市场分析人士指出，随着武汉、成都、西安等新一线城市加大辖内企业上市培育力度，以及港股对特专 科技、绿色经济等领域的持续倾斜，未来内地赴港IPO地图有望呈现"核心引领、多点开花"的态势。 2025年的港股市场正迎来久违的"IPO盛宴"。截至11月26日，港交所以2582.75亿港元的IPO募资额稳居 全球交易所榜首，同比增幅超257%。而在89家新上市公司中，地域分布的"马太效应"愈发明显——上 海、广东、江苏、浙江四地贡献了超半数的港股上市企业，成为港股IPO的核心策源地。 这幅清晰的港股IPO地图背后，是政策扶持、产业积淀与资本嗅觉的三重共振。对于地方政府而言，如 何将本地产业特色与港股市场需求精准对接，将成为培育下一批上市企业的关键命题。 四省市企业占据半壁江山 从省份维度看，2025年港股IPO的"第一梯队"界限清晰。上海以14家上市企业的数量独占鳌头，广东以 12家紧随其后，江苏与浙江则各有11家企业登陆港股，四省市合计贡献48家，占今年港股上市企业总数 的53.93%，占据半壁江山。 上述四省市均是当前国内的经济强省强市，也是市场活力和创新投入靠前的省市。国家统计局发布的 《2024年全国科技经费投 ...

Core Insights - The article highlights the anticipated "IPO boom" in the Hong Kong market for 2025, driven by policy support, industrial accumulation, and capital market responsiveness [2] - The distribution of IPOs shows a clear "Matthew effect," with major contributions from Shanghai, Guangdong, Jiangsu, and Zhejiang, which together account for over 53.93% of the total IPOs [4][5] Group 1: IPO Market Overview - As of November 26, 2025, the Hong Kong Stock Exchange has raised HKD 258.275 billion in IPOs, marking a year-on-year increase of over 257% [2] - A total of 89 new companies have listed, with a significant concentration in major economic provinces [2][4] Group 2: Regional Contributions - The top four provinces (Shanghai, Guangdong, Jiangsu, and Zhejiang) contributed 48 out of 89 IPOs, showcasing their economic strength and innovation [4] - Shanghai leads with 14 IPOs, followed by Guangdong with 12, and both Jiangsu and Zhejiang with 11 each [4][5] Group 3: Emerging Trends - The article notes that while first-tier cities dominate in terms of the number of IPOs, smaller cities can still achieve significant fundraising through their leading enterprises, as seen with Ningde City [7][8] - Notably, Ningde Times raised approximately HKD 41 billion, making it the largest IPO globally, despite being the only company from Ningde to list [7] Group 4: Sectoral Insights - The biopharmaceutical sector has shown remarkable performance, with 19 companies listed, primarily from the Yangtze River Delta region, which accounts for 30% of the national biopharmaceutical output [10] - The article also mentions the emergence of specialized technology companies listing under the new 18C chapter, indicating a growing trend towards sector-specific IPOs [11] Group 5: Future Outlook - Analysts predict that with increased efforts from new first-tier cities like Wuhan, Chengdu, and Xi'an to cultivate local enterprises for listing, the IPO landscape may evolve into a "core leading, multi-point blooming" model [11]

Core Insights - The Hong Kong IPO market has experienced a significant surge in activity, with 398 companies applying for listings this year, far exceeding last year's total of 115 [2][6] - The total amount raised through IPOs in Hong Kong has reached 258.275 billion HKD, marking a 259.45% increase compared to the same period in 2024 [1][2] - The performance of newly listed stocks has been optimistic, with 63 out of 88 new stocks rising on their first trading day [4] Group 1: IPO Market Overview - As of November 24, 89 new stocks have been listed in Hong Kong this year, with a total fundraising amount of 258.275 billion HKD, representing a 53.45% increase in the number of new listings and a 259.45% increase in fundraising compared to the same period last year [1] - The number of IPO applications submitted this year has reached 398, the highest in nearly a decade, following regulatory changes that have expedited the approval process [2][6] - In the first three quarters of this year, the number of IPOs was 16, 27, and 25, with total fundraising amounts of 18.670 billion HKD, 90.211 billion HKD, and 78.865 billion HKD respectively, showing significant year-on-year growth [3] Group 2: Performance of Newly Listed Companies - Among the 88 new stocks listed this year, 63 saw their prices increase on the first day, with 14 stocks doubling in value, and the highest increase recorded at approximately 330% [4] - The first-day performance of new stocks has been generally positive, with a low initial public offering (IPO) failure rate of 23.86% [4] Group 3: Industry Insights - The top industries attracting investment include industrial engineering, pharmaceuticals and biotechnology, and software services, with industrial engineering alone raising 798.18 billion HKD [3] - The "A+H" dual listing model has contributed significantly to the fundraising boom, with 167 companies now listed under this model, including 17 new additions this year [5][6] - The overall valuation of H-shares is generally lower than A-shares, indicating a market sentiment that reflects concerns about pricing and potential for depreciation [6][7]

Core Insights - The Hong Kong IPO market is expected to experience a "IPO boom" in 2025, with a significant increase in fundraising and a diverse range of companies from various regions [1][7] - The "Matthew Effect" is evident in the distribution of new listings, with Shanghai, Guangdong, Jiangsu, and Zhejiang contributing over half of the IPOs [2][4] - Local governments are focusing on aligning regional industry characteristics with the demands of the Hong Kong market to foster the next wave of IPOs [1][7] Provincial Contributions - The top four provinces (Shanghai, Guangdong, Jiangsu, and Zhejiang) account for 53.93% of the total IPOs in Hong Kong, with Shanghai leading at 14 listings [2][4] - These provinces are recognized as economic powerhouses with substantial investment in research and development, contributing to their strong IPO performance [2] City-Level Analysis - The concentration of IPOs is primarily in major cities, with Shanghai, Beijing, and Shenzhen being the top contributors [2][3] - Shanghai showcases a diverse range of industries among its listed companies, including automotive, new consumption, biomedicine, and optical communication [3] Emerging Trends - Smaller cities are also making their mark in the IPO landscape, with notable fundraising achievements despite fewer listings [4][5] - For instance, Ningde City, with only one IPO (Ningde Times), achieved a fundraising total of approximately 41 billion HKD, making it the highest in terms of fundraising [4] Sector-Specific Insights - The biomedicine sector has seen a significant number of listings, primarily driven by companies from the Yangtze River Delta region, which has a strong industrial foundation [6] - The region contributes 30% of the national biomedicine output and 70% of the domestic first-class new drug production [6] Future Outlook - Analysts predict that with increased efforts from new first-tier cities like Wuhan, Chengdu, and Xi'an, the IPO landscape will evolve into a model of "core leadership and multi-point blossoming" [1][7]

来源：市场资讯 （来源：深蓝观） 李昀 | 撰文 王晨 | 编辑 今年，港股融资形式大好，不少公司想抓住这一波机会，因此IPO也出现了严重堵车的情况。 据中证报，今年以来，港股市场已有87只新股IPO上市，IPO募资总额超2400亿港元，位居全球交易所首位。今年以来共有16家 A股上市公司成功登陆港股市场，超80家A股上市公司已在港交所排队。 港交所行政总裁陈翊庭在接受媒体采访时也透露，目前正在处理的上市申请大概有300家。 今年在香港上市的生物医药企业也格外多。恒瑞、映恩等23家企业登录港股，仅上个月最后一周就有8家企业相继提交上市申 请。 "并不单单是要赶港股行情上升的窗口期，"一名投资人这样解释创新药的IPO热，"同时还要抓住这一波出海的机会。其实还是 挺生死攸关的。没有融资，就做不了BD需要的数据，很可能就错过这十几年难遇的红利。" 一位长期关注一级市场的投资人向我们表示，当前企业在选择上市地点时，港股依然是优先项：节奏更快、确定性更高、募资 更灵活、市场反馈更直接。尤其在创新药领域，大多数企业仍处于未盈利阶段，而科创板尽管近来有"开闸"迹象，但多数创新 药企业仍难以满足其盈利或细分指标要求。在这样的 ...

Group 1 - The core point of the news is that Maiwei Biotech plans to issue up to 62,664,600 overseas listed ordinary shares and list on the Hong Kong Stock Exchange, with the China Securities Regulatory Commission issuing a notification for the overseas listing registration [1] - Maiwei Biotech focuses on the development of drugs for tumors and age-related diseases, with a competitive and multi-tiered product pipeline that includes over 10 drug assets across various fields such as immunology, ophthalmology, and orthopedics [3] - In the third quarter of 2025, Maiwei Biotech reported a revenue of 465 million yuan, representing a year-on-year increase of 1717.41%, while the net profit attributable to shareholders was a loss of 46.34 million yuan [3] Group 2 - For the first three quarters of 2025, the company achieved a revenue of 565 million yuan, showing a year-on-year growth of 301.03%, but reported a net loss of 598 million yuan attributable to shareholders [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional materials from Huqin Technology, a major player in the OEM sector, as part of its H-share listing application submitted to the Hong Kong Stock Exchange [1][2]. Group 1: Listing and Regulatory Requirements - Huqin Technology is required to clarify the specific situation regarding the pledged shares held by its actual controller and whether this could lead to a change in control, potentially violating regulations [2]. - The company must outline its listing plan, the intended use of raised funds, and confirm compliance with necessary approvals and procedures [2]. - The company is also asked to detail its involvement in smart driving assistance controllers and the specific applications of its products [3]. Group 2: Financial Performance - Huqin Technology's revenue for 2022, 2023, and 2024 is reported as 926.48 billion, 853.38 billion, and 1,099 billion respectively, with profits of 25.14 billion, 26.57 billion, and 29.16 billion [4]. - In the first half of 2025, the company achieved a revenue of 839.39 billion, marking a 113% year-on-year increase, with a profit of 19.1 billion, up 49.30% [4]. Group 3: Financial Health and Risks - The company's gross profit margin has declined from a peak of 10.9% in 2023 to approximately 7.4% in the first half of 2025 [7]. - Operating cash flow turned negative in the first half of 2025, with a net outflow of 15.22 billion, contrasting with the net profit [7]. - The company's total liabilities have significantly increased, with trade payables rising from 216.34 billion in 2023 to 469.32 billion by June 2025 [7][9]. - As of September 30, the company's asset-liability ratio stands at 75.3% [10].

Core Viewpoint - Wuhan Juxin Microelectronics Co., Ltd. is facing regulatory scrutiny from the China Securities Regulatory Commission (CSRC) regarding its Hong Kong IPO application, with concerns raised about its business model, compliance, and equity incentive plans [1] Financial Performance - The company's revenue has shown growth due to increased demand in downstream industries, with reported revenues of 127 million, 242 million, 667 million, and 400 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively [2] - The net profit figures for the same periods were -137 million, -110 million, 9.73 million, and 20.72 million yuan, indicating a return to profitability in 2024 after two years of losses [2] - Despite the positive trend in net profit, the company's gross margin fell to 23.6% in 2023, and the prices of its main products have been on a downward trend [2] Regulatory Requirements - The CSRC has requested the company to provide detailed explanations of its business model, the status of its technology export activities over the past three years, and compliance with regulatory procedures related to overseas investments and foreign exchange management [3] - The company must clarify the reasonableness of the pricing for new shareholders and whether there are any issues of interest transfer, as well as disclose the composition, pricing fairness, and compliance of its implemented equity incentive plans [4] - Additionally, the company is required to disclose any pledges or freezes on shares of shareholders participating in the "full circulation" and to explain any pending litigation that may pose substantial obstacles to its operations or issuance [5]

Group 1 - The core viewpoint of the article highlights the significant increase in IPO activities on the Hong Kong Stock Exchange, with 80 new stocks listed and over 250 billion HKD raised in 2025, indicating a crowded market with over 350 companies awaiting approval [1][2] - The Hong Kong Securities and Futures Commission and the Stock Exchange have optimized the listing process for A-share companies, leading to 12 A-share companies successfully listing as H-shares and nearly 80 more applying for IPOs [1] Group 2 - Basic conditions for listing on the Hong Kong main board include formal registration and compliance with relevant regulations, with the issuer's regulatory authority being a signatory to the International Organization of Securities Commissions Multilateral Memorandum of Understanding [3] - Financial requirements for applicants include having at least three years of operating history, maintaining management stability, and meeting specific profit thresholds [4][7] - Public holding requirements ensure market liquidity, with a minimum of 300 shareholders and specific public holding percentages based on market capitalization [10] Group 3 - The article outlines the intermediary and fee structure for Hong Kong IPOs, indicating that fixed fees range from approximately 20 to 50 million RMB, depending on project complexity and scale [12] - Various intermediary roles are defined, including sponsors, auditors, and legal advisors, each with specific responsibilities in the IPO process [14][15] Group 4 - The IPO process in Hong Kong involves several stages, including appointing a sponsor, preparing the prospectus, submitting the application, and undergoing a review by the listing department [28][30] - The listing committee conducts hearings to determine the suitability of the applicant for an IPO, followed by promotional activities and the final listing on the exchange [32][34]

来源：企业上市 香港资本市场为不同类型的企业提供了多元化的上市途径，特别是针对生物科技与特专科技公司设立的 18A 和 18C 章节，为尚未达到传统盈 利标准但具备高增长潜力的公司打开了大门。 下面为你梳理香港上市的核心条件、关键流程、中介机构及费用，并提供一些选择建议。 一、香港上市概览 上市基本条件 香港联合交易所（联交所）对主板上市设有以下几类核心条件，其中关于公众持股量的规定在2025年8月4日之后有新变化。 | 条件类别 | 具体内容与标准 | | --- | --- | | 财务要求 | 盈利测试：过去三个财政年度盈利总额不低于 | | | 8000万港元,且最近一年不低于3500万港元, | | | 前两年累计不低于4500万港元。 | | | 市值/收益/现金流量测试:上市时市值不低于40 | | | 亿港元;最近一个经审计财政年度收益不低于 | | (满足其一即 | 10亿港元;前三个财政年度来自营运业务的现 | | 미) | 金流入合计不低于1亿港元。市值/收益测试: | | | 上市时市值不低于40亿港元;最近一个经审计 | | | 财政年度收益不低于10亿港元。 | | | 通常要求具 ...