今年以来南京有2家企业在港交所敲锣上市另有13家企业 已交表、"排队"上市 "去香港上市" 成了2025年南京企业的热词 今年前三季度，南京4家企业成功上市。其中，药捷安康（南京）科技股份有限公司和南京维立志博生物科技股份有限公司先后在港交所敲锣上市；目 前，13家来自不同行业的南京企业已选择向港交所递交上市申请，"排队"上市。 一股强劲的赴港上市热潮 正在南京这片创新创业热土上 埃斯顿持续位列 中国机器人市场第一 截至今年上半年 市场份额达10.5% 推动中国工业机器人市场国产化率 奔涌、激荡…… 13家交表宁企正"排队"赴港上市 今年以来，中国工业机器人产业蓬勃发展，竞争力不断提升。其中，作为工业机器人龙头企业，南京埃斯顿自动化股份有限公司功不可没。 提升至55.3% 如何助力企业进一步提升市场竞争力？ 今年6月初 埃斯顿给出了"链接全球资本"的响亮回答 6月4日，埃斯顿发布公告，拟发行境外上市外资股（H股）股票并在香港联交所主板挂牌上市，引起行业广泛关注。 事实证明，这一公告的发布，是企业精心筹划后的从容且关键一步，因为就在20多天后的27日，埃斯顿就在港交所递交了上市申请。 公开信息显示，埃斯顿于20 ...

Core Viewpoint - Transsion Holdings plans to issue H-shares and list them within 24 months following the shareholders' meeting resolution, amid previous market speculation about a potential Hong Kong listing [2][4] Group 1: Company Overview - Transsion Holdings is recognized as the "King of African Mobile Phones," being one of the first domestic smartphone manufacturers to enter the African market [4] - The company has established manufacturing centers in Ethiopia, India, and Bangladesh, with products available in over 70 countries and regions globally [4] - According to IDC data, Transsion Holdings holds an 8.6% market share in the global smartphone market for 2024, ranking fourth, and leads in smartphone shipments in Africa, Pakistan, Bangladesh, and the Philippines [4] Group 2: Financial Performance - For the first three quarters of the year, Transsion Holdings reported revenue of 49.54 billion yuan, a year-on-year decline of 3.33%, and a net profit of 2.148 billion yuan, down 44.97% year-on-year [4] - In the third quarter, the company experienced a revenue increase of 22.6% year-on-year, but net profit decreased by 11.06% [4] - The decline in net profit is attributed to market competition and supply chain cost impacts, leading to a decrease in gross margin [4] Group 3: Future Plans - The company intends to adjust pricing and product structure in response to cost changes and market competition to maintain a healthy gross margin [4] - The issuance of H-shares and listing is subject to approval from the shareholders' meeting and relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [4] - Transsion Holdings is actively discussing the details of the H-share issuance and listing with relevant intermediaries [4] Group 4: Industry Context - Transsion Holdings is part of a broader trend of A-share consumer electronics companies pursuing listings in Hong Kong, following others like Lens Technology, Lixun Precision, and GoerTek [5]

来源：德勤Deloitte 近日，德勤中国资本市场服务部支持的2025"蓉易上"蓉企出海通·赴港上市机遇系列活动暨成都创投日 在成都举办，多位德勤上市专家担任演讲嘉宾，现场介绍了德勤中国在香港上市领域的多项专精特长， 助力西部地区企业抢抓赴港上市的热潮。 本次活动由中共成都市委金融委员会办公室主办，成都高新区财政国资局、成都市民营经济发展促进中 心，及成都金融梦工场投资管理有限公司承办。德勤中国、中国国际金融股份有限公司、北京金诚同达 律师事务所、盈创动力，及天虎科技作为支持单位，旨在加快推动成都企业赴港上市的步伐，助力生物 医药、科技与消费等行业企业通过在香港上市拓展境外融资渠道，提升竞争力。活动吸引了来自政府主 管部门、香港相关部门机构、成都上市及拟上市企业、金融创投服务机构等逾300位代表参加。 德勤中国资本市场服务部上市业务华西区主管合伙人刘洋、资本市场服务部华西区上市业务合伙人叶祥 佳也分别参与了"生物医药企业对接活动分会场""科技与消费企业对接活动分会场"的精准对接交流。刘 洋和叶祥佳均就内地公司如何以发行H股或以红筹架构形式在香港上市进行了分享，并详细阐释两种上 市方式的区别和注意要点。 针对生 ...

Group 1: Hong Kong Capital Market Overview - In the first three quarters of 2025, Hong Kong's capital market led globally with 67 IPOs and a fundraising amount of HKD 186.5 billion, representing a year-on-year increase of 236% [1] - By the end of September, net inflows from southbound funds reached HKD 116.8 billion, surpassing the total for 2024 and showing a significant year-on-year growth of nearly 132% [1] - The influx of long-term capital from international sources, including the US and the Middle East, has driven the average daily trading volume of Hong Kong stocks to a historical high, with IPO companies achieving the strongest post-market performance since 2020 [1] Group 2: EY's Role and Initiatives - EY launched a series of forums in eight cities along the Yangtze River, focusing on practical challenges and execution details in the IPO process, reflecting the demand for professional guidance amid the Hong Kong IPO boom [2][5] - The forums featured discussions on opportunities and practical aspects of listing in Hong Kong, with participation from notable investment banks, law firms, and EY partners [2][5] - EY emphasized its commitment to supporting clients in achieving their IPO goals, highlighting the importance of integrating professional services and financial support for successful listings [5] Group 3: Key Insights from the Forums - Experts discussed the need for companies to establish clear financial logic and data support systems, as well as to conduct tax health checks and optimize tax planning early in the IPO process [3][6] - Legal challenges related to overseas listings were analyzed, with recommendations for companies to implement a dual compliance mechanism to ensure legal stability throughout the process [3][6] - The forums provided a platform for interactive discussions, allowing participants to gain a comprehensive understanding of the IPO framework and critical milestones [3][10] Group 4: Future Events and Engagement - EY announced the continuation of the "China Enterprises Going Public in Hong Kong" forums in key cities, aiming to expand service coverage and deepen regional cooperation [11] - Upcoming events are scheduled in Suzhou, Chengdu, Ningbo, and Hefei, with specific dates and locations provided for interested participants [11]

Group 1 - Minglue Technology from Sichuan Province has successfully listed on the Hong Kong stock market, becoming the second company from the province to do so this year [1] - The Hong Kong stock market has become a popular listing destination due to policy support and a recovering funding environment, with over HKD 210 billion raised in the first ten months of the year, ranking first globally [1] - The total IPO financing amount in Hong Kong has reached HKD 216.47 billion this year, representing a year-on-year increase of 203.5%, with 81 companies listed, a 50% increase compared to last year [1] Group 2 - Strategic emerging industries, particularly in healthcare and information technology, have become the mainstay of the Hong Kong IPO market this year [2] - The pharmaceutical and biotechnology sector has seen the highest number of listings, with 17 companies raising HKD 24.23 billion, including major IPOs from companies like Hengrui Medicine and Jinfang Pharmaceutical [2] - A record 58 pharmaceutical companies have submitted applications for IPOs in Hong Kong this year, with nearly 70% focusing on innovative drug development in oncology and autoimmune diseases [2] Group 3 - In the industrial engineering and software service sectors, 11 and 7 companies have gone public this year, raising HKD 77.92 billion and HKD 12.03 billion respectively [3] - The industrial engineering sector has fewer IPOs but larger individual fundraising amounts, with SANY Heavy Industry raising over HKD 10 billion [3] - In the software service sector, companies like Hesai Technology and Cambridge Technology have each raised over HKD 4 billion [3] Group 4 - Shanghai, Guangdong, Jiangsu, and Zhejiang lead in the number of companies listed on the Hong Kong stock market this year, with Shanghai having 14 listings [4] - Notable companies from Shanghai include Cambridge Technology and Hohhot Aunt, covering various sectors such as hard technology and consumer upgrades [4] - Shenzhen has also seen significant listings, with companies like Guanghetong and Xipuni focusing on high-end manufacturing and smart technology [4] Group 5 - Local governments are prioritizing support for companies going public in Hong Kong, offering services such as financial subsidies and one-stop consulting to reduce compliance and financing costs [5] - Initiatives like Chengdu's "Rongqi Outbound" program and Shenzhen's comprehensive support mechanism are designed to facilitate the listing process for companies [5]

Core Viewpoint - Shenzhen's new merger and acquisition policy aims to support qualified companies in pursuing high-quality development through mergers and acquisitions, with a target of exceeding a total market value of 20 trillion yuan for listed companies by the end of 2027 and cultivating 20 companies with a market value of over 100 billion yuan [1][2]. Group 1: Policy Initiatives - The action plan includes measures to connect with Hong Kong's capital market, facilitating cross-border mergers and acquisitions [1]. - Specific initiatives involve supporting leading enterprises in Shenzhen to list or refinance in Hong Kong, establishing equity investment funds for industrial mergers, and enhancing cooperation between Shenzhen Stock Exchange and Hong Kong Stock Exchange [1][2]. - The policy is a continuation of the central government's push for deeper financial cooperation between Shenzhen and Hong Kong, as highlighted in a June 2023 document [1][2]. Group 2: Market Response - Following the announcement of the new policy, the Shenzhen state-owned assets sector experienced a surge, with stocks hitting the daily limit on the first trading day [2]. - Over 70 mainland companies have listed in Hong Kong this year, raising over 190 billion HKD, with many from Shenzhen in sectors like consumer electronics and biotechnology [2][3]. Group 3: Support for Enterprises - Shenzhen's government is committed to providing comprehensive support for local companies looking to list in Hong Kong, including a full-cycle service mechanism for companies in various districts [3][4]. - The Hong Kong government has also prioritized attracting mainland companies to list in Hong Kong, with initiatives to assist tech firms in financing [3][4]. Group 4: Challenges and Opportunities - Experts note that while the integration of Shenzhen and Hong Kong's financial markets presents opportunities, there are still systemic barriers to overcome, such as discrepancies in listing rules and compliance standards [5]. - A clearer and more stable policy environment is needed to reduce compliance costs and enhance financing efficiency for companies [5].

Core Viewpoint - Hong Kong is experiencing a listing boom, with companies like Baile Tianheng preparing for their IPOs, reflecting a strong interest from Chengdu enterprises in accessing international capital markets [1][8]. Group 1: Market Activity - Baile Tianheng has passed the listing hearing on the Hong Kong Stock Exchange, with Chengdu's total number of listed companies expected to reach 28 [1]. - Numerous institutions and enterprises actively participated in the "Rongyi Shang" event, indicating a high level of interest in Hong Kong listings [3]. - The scale of participation in the event this year has significantly increased compared to last year, showcasing the enthusiasm of Chengdu enterprises for listing in Hong Kong [3]. Group 2: Sector Insights - The event featured specialized sessions for biopharmaceutical and technology/consumer sectors, with over a hundred representatives from enterprises and financial institutions attending [3][5]. - Key insights were shared regarding the opportunities and challenges faced by companies seeking to list in Hong Kong, particularly in the biopharmaceutical sector [5][7]. - Legal experts discussed critical points encountered by enterprises during the listing process, emphasizing the importance of legal support for technology and consumer companies [5]. Group 3: Investment Opportunities - Investment institutions highlighted the opportunities presented by listing in Hong Kong, particularly for Chengdu enterprises looking to expand internationally [8]. - Several Chengdu companies, including Guoxing Aerospace and Xinyue Holdings, have submitted applications for Hong Kong listings this year, indicating a trend of local firms seeking to leverage international capital markets [8]. - As of now, Chengdu has 122 A-share listed companies, 27 listed in Hong Kong, and 5 in the US, with the total expected to reach 154 following Baile Tianheng's listing [8].

Core Viewpoint - Bailitianheng has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO, which will increase the number of listed companies from Chengdu to 28 [1][5]. Company Developments - Bailitianheng is recognized as a leading domestic innovative drug company, with notable achievements in the field of innovative drug development and international expansion [4]. - The company announced that its self-developed innovative biological drug, BL-M24D1 (ADC), has received approval for clinical trials from the National Medical Products Administration [4]. - Bailitianheng has launched a fundraising plan to raise 3.764 billion yuan, which will be entirely allocated to the development of innovative drugs, particularly to accelerate clinical trials for core ADC products [4]. Financial Partnerships - In December 2023, Bailitianheng entered into a collaboration agreement with Bristol-Myers Squibb (BMS) for the dual-target ADC drug BL-B01D1, with a potential total transaction value of $8.3 billion, including an upfront payment of $800 million [6]. - The company is expected to receive milestone payments from BMS, which could total $1.05 billion (approximately 7.5 billion yuan) if all conditions are met [6]. Industry Trends - The trend of companies from Chengdu seeking listings in Hong Kong reflects a strong momentum for local enterprises to expand into international capital markets [8]. - As of now, Chengdu has 122 A-share listed companies, 27 listed in Hong Kong, and 5 in the US, with the total number of listed companies expected to reach 154 following Bailitianheng's IPO [8].

Group 1 - The global economic landscape is undergoing significant adjustments, with China's economy demonstrating resilience and vitality. Hong Kong's status as a core hub connecting mainland China with global capital markets is increasingly prominent [2] - As of the end of September 2025, Hong Kong has seen nearly 70 IPOs in the first three quarters, raising approximately HKD 183 billion, representing a year-on-year increase of 228%, making it the largest financing hub globally [2] - The trend of Chinese companies listing in Hong Kong is becoming a strategic choice for expanding international financing channels, enhancing global brand influence, and optimizing corporate governance [2] Group 2 - Ernst & Young (EY) is recognized as a leading professional services firm with extensive experience in assisting companies with listings in Hong Kong, providing comprehensive support for cross-border financing [2] - A series of forums will be held in various cities to address key concerns and practical challenges related to listing in Hong Kong, including insights into the latest listing policies, market trends, regulatory requirements, and critical points in the IPO process [3] - The forums aim to create an efficient platform for communication and collaboration, bringing together regulatory representatives, stock exchange officials, and professionals from various sectors to share insights and solutions [3] Group 3 - Specific details of the forums include dates and locations in cities such as Hangzhou, Shanghai, Ningbo, Suzhou, and Chengdu, with contact persons provided for each event [4]

Core Insights - The article highlights a surge in mainland Chinese companies seeking to list on the Hong Kong Stock Exchange (HKEX), driven by favorable policies and a recovering market, with 11 companies successfully listed from Jiangsu province in the first eight months of the year [1][3][4] Group 1: Market Trends - The HKEX has seen significant changes this year, with a total new stock financing amount reaching 1,345 billion HKD in the first eight months, and approximately 70% of this financing coming from "A+H" model listings [3][4] - Major sovereign funds and long-term institutions are actively participating in HKEX IPOs, with foreign subscription rates exceeding 70% in some cases [3][4] - The market is experiencing a shift as H-shares of leading companies like CATL and Heng Rui Pharmaceutical are trading at higher valuations compared to their A-share counterparts, attracting more companies to consider HKEX listings [4] Group 2: Policy Support - The China Securities Regulatory Commission and HKEX have introduced multiple favorable policies since 2024 to encourage high-quality domestic companies to list in Hong Kong, including a "green channel" for A-share companies [4][6] - Jiangsu province is actively promoting capital market development, with initiatives such as the establishment of a service alliance for companies looking to list in Hong Kong [5][6] Group 3: Corporate Strategies - Leading companies are increasingly viewing the HKEX as a platform for international capital operations, with examples like SF Express leveraging its international supply chain growth through a Hong Kong listing [4][5] - Companies are advised to consider various factors when deciding on a listing, including market efficiency, valuation, strategic alignment, and regulatory environment [7][8] Group 4: Compliance and Training - Compliance is a major concern for companies considering a Hong Kong listing, with key areas including legal requirements, business legitimacy, and intellectual property rights needing thorough examination [8] - Recent training sessions have provided valuable insights for companies, helping them understand the strategic significance of listing in Hong Kong and addressing compliance challenges [9]