2025年前三季度， 中资企业 IPO 数量和规模较2024年同期均显著上升，募集资金总额为2215.31亿元。值得注意的是，港股市场已经成为中资企业IPO 主要融资渠道 。 中资企业全球市场IPO 1.1中资企业全球IPO数量 Wind数据显示，2025年前三季度，中资企业全球市场共完成IPO上市197起（A股按网上发行日期，港股及美股市场按首发上市日期，下同），数量较 2024年同期增加了46起 。 分季度来看，三个季度分别完成65起、65起和67起，较2024年同期不同程度上升。 1.2 中资企业全球IPO募资金额 2025年前三季度，中资企业全球IPO募资规模为2215.31亿元，较2024年前三季度上升95.86%。其中一季度募资规模358.45亿元，二季度募资规模 1075.75亿元，三季度募资规模781.11亿元 。 1.3 中资企业分市场IPO数量 2025年前三季度，具体到各市场来看，A股市场IPO上市76起，较2024年同期增加7起；港股市场IPO上市63起，较2024年同期增加21起；海外市场完成 IPO上市58起，较2024年同期增加18起 。 1.4 中资企业分市场IPO募资金额 2 ...

Core Viewpoint - In the first half of 2025, the number of IPOs by Chinese enterprises decreased slightly compared to the second half of 2024, but the fundraising amount approached 140 billion RMB, showing significant growth. The Hong Kong stock market has become the main financing channel for Chinese enterprises' IPOs [1]. Group 1: Overall IPO Performance - In the first half of 2025, Chinese enterprises completed a total of 129 IPOs globally, an increase of 34 compared to the same period in 2024 [2]. - The total fundraising amount for Chinese enterprises' global IPOs reached approximately 139.89 billion RMB, a year-on-year increase of 143.30% [4]. - The distribution of IPOs by market shows that A-shares had 48 listings, Hong Kong had 41, and overseas markets had 40 [7]. Group 2: Market-Specific IPO Details - In the A-share market, the fundraising amount was 38.00 billion RMB, up 25.53% year-on-year [10]. - The Hong Kong market saw a total fundraising of 95.68 billion RMB, a staggering increase of 738.75% compared to 2024 [10]. - The overseas market raised 6.21 billion RMB, which represents a decline of 60.64% year-on-year [10]. Group 3: Industry-Specific Fundraising - In terms of industry, the industrial sector raised 55.84 billion RMB, while the consumer discretionary sector raised 27.02 billion RMB [12]. - The top two companies by fundraising in the first half of 2025 were both listed on the Hong Kong Stock Exchange: Ningde Times raised 37.70 billion RMB and Hengrui Medicine raised 10.45 billion RMB [15]. Group 4: A-Share Market Insights - In the A-share market, 48 companies went public, with 27 in Q1 and 21 in Q2 [19]. - The fundraising amount in the A-share market was 38.00 billion RMB, with a decline of 25.87% in Q1 but a significant increase of 170.98% in Q2 [21]. - The majority of A-share IPOs came from the industrial sector, while the consumer discretionary sector had the highest fundraising amount of 13.14 billion RMB [28]. Group 5: Hong Kong Market Insights - In the Hong Kong market, 41 Chinese enterprises went public, with 16 in Q1 and 25 in Q2 [32]. - The total fundraising in the Hong Kong market was 95.68 billion RMB, with Q1 raising 16.80 billion RMB and Q2 raising 78.85 billion RMB [34]. - The industrial sector dominated the fundraising in Hong Kong, totaling 46.74 billion RMB [37]. Group 6: Overseas Market Insights - In the overseas market, all IPOs were completed in the US, with 1 company listed on the American Stock Exchange and 39 on NASDAQ [48]. - The total fundraising amount for overseas IPOs was 6.21 billion RMB, a significant decrease compared to the previous year [50]. - The consumer discretionary sector had the highest number of companies listed overseas, totaling 11, with a fundraising amount of 3.54 billion RMB [52].