Core Insights - The Hong Kong stock market is experiencing a significant surge in refinancing activities, driven by ample liquidity, valuation recovery, and corporate strategic expansion needs [1][4][5] Group 1: Refunding Scale - Hong Kong listed companies have raised over 280 billion HKD through various refinancing methods this year, marking a year-on-year increase of over 400% compared to 2022 [1][4] - The total amount raised has already surpassed the entire annual figure for 2024, which was 990.73 billion HKD [4] - Placement of shares has become the primary method for refinancing, accounting for 87.81% of the total, with 249.5 billion HKD raised through this method [4] Group 2: New Economy Enterprises - New economy enterprises are leading the refinancing trend, with BYD raising 43.38 billion HKD, marking the largest equity refinancing project in the global automotive industry in the past decade [6][7] - Xiaomi Group follows closely with 42.6 billion HKD raised, surpassing its total fundraising since its 2019 IPO and setting a record for Chinese tech hardware companies in overseas equity refinancing [7] - Other tech companies like Horizon Robotics and WuXi AppTec have also raised significant amounts, focusing on sectors such as biomedicine and artificial intelligence [7] Group 3: International Capital Involvement - The current refinancing wave has seen unprecedented participation from international institutional investors, including GIC and Al-Futtaim family office [9][10] - BYD's placement attracted numerous top long-term investors, with Al-Futtaim investing 3.5 billion HKD as a strategic investor [9] - Notable long-term funds like Wujin Capital have been actively investing in various companies, indicating strong international interest in the Hong Kong market [10]

在流动性充裕、估值修复及企业战略扩张需求等多重因素推动下，港股市场再融资迎来爆发式增长。 在港股市场再融资热潮中，新经济企业成为绝对主角。数据显示，比亚迪以433.83亿港元配售金额位居 榜首，该融资金额是过去十年全球汽车行业规模最大的股权再融资项目、全球汽车行业有史以来规模最 大的闪电配售项目。 小米集团紧随比亚迪之后募资426亿港元，不仅超过其2019年上市以来增发融资总和，更创下中国科技 硬件企业境外股本再融资的历史纪录。 Wind数据显示，今年以来，港股上市公司通过配售、代价发行、供股方式合计融资规模超2800亿港 元，同比激增超400%，远超2024年全年水平。在这场热潮中，新经济领域企业成为绝对主角，比亚 迪、小米集团、地平线机器人、药明康德等头部企业募资规模领先，国际资本的深度参与更成为市场的 一大亮点。 分析人士指出，今年以来港股市场的流动性和估值水平得到提升，为企业再融资提供了良好的市场环 境。同时，企业为了满足自身业务扩张、研发投入、债务偿还等需求，也有较强的再融资意愿。 再融资规模激增 地平线机器人的一纸配售股份公告，引起市场对港股再融资情况的关注。 9月26日，地平线机器人公告，宣布以 ...

Core Viewpoint - The Hong Kong stock market is experiencing explosive growth in refinancing due to ample liquidity, valuation recovery, and corporate strategic expansion needs, with total fundraising exceeding 280 billion HKD this year, a year-on-year increase of over 400% [1][4]. Group 1: Refunding Scale Surge - Hong Kong listed companies have raised a total of 284.15 billion HKD through various refinancing methods, marking a 439.37% increase compared to 52.68 billion HKD in the same period last year [4]. - The primary method of refinancing has been through share placements, accounting for 87.81% of the total, with 249.50 billion HKD raised [4]. Group 2: Dominance of New Economy Enterprises - New economy enterprises are leading the refinancing trend, with BYD raising 43.38 billion HKD, marking the largest equity refinancing project in the global automotive industry in the past decade [6]. - Xiaomi Group follows closely with 42.60 billion HKD raised, surpassing its total fundraising since its 2019 IPO and setting a record for Chinese tech hardware companies in overseas equity refinancing [7]. - The financing needs of these enterprises have shifted from "survival expansion" to "technology positioning," necessitating rapid capital leverage to build technological barriers [7]. Group 3: International Capital Involvement - International institutional investors are significantly participating in this refinancing wave, with notable entities like GIC and Al-Futtaim family office investing heavily [9][10]. - BYD's placement attracted numerous top long-term investors, including Al-Futtaim, which subscribed for 3.5 billion HKD [9]. - Wuji Capital has been actively investing in various companies, indicating a strong interest from international funds in the Hong Kong market [10].

Core Viewpoint - The article emphasizes the importance of "economic resilience" in the context of global industrial chain restructuring and the ongoing US-China competition, suggesting that this resilience is crucial for entrepreneurs to innovate and reconstruct competitive advantages [3]. Group 1: Economic Resilience - Economic resilience has become a core theme in major power competition, serving as a strategic foundation for entrepreneurs to innovate and gain competitive advantages [3]. - The article references Japan's experience during its "lost three decades," highlighting how its long-standing companies have developed resilience through cultural integration, risk diversification, and avoiding chaotic expansion [3]. Group 2: Learning Journey - The article introduces a six-day, five-night study tour in Japan, designed to explore the resilience of Japanese businesses and their growth models, which are particularly relevant for Chinese entrepreneurs [3][4]. - Participants will visit five Japanese companies across various sectors, including healthcare, precision manufacturing, and sustainable development, to understand their strategies for overcoming low-growth challenges and aging population issues [7]. Group 3: Knowledge Sharing - The study tour includes sessions with industry experts discussing key topics such as value creation in low-growth environments and global branding strategies, aiming to provide a systematic understanding of how to balance technology and innovation [16]. - The program will take place partly at the University of Tokyo, allowing participants to engage in a rich academic environment while learning from real-world business cases [16]. Group 4: Cultural Experience - The tour incorporates cultural experiences, such as tea ceremonies and traditional crafts, to deepen participants' understanding of Japanese business resilience and foster connections among diverse professionals [21]. - The concept of "一期一会" (ichigo ichie), which emphasizes the uniqueness of each encounter, is highlighted as a guiding principle for the study tour, encouraging participants to value their interactions and shared experiences [21].

以下文章来源于清科沙丘投研院 ，作者清科沙丘投研院 清科沙丘投研院 . 清科创业（1945.HK）旗下高端投资培训品牌，致力于培养拥有全球视野、擅于捕捉中国市场机会、具 有超强实战经验的投资家。 低增长存量时代，我们该向日本学什么？ 当中国进入经济增速换挡期，老龄化加剧、消费需求迭代、产业升级迫在眉睫，如何突破增长瓶 颈？ 当我们望向东方，相似的经济周期，邻国日本早已给出答案—— 在东京丸之内热闹的十字路口，繁华与喧嚣的表象之下，日本企业正以特有的韧性演绎着另一种叙 事： 超 2.5 万家百年企业仍在迭代 基业长青 的密码， 精益创新 的制造业持续书写 " 隐形冠军 " 的 神话，老龄化社会不断转化为万亿级 银发经济 的创新试验田 …… 为探寻其中的破局之道，沙丘投研院重磅推出 「韧性破局·揭秘日本模式 探寻中国增长」 日本深 度游学，6天5晚，深度串联东京与京都，探访标杆企业，对话一线创投大咖，解码低增长时代的 韧性基因，共同书写当下中国企业家最需要的"生存指南"。 拖至文末点击 「阅读原文」 报名 行行行行行程程程程程亮亮亮亮亮点点点点点 11111 高效学习，必须要身临其境 6月9日至14日 日本·东京 ...