德勤预测，今年港股新股数量将超 80 只，募资额有望达 2500 亿至 2800 亿港元，港交所将持续领跑全球 IPO 市场。 2025年港股IPO市场迎来爆发式增长，Wind 数据显示，截至 11 月 11 日，已有 87 只新股成功挂牌，募资总额超 2400 亿港元，稳居全球交易所首位。其 中，A 股公司赴港二次上市表现亮眼，16 家企业完成 H 股上市，合计募资突破 1300 亿港元，且多为总市值超 200 亿元的行业领军企业，头部效应显著。 市场火热背后，是政策支持、资金面回暖的双重驱动，叠加 "A+H" 模式规模化爆发、硬科技与新经济企业集中登陆、国际长线资金深度参与及港交所制 度持续优化。截至 11 月 11 日，年内递表港交所的公司达 302 家，创年度历史新高，科技、出海优势行业成主力军。 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【11月18日车卫士集团启动C轮融资并开启港股IPO计划】近日，车卫士集团C轮融资启动仪式，以及 国泰海通证券与车卫士集团签约仪式，在东莞举行。车卫士集团表示，此次活动标志着集团发展进入资 本与产业深度融合新阶段，同时也启动了港股IPO计划。 ...

Core Viewpoint - The announcement indicates that Deye Technology Co., Ltd. is planning an H-share listing to advance its global development strategy, enhance brand international influence and core competitiveness, and broaden financing channels through international capital markets [1] Group 1: H-Share Listing - The goal of the H-share listing is to promote Deye's globalization strategy and improve governance levels [1] - The H-share listing will not change the controlling shareholder or actual controller of Deye [1] - Deye is currently discussing specific details of the H-share listing with relevant intermediaries [1] Group 2: Company Overview - Deye Technology is a global new energy technology enterprise that integrates R&D, design, production, sales, and service [1] - The company was successfully listed on the Shanghai Stock Exchange in April 2021 and has three core industrial chains: photovoltaic inverters, energy storage battery packs, and environmental appliances [1] Group 3: Financial Performance - In the first three quarters of 2025, Deye achieved revenue of 8.846 billion yuan, a year-on-year increase of 10.36% [2] - The net profit attributable to shareholders was 2.347 billion yuan, reflecting a year-on-year growth of 4.79% [2] - The stable performance provides a solid foundation for the company's Hong Kong IPO [2]

Group 1 - The core point of the article is the signing of a memorandum of cooperation between BlueFocus and the Hong Kong Special Administrative Region Government Investment Promotion Agency at the 28th Beijing-Hong Kong Economic Cooperation Symposium, marking a significant step in BlueFocus's globalization strategy [1] - This collaboration is one of the 29 key projects signed at the event, indicating strong governmental support for BlueFocus's initiatives [1] - The partnership aims to leverage Hong Kong's position as an international hub to accelerate BlueFocus's IPO process in the Hong Kong stock market and expand its overseas business operations [1]

来源：百惠金控动态 港股市场作为全球重要的金融中心之一，为企业融资提供了广阔平台，而选择一家专业的保荐机构已成为企业成功上市的关键。 港交所CEO陈翊庭指出："在香港上市最关键的是，上市申请人必须有一个保荐人帮助他保荐，就是背书他的申请。在香港其实保荐人很多，有不同背 景，中资、外资的等等，必须花多一点时间选择一个和你配合度最高的。" 2025年，港股IPO市场活跃度显著提升，德勤中国预计全年香港新股上市数量有望超过80只，融资规模或达到2500亿至2800亿港元。 在这一繁荣的市场背景下，如何选择适合的保荐机构成为企业赴港上市的首要课题。 优质港股保荐机构有哪家？有哪些比较好的IPO保荐机构 01 如何评估保荐机构的实力？ 在选择保荐机构时，企业需从多个维度评估机构的实力，以确保上市过程顺利进行。 合规资质是基础 港股保荐业务对资质要求极为严格，必须持有香港证监会第六类牌照并具备保荐人资格。 以百惠金控为例，其旗下百惠资本持有香港证监会第六类牌照（中央编号：BSM550），具备合法保荐资质。 同时，百惠金控还通过百惠证券（中央编号：BPQ161）持有第一类、第四类牌照，形成 "保荐 + 承销 + 经纪"的全 ...

Core Insights - Hong Kong's IPO fundraising has surpassed $30 billion this year, nearly doubling from last year's $10 billion and significantly up from less than $6 billion two years ago, indicating a robust market environment [1] - The presence of international long-term investors and sovereign funds has increased, with cornerstone investments totaling approximately $12 billion this year, of which foreign capital accounts for 42% [1] - The "A+H" listing theme has emerged as a significant trend, with 17 out of 85 IPO projects being A+H, contributing over $18 billion, or 60% of the total fundraising in Hong Kong this year [1][2] IPO Market Dynamics - The trend of A-share companies preparing for Hong Kong IPOs is expected to continue, with more high-tech firms like those in semiconductors and robotics anticipated to list [2] - The return of Chinese concept stocks to Hong Kong is likely to provide additional support to the IPO market, helping to mitigate delisting risks for these companies [2] - Recent occurrences of new stocks breaking below their issue price may be attributed to industry positioning, suggesting that not all companies possess scarcity in the Hong Kong market [2] New Mechanisms and Market Performance - The new IPO mechanism introduced in August has revitalized the market, allowing for a fixed public subscription ratio of 10%-60%, which benefits institutional investors and reduces selling pressure [3] - Data shows that since the implementation of the new mechanism, 22 out of 25 new stocks have opted for the new approach, with 21 of them experiencing price increases on their first trading day [3] - The participation rate of the company in new listings has been notable, with 29.1% in the past 24 months, 32.0% in the last 12 months, and 33.8% this year [3]

Core Viewpoint - Sichuan Biokin Pharmaceutical Co., Ltd. (百利天恒) has decided to delay its H-share global offering and listing on the Hong Kong Stock Exchange due to current market conditions, despite previously announcing plans for an IPO on June 21, 2024 [1][3]. Group 1: IPO Details - The company planned to offer a total of 8,634,300 H-shares, with 863,500 shares allocated for the Hong Kong market and 7,770,800 shares for the international market, at a maximum price of HKD 389 per share [6][7]. - All public offering application funds will be fully refunded, with the refund process expected to be completed by November 17 [6][3]. - The company has not yet finalized the timing for the global offering and listing, as it is currently assessing the situation [11]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of RMB 2.066 billion, a year-on-year decrease of 63.52%, and a net profit attributable to shareholders of -RMB 495 million, down 112.16% [12][14]. - The decline in net profit is attributed to a decrease in revenue and an increase in R&D expenses [14]. - The company aims to utilize the net proceeds from the IPO for global market drug development, operational funding, and establishing a global supply chain [12]. Group 3: Strategic Partnerships - Key cornerstone investors for the IPO include BMS, OAP III, GL Capital, Athos Capital, and Franklin Templeton, with BMS committing USD 15 million for 335,300 shares [10][11]. - The partnership with BMS involves a global strategic licensing agreement set to take effect in 2024, enhancing the company's global collaboration efforts [11]. Group 4: Market Position and Future Plans - The company focuses on addressing unmet clinical needs in the field of oncology and aims to develop global commercialization capabilities by 2028 [12]. - Despite the IPO delay, the company asserts that its business development and expansion plans remain unaffected [12].

Core Viewpoint - Bailitianheng has decided to postpone its H-share global offering and listing due to current market conditions, despite previously announcing plans for an IPO on June 21, 2024 [2][4]. Group 1: IPO Details - The company planned to issue a total of 8.6343 million H-shares, with 863,500 shares allocated for the Hong Kong market and 7.7708 million shares for the international market, at a maximum price of HKD 389 per share [8]. - All public offering application funds will be fully refunded, with the refund process expected to be completed by November 17 [8]. Group 2: Financial Performance - For the first three quarters of 2025, Bailitianheng reported a revenue of CNY 2.066 billion, a year-on-year decrease of 63.52%, and a net profit attributable to shareholders of -CNY 495 million, down 112.16% [14][16]. - The decline in net profit is attributed to a decrease in revenue and an increase in R&D expenses [16]. Group 3: Business Outlook - The decision to delay the global offering will not affect the company's current business operations or future development plans [13]. - Bailitianheng aims to accelerate the clinical development of its biological drug candidates in global markets outside of mainland China, including initiating multiple clinical trials in the United States [14].

Core Viewpoint - The Hong Kong IPO market is experiencing a strong recovery since 2025, with fundraising exceeding HKD 200 billion, regaining its position as the global leader in IPOs [2][3]. Market Performance - The performance of the Hong Kong IPO market this year has exceeded expectations, with significant contributions from high-quality companies and a continuous influx of foreign capital [3][5]. - Notable projects such as the IPO of Mixue Ice City and the placement of BYD have demonstrated the market's robust recovery, with the former achieving record frozen capital and attracting substantial foreign investment [5][6]. Impact of HKEX Reforms - Recent reforms by the Hong Kong Stock Exchange (HKEX) have positively influenced the market, particularly in optimizing IPO pricing and public market regulations, making it more attractive for large A-share companies to list [8][10]. - The new regulations have stabilized the allocation ratio between institutional and retail investors, enhancing the pricing power of institutions and improving post-IPO performance [10]. Foreign Capital Inflow - There is a clear trend of foreign capital returning to the Hong Kong IPO market, especially from European and Middle Eastern investors, driven by the need for diversified asset allocation [11][12]. - The shift in foreign investment strategies reflects a rebalancing of portfolios, with increased interest in Chinese assets [12]. Future Trends - The outlook for the Hong Kong IPO market remains positive, characterized by a virtuous cycle of good supply creating good demand, with many high-growth companies planning to list [13][14]. - Key trends for the future include diversification in company size and industry, a strong linkage between supply and demand, and the globalization of Chinese enterprises, with Hong Kong serving as a vital capital platform [14].

Core Insights - The Hong Kong IPO market has shown remarkable performance in 2025, with 87 companies listed and a total fundraising amount of HKD 246.93 billion, representing a year-on-year increase of 243.28% [1] Group 1: Market Characteristics - The market is characterized by a dominance of technology companies, with new listings covering sectors such as semiconductors, AI, and high-end manufacturing, including notable firms like Peak Technology and Hesai Technology [1] - A total of 69 IPO companies attracted 468 cornerstone investors, collectively investing HKD 94.59 billion, with over 20 institutions favoring star projects [1] - The "A+H" model has seen significant growth, with 16 new "A+H" companies listed this year, raising over HKD 100 billion, which accounts for 48% of the total new stock financing [1] Group 2: Market Liquidity - The average daily trading volume of Hong Kong stocks reached HKD 316.7 billion in the first nine months [1] - Southbound funds have net bought approximately HKD 1.3 trillion this year [1] - With strong policy support and ample backup resources, half of the 296 companies waiting to be listed are in the new economy sector, indicating a sustained attractiveness of the Hong Kong stock market [1]