【环球网财经综合报道】2025年，港股恒生综合指数全年上涨30.98%，二级市场的强劲复苏为一级股权融资提供了绝 佳的"发行窗口"。Wind数据显示，2025年全年港股股权融资市场融资总额达6122亿港元，较去年同期1745亿港元明显 翻倍，增长比率达250.91%，实现了规模上的跃迁。 有分析人士称，港股股权融资金额激增得益于大型中概股回归及特专科技企业（18C）的常态化发行，不仅重塑了香 港作为全球新股募资中心的地位，更在南下资金定价权提升的背景下，完成了从"估值洼地"向"资产定价枢纽"的核心 转型。 联合新闻网近日发文称，展望2026年，不少机构认为港股IPO市场将延续稳健复苏态势，将迎来150宗以上新股发行， 募资额将突破3000亿港元。 Wind数据还显示，从项目类型角度来看，新股IPO市场，2025年度，117家企业在主板上市，较去年同期的70家增加 67.14%；2025年，港股IPO募集金额共2858亿港元，较去年的881亿港元大幅上升224.24%。 从IPO承销保荐维度来看，中金公司以516.52亿港元的保荐规模位居榜首，承销数量42起；中信证券（香港）以460.29 亿港元的保荐规模位居 ...

Core Insights - The Hong Kong stock market has shown a strong upward trend in Q3 2025, with the Hang Seng Index rising approximately 33.88% year-to-date, and the Hang Seng Tech Index leading with a nearly 45% increase, indicating sustained investor interest in technology innovation companies [1] - The primary equity financing market in Hong Kong has performed robustly, with total equity financing (including IPOs and refinancing) reaching HKD 414.8 billion in the first three quarters of 2025, a significant increase of 253.30% compared to HKD 117.4 billion in the same period last year [1] Group 1: Equity Financing Overview - The total equity financing in the Hong Kong primary market for the first three quarters of 2025 reached HKD 414.8 billion, more than doubling from HKD 117.4 billion in the same period last year, with a growth rate of 253.30% [4] - The IPO financing scale was HKD 186.2 billion, up 233.97% from HKD 55.8 billion year-on-year [21] - The placement financing scale saw a remarkable increase, raising HKD 218.2 billion, a growth of 541.01% compared to the previous year [4] Group 2: Financing Methods Distribution - In the first three quarters of 2025, the IPO fundraising amount was HKD 186.2 billion, accounting for 44.89% of total fundraising; placement raised HKD 218.2 billion, making up 52.61% [8][11] - Rights issues raised HKD 58.15 billion, representing 1.40%, while consideration issues and public offerings raised HKD 22.86 billion and HKD 22.77 billion, each accounting for 0.55% [8][11] Group 3: Industry Distribution of Financing - The top three industries in terms of fundraising amounts were hardware equipment (HKD 634 billion), pharmaceuticals and biotechnology (HKD 603 billion), and automotive and parts (HKD 570 billion) [12] - The pharmaceutical industry led in the number of financing events with 49 occurrences, followed by software services with 42 and non-bank financials with 36 [15] Group 4: IPO Trends - The number of IPOs in Hong Kong for the first three quarters of 2025 was 68, an increase of 51.11% from 45 in the same period last year [18] - The total amount raised through IPOs was HKD 186.2 billion, significantly up from HKD 55.8 billion year-on-year [21] - The highest fundraising industry for IPOs was electrical equipment, raising HKD 436 billion, followed by non-ferrous metals at HKD 357 billion and pharmaceuticals at HKD 200 billion [25] Group 5: Refinancing Trends - Total refinancing raised HKD 2,285.73 billion in the first three quarters of 2025, a substantial increase of 270.77% from HKD 616.48 billion in the previous year [38] - The hardware equipment sector led refinancing amounts at HKD 507 billion, primarily from Xiaomi Group's placement of HKD 426 billion [42] - The pharmaceutical sector had the highest number of refinancing projects with 38, followed by software services with 37 [45] Group 6: Institutional Rankings - CICC topped the IPO sponsorship scale with HKD 328.13 billion, followed by CITIC Securities (HK) at HKD 242.40 billion and Morgan Stanley at HKD 221.44 billion [52] - Goldman Sachs led in refinancing underwriting with HKD 308.84 billion, followed by CICC at HKD 226.69 billion and CITIC Securities (HK) at HKD 195.35 billion [66]

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]