来源：百惠金控动态 近年来，香港资本市场持续活跃，成为全球企业融资的重要平台。据统计，2025年以来，港交所已成功迎来88只新股上市，累计集资额突破2,500亿港元， 稳居全球IPO募资额首位，市场交投亦显著升温，日均成交额达330亿美元，创下历史新高。在这一背景下，越来越多的内地企业选择赴港上市，既得益于 香港作为国际金融中心的区位优势，也因其成熟的监管体系可为投资者提供有力保障。香港百惠金控在本文系统梳理了香港上市的主要模式及完整流程，为 企业提供参考。 百惠金控：香港上市该准备什么？赴港上市模式与流程详解 一、内地企业赴港上市的主要模式 企业应根据自身业务结构、法律合规要求及未来发展战略，选择最适合的上市路径。目前主流模式包括H股上市、典型红筹架构及VIE协议控制模式。 1. H股上市模式 企业需在专业顾问的协助下，选定上市模式（H股、红筹或VIE），并设计相应的股权及公司架构。 H股是指在中国内地注册的企业，经中国证监会批准后，直接在香港联合交易所主板上市。该类股票以人民币为面值单位，但以港币或其他外币进行交易。 该模式结构清晰、路径直接，适合已具备规范公司治理及清晰股权结构的内地企业。企业需同时符合 ...

Core Viewpoint - The report from Everbright Securities highlights Hong Kong Exchanges and Clearing Limited (HKEX) as a rare investment target with both offensive and defensive strengths, maintaining an "overweight" rating. The report notes a significant increase in trading activity in the Hong Kong stock market since September 2024, with the company's financial performance reaching historical highs in the first three quarters of the year. The positive market sentiment is expected to continue into the fourth quarter, supported by policy initiatives encouraging more mainland companies to list in Hong Kong and the return of Chinese concept stocks [1]. Financial Performance - In the first three quarters of 2025, HKEX achieved total revenue of HKD 21.85 billion, a year-on-year increase of 36.6%, with growth accelerating by 4.1 percentage points compared to the first half of the year. The third quarter saw revenue growth of 44.7% year-on-year and 7.7% quarter-on-quarter. The net profit attributable to shareholders for the same period was HKD 13.42 billion, up 44.8% year-on-year, with a 5.7 percentage point increase compared to the first half of the year. The third quarter's net profit growth was 55.8% year-on-year and 10.3% quarter-on-quarter [2]. Revenue Breakdown - Trading fees, trading system usage fees, and settlement and clearing fees accounted for HKD 13.1 billion (60.0% of total revenue), reflecting a year-on-year increase of 60.5%. The third quarter saw a year-on-year increase of 83.6% and a quarter-on-quarter increase of 28.2%. The average daily trading volume increased by 126.3% year-on-year to HKD 256.4 billion, with the third quarter showing a year-on-year increase of 141.1% and a quarter-on-quarter increase of 20.5% [2][3]. Investment Income - The net investment income for the first three quarters was HKD 3.89 billion (17.8% of total revenue), a year-on-year increase of 4.4%, with growth slowing by 9.6 percentage points compared to the first half of the year. The net investment income from the company's own funds was HKD 1.3 billion, down 7.8% year-on-year, with an annualized net return of 4.7%, a decrease of 0.8 percentage points. The income from margin and clearing house fund investments was HKD 2.6 billion, up 11.9% year-on-year, with an annualized net return of 1.5%, down 0.2 percentage points [3]. Market Activity - The average daily trading volume for stock securities on the exchange reached HKD 238.7 billion in the first three quarters, a record high, with a year-on-year increase of 132.4%. The third quarter saw a year-on-year increase of 149.9% and a quarter-on-quarter increase of 21.6%. The average daily trading volume in the derivatives market was HKD 17.7 billion, up 67.0% year-on-year, with the third quarter showing a year-on-year increase of 59.5% and a quarter-on-quarter increase of 6.3% [4]. New Listings - In the first three quarters of 2025, the Hong Kong stock market saw a strong increase in new listings, with 69 new companies listed, a year-on-year increase of 53.3%. The total funds raised amounted to HKD 188.3 billion, a year-on-year increase of 238.7%. Notably, Zijin Mining's listing in the third quarter raised HKD 28.7 billion, making it the second-largest new listing globally this year. As of the end of the third quarter, there were 297 listing applications pending, representing a 253.6% increase compared to the end of the previous year [5].

来源：格隆汇APP 他续指，新股活跃、资金汇聚以及交投畅旺，也利好了A股的表现，香港与内地资本市场出现良好的联 动效应。据港交所的统计，自去年9月以来，14家H股在港上市后，其在内地相关的A股日均成交额，整 体涨了28%，其A股股价亦平均上升了15%。可见，更多优质、计划出海的内地企业赴港上市，不但有 助加快其国际业务的布局、增加营收、提升国际知名度和可见度，更可让香港与内地金融市场更好的相 互成就。 格隆汇9月28日｜香港财政司司长陈茂波在网志表示，今年以来香港金融市场表现亮眼。例如，新股集 资(IPO)总额至今接近1500亿港元，全球排首位，而且国际长线资金参与度明显增加。港股气氛畅旺， 恒生指数今年来累计上升超过30%；交投创历史新高，每日平均成交额超过2500亿港元。今年首8个 月，上市公司的再融资额更为IPO集资额的接近3倍，反映香港市场的深度与活跃度。 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has achieved record-high profits in the first half of the year, driven by increased trading activity and the expansion of its services, presenting a historical opportunity for quality mainland enterprises to list in Hong Kong, which is expected to enhance HKEX's long-term profitability [1][3]. Summary by Relevant Sections Financial Performance - HKEX's revenue and net profit for the first half of 2025 are projected to be HKD 14.08 billion and HKD 8.52 billion, respectively, representing year-on-year increases of 32.5% and 39.1% [1]. - The trading-related income has significantly contributed to the company's performance, with trading fees and system usage fees increasing by 49% and 48% year-on-year, contributing 47% and 30% to revenue growth [2]. - The average daily turnover (ADT) in the Hong Kong cash market reached HKD 240.2 billion, a year-on-year increase of 118% [2]. Growth Drivers - The growth of HKEX is attributed to the expansion of the Hong Kong stock market and the broadening of its service boundaries, with an increasing number of quality mainland enterprises seeking to list in Hong Kong [3]. - The company's business model allows for long-term performance growth in line with the expansion of the Hong Kong stock market, with revenue stability around 1.2% of the total market capitalization since 2015 [3]. Market Outlook - The expectation of improved overseas liquidity and domestic economic stabilization policies is anticipated to further enhance trading and financing activities in the Hong Kong stock market, driving revenue growth beyond expectations [1]. - The ongoing internationalization of mainland enterprises and supportive external policies are expected to attract more quality companies to list in Hong Kong, thereby increasing the market's appeal [3].