6月26日上榜港股通成交活跃榜个股中，中国光大控股、香港中旅、海昌海洋公园、荣昌生物为近一个 月首次上榜。 证券时报·数据宝统计显示，6月26日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 752.26亿港元，占当日港股通成交金额的44.99%，净买入金额37.13亿港元。 上榜的成交活跃股中，国泰君安国际成交额为317.23亿港元，成交金额居首；其次是香港中旅、中国光 大控股，成交金额分别为88.87亿港元、59.07亿港元。 以上榜次数统计，6月26日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、腾讯控股等，近一个 月均上榜22次，最受港股通资金关注。 中国光大控股、香港中旅、海昌海洋公园、荣昌生物为近一个月首次上榜，中国光大控股当日港股通成 交额为59.07亿港元，成交净买入0.94亿港元，该股当日收盘上涨6.19%。香港中旅当日港股通成交额为 88.87亿港元，成交净买入5.30亿港元，该股当日收盘上涨85.98%。海昌海洋公园当日港股通成交额为 16.72亿港元，成交净买入0.23亿港元，该股当日收盘上涨11.27%。荣昌生物当日港股通成交额为12.64 亿港元，成交净买入1.13亿港 ...

Group 1 - Three companies, Zhou Liufu Jewelry, Saint Bella, and Yingtong Holdings, listed on the Hong Kong Stock Exchange on June 26, setting a record for the number of IPOs in a single day in recent years, indicating a resurgence of the Hong Kong IPO market [3] - As of now, the total IPO fundraising amount in Hong Kong has led the global capital markets, with industry insiders stating that Hong Kong is currently the largest IPO market in the world [3][4] - The last time Hong Kong was the top global IPO fundraising market was in 2019, marking a significant return to prominence after six years [3] Group 2 - In 2023, 33 new stocks have completed their listings on the Hong Kong Stock Exchange, raising approximately 88 billion HKD, with 190 companies currently waiting to go public [4] - The IPO boom is driven by leading companies from various sectors such as technology, consumer goods, new energy, healthcare, and smart manufacturing, attracting global investor attention [5] - CATL (Contemporary Amperex Technology Co., Ltd.) raised over 41 billion HKD in its IPO, making it the largest IPO globally since 2025 and the "fundraising king" of the year [5] Group 3 - Multiple factors are driving mainland companies and investors to return to Hong Kong for listings, including policy optimization and changes in funding structures [6] - Companies are not solely motivated by financing needs; they are financially robust and looking to expand their global presence through the Hong Kong platform [6] - The Hong Kong Stock Exchange has established offices in major financial hubs and has launched initiatives to attract high-quality companies to list, including the "Tech Company Fast Track" for technology and biotech firms [6] Group 4 - Despite the IPO boom, there are concerns as new stocks have begun to experience "breakdowns," particularly in the traditional consumer sector, leading to investor unease [7] - Yingtong Holdings saw a significant drop of over 20% on its first trading day, closing down 16.67% [7] - The performance of new stocks is influenced by market conditions, company performance, industry competition, and investor sentiment, with recent volatility in the secondary market affecting the primary market [7] Group 5 - The high rate of new stock failures, exceeding 70% in 2023, has dampened investor enthusiasm for IPOs, making future fundraising more challenging [8]

Core Viewpoint - The Hong Kong stock market continues to experience a strong initial public offering (IPO) trend, with significant investor interest and varying performance among newly listed stocks [2][6]. Group 1: IPO Performance - In 2023, 40 new stocks have been listed in the Hong Kong market [1]. - On June 26, three new stocks were listed: Chow Tai Fook, Saint Bella, and Ying Tong Holdings, with Chow Tai Fook and Saint Bella seeing increases of 25% and 33.74% respectively, while Ying Tong Holdings experienced a decline of 16.67% [2][5]. - Among the eight new stocks listed this week, four saw price increases, with the highest being Yaojie Ankang-B, which rose by 78.71% [6]. Group 2: Investor Sentiment - The ongoing profitability from IPOs has led to heightened enthusiasm among investors, with many stocks receiving hundreds of times the subscription requests during public offerings [6]. - Chow Tai Fook and Saint Bella attracted significant investor interest, with Chow Tai Fook's public offering receiving 711.11 times subscription and Saint Bella's 193 times [7][9]. Group 3: Company Profiles - Chow Tai Fook is a leading Chinese jewelry company, consistently ranked among the top five brands in the Chinese jewelry market from 2017 to 2024, with a market share of 6.2% in total merchandise transaction value [7]. - Saint Bella is recognized as the largest postpartum care and recovery group in Asia, with a network of 96 high-end postpartum centers, and is projected to have a leading market share in cities like Hangzhou and Shanghai [9]. - Ying Tong Holdings is the largest perfume group in China, with products sold in over 400 cities and more than 100 directly operated points of sale [11].

年内已有40只港股上市。 在港股市场持续的打新赚钱效应下，投资者对新股的认购热情极为高涨，不少个股在公开发售中都获得了数百倍的认购，国际发售也都是 10倍以上，这也表明不论是散户还是机构投资者，都对打新充满热情和期待。 本次上市的周六福和圣贝拉也获得了不少投资者的青睐和"抢筹"。 招股书显示，周六福是一家中国珠宝公司，通过线下门店和在线销售渠道提供各种珠宝产品，主要为黄金珠宝产品及钻石镶嵌珠宝。根据 弗若斯特沙利文的资料，以中国门店数目计，周六福于2017年至2024年连续八年维持于中国珠宝市场前五大品牌之列。截至2024年12月 31日止年度，以商品交易总额及来自黄金珠宝产品的收入计，周六福在中国所有黄金珠宝公司中分别排名第六及第十，市场占有率分别为 6.2%及1.0%。 周六福公布的配发结果显示，公司全球发售5382.92万股H股股份，香港公开发售占43.48%，国际发售占56.52%。每股发售价24港元， 全球发售净筹约11.93亿港元。预期股份于2025年6月26日开始在联交所买卖。 6月26日，港股市场再次迎来3只新股上市，打新的赚钱效应仍在持续。 | | 30.000 +6.000 +25.00% ...

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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].