Core Insights - The "Rongyi Shang" series of activities for Chengdu enterprises going public in Hong Kong was held on October 22, 2023, attracting over 300 participants from government departments, Hong Kong institutions, and Chengdu companies [1][3] Group 1: Market Overview - As of September 30, 2023, the Hong Kong Stock Exchange (HKEX) has raised $23.4 billion in IPOs, leading globally, with an additional $58.5 billion from follow-on offerings [3] - There are currently 118 issuers planning to list in Hong Kong, with 77 having submitted preliminary listing applications and 41 companies announcing their intention to list [3] Group 2: Support for Enterprises - Hong Kong offers a comprehensive support system for mainland enterprises, including a simple tax regime, free capital movement, and advanced professional services [3] - The "Rongyi Shang" capital market service platform provides lifecycle support for companies, integrating resources from domestic and international exchanges and venture capital institutions [4] Group 3: Industry Engagement - The event featured specialized sessions in biomedicine, technology, and consumer sectors, facilitating face-to-face discussions between law firms, investment institutions, and companies [4] - Companies like Sichuan Dekang Animal Husbandry and Food Group shared practical experiences, while over ten companies planning to list in Hong Kong discussed valuation and cross-border capital operations with Hong Kong guests [4] Group 4: Government Initiatives - The Chengdu Municipal Party Committee's Financial Committee is committed to enhancing the connectivity of capital markets between Chengdu and Hong Kong, supporting local entrepreneurs in leveraging Hong Kong's resources for international expansion [4]

Core Insights - The event "Rongyi Shang" aims to facilitate Chengdu enterprises in going public in Hong Kong, showcasing the city's commitment to enhancing international competitiveness and expanding financing channels for companies in sectors like biomedicine, technology, and consumer goods [3][4][24] - The event attracted over 300 participants, including government officials, financial institutions, and media representatives, to discuss opportunities for Chengdu enterprises to list in Hong Kong [3][24] Group 1: Event Overview - The event was held on October 22, 2023, at the Chengdu Jiaozi International Hotel, organized by various local financial and economic development bodies with support from major firms like Deloitte China and CICC [1][3] - The format included a main forum for discussions and sub-forums for targeted networking, emphasizing the importance of comprehensive support for enterprises throughout their listing journey [3][6] Group 2: Government and Institutional Support - Chengdu's government is focused on leveraging Hong Kong's capital market to support local innovation and enterprise growth, implementing a full lifecycle service plan for companies aiming to go public [4][24] - The "Rongyi Shang" platform provides ongoing support for enterprises, including activities that cover the entire process from discovery to post-listing development [6] Group 3: Market Insights and Expert Contributions - Hong Kong is currently experiencing a surge in IPO activity, with the Hong Kong Stock Exchange raising $23.4 billion in IPO funds as of September 30, 2023, making it the world's leading IPO exchange [9] - Experts from various institutions provided insights on the challenges faced by companies in navigating foreign capital markets, including compliance and regulatory issues [7][11] Group 4: Sector-Specific Networking - The event featured specialized sessions for biomedicine and technology/consumer sectors, allowing companies to engage directly with legal and financial experts to discuss their specific needs and strategies for entering the Hong Kong market [18][22] - Representatives from successful Chengdu companies shared their experiences and strategies for overcoming challenges in the international capital market [23]

Core Insights - The "Yunshan Chuangxianghui" financial salon in Guangzhou aims to assist local enterprises in seizing opportunities in the international capital market and addressing challenges related to listing in Hong Kong [2][4] Group 1: Event Overview - The event attracted nearly 100 participants, including representatives from government bodies, financial institutions, and 22 companies planning to list [2] - The salon is part of a series of initiatives by the Baiyun District Political Consultative Conference to explore areas such as ESG, overseas expansion, and listing in Hong Kong [4] Group 2: Market Insights - Hong Kong's capital market is experiencing a window for foreign investment in Chinese assets, with improved liquidity driven by various factors, including southbound capital [6] - The IPO activity in Hong Kong is expected to increase significantly from 2025, with recent regulatory optimizations facilitating easier access for companies [6] Group 3: Compliance and Preparation - Companies are advised to focus on financial compliance, tax structure optimization, and information system verification to meet the increasingly stringent regulatory requirements of the Hong Kong market [6] - Early tax health checks and IT system pre-assessments are recommended to enhance internal control systems for successful international market entry [6] Group 4: Support Systems - The Guangzhou Municipal Financial Office has established a capital market cultivation system to support companies in listing and mergers and acquisitions [7] - The "Yunshan Chuangxianghui" financial salon has successfully hosted 14 sessions since its inception in July 2023, attracting 61 quality projects across various sectors [7]

为助力区内企业抢抓国际资本市场机遇、破解赴港上市难题，10月16日，广州"云山创享汇"金融沙龙第十五期——企业赴港上市主题宣讲活动在白云金控大 厦开讲。 本次活动由广州市委金融办、白云区人民政府组织，白云区发展和改革局主办，广州白云金科控股集团有限公司（简称"白云金控"）、广东股权交易中心、 白云区上市公司联谊会承办，广州银行白云支行支持。来自广州市委金融办、市发改委、香港贸发局广州办事处以及白云区等有关单位领导代表，中金公 司、竞天公诚律师事务所、毕马威会计师事务所等金融服务和投资机构代表，有关行业协会代表，以及南航物流、芭薇股份、乐禾食品、里工实业等22家拟 上市企业代表近百人参加了活动。 近年来，白云区政协通过设立金融行业委员工作室等各类行业或界别委员工作室，深入企业开展调研，在ESG、借港出海、赴港上市等前沿领域积极探索。 本次活动开场，白云区政协党组书记、主席袁东华特别受邀为活动致辞，他指出，赴港上市是企业对接国际资本市场、实现高质量发展的重要路径。他强 调，上市将推动企业治理与格局实现"脱胎换骨"，区政协将积极发挥桥梁作用，营造良好上市氛围，期待以此次沙龙为契机，推动更多区内企业与香港资本 市场实 ...

Core Insights - A record high of 269 companies submitted IPO applications to the Hong Kong Stock Exchange (HKEX) as of October 13, 2025, surpassing previous years [1][3] - The most active months for submissions in 2025 were June with 65 companies and September with 60 companies [3] - The majority of companies applying for IPOs are from the information technology, healthcare, industrial, consumer discretionary, materials, and consumer staples sectors [3][4] Submission Trends - The annual number of companies submitting IPO applications to HKEX from 2015 to 2024 varied significantly, with numbers ranging from 9 to 172 [3] - In 2025, the monthly breakdown of submissions shows a total of 27, 13, 5, 30, 31, 65, 8, 26, 60, and 4 from January to October [3] - A total of 83 A-share companies submitted applications to HKEX in 2025, exceeding the total from the previous decade [4][5] Sector Distribution - In 2025, 108 information technology companies submitted applications, accounting for 40.15% of the total [3] - Healthcare companies made up 18.22% with 49 submissions, while industrial companies accounted for 13.75% with 37 submissions [3] - Consumer discretionary and materials sectors each had 35 and 15 submissions, respectively, representing 13.01% and 5.58% of the total [3] Market Dynamics - The surge in IPO submissions is attributed to supportive policies, market conditions, and corporate demand for international financing [6][7] - Experts predict that the trend of companies going public in Hong Kong will continue into 2026, driven by favorable conditions and investor interest [6][7] - The ability of companies to capitalize on current market opportunities will be crucial for their competitive positioning in the capital markets [6]

数据显示，截至2025年10月13日，今年以来共有269家公司向港交所递交IPO招股材料，创历史新高。 从月度数据看，2025年6月是年内递表数量最多的月份，达到65家。其次是9月份，达到60家。从行业分 布看，2025年以来递表的公司中，信息技术、医疗保健、工业、可选消费、材料、日常消费占比较高。 2025年以来，83家A股上市公司向港交所递交上市申请，超过过去10年总和。 ● 本报记者 董添 年度递表数量创历史新高 2015年至2024年，各年向港交所递交招股说明书的公司数量分别是：50家、9家、172家、169家、149 家、97家、130家、75家、68家、83家。 分月份看，2025年6月是今年以来递表数量最多的月份，达到65家。其次是9月份，达到60家。1月至10 月各月递表港交所的公司数量分别为27家、13家、5家、30家、31家、65家、8家、26家、60家和4家。 不少A股上市公司在发布筹划公告后不久，就递交了招股说明书。 举例来看，阳光电源8月25日晚间披露关于筹划发行H股股票并在香港联合交易所有限公司上市的提示 性公告。公告显示，为深化公司全球化战略布局，提升公司国际化品牌形象，打造公司 ...

Core Insights - The number of companies submitting IPO applications to the Hong Kong Stock Exchange (HKEX) has reached a historical high in 2025, with 269 companies filing so far [1][2][3] - The surge in IPO applications is driven by a combination of favorable policies, market conditions, and corporate demand for international financing and brand building [4][5] Group 1: IPO Submission Data - In 2025, June saw the highest number of submissions with 65 companies, followed by September with 60 [2] - Monthly submissions from January to October 2025 were 27, 13, 5, 30, 31, 65, 8, 26, 60, and 4 respectively [2] - A total of 83 A-share listed companies have submitted applications to HKEX in 2025, surpassing the total from the previous 10 years [3] Group 2: Industry Distribution - The majority of IPO applications in 2025 are from the information technology sector, with 108 companies (40.15%), followed by healthcare (49 companies, 18.22%), and industrial (37 companies, 13.75%) [2] - Other sectors include consumer discretionary (35 companies, 13.01%), materials (15 companies, 5.58%), and consumer staples (15 companies, 5.58%) [2] Group 3: Market Trends and Future Outlook - The trend of companies going public in Hong Kong is expected to continue, driven by supportive policies and increased market activity [4][5] - Experts suggest that the current IPO wave is a result of a confluence of policy support, market recovery, and corporate needs, with expectations of sustained high activity through 2025 and into the first half of 2026 [4][5]

可以看到，金昶在进入珀莱雅曾在美妆巨头欧莱雅集团履职，具备相当程度的美妆行业经验。珀莱雅与 欧莱雅的"缘分"颇深。据南都记者了解，今年6月刚刚上任的珀莱雅产品开发负责人兼孵化品牌副总经 理汪奕峰也曾在欧莱雅任职。此前离职的珀莱雅CMO（首席营销官）叶伟在任职期间推动了珀莱雅在 电商渠道的内容营销转型，业内一度盛传其参考了欧莱雅的市场营销体系，珀莱雅那几年的业绩增速的 确在国货美妆品牌中一骑绝尘。 除了具备美妆大厂经验，金昶的履历中还曾任毕马威会计事务所高级审计师。值得注意的是，珀莱雅此 前公布2025年半年报的同时，还宣布拟发行境外上市股份（H 股）并在香港联合交易所有限公司主板挂 牌上市。目的是为加快公司的国际化战略和海外业务发展，增强公司的境外融资能力。 金昶曾在毕马威这样的"四大"审计事务所担任高级审计师，接受了系统审计和财务报告流程的训练，同 时又在阿克苏诺贝尔和欧莱雅这类跨国企业中负责过财务相关工作。这些背景意味着他对财务控制、成 本管理、预算规划、国际化财务规范、跨事业部协同等都有丰富经验。 另外，有熟悉港股资本市场的投资人告诉南都记者，跨境／赴港上市或是在国际资本市场环境下，投资 者和监管机构对 ...

Core Viewpoint - Proya Cosmetics Co., Ltd. plans to list H shares in Hong Kong to enhance its overseas financing capabilities and accelerate its internationalization strategy [3][4]. Group 1: Listing Plans - The board of Proya has approved the proposal for issuing H shares and listing on the Hong Kong Stock Exchange, marking a significant step in its overseas listing process [3]. - The proposed H share issuance will not exceed 15% of the total share capital post-issuance, with funds focused on R&D innovation, brand expansion, smart manufacturing, and global layout [3][4]. - The company aims to enhance its overseas financing capabilities and improve its overall competitiveness through this listing [4]. Group 2: Financial Performance - In the first half of the year, Proya reported revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, which is a significant slowdown compared to the 37.9% growth in the same period of 2024 [4]. - The net profit attributable to shareholders reached 799 million yuan, reflecting a year-on-year growth of 13.80%, which is notably higher than the revenue growth rate [4]. - The net cash flow from operating activities was 1.293 billion yuan, showing a substantial increase of 95.34% year-on-year, indicating improved cash flow conditions [4].

Core Viewpoint - The recent trend of A-share companies planning to issue H-shares in Hong Kong reflects a strong demand for internationalization and highlights the deeper logic behind the capital market's opening process [1][2]. Group 1: Companies' Internationalization Strategies - Over 130 A-share companies have announced plans to list in Hong Kong this year, including leading firms like CATL and Heng Rui Medicine, indicating a significant push towards internationalization [1]. - Companies such as CATL aim to seize the global energy transition opportunity, while brands like Wufangzhai and Hailan Home emphasize brand internationalization, showcasing their desire for external market expansion [1]. - Hong Kong is viewed as an optimal "bridge market" for companies aiming for global reach, providing a platform for international branding and market expansion [1]. Group 2: Market Conditions and Regulatory Environment - The advantages of the Hong Kong stock market, including a shorter listing process of 6 to 8 months and flexible refinancing tools, are driving this trend [1]. - Recent regulatory optimizations have lowered listing thresholds and shortened approval cycles, alleviating concerns for companies considering a Hong Kong listing [1]. - The combination of regulatory incentives and companies' strategic needs has created a conducive environment for this wave of listings [1]. Group 3: Challenges and Considerations - Listing in Hong Kong is not without costs; the overall market valuation is relatively low, and companies lacking a stable international investor base may face "price discount" challenges [2]. - Companies will encounter stricter information disclosure and compliance requirements in the international capital market, which may amplify previously manageable issues [2]. - The sustainability of the listing trend is influenced by whether companies have clear international strategies or view it merely as a short-term financing avenue [2].