71起 "新经济"与"A+H"构筑双引擎 港股市场正以亮眼数据彰显其独特吸引力。 Wind数据显示，截至10月10日，今年以来港股市场IPO已有71起，较2024年同期增加23起。从行业分布 看，医疗保健、信息技术及可选消费等"新经济"领域企业成为上市主力。 德勤中国资本市场服务部香港上市业务全国主管合伙人及上市业务华东区主管合伙人谢明辉表示，大量 海外资金持续流入港股，大幅推动港股成交，让估值继续回升，加上政策鼓励内地龙头企业来港上市、 简化A股上市公司的申请上市程序，促使超大型和大型新股项目再次云集香港新股市场，是让香港在第 三季度能够继续稳守全球新股融资排名冠军宝座的原因。 "A+H"上市模式已逐渐成为港股市场募资的重要部分。Wind数据显示，截至10月10日，今年以来已有 11家A股公司在港股上市。9月以来，包括新诺威、科兴制药、科泰电源等在内的众多A股上市公司公告 筹划赴港上市。 瑞银证券全球投资银行部联席主管谌戈认为，"A+H"股的价差不断收窄，将进一步提升港股IPO对内地 企业，特别是已在A股上市公司的吸引力。"港股在上市条件和包容度方面具备更强的吸引力，同时后 续融资的监管规则更加灵活，仅在事 ...

显著的赚钱效应，彻底扭转观望情绪 企业原计划提供的认购额度，是占IPO新股发行量40%的股份，但想参与的基石投资资金规模，已经达 到计划额度的3倍以上。港股IPO的基石投资，正在从乏人问津，转向溢价争抢。 最新的例子是博泰车联网科技（上海）股份有限公司（以下简称"博泰车联"）。通过港交所聆讯后，该 公司9月22日开启港交所上市招股，并引入了三家基石投资人， 这只是港股基石投资热的一个缩影。Choice数据显示，2025年以来，港股IPO市场基石投资者参与度呈 现井喷式增长，平均每家上市公司获5.35名基石投资者"护航"，这一数值较去年同期的1.37名激增近 290%，部分项目基石额度获资金超额三倍认购。 外资机构、上市公司、头部投资机构等诸多机构，是基石投资热的主要推动力量。驱动这一结构性转变 的核心逻辑，在于投资回报率的根本性改善。数据显示，超77%的基石投资者账面浮盈，创新药企及新 消费龙头则成为收益引擎，部分项目为基石投资者带来了逾十倍的投资回报。显著的赚钱效应，彻底扭 转了此前因流动性担忧而致的观望情绪，基石投资从"风险包袱"转变为"核心资产配置"的关键一环。 从乏人问津到溢价抢筹 根据博泰车联披露， ...

Core Viewpoint - The article highlights the significant shift in the Hong Kong IPO market, particularly the surge in cornerstone investments, which have become highly competitive and sought after, contrasting sharply with previous years when finding cornerstone investors was a major challenge [3][7][11]. Group 1: Market Dynamics - The cornerstone investment landscape in Hong Kong has transformed, with major players like Hillhouse Capital, Sequoia China, and local state-owned enterprises actively participating in IPOs [3][7]. - The successful IPO of CATL on May 20 attracted 23 cornerstone investors, raising approximately 20.37 billion HKD, which accounted for 65.7% of the global offering [4]. - The competition for cornerstone investment has intensified, with some firms requiring a minimum investment of 500 million HKD to qualify, reflecting the high demand and limited availability of shares [5][8]. Group 2: Investment Performance - Cornerstone investors in high-profile IPOs like CATL, Moutai, and Heng Rui Pharmaceutical have seen substantial floating profits, with total gains amounting to approximately 110.8 billion HKD, 20.19 billion HKD, and 31.69 billion HKD respectively [8]. - Tencent's investment in Lao Pu Gold has yielded a remarkable return, with a floating profit exceeding 5 billion HKD, marking it as one of Tencent's most profitable consumer investments [8]. Group 3: Future Outlook - The Hong Kong Stock Exchange has completed over 50 IPOs this year, raising nearly 17 billion USD, indicating a robust recovery and attractiveness of the market [11]. - There is a growing recognition among investors that Hong Kong listings can significantly benefit companies' future development, leading to a renewed interest in the market [8][11]. - The current environment is seen as a critical phase for asset value reassessment in China, with many investment firms urging suitable companies to expedite their Hong Kong listings [11][12].

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].