2025年第三季度，港股二级市场延续升势。年初至三季度末，恒生指数累计上涨约33.88%，恒生科技指数领涨板块，涨幅近45%，突显 市场对科技创新企业的持续关注。 受全球资金流向亚洲的趋势影响，港股作为连接中国与国际资本的重要枢纽，吸引了更多境外投资机构积极布局，成交活跃度显著提升。年初至 今，港股一级股权融资市场亦表现强劲，据Wind数据统计显示，2025年前三季度港股一级市场股权融资（包含IPO与再融资）总额达4,148亿港 元，较去年同期1,174 亿港元明显翻倍，增长比率达253.30%。 从项目类型角度来看，新股IPO市场，2025年前三季度，68家企业在主板成功IPO上市（未包含GEM转主板上市企业），较去年同期的45家上升 51.11%；IPO募集金额合计1,862亿港元，较去年同期的558亿大幅上升，增幅达233.97%。另一方面，再融资市场也展现出极高热度，募集金额 合计2,286亿港元，较去年同期大幅上升，增幅为270.77%。 从IPO承销保荐维度来看，中金公司凭借328.13亿港元的保荐规模位居IPO保荐规模榜榜首，保荐数量25起；中信证券（香港）以242.40 亿港元位 居第二，保荐 ...

Core Viewpoint - The Hong Kong stock market has seen a significant resurgence in 2025, with the Hang Seng Index rising by 21% and the Hang Seng Tech Index increasing by 19%, attracting international capital to invest in Chinese assets [1] Group 1: Equity Financing Market Overview - In the first half of 2025, the total amount of equity financing in the Hong Kong primary market reached HKD 250.4 billion, a substantial increase of 318% compared to HKD 59.8 billion in the same period last year [4] - The IPO financing scale was HKD 106.7 billion, up 688% year-on-year, with 43 companies successfully listing on the main board, a 43% increase from 30 companies last year [16][19] - The placement financing scale also saw significant growth, raising HKD 138.6 billion, an increase of 342.69% year-on-year [4] Group 2: Financing Method Distribution - In the first half of 2025, the distribution of financing methods showed that IPOs accounted for 42.62% of total fundraising, while placements made up the largest share at 55.35% [5][9] - Rights issues and consideration issues contributed 1.64% and 0.40% respectively to the total fundraising [5][9] Group 3: Industry Distribution of Financing - The top three industries in terms of fundraising amounts were hardware equipment (HKD 50.6 billion), automotive and parts (HKD 47.9 billion), and electrical equipment (HKD 44.6 billion) [10] - The software services industry led in the number of financing events with 22 occurrences, followed by non-bank financials with 21 and pharmaceuticals with 17 [13] Group 4: IPO Trends - The number of IPOs in the first half of 2025 was 43, a 43.33% increase from the previous year [16] - The highest fundraising from IPOs came from CATL, which raised HKD 41 billion, followed by Heng Rui Pharmaceutical and Hai Tian Wei Ye with HKD 11.37 billion and HKD 10.12 billion respectively [30] Group 5: Refinancing Trends - Total refinancing raised HKD 143.7 billion in the first half of 2025, a 210.45% increase from HKD 46.3 billion last year, with 224 refinancing projects [35] - The hardware equipment industry led refinancing with HKD 49.1 billion, primarily from Xiaomi's placement of HKD 42.6 billion [40] Group 6: Underwriting Rankings - CICC topped the IPO underwriting scale with HKD 18.02 billion, followed by Huatai Securities with HKD 10.83 billion and Merrill Lynch with HKD 9.26 billion [49] - In refinancing underwriting, Goldman Sachs led with HKD 26.24 billion, followed by CICC with HKD 18.09 billion [63]