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].

多中国企业借助这个窗口顺利完成了IPO发行或二次融资，整个市场在恢复的通道上"，葛辰皓表示。 葛辰皓表示，中国企业赴美上市相较于最佳时期尚处在一个恢复阶段，难点在于如何能更好地获得国际的、特别是欧美的长线资金的支持。但他最近也看到 一个积极的趋势，很多资金又回到了中国资产。 这其中包含了内因和外因。内因方面，首先是在去年9月24号之后，很多投资人看到中国政府面对当前经济形势的一些挑战更加重视，也陆续出台了一系列 政策举措。其次，年初不论是DeepSeek的发布还是"杭州六小龙"的问世，让世界再次看到中国新质生产力的力量，也触发了对中国科技股的价值重估。 外因方面，也看到国际资金在全球化资产配置方面出现了一些边际变化。考虑到美股的高估值水平、短期内美国本身政策的不确定性，以及美元汇率变化的 风险，很多投资人尤其是美国本土以外的投资人，把部分重心又转到了诸如中国和欧洲资产。"所以最近看到一些国际资金又回流到了中国资产，也看到很 凤凰网财经讯6月28-29日，"2025中国企业出海高峰论坛"在深圳举行，本次论坛由凤凰网主办，雪花超高端系列品牌-醴首席赞助合作，中国企业出海全球 化理事会联合主办，以"为开放的世界"为 ...