Core Viewpoint - Since 2025, the Hong Kong IPO market has regained its global leading position in fundraising, driven by the increasing valuation of quality Chinese assets and the enhanced international service capabilities of Chinese investment banks, particularly CICC, which has played a pivotal role in this market [1][5]. Group 1: Market Activity and CICC's Role - CICC has participated in 53 out of 117 IPOs in the Hong Kong market since 2025, achieving a market coverage rate of 45% [1]. - The company has acted as a sponsor for 42 projects, holding a market share of 36%, indicating that one in three newly listed companies in Hong Kong has CICC as its sponsor [1]. - CICC has led 38 projects, with a leading rate exceeding 90%, establishing a dominant position in the market [1]. Group 2: Underwriting Scale and Market Share - CICC's underwriting scale has surpassed $10 billion, accounting for nearly 30% of the market [2]. - The company has maintained the top market share for four consecutive years, reflecting its enhanced ability to cover global investors and dominate key underwriting processes [2]. - In 2025, CICC's sponsorship of major projects increased significantly, with the number of projects rising from 4 in 2019 to 10, representing 50% of the top 20 IPOs [2]. Group 3: Notable IPOs and Investor Engagement - CICC played a crucial role in the $5.25 billion IPO of CATL, which set multiple records for the largest IPOs in 2023 and the largest H-share IPO of a Chinese company since 2022 [3]. - The company successfully attracted over 150 times oversubscription for the public offering and engaged numerous sovereign funds and long-term international investors [3]. - CICC facilitated the $1.368 billion IPO of Sanhua Intelligent Controls, marking the largest IPO in Zhejiang Province since 2021, showcasing international capital's recognition of Chinese high-end manufacturing [3]. Group 4: Innovative Projects and Market Influence - CICC led the $1.34 billion IPO of Chery Automobile, the largest financing scale for a comprehensive automotive enterprise in Hong Kong in nearly a decade [4]. - The company was the sole sponsor for the $176 million IPO of Jaxin International, which was the first dual listing project in both Hong Kong and Astana, highlighting its innovative approach [4]. - CICC's influence in the Hong Kong market has transitioned from being an important participant to a leader, significantly enhancing its market presence and capabilities [5].

Core Viewpoint - Since 2025, the international capital has increased its allocation to Chinese assets, leading to a revitalization of the Hong Kong IPO market, which has regained its position as the largest globally in terms of fundraising scale after six years [1] Group 1: Market Position and Performance - CICC has participated in 53 out of 117 IPOs in the Hong Kong market since 2025, achieving a market coverage rate of 45%, a significant increase from 17% in 2019 [2] - CICC has led 38 projects as the principal sponsor, with a leading rate exceeding 90%, establishing a dominant position in the market [2] - The underwriting scale of CICC has surpassed 100 billion USD, with a market share of nearly 30%, nearly doubling from about 15% in 2019 [2] Group 2: Leadership in Major Projects - In the top 20 IPO projects, CICC's sponsored projects increased from 4 in 2019 to 10 in 2025, accounting for 50% of the total [3] - CICC's underwriting share for 8 of its sponsored projects exceeded 45%, with 5 projects surpassing 70%, indicating a significant lead in major projects [3] - CICC has successfully attracted global sovereign funds and long-term institutional investors, providing crucial funding support for companies [3] Group 3: Notable IPOs - CATL's IPO on May 20 raised 5.25 billion USD, marking the largest IPO globally in 2023 and the largest for a Chinese company since 2022, with CICC as the sponsor [4] - CICC facilitated the introduction of cornerstone investors, including a major European asset management firm, for Sanhua Intelligent Control's IPO, which raised 1.368 billion USD [5] - JXIR's IPO on August 28 raised 176 million USD, marking a significant milestone in the internationalization of the RMB and showcasing CICC's ability to attract long-term investors [6] Group 4: Strategic Impact - CICC has transitioned from an "important participant" to a "leader" in the Hong Kong IPO market from 2019 to 2025, enhancing its influence in market participation and project leadership [7] - The company is strengthening the pricing power and influence of Chinese assets in the global capital market, establishing itself as the core leading investment bank in Hong Kong [7]