2025年，中资企业全球IPO市场显著回暖，发行数量与募资规模双双实现大幅增长。全年共有290家中资企业在全球主要资本市场完成上市，较2024年增 加61家；累计募资规模达3663.55亿元，同比大幅增长123.04%。从市场结构看，港股已成为中资企业最主要的融资平台，募资规模显著领先；A股市场 IPO节奏回暖，融资功能明显修复；海外市场发行数量保持稳定，但募资规模有所回落。整体来看，2025年中资企业IPO呈现数量回升、结构优化、港股 领跑的显著特征。 中资企业上市全景 1.1 中资企业全球IPO数量 Wind数据显示，2025年，中资企业全球市场共完成IPO上市290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年上升 61起。 1.2 中资企业全球IPO募资金额 2025年，中资企业全球IPO募资规模合计约3663.55亿元（人民币，下同），较2024年回升123.04%。 1.3 中资企业分市场 IPO 数量 2025 年，具体到各市场来看， A 股市场 IPO 上市 112 起，较 2024 年上升 10 起；港股市场 IPO 上市 110 起，较 2024 年上升 4 ...

Core Insights - The number and scale of IPOs by Chinese enterprises significantly increased in the first three quarters of 2025 compared to the same period in 2024, with total fundraising amounting to 221.53 billion yuan. The Hong Kong stock market has become the primary financing channel for these IPOs [1][6]. Group 1: Global IPOs by Chinese Enterprises - In the first three quarters of 2025, Chinese enterprises completed 197 IPOs globally, an increase of 46 from the same period in 2024 [3]. - The total fundraising scale for these global IPOs reached 221.53 billion yuan, representing a 95.86% increase year-on-year [6]. - The breakdown of IPOs by market shows 76 in A-shares, 63 in Hong Kong, and 58 in overseas markets, with respective increases of 7, 21, and 18 from 2024 [8]. Group 2: A-Share Market IPOs - A total of 76 IPOs were issued in the A-share market in the first three quarters of 2025, with quarterly distributions of 27, 21, and 28 [17]. - The fundraising amount in the A-share market was 75.97 billion yuan, with a notable increase in the second quarter by 170.98% year-on-year [19]. - The industry distribution of A-share IPOs included 28 from industrial, 15 from consumer discretionary, and 15 from information technology sectors, all raising over 10 billion yuan [27]. Group 3: Hong Kong Market IPOs - The Hong Kong market saw 63 IPOs in the first three quarters of 2025, with a fundraising scale of 138.28 billion yuan, marking a substantial increase of 960.18% in the second quarter [35]. - The industry distribution in Hong Kong included 17 from healthcare, 14 from information technology, and 13 from consumer discretionary, with the industrial sector raising the highest amount of 48.91 billion yuan [38][39]. - Companies from Shanghai, Zhejiang, and Guangdong led in the number of IPOs, with total fundraising from Fujian and Zhejiang reaching 40.65 billion yuan and 19.54 billion yuan respectively [40]. Group 4: Overseas Market IPOs - In the overseas market, 58 IPOs were completed, with a total fundraising of 7.27 billion yuan, showing a decline of 82.87% in the first quarter [45]. - The industrial sector had the highest number of companies at 18, while the consumer discretionary sector raised the most funds at 3.82 billion yuan [48]. - Companies from Hong Kong, Zhejiang, and Beijing were the most active in overseas listings, with total fundraising from Hong Kong reaching 3.01 billion yuan [50].

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].