证券时报记者 钟恬 12月11日，随着京东工业敲响港交所的锣声，港股市场迎来2025年第100只新股。这一里程碑事件不仅标志着港股 IPO市场的强势复苏，其背后港股新股呈现"量额齐升"的蓬勃态势，更彰显了香港作为国际金融中心的独特魅力与 强大韧性。 募资额超2700亿港元领跑全球 相较于18A板块的爆发式增长，18C板块则呈现稳步发展态势。2025年共有3宗特专科技公司上市，与去年持平， 分别为云迹、滴普科技和文远知行。尽管上市数量相对较少，但18C板块的企业质量备受关注，多家公司凭借领先 的技术实力与广阔的市场前景，上市后获得了机构投资者持续加仓。目前还有多家特专科技企业递交港股上市申 请，包括希迪智驾、五一视界、基本半导体、仙工智能等，其中希迪智驾预计于12月22日上市。 机构集体看涨 2025年，港股IPO市场呈现出强劲增长态势。Wind统计显示，年内100只新股合计募资额超过2700亿港元，这一数 字不仅较去年同期大幅增长，更让港交所时隔4年再度突破2000亿港元大关，重回近5年募资规模第二高峰。 从全球视角来看，港交所的表现尤为抢眼。安永预计，2025年港交所将以约360亿美元（约2808亿港元）的 ...

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 Hong Kong Stock Exchange (HKEX) has launched a dedicated listing channel for technology and biotech companies, described as "hands-on service" by the CEO [1] - This channel provides specialized guidance for companies preparing for their IPOs, helping them understand and meet listing requirements more efficiently [1] - A significant breakthrough of this channel is the option for companies to submit their IPO applications confidentially, reducing risks associated with early disclosure of sensitive information [1] Group 2 - HKEX's recent reforms aim to solidify Hong Kong's position as the preferred listing platform for emerging and innovative companies [2] - Since 2018, the number of new economy companies has surged in the Hong Kong market, transforming it from a traditional focus on real estate, finance, and energy [2] - In 2024, Hong Kong's new stock fundraising is projected to reach HKD 88 billion, ranking fourth globally, with over 80% of this amount contributed by technology companies, particularly in biotech and AI [2]