Core Viewpoint - The Hong Kong stock market is entering a significant phase for annual IPOs, with six companies launching their offerings and scheduled to list on December 30, reflecting a strong demand for quality enterprises to utilize market opportunities [1][2]. Group 1: Companies and Their Offerings - Six companies, including Insilico Medicine, Wuyishijie, Xunce, Meilian Holdings, Woan Robotics, and Linqingxuan, are set to launch IPOs, covering diverse sectors such as AI pharmaceuticals, digital twins, home robotics, and high-end skincare [1][2]. - Insilico Medicine, known as a pioneer in AI pharmaceuticals, has set its IPO price at HKD 24.05, aiming to raise HKD 2.277 billion, making it the largest among the six [1]. - Wuyishijie, focusing on digital twin and Physical AI technologies, plans to issue 23.975 million shares at HKD 30.5 each, with a potential fundraising of up to HKD 841 million if the over-allotment option is exercised [2]. - Xunce, a real-time data infrastructure service provider, is expected to raise between HKD 1.08 billion and HKD 1.23 billion, with a share price range of HKD 48-55 [2]. - Woan Robotics, backed by industry figure Li Zexiang, is entering the home robotics sector, while Linqingxuan is offering 13.96645 million shares at HKD 77.77 each [2]. Group 2: Market Trends and Analysis - The concentration of tech and new consumer companies in the IPO market indicates a shift in the structure of IPOs, with technology and new consumption becoming the dominant forces [1][3]. - The traditional industrial sector, represented by Meilian Holdings, highlights the financing needs of transforming traditional industries, aligning with the "technology-led, diversified supplement" structure of the Hong Kong IPO market [3]. - The influx of new IPOs may lead to market differentiation, where the quality of cornerstone investors and the ability to deliver on performance will be critical in distinguishing the companies [3]. - The simultaneous issuance of multiple new stocks may create a fund diversion effect, impacting the demand for public offerings and international placements [3].

12月18日，德勤中国资本市场服务部发布的《中国内地及香港IPO市场2025年回顾与2026年前景展 望》预计，截至2025年12月31日，A股市场将有114家公司上市，融资1296亿元。相对2024年有100家公 司上市融资668亿元，这代表2025年新股数量将增加14%，而融资总额将急升94%。预计创业板的新股 数量将会为最多（19只），而上海证券交易所主板的融资额为最高（432亿元）。上交所预计将以800亿 元的新股融资额领先，而深交所则会有最多新上市公司数量（48家）。北京证券交易所将有24家公司上 市，融资69亿元。 资本市场服务部预测，在目前超过300宗上市申请个案的名单支持下，2026年全年，香港新股市场 将有约160只新股融资不少于3000亿港元。预计其中将有7只新股，每只最少融资100亿港元，其中包括 内地龙头企业。除A+H股批量递表外，科技、传媒与电信、医药医疗、新消费、国际企业以及回流中 概股，将共同构成港股IPO下一波高光阵容。 报告还指出，2025年大约将有63家中国企业到美国上市，融资大约11.2亿美元。相对2024年，新股 数量从59只增加了7%，而融资额则从19.1亿美元下降4 ...

这些问题绝非小事——对投资者而言，信息失真意味着决策风险陡增；对港股市场而言，质量滑坡会直 接侵蚀其"国际金融中心"的核心信誉，而这正是香港资本市场数十年积累的最宝贵资产。 港股IPO行稳致远，绝非监管层的"独角戏"，而是需要保荐机构、上市企业乃至投资者形成合力的"大合 唱"。作为资本市场"看门人"，保荐机构必须重新锚定自身职责——不仅要通过加强业务培训、完善风 控体系提升专业能力，还要勤勉尽责，摒弃"重数量轻质量"的业绩观。 拟上市企业则需要摒弃"跟风式"申报的浮躁心态，理性规划自身的上市进程，避免扎堆涌入。事实上， 近期市场也在向理性回归，在为质量导向"投票"。11月以来，多只新股破发的现象，一定程度上说明打 新市场已从前期普涨行情转向"优中选优"的理性阶段，投资者对标的质量的判断愈发审慎。 归根结底，IPO不应是"终点式"的融资狂欢，而应是"起点式"的规范契机——企业需聚焦核心业务能力 建设，中介机构应确保招股书数据真实可验证，杜绝选择性披露等高危行为，以过硬的基本面夯实上市 根基。在企业赴港上市热情高涨的当下，唯有筑牢上市质量防线，才能护航港股IPO真正行稳致远。 证券时报记者 吴瞬 今年以来，港股I ...

Core Insights - Deloitte's report indicates a steady growth in the number of IPOs and financing amounts in the A-share market for 2026, with an expected 114 companies going public and raising 129.6 billion yuan [1] - The Hong Kong IPO market is projected to see around 160 new listings in 2026, with total financing expected to exceed 300 billion HKD [2] A-Share Market Summary - In 2025, the A-share market is expected to have 114 new listings, raising a total of 129.6 billion yuan, which represents a 14% increase in the number of IPOs and a 94% increase in financing compared to 2024 [1] - The top five IPOs in 2025 are projected to raise a total of 39.4 billion yuan, a significant increase of 260% from the previous year's 10.9 billion yuan [1] - Companies in priority sectors such as AI, new energy, high-end manufacturing, commercial aerospace, quantum technology, and biomanufacturing are expected to have a competitive advantage in the A-share market [1] Hong Kong Market Summary - For 2025, Hong Kong is anticipated to have 114 new IPOs, raising approximately 286.3 billion HKD, marking a 63% increase in the number of IPOs and a 227% increase in financing compared to the previous year [1] - The Hong Kong Stock Exchange is expected to lead global exchanges in total IPO financing for 2025 [1] - In 2026, the Hong Kong market is projected to have around 160 new listings, with at least 7 of them expected to raise over 10 billion HKD each, including leading mainland enterprises [2] - The focus will also be on "A+H" stock applicants, as well as sectors like technology, media, telecommunications, healthcare, consumer goods, and international companies [2]

2025年的全球资本市场舞台中央，香港再度成为最耀眼的聚光灯焦点，多项数据创下了历史新高。总体 来看，今年香港新股市场已迎来超过100家新上市公司，其中不仅包含年内全球规模最大的两宗IPO， 融资总额更是突破2700亿港元，在集资额上稳居全球首位。 其中，"A+H"上市模式成为强劲引擎，上市数量在2025年创下历史新高。募资总额超1360亿港元，占据 全部募资总额的半壁江山，与2024年相比更是增加超220%。同时，"A+H"的上市速度也在不断提升， 平均上市时间为4至6个月，其中最快的一宗仅用了约3个月。尤其引人注意的是，港交所目前正在处理 的上市申请已超过310宗，也创下历史新高。 这份亮丽的成绩单，标志着香港IPO市场已经从复苏走向了强劲增长，业内多家机构给出了积极的展 望。 华泰证券分析认为，2026年港股市场的IPO融资可能仍将较为活跃。首先是当前港股已递表处理中的上 市申请已超310家，项目储备丰富。其次从年度维度看，通常前一年二级市场的表现会影响上市公司的 递表决策。今年年初以来，恒生综指整体表现亮眼，涨幅超30%，同样指引明年港股主板的IPO融资热 度有望维持高位。 最后是扩大上市公司来源。她 ...

2025年港股IPO市场迎来爆发式增长，募资规模登顶全球主要交易所的同时，上市排队企业数量也持续攀升，形成一定程度的"堰塞湖"现象。 最新数据统计显示，截至12月17日，处于港股IPO聆讯处理中阶段的企业多达298家，其中12月半个多月内新增28家，远超11月同期的 18家，排队企业增速明显，后续节奏变化备受市场关注。此外，从市场格局来看，年内港股IPO已完成102家上市，募资额达2724.76亿 港元，同比激增226.62%，创下四年以来新高。 港股IPO"堰塞湖"现象背后，是市场对热度与潜在风险的担忧，港股监管层已针对申报质量下滑发出联合关切，投行人手短缺、文件粗糙等问题引 发关注；而二级市场"抽血"担忧虽持续发酵，但卖方研究显示一二级市场弱正相关，短期压力难改长期产业赋能逻辑，港股在规模扩张与风险防控 的平衡中持续前行。 近300家企业排队港股IPO Wind数据统计显示，科技与创新驱动的行业主导上述拟上市项目中，软件服务与硬件设备占比最高，合计约35%；医药生物行业多达6 家企业，聚焦创新药、肿瘤治疗、自身免疫疾病等高壁垒赛道，政策支持与市场需求双重驱动。 消费者服务与日常消费零售占比约25%，传统消 ...

深圳商报·读创客户端记者 詹钰叶 首次递表后，因股权架构、分红合理性、社保欠缴等问题，巴奴国际控股有限公司（简称巴奴火锅）被中国证监会"九连问"。公司于12月17日向港交所二次 递表，并作出针对性解释。若顺利上市，巴奴火锅将成为港股"中式火锅第三股"。 图片内容均来自巴奴火锅本次递交的招股书 12月17日，巴奴国际控股有限公司（以下简称"巴奴火锅"或"公司"）更新招股书，中金公司、中银国际为联席保荐人。根据招股书，巴奴火锅成立于2001年 4月，总部位于河南省郑州市，创始人为杜中兵。弗若斯特沙利文数据显示，按收入计，巴奴火锅在2024年中国火锅市场中的排名位于海底捞、呷哺呷哺之 后，位列第三，市场份额约为0.4%；在中国高端火锅市场则排名第一，市场份额约为3.1%。 招股书显示，至12月7日，巴奴火锅的直营门店达162家，覆盖46个城市，较2021年末增长95.2%，"河南模式"成功复制至全国多省份。2022年-2025年前九个 月，公司营业收入分别为14.33亿元、21.12亿元、23.07亿元与20.7亿元，净利润分别为-0.05亿元、1.02亿元、1.23亿元与1.56亿元，毛利率分别为66.2%、 6 ...

Group 1: IPO Information - The IPO for 英矽智能 (03696.HK) is open for subscription from December 18 to December 23, with a global offering of 94,690,500 shares, where 10% is for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 24.05 per share, with a minimum investment of HKD 12,146.27 for 500 shares [2][4] - The IPO for 五一视界 (06651.HK) is also open for subscription from December 18 to December 23, with a global offering of 23,975,200 shares, where 5% is for public offering in Hong Kong and 95% for international offering. The offer price is set at HKD 30.50 per share, with a minimum investment of HKD 6,161.51 for 200 shares [8][10] - 迅策 (03317.HK) is offering 22,500,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 48.00 to HKD 55.00 per share, with a minimum investment of HKD 5,555.47 for 100 shares [13][15] - 美联股份 (02671.HK) is offering 24,600,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 7.10 to HKD 9.16 per share, with a minimum investment of HKD 2,775.71 for 300 shares [19][21] - 卧安机器人 (06600.HK) is offering 22,222,300 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 63.00 to HKD 81.00 per share, with a minimum investment of HKD 8,181.69 for 100 shares [25][27] - 林清轩 (02657.HK) is offering 13,966,500 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 77.77 per share, with a minimum investment of HKD 3,927.72 for 50 shares [30][32] Group 2: Financial Performance - 英矽智能 reported revenues of USD 30.15 million, USD 51.18 million, USD 85.83 million, USD 59.69 million, and USD 27.46 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net losses for the same periods were USD 221.83 million, USD 211.64 million, USD 17.10 million, USD 8.03 million, and USD 19.22 million [7] - 五一视界's revenue grew from RMB 169.98 million in 2022 to RMB 256.30 million in 2023, and further to RMB 287.36 million in 2024. The revenue for the six months ending June 30, 2025, was RMB 53.82 million, showing a 62.0% increase from the same period in 2024. The net losses for the same periods were RMB 189.79 million, RMB 87.08 million, RMB 78.97 million, RMB 65.07 million, and RMB 94.05 million [12][12] - 迅策's revenue for the years 2022, 2023, and 2024 was RMB 288 million, RMB 530 million, and RMB 632 million, respectively, with net losses of RMB 97 million, RMB 63 million, and RMB 98 million for the same years [18] - 美联股份 reported revenues of RMB 1,902.84 million, RMB 1,453.18 million, RMB 1,523.03 million, RMB 509.51 million, and RMB 1,424.11 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net profits for the same periods were RMB 87.71 million, RMB 62.13 million, RMB 70.78 million, RMB 13.61 million, and RMB 62.63 million [23] - 卧安机器人的 revenue for the years 2022, 2023, and 2024 was RMB 274.60 million, RMB 457.26 million, and RMB 609.92 million, respectively, with net losses of RMB 86.98 million, RMB 16.38 million, and RMB 3.07 million. The company reported a net profit of RMB 27.90 million for the six months ending June 30, 2025 [29][29] - 林清轩's total revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, was RMB 691.15 million, RMB 805.00 million, RMB 1,209.64 million, RMB 530.45 million, and RMB 1,051.77 million, respectively. The company transitioned from a net loss of RMB 5.93 million in 2022 to a net profit of RMB 84.52 million in 2023 and further increased to RMB 186.83 million in 2024 [34]

对此，证券时报记者联系巴奴火锅品牌公关部，相关负责人回应称："新店开业广告牌确实被盗，情况 与官方公告内容一致。" 具体来看，巴奴毛肚火锅发布公告称："这两天，巴奴连云港店尚未正式开业，门店伙伴发现安装在店 外区域的若干广告牌于夜间被盗。我们已向当地公安机关报案，并积极配合调查。我们认为有必要向大 家说明下情况，并向大家征集线索，欢迎知情人士，通过官方途径向我们提供。" 在公告中，巴奴呼吁行业良性竞争，共同构建健康生态，推动餐饮文明，促进为顾客创造价值。 另据新黄河报道，自称该店刘店长在社交媒体发布信息称，原本悬挂在连云港苏宁广场2到5楼的广告 牌，目前仅剩下2楼和3楼的还在，其余楼层广告牌不翼而飞。随后，记者联系到该门店所在商场连云港 苏宁广场，工作人员表示，正在进一步了解情况。 今日，"巴奴广告牌被盗事件"及"巴奴已报警"相关词条冲上多平台热搜。 12月16日晚间，巴奴毛肚火锅微信公众号发布公告称，"巴奴连云港店尚未正式营业，开业广告被偷， 巴奴已报警"。此事引发网友关注。 密集拓店的同时，巴奴火锅正全力冲刺港股IPO。12月17日，巴奴国际更新港股招股书。数据显示， 2025年前三季度，公司实现收入达2 ...

看起来今年港股IPO的质量确实有待提高，而最近卡在IPO失效期的，就有巴奴。 一般来说，港股IPO申请6个月是生死线，港交所IPO流程规定，企业递交的招股书有效期为6个月。在 港交所递表满6个月未获聆讯的企业，通常意味着这次申请已经失效。 而巴奴于今年6月16日提交了IPO申请，至今没有通过。 不久前还在声援西贝的杜中兵，如今也到了为自己考量的时候了。 文｜摩根商研所 曾声援过西贝的巴奴，最近自身也遇到了难关。 近日，香港证监会、香港交易所联名致函IPO保荐人，称旨在表达监管层对近期所递交的新上市申请中 所观察到的质量下滑，以及某些不合规行为的监管关切。 港交所表示，为了推动资本市场的蓬勃发展，港交所致力确保新上市申请的审核能及时且严谨进行。同 时，港交所也积极与发行人、保荐人及专业顾问保持紧密沟通，以确保提交的上市资料内容完整并维持 高素质。 一、失效不可怕，失心最难过 虽然失效不等于被拒绝，巴奴仍然可以更新材料后重新递交，但对于当下这个节点此次失效也有可能向 市场传递出不确定性信号，引发外界对公司基本面、合规性或所处行业前景的质疑。 因为巴奴在IPO申请期间，曾遭到了中国证监会的九连问。 这次九连问，可能 ...