technology stocks. Allocating to Chinese technology via Hong Kong can introduce differentiated growth cycles and reduce the risks associated with a single market [1] - Hong Kong offers a clearer regulatory framework and higher execution certainty, providing a more sustainable allocation path for overseas investors. Continuous inflow of southbound capital has significantly enhanced market depth and pricing efficiency, leading to a more stable valuation system [1] Group 3 - The "return of Chinese concept stocks + IPO increment" is resonating, leading to a rapid expansion of the technology stock pool in Hong Kong. Currently, there are about 180 Chinese concept stocks in the US, with over 40 in technology and internet sectors, and there is a sufficient reserve for their return [1] - The Hong Kong Stock Exchange's "Tech Company Special Line," set to launch in May 2025, will improve listing efficiency, with the IPO amount in the first half of 2025 expected to be the highest globally, accounting for one-fourth of global financing [1] Group 4 - Hong Kong's technology sector is considered a global value champion, with a significant margin of safety in valuations. The current TTM price-to-earnings ratio for Hong Kong technology is approximately 20-25 times, which is much lower than A-shares at 50-70 times and US stocks at 35-45 times [2] - With the approaching decline in interest rates and the technological revolution led by AI, Hong Kong's technology sector is expected to regain market attention and attract more capital inflow [2]

Group 1 - JD Industrial officially listed on the Hong Kong Stock Exchange on December 11, marking the 100th new stock listing in 2023, with total fundraising reaching approximately HKD 2700.86 billion, the highest globally [1] - In comparison, 64 new stocks were listed in the same period last year, raising about HKD 829.54 billion, indicating a year-on-year increase of over three times in fundraising [1] - Eight more new stocks are expected to list in Hong Kong by the end of the year, including Guoxia Technology, which is set to be the cheapest new stock at HKD 20.10 per share [2] Group 2 - The total fundraising amount for the Hong Kong Stock Exchange is projected to exceed HKD 2800 billion for the year, with Ernst & Young estimating a total of USD 36 billion (approximately HKD 2802 billion) for 2025, surpassing the New York Stock Exchange's expected USD 20.5 billion [5] - Hong Kong has become a hub for large IPOs, with four out of the top ten global IPO projects this year, including CATL, which raised HKD 356.57 billion, making it the top fundraising stock in Hong Kong [6] - A significant number of large A-share companies are listing in Hong Kong, supported by policies from the China Securities Regulatory Commission aimed at facilitating financing for leading enterprises [9] Group 3 - The IPO market in Hong Kong is experiencing a surge, but there are concerns regarding the quality of new listings, with a notable increase in the first-day drop rate of new stocks [10] - In November, 45.45% of new stocks listed experienced a drop on their first day, and in December, 33.33% of new stocks faced similar issues, indicating a trend of increasing volatility [10] - The Hong Kong Securities and Futures Commission has raised concerns about the quality of listing documents and the performance of sponsors, highlighting issues such as inadequate compliance and poor document quality [11][12]

来源：智通财经 港交所确认，已与香港证监会的官员联名致函IPO保荐人。 近日，有报道称，香港证监会与港交所的官员于12月5日联名致函IPO保荐人，指出近期新上市申请数 量激增背景下，部分投行提交的材料存在内容不全、质量低下等问题，引发监管层对合规风险的担忧。 | 概览(区间:本年) | | | | --- | --- | --- | | 股权融资 | IPO | 配售 | | 总额 5,651.36 亿元 | 总额 2,700.86 亿元 | 总额 2,802.92 亿元 | | 同比 +248.79% | 同比 -223.75% | 同比 +490.35% | | 数量 630 起 | 家数 100 家 | 数量 430 起 | | 同比 +41.89% | 同比 +58.73% | 同比 +51.94% | 首先是上市文件质量堪忧。信函指出，部分上市文件存在品质差劣、审查不足的问题，具体表现为业务 模式描述模糊不清甚至表述迂回，文件中过度使用宣传性用语；同时存在选择性呈现行业数据的情况， 以此夸大上市申请人的市场地位，违背信息披露的真实性与客观性原则。 二是保荐人履职严重缺位。信函中称，保荐人未能切实履行 ...

Core Viewpoint - The Hong Kong IPO market is experiencing a resurgence, with a total IPO scale of HKD 267.1 billion as of now, potentially reclaiming the top position globally for IPOs in 2025. However, the phenomenon of IPOs breaking below their issue price has re-emerged since November, raising concerns about investor sentiment and the quality of new listings [1][2]. Group 1: IPO Market Trends - In 2024, 25 out of 70 newly listed stocks in Hong Kong broke below their issue price, resulting in a breakage rate of 35.71%. In the first half of 2025, 13 out of 43 new stocks broke below their issue price, with a breakage rate of 30.23% [1]. - Following the reform of the IPO pricing mechanism in August, the breakage rate significantly decreased to 7.14% for new listings until the end of October, with only 2 out of 28 stocks breaking below their issue price. However, from November onwards, the breakage rate surged to 42.10% for 19 new listings [2]. Group 2: Pricing Mechanism and Investor Behavior - The new pricing mechanism allows issuers to choose between two distribution methods, with most new listings opting for Method B, which allocates only 10% of shares to retail investors, significantly increasing the pricing power of institutional investors [2]. - The current misalignment between primary pricing and secondary market risk appetite indicates that the market is absorbing previously accumulated "pile-up issuances," while the willingness of secondary market funds to take over has not improved [2]. Group 3: Challenges in IPO Pricing - Three main issues in the current IPO pricing in Hong Kong are identified: 1. The valuation anchor remains skewed towards A-shares or historical highs, while Hong Kong investors prioritize cash flow discounting and dividend returns [3]. 2. A high proportion of cornerstone and long-term placements with long lock-up periods leads to a small float, making it susceptible to short-term trading [3]. 3. Limited flexibility in the pricing range and insufficient tolerance for downwards valuation adjustments by underwriting teams and issuers, resulting in reliance on the secondary market to correct pricing through breakage [3]. Group 4: Future Outlook - The Hong Kong IPO market is expected to remain active in 2026 due to several factors, including stricter regulations in the U.S. market, ongoing policy benefits, improved liquidity conditions, and continued interest from mainland enterprises in listing in Hong Kong [3].

Group 1 - The Hong Kong IPO market is expected to be robust in 2025, with a total IPO scale reaching 267.1 billion HKD, potentially reclaiming the top position globally for IPOs [1] - After the reform of the Hong Kong IPO pricing mechanism in August, the occurrence of IPOs breaking below their issue price has become rare, but this trend has reversed since November [1][2] - In 2024, 25 out of 70 newly listed stocks broke below their issue price, resulting in a break rate of 35.71%, while in the first half of 2025, 13 out of 43 new stocks broke below their issue price, with a break rate of 30.23% [1][2] Group 2 - Most new listings since the reform have opted for Mechanism B, allocating only 10% of new shares to retail investors, significantly increasing the pricing power of institutional investors [2] - From August 4 to the end of October, only 2 out of 28 new stocks broke below their issue price, leading to a break rate of 7.14% [2] - However, from November onwards, 8 out of 19 new stocks have broken below their issue price, resulting in a break rate of 42.10%, which is significantly higher than previous rates [2] Group 3 - Current issues in Hong Kong IPO pricing include reliance on A-share valuations, high proportions of cornerstone and long-term placements leading to smaller tradable shares, and limited flexibility in offering price ranges [3] - The Hong Kong IPO market is expected to remain active in 2026 due to stricter regulations in the U.S. market, ongoing policy benefits, improved liquidity conditions, and continued interest from mainland companies in listing in Hong Kong [3]

智通财经APP获悉，12月5日下午，由智通财经、香港中资证券业协会主办的第七届"2025・金中环论坛暨金融机构榜颁奖典礼"在香港中环圆满落幕。会上 重磅揭晓了第七届"金中环"金融机构榜单，中银国际控股有限公司凭借在投行业务领域的卓越业绩、全产业链服务能力及行业深耕优势，从众多参评机构中 脱颖而出，成功斩获"投行业务最佳表现奖"，彰显了业界对其投行业务实力的高度认可。 中银国际控股有限公司在香港股市投行业务表现亮眼。截至2025年11月13日，中银国际控股有限公司已成功承销36个上市项目及8个配售项目，总承销金额 分别达到134.33亿港元和10.58亿港元，业务范围覆盖化工、TMT、汽车、机械、建筑、医疗保健等13个核心行业，在企业赴港上市服务中，其市场参与度 位居行业前列。期间中银国际控股有限公司在5家境外赴港上市企业中参与2家。在17家A股企业H股IPO中参与11家，参与率高达65%，其中TMT行业、汽车 行业项目占比分别超60%和50%，成为细分领域标杆。 值得关注的是，中银国际控股有限公司承销项目的市场表现尤为突出，上市首日平均涨幅超16%(最高近158%)，首周平均涨幅超20%(最高近266%)，上 ...