Core Viewpoint - The article discusses the resurgence of the Hong Kong IPO market, highlighting the increasing interest of Chinese companies in listing in Hong Kong due to favorable market conditions and the need for international financing [1][2]. Group 1: Market Conditions - The current environment for Hong Kong IPOs is favorable, with a decrease in the average discount rate of H-shares from nearly 40% to about 30% compared to A-shares [1]. - The influx of international funds has restored liquidity in the Hong Kong market, with a growing proportion of southbound funds gaining pricing power [2]. Group 2: International Investor Interest - International investors have shown strong interest in high-quality Chinese assets, as evidenced by the enthusiastic subscription for IPOs like CATL and Heng Rui Pharmaceutical, described as "intense" and "high quality" [3]. - The number of cornerstone investors has increased significantly, indicating a shift from domestic to international interest in Hong Kong IPOs [3]. Group 3: Preferred Company Characteristics - Investors currently favor large-scale, industry-leading companies or those with strong growth potential, such as Midea Group, CATL, and Heng Rui Pharmaceutical, as well as emerging consumer brands like Mixue and Pop Mart [4]. - Companies with clear profit models, strong cash flows, and favorable financial performance are particularly attractive, especially those less sensitive to tariff policies and benefiting from government consumption-boosting measures [4]. Group 4: Strategic Considerations for Companies - Companies are encouraged to identify and highlight their core competencies and unique value propositions to attract higher valuations during the IPO process [6]. - The Hong Kong market is evolving towards more proactive market capitalization management, making it essential for companies to time their listings effectively and align their pricing strategies with market demand [6].

伴随港股新股市场逐渐复苏，新一轮浩浩荡荡的中资企业出海浪潮日渐成型。 从布鲁可到蜜雪集团，大消费赛道的爆火带来一场又一场认购狂欢；从宁德时代（300750）到恒瑞医药 （600276），国际机构竞相追捧行业龙头，唱响了中资企业在海外路线中拔锚起航的战歌。然而，盛景 之下，什么样的企业更适合登陆港股，中国企业又该如何讲好属于自己的出海故事？ 港股募资正值绝佳窗口 中金公司（601995）资本市场部负责人丛晖告诉证券时报记者，当下内地企业赴港上市意愿增强，一方 面是由于越来越多优质A股公司在推行海外发展战略，在H股上市对其开展海外并购、拓展业务起到关 键作用；另一方面受益于港股的良好表现和流动性提升，H股较A股的平均折扣率从去年年初的接近 40%下降到了目前的30%左右，A+H上市迎来了更好的市场发行窗口。 "二次上市去欧洲还是去中国香港，在几年前尚且是一个选择题，但现在几乎所有的公司都意识到了香 港市场的优势。"瑞银全球投资银行部亚洲区副主席朱正芹强调，当前国内制造业优势凸显，企业要往 外走，就会对境外资金有需求，进而考虑海外融资的需要。港股市场正是这样一个能满足他们需求的理 想选择——交投活跃、市场开放，后续 ...