核心数据亮眼：119家新股扎堆上市，24家翻倍成焦点 回顾2025年，港股IPO市场彻底告别了此前的疲软态势。据统计，全年共有119家企业成功登陆港交所，同比增长超60%，合计募集资金接近2900亿港元， 同比激增224%，强势夺回全球IPO融资额榜首的位置。这一成绩不仅远超2022-2024年的低迷表现，更重回2018-2019年的巅峰水平。 在新股表现上，"赚钱效应"成为关键词。119家新上市企业中，有24家股价涨幅逾一倍，占比超20%，远超近五年平均水平。其中不乏现象级标的：创业 板新股金叶国际集团以11465倍的超额认购倍数创下港股历史最高纪录，成为首个超购破万倍的新股；消费龙头蜜雪集团更是以1.84万亿港元的冻资规模 超越快手，登顶港股IPO"冻资王"，公开发售超购倍数达5258.21倍，上市后股价稳步攀升，成为翻倍股阵营的典型代表。 香江水暖，资本涌动！经历了数年的调整期后，2025年的香港IPO市场终于迎来强势复苏，上演了一场"量价齐升"的盛宴。全年119家新上市公司集中登 场，募资规模重返全球第一，更有24家新股涨幅突破一倍，打新赚钱效应全面释放。对于全球投资者而言，这一年的港股IPO市场，无 ...

来源：百惠金控动态 港股IPO市场在2025年迎来强劲复苏。截至12月11日，年内上市新股数量突破100只，全年募资总额突破2700亿港元，港交所有望以约360亿美 元的募资规模登顶全球交易所榜首。这一成就不仅得益于宁德时代等大型IPO的集中上市，更源于香港资本市场制度的持续创新与金融服务机 构的深度参与。 市场概览：量额齐升，重回全球领先地位 港股IPO市场在2025年呈现全面复苏态势，募资规模时隔4年再度突破2000亿港元，达到近5年第二高峰。预计港交所将超越纽约证券交易所， 成为全球募资规模最大的交易所。 结构剖析：大型项目与制度创新双轮驱动 1.大型IPO集中上市：年内8只新股募资规模超百亿港元，仅宁德时代就募资410.06亿港元，成为全球第一大IPO。这些大型项目合计募资占比 超过全年总额的一半。 2.制度创新红利释放：港交所18A章和18C章为科技企业提供了关键融资渠道。2025年共有14家18A公司上市，较2024年大幅增加250%。在首 日涨幅翻倍的15只新股中，近半数为18A公司。 专业力量：金融服务机构深度参与生态建设 未来展望：专业机构与市场创新共塑港股未来 目前港交所正在处理的上市申请 ...

人民财讯11月27日电，安永11月27日发布的报告显示，2025年，香港交易所IPO筹资额创下近五年第二 高纪录，仅次于2021年峰值，并时隔四年再度突破2000亿港元大关。本年度港股市场的筹资表现主要受 益于大型IPO项目，其中来自内地的A股上市公司成为推动筹资规模增长的重要力量。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a significant revival in IPO activities, with the total financing amount expected to exceed the entire previous year by mid-2024, largely driven by the return of international long-term capital [1][2]. Group 1: IPO Market Dynamics - The IPO market in Hong Kong has seen a strong recovery since 2025, with financing scale now ranking first globally, attributed to favorable economic policies in China, advancements in technology, and faster regulatory approvals for mainland companies [2][3]. - Predictions suggest that if the total IPO scale in Hong Kong for 2025 reaches between $20 billion and $25 billion, approximately 80% of this will come from A-share companies [3]. - The number of international long-term investors participating in Hong Kong IPOs has increased significantly, with participation rising from 3-5 investors per project in 2023 to over 20 in recent listings [3]. Group 2: Supply and Demand in the Market - Despite the renewed interest in the Hong Kong market, there is a supply shortage of quality projects, leading to difficulties for institutional investors in securing cornerstone shares [4]. - Over 40 A-share companies are currently planning to list in Hong Kong, with more than 20 already having submitted applications to the Hong Kong Stock Exchange [5][6]. Group 3: Investor Preferences and Market Characteristics - Investors are increasingly favoring companies with clear profitability, strong business models, and lower risks, with consumer and industry-leading companies being the most sought after [6]. - The existence of price differentials between A-shares and H-shares should be viewed calmly, as the two markets operate under different ecological conditions, and the supply-demand dynamics dictate their respective prices [7][8].

Group 1 - The core message conveyed by Goldman Sachs is that international long-term capital is returning to Chinese projects, with a notable shift in investment preferences [1][3] - Since 2025, the Hong Kong IPO market has seen a strong rebound in financing, with expectations that the first half of 2025 will surpass the total financing amount of 2024 [1][3] - The successful launch of multi-billion dollar financing projects and the enthusiastic participation of cornerstone investors indicate a comprehensive recovery of market vitality [1][3] Group 2 - The recovery of the Hong Kong IPO market is attributed to three main factors: favorable macroeconomic conditions from Chinese economic policies and rapid technological development, improved regulatory efficiency, and an overall enhancement in the quality of enterprises [3] - International long-term capital is shifting its focus towards companies with clear profit models, particularly in the consumer and technology sectors, as well as industry leaders [3] - The valuation gap between A-shares and H-shares is viewed as a normal market supply-demand relationship, while the active Hong Kong refinancing market is primarily driven by international capital [3]

Market Overview - The Hang Seng Index opened up 0.01%, while the Hang Seng Tech Index rose by 0.52%. Kuaishou increased by over 6%, and Xiaomi Group rose by over 2% [1] Capital Flow Analysis - Recent statistics from Guotai Junan International indicate that southbound funds have primarily flowed into the banking sector, with net inflows exceeding 16.5 billion HKD, while the information technology sector faced net outflows exceeding 20.5 billion HKD [2] - The strategy team noted that profit-taking in tech stocks is influenced by market behavior of "buying expectations, selling realities," alongside uncertainties regarding tariff prospects [2] Structural Changes in the Hong Kong Market - Sell-side institutions believe that the Hong Kong market is undergoing structural changes, with technology and consumer sectors now representing a significant portion of the market, shifting away from the previous dominance of finance and real estate [3] - Huatai Securities emphasizes the importance of strategic allocation in the Hong Kong market, highlighting that the market is well-positioned to attract long-term foreign capital [3] Valuation and Investment Opportunities - Morgan Stanley analysts suggest that the recent capital inflow is positively impacting the valuation recovery of Hong Kong assets, which still hold high allocation value in the medium to long term [4] - The Hang Seng Index's price-to-earnings ratio has increased from approximately 7.5 times to 10.5 times, aligning with the ten-year average, indicating room for further valuation recovery [4] IPO Market and Future Prospects - The Hong Kong IPO market is expected to see a significant revival in 2025, providing a crucial window for domestic companies to raise foreign capital [4] - The Hong Kong market is transitioning and presents substantial investment opportunities moving forward [4] Role of Hong Kong in Global Capital - The Hong Kong market is evolving into a key hub for global tech capital, connecting thriving mainland tech companies with international investors [5] - CITIC Securities reports that the influx of A-share companies going public in Hong Kong is driven by strategic overseas expansion, regulatory advantages, and improved liquidity [5] Government Support and Market Stability - The Hong Kong government has implemented several supportive policies for the stock market, including lowering stamp duties and optimizing trading mechanisms to enhance market liquidity and attractiveness [6] - The anticipated reform in dividend taxation, combined with improved international liquidity, is expected to make dividend strategies more appealing to long-term investors [6]