Core Insights - The report by Ernst & Young highlights the robust performance of the IPO market in mainland China and Hong Kong amidst a global downturn in IPO activities, with a significant increase in their market share [1][7]. A-Share Market - In the first half of 2025, approximately 50 companies are expected to go public in the A-share market, raising over 37.1 billion RMB, marking a 14% increase in both the number of IPOs and the total funds raised year-on-year [4]. - The industrial, technology, and materials sectors lead in both the number of IPOs and the amount raised, with the automotive industry playing a crucial role, accounting for over 30% of the listed companies [4][5]. - The "technology" attribute of the A-share market is becoming increasingly prominent, with regulatory support for high-quality, unprofitable tech companies to go public [4][6]. Hong Kong Market - The Hong Kong IPO market is experiencing a strong recovery, with an estimated 40 companies expected to go public in the first half of 2025, raising around 108.7 billion HKD, representing a 33% increase in the number of IPOs and a 711% increase in funds raised year-on-year [7][8]. - The introduction of the "Tech Company Special Line" in May 2025 is aimed at facilitating the listing of technology and biotech companies, thereby enhancing the market's focus on innovation [3][7]. - The "new consumption + hard technology" sectors are emerging as key drivers for the Hong Kong IPO market, with biotech and health, as well as retail and consumption, leading in the number of IPOs [7][8]. Future Outlook - The A-share IPO market is expected to adopt a more rhythmic issuance pattern that aligns with market capacity, focusing on high-quality tech companies that meet listing criteria [6]. - The North Exchange is becoming a primary platform for IPO applications, indicating a shift towards supporting specialized and innovative small and medium enterprises [6]. - The Hong Kong IPO market is anticipated to maintain its momentum due to the enthusiasm for A-share companies listing in Hong Kong, the implementation of the "Tech Company Special Line," and the return of Chinese companies listed in the U.S. [8].

Group 1 - The A-share IPO market in China showed steady improvement in the first half of the year, with a total of 50 companies going public and raising over 37.1 billion RMB, marking a 14% increase in both IPO quantity and fundraising compared to the previous year [1] - The industrial, technology, and materials sectors led in both the number of IPOs and the amount raised, with over 30% of the newly listed companies in the automotive industry, benefiting from policy support for transformation and innovation [1] - The report highlights a growing emphasis on "technology" within the A-share market, with regulatory bodies indicating stronger support for high-quality, unprofitable tech companies to go public, suggesting an accelerating release of institutional dividends for innovative enterprises [1] Group 2 - The North Exchange is evolving from a financing platform for small and micro enterprises to a gathering place for hard-tech companies, reflecting its increasing attractiveness to high-quality innovative SMEs [2] - Hong Kong's IPO activities have gained a larger share of the global market, accounting for 24% of total global fundraising, while combined with A-shares, they represent 33% of the global total [2] - Driven by large IPO projects, the Hong Kong Stock Exchange achieved a fundraising scale of 14 billion USD, ranking first globally [2]

Group 1 - The core viewpoint of the report indicates that the proportion of China's IPO activities in the global market has increased in the first half of 2025, despite a general decline in global IPO activities [1] - The report estimates that 500 companies will go public globally in 2025, raising a total of $57.5 billion, with the number of IPOs decreasing by 11% year-on-year while the fundraising amount increased by 9% [1] - In the Hong Kong market, IPO activities have been robust, accounting for 24% of the global total fundraising, while the combined share of A-shares is 33% [1] Group 2 - The report forecasts that 50 companies will achieve initial public offerings in the A-share market in the first half of 2025, raising over 37.1 billion RMB, with both the number of IPOs and the fundraising amount increasing by 14% year-on-year [1] - The report highlights a growing focus on technology-oriented companies in the A-share market, with regulatory support for high-quality, unprofitable tech firms indicating an accelerating release of institutional dividends for innovative enterprises [1] - In the Hong Kong market, approximately 40 companies are expected to go public, raising around 10.87 billion HKD, with IPO numbers and fundraising amounts increasing by 33% and 711% year-on-year, respectively, making it the largest fundraising scale globally [1][2]