Group 1: Market Liquidity and ETP Growth - The liquidity in the Hong Kong stock market has significantly improved, with the average daily trading amount reaching HKD 240.2 billion in the first half of 2025, a 118% increase from HKD 110.4 billion in the same period last year [1] - There are currently over 210 Exchange Traded Products (ETPs) listed in Hong Kong, with total managed assets nearing HKD 510 billion, reflecting a 30% increase since 2020 [1] - The daily trading volume of ETPs has increased fivefold to approximately HKD 40 billion, indicating a strong growth in this segment [1] Group 2: IPO Activity and Market Sentiment - The Hong Kong stock market has seen a positive trend, with the Hang Seng Index rising 20% in the first half of 2025, marking the largest increase for this period historically [2] - There were 44 new listings in the first half of 2025, a 47% increase from 30 in the same period last year, with total IPO fundraising amounting to HKD 107.1 billion, up 699% from HKD 13.4 billion [2] - The total fundraising amount in the first half of 2025 reached HKD 280.8 billion, a 322% increase from HKD 66.5 billion in the previous year [2] Group 3: Factors Driving IPO Market - The robust IPO market in Hong Kong is attributed to regulatory reforms by the China Securities Regulatory Commission and the Hong Kong Stock Exchange, which have facilitated easier access for companies to list [3] - Key sectors such as technology, healthcare, consumer goods, and green economy have shown strong performance, boosting investor confidence [3] Group 4: ETP Market Innovations - The ETP market in Hong Kong has been innovative, with products linked to various asset classes including stocks, fixed income, commodities, currencies, and digital assets [3] - The share of ETP trading volume in the overall market has increased from less than 5% five years ago to approximately 17% in the first five months of this year [3] Group 5: ETF Developments - The Hong Kong ETF market has experienced significant inflows, with the Tracker Fund of Hong Kong seeing a net value increase of 1.18% and a single-day trading volume of HKD 12.5 billion [4] - The Hong Kong Stock Exchange is actively promoting the launch of various thematic ETFs, including those focused on innovative technology, climate change, renewable energy, and biotechnology [4]

Core Viewpoint - The Hong Kong IPO market is experiencing a significant resurgence, highlighted by the successful listings of three companies on June 26, 2023, indicating renewed investor interest and confidence in the market [2][4][20]. Group 1: IPO Highlights - Three companies, Chow Tai Fook, Saint Bella, and Ying Tong Holdings, collectively marked a vibrant day for the Hong Kong stock exchange with substantial subscription rates and market performances [2][3][16]. - Chow Tai Fook's IPO saw over 700 times subscription, with an initial market capitalization exceeding HKD 10.1 billion, closing with a market value of HKD 11.36 billion after a 25% increase [3][8]. - Saint Bella, a high-end maternity center brand, had a market capitalization of nearly HKD 4 billion at listing, with a peak increase of over 44% on its opening day [3][11]. - Ying Tong Holdings, managing renowned luxury brands, had a market capitalization of approximately HKD 3.7 billion at closing [3][13]. Group 2: Market Trends - The Hong Kong IPO market is projected to host around 40 new listings in the first half of 2023, raising approximately HKD 108.7 billion, marking a 33% increase in the number of IPOs and a staggering 711% increase in fundraising compared to the previous year [20][25]. - The consumer sector is particularly vibrant, with several high-profile companies like Mi Xue Bing Cheng and Gu Ming successfully listing and achieving significant market valuations [22][24]. - The current environment has led to a surge in interest from investment institutions, with many urging companies to expedite their IPO processes in Hong Kong [31][35]. Group 3: Future Outlook - The trend of asset revaluation in China is beginning in the Hong Kong market, with expectations of a continued influx of companies seeking to list, particularly in the consumer sector [27][32]. - There is potential for the return of Chinese companies listed in the U.S. to the Hong Kong market, as indicated by plans from companies like Pony.ai and Hesai Technology to submit listing applications [34]. - The current market conditions present a limited window for domestic companies to engage with international capital markets, emphasizing the urgency for IPOs [35][36].