以下文章来源于投资界 ，作者杨继云 投资界 . 清科创业旗下创业与投资资讯平台 这是许久未见的一幕。 今天（6月26日）， 港交所迎来3家公司集体鸣锣 —— 周六福、圣贝拉、以及颖通控股 ，缔造了港股近年来最热闹的一幕。 其中，周六福此次香港IPO获 超700倍认购，发行市值超101亿港元，开盘涨超18%，收盘涨25%，收盘市值为 113.61亿 港元 ；颖通控股发行市值约 37亿港元，收盘市值为 32亿港元 ；圣贝拉发行市值近40亿港元，开盘后一度涨超44%，收盘涨 4.14 %，收盘市值为 53.66 亿港元。 "港交所的锣不够用了 。"如此一幕，堪称今年港股IPO市场火爆的最佳写照。 一天三个IPO，港交所人气回来了 周六福率先成功赴港上市。 始于2002年，深圳罗湖区水贝村，广东汕头人李伟柱从银行辞职开了一家珠宝镶嵌工厂，赚到第一桶金。随后，"深圳市周天福珠宝首饰有限公司"创办， 后来周天福改名周六福。 2004年，第一家周六福珠宝直营店开在深圳。此后凭借"轻资产加盟"模式，周六福开始在全国范围内大量开设门店——截至2024年12月31日门店总数 4129家，其中自营店91家。过去三年，周六福营业收入 ...

Core Insights - The overall ETF market has seen significant growth in both share and asset scale in the first half of 2025, with a total non-monetary ETF share of 4.3 trillion yuan, an increase of over 500 billion yuan since the beginning of the year [2][4]. Group 1: Bond ETFs - Bond ETFs emerged as the top-selling category in the first half of the year, with 29 funds contributing nearly 160 billion yuan in sales [2][3]. - The total net inflow for bond ETFs reached approximately 159.6 billion yuan, with the Hai Fu Tong Zhong Zheng Short-term Bond ETF (511360) leading with an inflow of nearly 19 billion yuan [4][5]. - The surge in bond ETF popularity is attributed to increased demand for stable returns amid an asset shortage, with investors favoring medium-term, high-rated credit bonds [5]. Group 2: Commodity ETFs - Commodity ETFs achieved a return of 20.48%, primarily driven by gold ETFs, which significantly outperformed other commodities [6][7]. - The largest gold ETF, Hua An Gold ETF (518880), saw inflows exceeding 20 billion yuan, more than double that of the second-largest [9]. - The rise in gold prices is linked to heightened market uncertainty and increased demand for safe-haven assets due to global geopolitical tensions [10]. Group 3: Cross-Border ETFs - Cross-border ETFs experienced an 18% increase, largely due to strong performance in Hong Kong stocks, particularly in the pharmaceutical, dividend, and technology sectors [11][12]. - The top-performing cross-border ETF, Fu Guo Zhong Zheng Hong Kong Stock Connect Internet ETF (159792), recorded a net inflow of nearly 19 billion yuan [12]. - The Hong Kong stock market's daily trading volume has reached a historical high, contributing to the strong performance of cross-border ETFs [13]. Group 4: Stock ETFs - Core broad-based stock ETFs, particularly the CSI 300 ETFs, have shown robust inflows, with the top two ETFs each exceeding 20 billion yuan in net inflows [14][15]. - The overall trend indicates a stable performance in the stock ETF market, supported by government interventions and a strong demand for core assets [16].

Group 1 - The Hong Kong stock market is increasingly recognized as a vital platform for capital operations, particularly in fund investment exits and mergers and acquisitions (M&A) [1][3] - The Hong Kong Company Secretarial Association emphasizes the importance of Hong Kong as a key international market for asset restructuring and fund exits for Chinese enterprises [1] - Recent discussions highlighted the growing trend of diversified exit strategies for investment institutions due to declining IPO valuations and increased liquidity demands [3] Group 2 - Legal experts discussed critical issues for funds and financial investors when exiting through the Hong Kong stock market, including special shareholder rights and compliance with Hong Kong Stock Exchange regulations [5] - The importance of understanding the differences in lock-up periods for various types of investors during the IPO stage was emphasized [5] - The regulatory requirements for cornerstone investors in the IPO process were outlined, along with potential exemptions [5] Group 3 - Cross-border M&A legal due diligence now requires a focus on trade compliance and risks associated with economic sanctions [7] - Geopolitical factors may lead to stricter antitrust reviews and foreign investment scrutiny in cross-border transactions [7] - Key clauses in M&A agreements may vary by region, with a trend towards enhanced guarantees and indemnities to increase transaction certainty [7] Group 4 - Recent updates to the Hong Kong Stock Exchange guidelines have introduced specific requirements for valuation disclosures in transactions [9][10] - Various valuation methods were discussed, including their principles, applicability, and key considerations during practical implementation [10] - Tax considerations for fund exits and M&A were addressed, including the tax treatment of RMB and USD fund structures [11]

【导读】香港公司治理公会、安永、奋迅 · 贝克麦坚 时等 详解港股基金退出与并购秘籍 中国基金报记者 卢鸰 香港公司治理公会北京代表处首席代表高伟在开幕致辞中表示，香港不仅是中国企业的 IPO 市场，也正在成为中国企业资产重组、收购兼并，以及基金退出的最为重要的国际市场，公 会愿意与合作伙伴一起，共同助力更多的内地企业有效利用香港的市场化机制实现高质量发 展。 并购退出方式正在蓄势 在此次研讨会上，安永华北区战略与交易咨询主管合伙人朱盎以最新市场数据，阐述了近年 中国股权投资市场退出的分布特征，包括方式、行业、地区等方面。 2024 年 1 月至今，香港恒生指数最高涨幅达 65.43% 。在此背景下，作为重要的资本运作 平台，在基金投资退出与企业并购领域，港股市场的作用愈发凸显。 6 月 24 日， " 港股市场的进与退：基金投资退出路径与并购实务 " 专题研讨会在北京安永 大楼成功举办，此次研讨会由中国基金报、安永（中国）咨询有限公司北京分公司、奋迅 · 贝克麦坚时律师事务所及思治企业咨询联合主办。 围绕港股市场基金退出策略与并购实务，香港公司治理公会、安永、奋迅 · 贝克麦坚时等机 构与会者进行了深度探讨 ...

Core Viewpoint - The Hong Kong IPO market is experiencing a significant resurgence, highlighted by multiple companies going public simultaneously, indicating renewed investor confidence and interest in the market [3][12]. Group 1: Recent IPO Activity - On June 26, three companies, Zhou Li Fu, Sheng Bella, and Ying Tong Holdings, collectively rang the bell for their IPOs, marking a lively day for the Hong Kong stock exchange [1][7]. - Zhou Li Fu's IPO was oversubscribed by over 700 times, with a market capitalization exceeding 10.1 billion HKD, and it opened with a gain of over 18% [2]. - Sheng Bella, a high-end confinement center brand, had a market capitalization of nearly 40 billion HKD at its IPO, with its stock rising over 4% on debut [2][6]. - Ying Tong Holdings, which manages several luxury brands, had an IPO market capitalization of approximately 3.7 billion HKD [2][6]. Group 2: Market Trends and Statistics - The Hong Kong IPO market is projected to see around 40 companies debut in the first half of the year, raising approximately 1,087 billion HKD, representing a year-on-year increase of 33% in the number of IPOs and 711% in fundraising [9][10]. - The market is currently witnessing a surge in consumer companies going public, with significant names like Mi Xue Ice City and Hu Ming Tea already listed, reflecting a strong appetite for consumer stocks [10][11]. - As of June 24, over 160 companies are in the IPO queue, with a total refinancing scale reaching 1,428.54 million HKD, surpassing last year's total [11]. Group 3: Investor Sentiment and Future Outlook - There is a renewed confidence in the Hong Kong market, with investors showing increased interest in IPOs, driven by the performance of recent listings [14]. - The market is expected to see a revaluation of Chinese assets, particularly in consumer stocks, as international capital shows a growing interest [14][15]. - Companies are encouraged to accelerate their IPO plans, as the current window for accessing international capital markets is perceived to be limited [16].

港股IPO与国际化：资本服务产业的战略落子 牧原股份于2025年5月27日正式向香港联交所递交H股上市申请，标志着其国际化战略迈出关键一步。 企业表示，港股上市的核心诉求并非单纯融资，而是为未来五年到十年的海外业务铺路。 东南亚市场成为牧原出海的首站。以越南为例，当地养殖企业在装备研发、疫病防控等领域存在技术缺 口，这为牧原的技术服务输出提供了空间。2024年，牧原与越南企业BAF达成战略合作，从猪场设计、 设备供应到人员培训形成完整服务链条。目前，牧原越南子公司已投入运营，未来计划探索更多合作模 式，将国内验证过的除臭灭菌工艺、智能装备等解决方案复制到海外。 港股上市与国际化业务形成双向助力。香港作为国际金融中心，能够提升牧原在全球市场的信任度与品 牌认知，而海外业务拓展也将为资本市场提供增量叙事。根据规划，港股募资将用于供应链建设、海外 并购及生物安全等研发投入，其中合成生物技术被视为抵御大豆价格波动、保障粮食安全的重要方向。 降本增效进入深水区：5月成本12.2元/kg背后的技术攻坚 2025年6月22日，牧原股份在第二十届养猪节媒体交流会上，全面展示了其在战略布局与经营管理上的 最新突破。作为全球生猪 ...

港股探底回升，恒生科技指数转涨，恒生指数跌幅收窄至0.5%。 ...

Group 1 - The core viewpoint of the article is that the correlation between Hong Kong stocks and A-shares has significantly increased since 2020, while the correlation with US stocks has weakened [1][2][3] - Historically, Hong Kong stocks were more correlated with US stocks, particularly from 1970 to 2020, but since 2020, this correlation has diminished, especially in 2021 and 2023 [1] - The increase in correlation between Hong Kong and A-shares is attributed to a decrease in foreign capital's share in Hong Kong stocks and an increase in domestic liquidity [1][2] Group 2 - Hong Kong stocks have become less dependent on overseas liquidity since 2020, with valuation contributing more to price movements, aligning with the increased correlation with A-shares [2] - The decline in foreign capital's share is influenced by geopolitical factors, currency arbitrage, and changes in the price-performance ratio of Hong Kong stocks [2] - Domestic capital has accelerated its inflow into Hong Kong stocks due to price advantages and scarcity of investment targets, further linking Hong Kong's liquidity to mainland capital behavior [2] Group 3 - The fundamental performance of Hong Kong stocks is increasingly related to mainland China, with over two-thirds of listed companies being Chinese enterprises, contributing 90% of net profits [3] - The proportion of mainland enterprises listed in Hong Kong has risen since 2020, supported by policies aimed at developing Hong Kong's capital market [3] - The correlation between Hong Kong stocks and overseas markets has weakened, with less impact from changes in overseas demand and economic cycles since 2020 [3]

今年上半年，港股"股王"老铺黄金（06181）股价一度触及高点1015港元，截至6月25日收盘，该股年内涨幅近270%，上市以来累计飙升超倍，成为资 本市场的现象级案例。市场普遍关注的是，同样聚焦高端黄金产品、且渠道下沉能力更胜一筹的周六福（06168），能否复制老铺黄金的估值神话？ 根据智通财经APP了解，周六福暗盘平开高走，涨幅曾高达15.21%，收涨12.92%，报27.1港元，成交额1.55亿港元，总市值115.32亿港元。每手100股， 不计手续费，每手赚310港元。 594倍超额认购备受资金追捧 触发套路回拨难挡"入通"势头？ 公开资料显示，周六福此次IPO计划全球发售4680.8万股（占全球发售完成后11%，另有15%发售量调整权），其中香港发售468.08万股，国际发售 4212.72万股，另有15%超额配股权，发售价为每股24.00港元，每手100股，预计募资总额11.23亿港元，IPO市值约为102.13亿港元。本次IPO保荐人为中 金公司和中信建投国际。 在本次IPO发行中，周六福总计引入8名基石投资者，累计认购约5.73亿港元——其中，深圳罗湖国资认购2亿人民币、永诚资本认购1.1亿港 ...

多重利好共振，港股吸引力持续提升 2025 年，港股市场展现出超预期的韧性，特别是在宏观经济不确定性逐步缓解的背景下，南向资金的持续流入成为 港股上行的关键动力。截至今年 6 月 19 日，南向资金累计净买入港股的金额已突破 6960.41 亿港元，相当于 2024 年 全年南向资金净买入额的 86.16%。根据近五年数据，南向资金的流入逐年上升，尤其在 2024 年和 2025 年，资金流 入的同比增速分别达到了 172.27%和 98.87%。这一增长趋势反映了全球投资者对港股的信心不断增强，同时也表明 港股市场具备较强的吸引力。除南向资金外，港股的估值在全球股市中表现出低估优势。截至 2025 年 6 月 19 日，恒 生综合指数的市盈率为 11.3 倍，显著低于标普 500 和中证全指。这种低估值使得港股的投资性价比愈发突出，成为 全球投资者关注的重点。此外，随着全球经济的不确定性逐步缓解，资金流动趋向于从低收益的固定收益资产流向 高回报的风险资产。美联储预计在 2025 年下半年可能会启动降息周期，合并美元走弱趋势，将进一步推动资本流向 包括港股在内的市场，为港股提供了有利的外部环境。综合来看，港股 ...