（来源：IPO热点） 香港资本市场迎来强势复苏，IPO市场交出三年来最亮眼成绩单。 来源：市场资讯 中金公司资本市场部执行负责人施琦近日披露，截至目前香港IPO融资规模已突破300亿美元，较去年 的100亿美元和前年的不足60亿美元实现跨越式增长。更值得关注的是，国际长线资金加速入场，主权 基金等罕见跻身基石投资者阵营，叠加超百家储备项目加持，市场对2026年IPO热潮延续形成强烈预 期。 A+H股成绝对主力：20%项目贡献60%融资额 100家储备项目打底：2026增长确定性拉满 IPO强势表现的可持续性得到扎实储备项目的支撑。施琦透露，目前中金在手的IPO储备项目已超100 家，其中不乏A股头部企业的港股上市计划。"尽管A股IPO节奏逐步放开，但仍有大量头部企业计划赴 港上市，A+H上市热潮有望持续。"她强调，充足的项目储备将确保2026年本港IPO市场保持强劲势 头。 对于此前引发市场热议的未盈利生物医药股"数千倍超购"现象，施琦提示理性风险。她指出，生物医药 赛道国际竞争力提升推动估值重估是重要原因，但行业内企业多处于早期阶段，存在"鱼龙混杂"的情 况，中金对此类项目的内部审核已显著收紧，市场认购情绪 ...

Core Insights - Four new Hong Kong stocks listed on October 28, all closing with gains, including Dipu Technology up 150.56% and Bama Tea up 86.7% [1] - The new IPO rules effective from August introduced a "choose one" mechanism for public subscription, with Mechanism A increasing the maximum allocation from 20% to 35%, while Mechanism B allows issuers to set a fixed public offering percentage between 10% and 60% without a reallocation mechanism [1][2] - Mechanism B has become the preferred choice for most new listings, typically setting the public offering at 10%, which gives institutional investors more influence during the pricing phase [2] Mechanism Analysis - Mechanism B's fixed allocation leads to scarcity for retail investors, often resulting in oversubscription and strong buying momentum on the first trading day, driving stock prices up [2] - Among 22 new stocks using Mechanism B, 21 saw price increases on their first trading day, with the only exception being Guanghetong, which fell 11.72% on its debut [2] - Guanghetong's pricing was perceived as insufficiently attractive due to its pressured short-term performance, despite securing significant backing from cornerstone investors [3] Market Dynamics - The volatility of newly listed stocks indicates that relying solely on supply-demand imbalances to boost prices is not sustainable [3] - For instance, Jinye International Group surged 330% on its first day but subsequently dropped 74.88% over the following weeks, highlighting the risks associated with low public offering percentages amid high demand [3] - The shift in the Hong Kong IPO market is moving from "blind arbitrage" to a focus on fundamental value and market sentiment [3] Regulatory Perspective - The Hong Kong Stock Exchange's new IPO rules aim to enhance the robustness of pricing and allocation mechanisms while balancing the needs of various investors [4] - A healthy and mature new stock market is envisioned as a cycle of reasonable pricing by issuers, rational decision-making by investors, and responsible underwriting by underwriters [4]