赚 钱 效 应 。 作者 I 杨继云 报道 I 投资界PEdaily 这 是 我 们 最 近 见 到 的 一 幕 。 起因是一家知名医疗公司赴港上市的投行刚刚定下来，一家知名VC机构合伙人电话就被 打爆了——都是让帮忙协调，抢基石份额。电话那头并不掩饰，"给点机会，让我们也参 与一下。" 今 年 港 股 基 石 投 资 火 爆 ， 历 历 在 目 。 回 想 前 几 年 ， 赴 港 上 市 还 困 在 " 找 不 到 基 石 投 资 人"的尴尬局面，不少IPO一度发不出去。 世界变化太快，现在港股基石轮不愁了——无论是我们熟悉的高瓴、红杉中国、CPE源 峰，还是浩浩荡荡的地方国资，都不约而同出现在基石阵容里，"投进，就赚到了。" 一席难求 基石轮挤不进去 盛况要从宁德时代说起。 5月2 0日，宁德时代正式登陆港交所，彻底把港股基石的热度点燃了——吸引了包括能源 央企、主权财富基金、全球资管巨头、知名市场化机构在内的23家基石投资者，认购了 2 0 3 .7 1亿港元，约占全球发售股份的65.7%。 阵容梦幻。其中，科威特投资局（KIA）认购约38 . 76亿港元，占比1 2 .5%；中国石化认 购约3 8 . ...

Group 1 - The core viewpoint is that wealth management funds are increasingly entering the Hong Kong stock market, reflecting a strategic shift in the asset management industry due to a low interest rate environment [1][2] - Bank wealth management companies are accelerating their participation in Hong Kong IPOs, with notable investments from ICBC Wealth Management and China Post Wealth Management, which have allocated significant amounts to companies like Sanhua Intelligent Control [2] - The investment focus of these wealth management companies is primarily on emerging sectors such as new energy, technology, and new consumption, as the Hong Kong market hosts over 60% of China's new economy leaders [2] Group 2 - Multiple factors are driving the influx of funds into the Hong Kong market, including supportive policies that allow bank wealth management funds to participate in new stock subscriptions and private placements [3] - The average annualized yield of bank wealth management products has decreased from 2.94% in 2023 to 2.12% in the first half of 2025, prompting a search for new investment channels [3] - The cornerstone investment system in the Hong Kong market provides a significant advantage, as the participation of well-known institutional investors can enhance the credibility of IPOs and lead to higher subscription multiples [3]

Core Viewpoint - The article highlights a significant surge in IPO activities on the Hong Kong Stock Exchange, with five companies going public on the same day, marking a historic moment for the market [2][5]. Group 1: IPO Highlights - Five companies, including Lens Technology and Geek+, successfully listed on the Hong Kong Stock Exchange, with Lens Technology's market value exceeding 100 billion HKD at one point [1][5]. - Geek+ achieved the largest IPO scale for a robotics company in Hong Kong, with a market value of 22 billion HKD [1]. - The rapid listing process for Lens Technology took only 100 days from the submission of the prospectus to the official listing [3]. Group 2: Market Trends - Over 40 companies have successfully completed IPOs on the Hong Kong main board in the first half of the year, raising over 1,067 million HKD, a significant increase of 688.56% compared to the same period last year [8]. - Major IPOs this year include significant players like CATL and Heng Rui Medicine, with fundraising amounts exceeding 10 billion HKD [8]. - The Hong Kong Stock Exchange is experiencing a wave of IPO applications, with around 200 applications received, indicating a robust interest in the market [8]. Group 3: Investment Climate - The presence of cornerstone investors has become a crucial factor in the success of IPOs, with 36 out of 42 companies listed in the first half of the year having cornerstone investors, accounting for 43.7% of total IPO fundraising [15]. - Notable investment firms such as Hillhouse Capital and Sequoia China have participated as cornerstone investors in several high-profile IPOs, indicating a strong confidence in the market [15]. - The article emphasizes the importance of Hong Kong as a primary channel for overseas capital to engage with Chinese companies, especially in the context of the current global investment landscape [15].