Group 1: Hong Kong Capital Market Overview - In the first three quarters of 2025, Hong Kong's capital market led globally with 67 IPOs and a fundraising amount of HKD 186.5 billion, representing a year-on-year increase of 236% [1] - By the end of September, net inflows from southbound funds reached HKD 116.8 billion, surpassing the total for 2024 and showing a significant year-on-year growth of nearly 132% [1] - The influx of long-term capital from international sources, including the US and the Middle East, has driven the average daily trading volume of Hong Kong stocks to a historical high, with IPO companies achieving the strongest post-market performance since 2020 [1] Group 2: EY's Role and Initiatives - EY launched a series of forums in eight cities along the Yangtze River, focusing on practical challenges and execution details in the IPO process, reflecting the demand for professional guidance amid the Hong Kong IPO boom [2][5] - The forums featured discussions on opportunities and practical aspects of listing in Hong Kong, with participation from notable investment banks, law firms, and EY partners [2][5] - EY emphasized its commitment to supporting clients in achieving their IPO goals, highlighting the importance of integrating professional services and financial support for successful listings [5] Group 3: Key Insights from the Forums - Experts discussed the need for companies to establish clear financial logic and data support systems, as well as to conduct tax health checks and optimize tax planning early in the IPO process [3][6] - Legal challenges related to overseas listings were analyzed, with recommendations for companies to implement a dual compliance mechanism to ensure legal stability throughout the process [3][6] - The forums provided a platform for interactive discussions, allowing participants to gain a comprehensive understanding of the IPO framework and critical milestones [3][10] Group 4: Future Events and Engagement - EY announced the continuation of the "China Enterprises Going Public in Hong Kong" forums in key cities, aiming to expand service coverage and deepen regional cooperation [11] - Upcoming events are scheduled in Suzhou, Chengdu, Ningbo, and Hefei, with specific dates and locations provided for interested participants [11]

Group 1 - Minglue Technology from Sichuan Province has successfully listed on the Hong Kong stock market, becoming the second company from the province to do so this year [1] - The Hong Kong stock market has become a popular listing destination due to policy support and a recovering funding environment, with over HKD 210 billion raised in the first ten months of the year, ranking first globally [1] - The total IPO financing amount in Hong Kong has reached HKD 216.47 billion this year, representing a year-on-year increase of 203.5%, with 81 companies listed, a 50% increase compared to last year [1] Group 2 - Strategic emerging industries, particularly in healthcare and information technology, have become the mainstay of the Hong Kong IPO market this year [2] - The pharmaceutical and biotechnology sector has seen the highest number of listings, with 17 companies raising HKD 24.23 billion, including major IPOs from companies like Hengrui Medicine and Jinfang Pharmaceutical [2] - A record 58 pharmaceutical companies have submitted applications for IPOs in Hong Kong this year, with nearly 70% focusing on innovative drug development in oncology and autoimmune diseases [2] Group 3 - In the industrial engineering and software service sectors, 11 and 7 companies have gone public this year, raising HKD 77.92 billion and HKD 12.03 billion respectively [3] - The industrial engineering sector has fewer IPOs but larger individual fundraising amounts, with SANY Heavy Industry raising over HKD 10 billion [3] - In the software service sector, companies like Hesai Technology and Cambridge Technology have each raised over HKD 4 billion [3] Group 4 - Shanghai, Guangdong, Jiangsu, and Zhejiang lead in the number of companies listed on the Hong Kong stock market this year, with Shanghai having 14 listings [4] - Notable companies from Shanghai include Cambridge Technology and Hohhot Aunt, covering various sectors such as hard technology and consumer upgrades [4] - Shenzhen has also seen significant listings, with companies like Guanghetong and Xipuni focusing on high-end manufacturing and smart technology [4] Group 5 - Local governments are prioritizing support for companies going public in Hong Kong, offering services such as financial subsidies and one-stop consulting to reduce compliance and financing costs [5] - Initiatives like Chengdu's "Rongqi Outbound" program and Shenzhen's comprehensive support mechanism are designed to facilitate the listing process for companies [5]

Core Viewpoint - Shenzhen's new merger and acquisition policy aims to support qualified companies in pursuing high-quality development through mergers and acquisitions, with a target of exceeding a total market value of 20 trillion yuan for listed companies by the end of 2027 and cultivating 20 companies with a market value of over 100 billion yuan [1][2]. Group 1: Policy Initiatives - The action plan includes measures to connect with Hong Kong's capital market, facilitating cross-border mergers and acquisitions [1]. - Specific initiatives involve supporting leading enterprises in Shenzhen to list or refinance in Hong Kong, establishing equity investment funds for industrial mergers, and enhancing cooperation between Shenzhen Stock Exchange and Hong Kong Stock Exchange [1][2]. - The policy is a continuation of the central government's push for deeper financial cooperation between Shenzhen and Hong Kong, as highlighted in a June 2023 document [1][2]. Group 2: Market Response - Following the announcement of the new policy, the Shenzhen state-owned assets sector experienced a surge, with stocks hitting the daily limit on the first trading day [2]. - Over 70 mainland companies have listed in Hong Kong this year, raising over 190 billion HKD, with many from Shenzhen in sectors like consumer electronics and biotechnology [2][3]. Group 3: Support for Enterprises - Shenzhen's government is committed to providing comprehensive support for local companies looking to list in Hong Kong, including a full-cycle service mechanism for companies in various districts [3][4]. - The Hong Kong government has also prioritized attracting mainland companies to list in Hong Kong, with initiatives to assist tech firms in financing [3][4]. Group 4: Challenges and Opportunities - Experts note that while the integration of Shenzhen and Hong Kong's financial markets presents opportunities, there are still systemic barriers to overcome, such as discrepancies in listing rules and compliance standards [5]. - A clearer and more stable policy environment is needed to reduce compliance costs and enhance financing efficiency for companies [5].

Core Viewpoint - Hong Kong is experiencing a listing boom, with companies like Baile Tianheng preparing for their IPOs, reflecting a strong interest from Chengdu enterprises in accessing international capital markets [1][8]. Group 1: Market Activity - Baile Tianheng has passed the listing hearing on the Hong Kong Stock Exchange, with Chengdu's total number of listed companies expected to reach 28 [1]. - Numerous institutions and enterprises actively participated in the "Rongyi Shang" event, indicating a high level of interest in Hong Kong listings [3]. - The scale of participation in the event this year has significantly increased compared to last year, showcasing the enthusiasm of Chengdu enterprises for listing in Hong Kong [3]. Group 2: Sector Insights - The event featured specialized sessions for biopharmaceutical and technology/consumer sectors, with over a hundred representatives from enterprises and financial institutions attending [3][5]. - Key insights were shared regarding the opportunities and challenges faced by companies seeking to list in Hong Kong, particularly in the biopharmaceutical sector [5][7]. - Legal experts discussed critical points encountered by enterprises during the listing process, emphasizing the importance of legal support for technology and consumer companies [5]. Group 3: Investment Opportunities - Investment institutions highlighted the opportunities presented by listing in Hong Kong, particularly for Chengdu enterprises looking to expand internationally [8]. - Several Chengdu companies, including Guoxing Aerospace and Xinyue Holdings, have submitted applications for Hong Kong listings this year, indicating a trend of local firms seeking to leverage international capital markets [8]. - As of now, Chengdu has 122 A-share listed companies, 27 listed in Hong Kong, and 5 in the US, with the total expected to reach 154 following Baile Tianheng's listing [8].

Core Viewpoint - Bailitianheng has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO, which will increase the number of listed companies from Chengdu to 28 [1][5]. Company Developments - Bailitianheng is recognized as a leading domestic innovative drug company, with notable achievements in the field of innovative drug development and international expansion [4]. - The company announced that its self-developed innovative biological drug, BL-M24D1 (ADC), has received approval for clinical trials from the National Medical Products Administration [4]. - Bailitianheng has launched a fundraising plan to raise 3.764 billion yuan, which will be entirely allocated to the development of innovative drugs, particularly to accelerate clinical trials for core ADC products [4]. Financial Partnerships - In December 2023, Bailitianheng entered into a collaboration agreement with Bristol-Myers Squibb (BMS) for the dual-target ADC drug BL-B01D1, with a potential total transaction value of $8.3 billion, including an upfront payment of $800 million [6]. - The company is expected to receive milestone payments from BMS, which could total $1.05 billion (approximately 7.5 billion yuan) if all conditions are met [6]. Industry Trends - The trend of companies from Chengdu seeking listings in Hong Kong reflects a strong momentum for local enterprises to expand into international capital markets [8]. - As of now, Chengdu has 122 A-share listed companies, 27 listed in Hong Kong, and 5 in the US, with the total number of listed companies expected to reach 154 following Bailitianheng's IPO [8].

Group 1 - The global economic landscape is undergoing significant adjustments, with China's economy demonstrating resilience and vitality. Hong Kong's status as a core hub connecting mainland China with global capital markets is increasingly prominent [2] - As of the end of September 2025, Hong Kong has seen nearly 70 IPOs in the first three quarters, raising approximately HKD 183 billion, representing a year-on-year increase of 228%, making it the largest financing hub globally [2] - The trend of Chinese companies listing in Hong Kong is becoming a strategic choice for expanding international financing channels, enhancing global brand influence, and optimizing corporate governance [2] Group 2 - Ernst & Young (EY) is recognized as a leading professional services firm with extensive experience in assisting companies with listings in Hong Kong, providing comprehensive support for cross-border financing [2] - A series of forums will be held in various cities to address key concerns and practical challenges related to listing in Hong Kong, including insights into the latest listing policies, market trends, regulatory requirements, and critical points in the IPO process [3] - The forums aim to create an efficient platform for communication and collaboration, bringing together regulatory representatives, stock exchange officials, and professionals from various sectors to share insights and solutions [3] Group 3 - Specific details of the forums include dates and locations in cities such as Hangzhou, Shanghai, Ningbo, Suzhou, and Chengdu, with contact persons provided for each event [4]

Core Insights - The article highlights a surge in mainland Chinese companies seeking to list on the Hong Kong Stock Exchange (HKEX), driven by favorable policies and a recovering market, with 11 companies successfully listed from Jiangsu province in the first eight months of the year [1][3][4] Group 1: Market Trends - The HKEX has seen significant changes this year, with a total new stock financing amount reaching 1,345 billion HKD in the first eight months, and approximately 70% of this financing coming from "A+H" model listings [3][4] - Major sovereign funds and long-term institutions are actively participating in HKEX IPOs, with foreign subscription rates exceeding 70% in some cases [3][4] - The market is experiencing a shift as H-shares of leading companies like CATL and Heng Rui Pharmaceutical are trading at higher valuations compared to their A-share counterparts, attracting more companies to consider HKEX listings [4] Group 2: Policy Support - The China Securities Regulatory Commission and HKEX have introduced multiple favorable policies since 2024 to encourage high-quality domestic companies to list in Hong Kong, including a "green channel" for A-share companies [4][6] - Jiangsu province is actively promoting capital market development, with initiatives such as the establishment of a service alliance for companies looking to list in Hong Kong [5][6] Group 3: Corporate Strategies - Leading companies are increasingly viewing the HKEX as a platform for international capital operations, with examples like SF Express leveraging its international supply chain growth through a Hong Kong listing [4][5] - Companies are advised to consider various factors when deciding on a listing, including market efficiency, valuation, strategic alignment, and regulatory environment [7][8] Group 4: Compliance and Training - Compliance is a major concern for companies considering a Hong Kong listing, with key areas including legal requirements, business legitimacy, and intellectual property rights needing thorough examination [8] - Recent training sessions have provided valuable insights for companies, helping them understand the strategic significance of listing in Hong Kong and addressing compliance challenges [9]

Core Viewpoint - The article highlights the increasing trend of high-quality enterprises from Jiangsu province pursuing IPOs in the Hong Kong market, driven by favorable policies and a recovering market environment [1][3]. Group 1: Market Trends - In the first eight months of this year, the Hong Kong Stock Exchange (HKEX) raised HKD 1,345 billion in new stock financing, with approximately 70% of this coming from "A+H" companies [2]. - The number of Jiangsu enterprises successfully listed in Hong Kong has reached 11, with over 20 more in the pipeline, indicating a vibrant market activity [1][3]. - The HKEX has seen a shift in listing methods, including share swaps and privatization, providing new avenues for companies to enter international markets [2]. Group 2: Policy Support - The China Securities Regulatory Commission and HKEX have introduced multiple favorable policies since 2024 to encourage high-quality domestic enterprises to list in Hong Kong, including a "green channel" for A-share companies [3]. - The ongoing optimization of listing regulations by HKEX has made it more attractive for companies at various development stages to consider going public [4]. Group 3: Corporate Strategies - Leading companies are increasingly looking to the Hong Kong capital market to enhance their international presence and operational capabilities, as exemplified by SF Express's international supply chain growth [2]. - Jiangsu's government is actively promoting the listing of enterprises in Hong Kong as a means to integrate into the global capital market and enhance international competitiveness [4]. Group 4: Compliance and Considerations - Companies are advised to evaluate their suitability for the Hong Kong market by considering factors such as listing efficiency, valuation, regulatory environment, and overall costs [6][5]. - Compliance with legal requirements, including corporate history, ownership clarity, and operational legality, is crucial for companies considering a Hong Kong listing [6]. Group 5: Future Outlook - The positive momentum in the Hong Kong market is expected to be supported by macroeconomic improvements, ongoing policy enhancements, and a strong demand from enterprises seeking to strengthen their international competitiveness [7].

详见A02版 江苏优质企业赴港上市热潮涌动 ▲ 图为中国证券报与江苏省委金融办联合主办的"通向新机遇之路——港股IPO专业研培"现场。本报记者 任明杰 摄 ▲ 政策支持与内生需求"双向奔赴" ...

当人们讨论全球经济时，不可能忽略中国经济；当人们讨论中国经济时，不可能忽略江苏经济；当人们讨论资本市场时，不可能忽略港股市场。当内地企 业特别是江苏企业走向港股市场，那便是双向奔赴通向新机遇之路。 为助力企业赴港上市、抓住国际资本市场发展机遇，9月15日，由中国证券报、江苏省委金融办联合主办的"通向新机遇之路——港股IPO专业研培"在江苏 省苏州市举行。江苏各设区市地方金融管理部门负责人、百余位企业高管参加培训，来自券商、律所、专业媒体、财经公关的多位专家围绕港股IPO相关 事项进行授课。 华泰国际投资银行部执行董事 龙伟 "作为经济大省、开放大省，江苏高度重视资本市场建设。"江苏省委金融办常务副主任、省地方金融管理局局长巩海滨表示，推动企业赴港上市既是企业 融入全球资本市场、提升国际竞争力的重要途径，也是江苏推进金融高水平对外开放的重要举措。 他介绍，截至8月末，江苏在中国香港上市企业累计达133家，占全省境外上市企业总数的71.12%，中国香港已经成为江苏企业境外上市首选目的地；今 年1—8月，江苏共有11家企业在港交所上市，比去年同期增长120%，市场活跃度明显提升。 "当前，港交所持续优化上市制度，在 ...