南方财经 21世纪经济报道记者朱丽娜香港报道 今年以来，恒生指数涨幅超过30%，恒生科技指数更是录得近40%的增长，跑赢全球主要市场。在全球 资金寻求"分散投资"与"安全港"的浪潮中，香港正再次成为国际资本瞩目的焦点。 作为香港金融政策的核心决策者之一，香港特别行政区财经事务及库务局局长许正宇向21世纪经济报道 记者系统阐述了在当前宏观背景下，香港如何利用"一国两制"的独特优势，在资产管理、金融科技、商 品市场等多个领域开拓新增长点，并服务于国家战略。 在全球经济格局深刻重构的背景下，香港作为国际金融中心，正迎来新的历史性机遇与挑战。从吸引全 球家族办公室，到构建亚太区黄金交易中心；从推动资产代币化，到服务内地企业"出海"，香港的每一 步棋都备受关注。 赋能实体而非投机炒作 在全球金融中心指数（GFCI）的最新排名中，香港的金融科技实力已从2024年初的全球第14位，跃升 至全球首位。这背后，是香港对金融科技"脱虚向实"、赋能实体经济的清晰认知。 "我们发展金融科技的目标非常清晰：绝非为科技而科技，而是要通过科技应用提升经济活动效益，为 实体经济服务。"许正宇强调。他以资产代币化（Tokenization）为 ...

Core Viewpoint - JD.com successfully listed on the Hong Kong Stock Exchange, opening at HKD 239 per share, a 5.75% increase from its issue price of HKD 226, with a total market capitalization of HKD 738.6 billion, highlighting the trend of Chinese companies pursuing secondary listings in Hong Kong [1][3]. Group 1: Market Context - The secondary listing of JD.com is part of a broader trend in the financial market, with 234 Chinese concept stocks listed in the U.S., including major companies like JD.com, Alibaba, NetEase, and Pinduoduo, collectively valued over USD 1.2 trillion [1]. - JD.com and Alibaba initially chose to list in the U.S. due to the "same share, different rights" issue in Hong Kong, which would have led to a loss of control for their founders, impacting long-term strategic goals [1]. Group 2: Listing Details - JD.com’s secondary listing involved offering 5% of its circulating shares in Hong Kong, allowing the company to detach from the U.S. market while avoiding high costs associated with a full exit [3]. - The new shares were priced at a discount of approximately 4% compared to the closing price of its U.S. depositary receipts, with a subscription rate of 180 times, attracting around HKD 285 billion in frozen capital, making it the most subscribed IPO of the year [3]. Group 3: Financial Performance and Future Outlook - Since achieving profitability in 2017, JD.com has reported 17 consecutive quarters of profit based on non-GAAP measures, indicating strong financial health [5]. - The company’s business model, similar to Amazon's, focuses on self-operated sales with strong control over logistics and supply chains, which has established JD.com as a go-to platform for quality and large-item purchases [5]. - The recent listing is expected to enhance JD.com’s cash flow, providing opportunities for market share expansion, making the company's future prospects promising [5].

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is open to reviewing the "Weighted Voting Rights (WVR)" listing rules, indicating a willingness to adapt to market feedback and improve the listing system [1] Group 1: Listing Rules and Governance - HKEX has revised its listing rules, which now require boards to have a non-single gender composition and to include at least one director of a different gender [1] - The next step for HKEX is to establish a talent pool for female directors to ensure a steady supply of qualified candidates [1] Group 2: Market Position and Applications - HKEX is viewed as a stable and reliable market for US-listed Chinese companies considering a listing in Hong Kong, particularly due to its attractive interconnectivity trading mechanisms with mainland China [1] - Currently, HKEX is processing over 300 listing applications, with the actual number expected to be higher when including confidential submissions [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is open to reviewing the "Weighted Voting Rights (WVR)" listing rules following the recent amendments to its listing regulations, which now require boards to include at least one director of a different gender [1] Group 1: Listing Rules and Gender Diversity - The newly revised listing rules require boards to have non-single gender representation and mandate the inclusion of at least one director of a different gender [1] - HKEX plans to establish a talent pool for female directors to ensure a steady supply of qualified candidates [1] Group 2: Market Feedback and Future Improvements - HKEX has received market feedback indicating that certain areas of the listing system may benefit from further review and improvement [1] - The exchange emphasizes that shareholders can determine the company structure and have a more equitable voice in companies with WVR [1] Group 3: Attractiveness for US-listed Chinese Companies - HKEX is positioned as a stable and reliable market for US-listed Chinese companies considering a listing in Hong Kong, particularly due to its attractive interconnectivity trading mechanisms with mainland China [1] - Currently, HKEX is processing over 300 listing applications, with the number expected to increase when including confidential submissions [1]

Group 1 - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) are expected to consult on optimizing the dual-class share listing rules to facilitate the listing of Chinese companies in the U.S. on the Hong Kong market [1] - The SFC Chairman emphasized the importance of protecting minority shareholders' interests while discussing potential relaxations on voting rights for dual-class shares [1] - The definition of "innovation industry" may need to be re-evaluated to prevent ineligible companies from being included under the new rules, ensuring market fairness and coherence in the WVR sector [1] Group 2 - The recent discussions on the reform of the new share pricing and allocation mechanism aim to ensure fair distribution of shares between institutional investors and retail investors [2] - The SFC trusts that professional institutional investors can play a positive role in the IPO pricing process, and if this premise fails, the mechanism will need to be reassessed [2]

Group 1 - The company Minglue Technology-W (02718) has completed its IPO subscription with a total subscription amount of HKD 346.8 billion, resulting in an oversubscription of 3,399 times based on the public offering amount of HKD 1.02 billion [1] - The company plans to issue 7.219 million Class A shares at a price of HKD 141 per share, aiming to raise HKD 1.02 billion, with a minimum entry fee of HKD 5,696.9 for 40 shares [1] - The company employs a "dual-class share" structure, allowing the founder to retain over 50% of the voting rights, with Class B shareholders having 10 votes per share compared to 1 vote per share for Class A [1] Group 2 - The company has entered cornerstone investment agreements with several investors, including Tencent, agreeing to subscribe for shares totaling up to approximately USD 59 million, which could represent 45.1% of the IPO shares if the overallotment option is not exercised [2] - The intended use of the raised funds includes approximately 35% for enhancing R&D capabilities, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [2] - Minglue Technology provides data intelligence products and solutions, focusing on marketing and operational intelligence across online and offline scenarios, and is recognized as the largest data intelligence application software provider in China by total revenue for 2024 [2] Group 3 - The company's main clients include businesses in consumer goods, food and beverage, automotive, and 3C industries, aiming to enhance customer engagement and brand image through marketing intelligence products [3] - Revenue figures for the company show RMB 1.269 billion for 2022, RMB 1.462 billion for 2023, and a projected RMB 1.381 billion for 2024, with a year-on-year growth of 15.2% from 2022 to 2023, followed by a decrease of 5.5% from 2023 to 2024 [3] - For the six months ending June 30, 2024, revenue increased from RMB 565 million to RMB 644 million, reflecting a year-on-year growth of 13.9% [3]

Core Viewpoint - Minglue Technology-W (02718) has successfully completed its IPO subscription with a total margin subscription amount of HKD 346.8 billion, resulting in an oversubscription rate of 3,399 times based on the public offering amount of HKD 1.02 billion [1] Group 1: IPO Details - The company plans to issue 7.219 million Class A shares in its Hong Kong IPO, with 10% allocated for public offering and no mandatory reallocation [1] - The offering price is set at HKD 141 per share, aiming to raise HKD 1.02 billion, with a minimum entry fee of HKD 5,696.9 for 40 shares [1] - The company employs a "dual-class share" structure, allowing the founder to maintain over 50% of voting rights [1] Group 2: Cornerstone Investment - Minglue Technology has entered cornerstone investment agreements with several investors, including Tencent and other capital groups, agreeing to subscribe for shares totaling up to approximately USD 59 million [2] - If the over-allotment option is not exercised, cornerstone investors will account for 45.1% of the IPO shares; if fully exercised, they will still hold 39% [2] Group 3: Fund Utilization - Approximately 35% of the raised funds will be used to enhance technology research and development capabilities, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [2] Group 4: Business Overview - Minglue Technology provides data intelligence products and solutions, focusing on marketing and operational intelligence across online and offline scenarios [2] - According to Frost & Sullivan, it is the largest data intelligence application software provider in China by total revenue in 2024 [2] Group 5: Client Base and Revenue - The company's main clients include businesses in consumer goods, food and beverage, automotive, and 3C industries, as well as offline retail and restaurant chains [3] - Revenue figures for the company are as follows: RMB 1.269 billion in 2022, RMB 1.462 billion in 2023 (15.2% YoY growth), and RMB 1.381 billion in 2024 (5.5% YoY decrease) [3] - For the six months ending June 30, 2024, revenue increased from RMB 565 million to RMB 644 million, representing a 13.9% YoY growth [3]

Core Viewpoint - Minglue Technology is launching a global IPO on October 23, with an expected listing on November 3, aiming to raise between 1.02 billion to 1.17 billion HKD, but faces significant financial instability and declining investor confidence [1][5]. Financial Performance - The company has shown unstable profitability, with net profits fluctuating dramatically from 1.64 billion RMB in 2022 to a projected loss of 20.3 billion RMB in the first half of 2025 [3][4]. - Research and development (R&D) expenditures have decreased significantly, from 59.2% of revenue in 2022 to only 23.4% in 2025, indicating a weakening of core technological capabilities [4][5]. IPO Details - The IPO is priced at 141 HKD per share, with a base issuance of approximately 7.22 million shares, potentially increasing to about 8.3 million shares with the green shoe option, leading to a market capitalization of around 20.4 billion HKD [1]. - The use of proceeds from the IPO includes 35% for enhancing R&D capabilities, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital [1]. Market Sentiment - Investor confidence has waned, as evidenced by a significant drop in valuation from 30.5 billion USD in 2020 to 5.4 billion USD in 2023, reflecting a decline of over 80% [5][6]. - The cornerstone investor lineup for the IPO includes seven investors, with a total investment of 59 million USD, but the quality of these investors is questioned, as many lack significant market influence [7][8]. Challenges Ahead - The company faces high entry barriers due to its dual-class share structure, which complicates its inclusion in the Hong Kong Stock Connect program, requiring a market cap of at least 20 billion HKD and a trading volume threshold [8]. - The extended lock-up period of 270 days for cornerstone investors indicates a lack of confidence in the company's immediate prospects, as it aims to prevent stock price volatility [8][9]. Institutional Demand - The IPO's structure, with nine underwriters, suggests potential insufficient demand from institutional investors, leading to the opening of international placement channels to attract retail investors [9][10]. - The high subscription rate of 1388 times as of October 27 indicates strong retail interest, but historical performance of similar IPOs raises concerns about post-listing stock performance [10].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is recognized as a major global financial center, known for its market-oriented, international, and flexible IPO listing system, which attracts various types of enterprises for financing [2][4]. Group 1: Participants in IPO - The IPO process at HKEX involves multiple stakeholders, including regulatory bodies, issuers, sponsors, underwriters, and intermediary institutions [2]. - Key participants include: - Regulatory bodies such as the Hong Kong Securities and Futures Commission (SFC) overseeing market fairness and intermediary behavior [2]. - Issuers, which are companies seeking to go public and must meet HKEX listing requirements [2]. - Sponsors, who are licensed brokers responsible for due diligence and compliance [2]. - Underwriters, typically major international investment banks or Chinese brokers, handling share sales and pricing [2]. Group 2: Types of Issuance Structures - HKEX supports diverse listing structures to meet different enterprise needs, including: - H-shares for domestic companies listed overseas [2]. - Red-chip companies for foreign-registered firms with primary operations in mainland China [2]. - Weighted Voting Rights (WVR) structures allowing certain shareholders enhanced voting power [2][5]. - The introduction of Chapter 18A allows unprofitable biotech companies to list under specific conditions, focusing on R&D investment and clinical trial progress [5]. Group 3: Core Process of IPO - The typical IPO process at HKEX spans 6-12 months, with key stages including: - Preliminary preparation (3-6 months) [3]. - Submission and hearing (3-4 months) [3]. - Roadshow and pricing (1-2 weeks) [3]. - Issuance and listing (within 1 week) [3]. Group 4: Post-Issuance Regulation and Lock-Up Period - Post-issuance, companies must adhere to continuous disclosure requirements and face lock-up periods for major shareholders [6]. - Lock-up periods typically last 6 months for controlling shareholders and executives, with potential extensions [6]. - Price stabilization mechanisms may be employed by underwriters within 30 days post-listing to mitigate stock price volatility [6].

Group 1 - The report by Deloitte China Capital Markets Service Department predicts that the global top ten IPOs' financing scale will be slightly lower than the same period last year, but Hong Kong Stock Exchange will continue to lead in global IPO financing due to six super-large IPOs [1] - As of September 30, it is expected that 78 new stocks will be listed in the A-share market, raising 77.1 billion yuan, which is a 13% increase in the number of new stocks and a 61% increase in financing compared to the same period last year [1] - The report highlights that the steady development trend of the A-share market is supported by the implementation of new policies, with technology and innovation sectors expected to remain hot spots for new listings [1] Group 2 - In the Hong Kong market, it is anticipated that 66 new stocks will be listed, raising 1,823 million HKD, a 47% increase in the number of new stocks and a 228% increase in financing compared to the same period last year [2] - The forecast for the fourth quarter indicates that the Hong Kong IPO market will maintain strong momentum, with over 80 new stocks expected to be listed, raising between 250 billion to 280 billion HKD [2] - The report mentions that the Hong Kong government plans to optimize the "same share different rights" listing rules and promote more overseas companies to list in Hong Kong, which will enhance the market's diversity and solidify Hong Kong's role as an international financial center [3]