今年上半年，受益于现货交易、衍生品、沪深港通成交量均创半年新高，香港交易所 2025 年上半年收入及盈利 也创下历史半年新高。 陈翊庭透露，自 "科企专线" 推出以来，港交所一共新增了 50 家 18A 和 18C 申请。 她进一步表示，以保密形式递交 IPO 申请在全球市场上不是新鲜事，很多不同地方的交易所同意保密申请，因 为 18A 和 18C 章申请的企业大多还没有收入或未实现盈利，企业核心技术处于研发阶段，涉及特别敏感的信 息。港交所为此提供便利，但不等于没有透明度，拟 IPO 企业在招股等合适时机还是要公开披露，投资者也有 充分的时间去研究公司。 关于国际资金回流的情况，陈翊庭回答券商中国记者提问表示，目前美元资产分散配置，部分资金回流中国资 产，随着全球格局变化以及全球资金正在寻求更加多元化的跨地域、跨资产类别投资，港交所会做好准备迎接 这一趋势带来的增长机遇。 同时她透露，国际投资者对港股 IPO 的参与度很高，当前港股二级市场的投资者结构，散户占比仅一成，港股 通南向资金占比 23%，其他都是国际投资者和本土资金。 8 月 20 日，港交所发布 2025 年中报，上半年实现营业收入 (含其他收 ...

Core Viewpoint - Hong Kong's IPO market has rebounded significantly, reclaiming its position as the world's top fundraising hub in the first half of 2025, driven by strong policy support and a surge in high-quality listings [3][5][9]. Group 1: IPO Market Recovery - In the first half of 2025, Hong Kong's IPO count reached 43, with a fundraising amount exceeding 1,067.1 billion HKD, marking a 708.4% increase year-on-year [5][9]. - Notable IPOs include CATL, which raised 353 billion HKD, making it the largest IPO globally for the year [5][10]. - The resurgence of the IPO market is attributed to strong policy backing from the Chinese government, including measures to support leading companies from the mainland to list in Hong Kong [5][15][16]. Group 2: Market Dynamics - The Hang Seng Index saw a 20% increase in the first half of 2025, ranking third among major global markets, indicating a healthy cycle between primary and secondary markets [5][9]. - Southbound capital has become a significant driver of the Hong Kong market, accounting for 20% of total trading volume, enhancing its influence [7][22]. - The influx of international long-term capital is evident, with notable participation from sovereign wealth funds and institutional investors in major IPOs [13][21]. Group 3: Future Outlook - There are currently 190 companies in the pipeline for IPOs, reflecting the market's attractiveness and potential for continued growth [5][9]. - Analysts predict that the IPO boom will persist into the second half of 2025, supported by ongoing capital inflows and favorable market conditions [21][22]. - The Hong Kong Stock Exchange is actively reforming its systems to attract more high-quality listings and enhance investor experience [8][19][36]. Group 4: Investment Trends - The demand for new economy companies, particularly in sectors like technology and healthcare, is driving the current IPO frenzy [19][27]. - The market is witnessing a shift in investor preferences towards companies with clear profitability paths and innovative capabilities [26][27]. - The strong performance of new consumer brands and innovative pharmaceutical companies is attracting significant attention from both domestic and international investors [28][29].