Core Insights - The trend of A-share companies pursuing dual listings in Hong Kong is becoming a standard configuration for internationalization, with 25 companies announcing plans in September alone [2][38] - The Hong Kong IPO market is experiencing a surge, with 286 new applications received by September 30, more than double the previous year, and a total of 66 new IPOs raising approximately 182.3 billion HKD [3][4] - The regulatory environment is favorable, with the China Securities Regulatory Commission supporting leading enterprises in their Hong Kong listings and the Hong Kong Stock Exchange optimizing the approval process for eligible A-share companies [5][6][7] Group 1: Market Activity - The Hong Kong IPO market is witnessing a significant influx of Chinese companies, with a total fundraising amount of 134.5 billion HKD by the end of August, a nearly sixfold increase compared to the same period in 2024 [3][4] - A-share companies utilizing the "A+H" listing model accounted for 70% of total fundraising in the first half of the year, with 11 companies raising a total of 91.7 billion HKD [3][4] Group 2: Strategic Considerations - The motivations behind A-share companies listing in Hong Kong include not only the expansion of financing channels but also the alignment with favorable policies and the need for global capital reallocation [10] - Companies like Kexing Pharmaceutical and Newnovel have explicitly stated that their Hong Kong listings are part of their strategies to enhance international competitiveness and accelerate global business development [11][13] Group 3: Investor Dynamics - The participation of cornerstone investors in the Hong Kong IPO market has significantly increased, with an average of 5.35 cornerstone investors per listing, compared to 1.37 last year [22] - Local state-owned enterprises are increasingly becoming cornerstone investors, with over 15 local state-owned platforms participating in IPOs this year [25][26] Group 4: Talent and Market Evolution - The changing landscape of market participants is leading to a shift in talent demand, particularly for teams in Hong Kong and AI-focused investment professionals [32] - International investment banks are ramping up their presence in Hong Kong, with major banks increasing their senior management personnel to meet the growing demand in the financial sector [34][36]

智通财经APP讯，周大福创建(00659)发布公告，于2025年9月25日(交易时段前)公司与联席账簿管理人 已订立认购协议，据此，根据认购协议的条款及条件，联席账簿管理人已有条件及个别(而非共同或共 同及个别)同意认购或促使认购公司将予发行本金总额22.18亿港元的债券并为其付款。债券的发行价将 为债券本金总额的103.00%，而每张债券的面值将为200万港元及其完整倍数。 债券持有人有权就其债券行使交换权，要求公司按初始交换比率交付或促使交付按比例分配的交换财产 份额，即债券本金额中每200万港元须交付或促使交付75.29万股首程股份。组成初始交换财产的首程股 份占首程于本公告日期已发行股本约10.0%及为集团透过RPL持有首程的接近全部股权。 公告称，集团一直不断使其融资来源多元化，并优化业务组合，从而提升为股东创造长远价值的能力。 透过发行事项，公司得以按具吸引力的条款筹集资金，而若债券持有人行使债券所附的交换权，公司亦 可借此机会把握当前有利市场环境，以溢价出售于首程的股权，从而进一步优化及加强其业务组合。 所得款项净额将为约22.5亿港元。目前公司拟将发行事项的所得款项净额用于持续厘定的一般企业用 ...

公告称，集团一直不断使其融资来源多元化，并优化业务组合，从而提升为股东创造长远价值的能力。 透过发行事项，公司得以按具吸引力的条款筹集资金，而若债券持有人行使债券所附的交换权，公司亦 可借此机会把握当前有利市场环境，以溢价出售于首程的股权，从而进一步优化及加强其业务组合。 所得款项净额将为约22.5亿港元。目前公司拟将发行事项的所得款项净额用于持续厘定的一般企业用 途，其中约50%拟于适当时机，优先考虑投资于具韧性、能产生现金流兼具增长潜力并与集团的业务板 块相符的项目。 周大福创建(00659)发布公告，于2025年9月25日(交易时段前)公司与联席账簿管理人已订立认购协议， 据此，根据认购协议的条款及条件，联席账簿管理人已有条件及个别(而非共同或共同及个别)同意认购 或促使认购公司将予发行本金总额22.18亿港元的债券并为其付款。债券的发行价将为债券本金总额的 103.00%，而每张债券的面值将为200万港元及其完整倍数。 债券持有人有权就其债券行使交换权，要求公司按初始交换比率交付或促使交付按比例分配的交换财产 份额，即债券本金额中每200万港元须交付或促使交付75.29万股首程股份。组成初始交换财产的 ...

Core Viewpoint - Emerging market issuers are entering the euro bond market at the fastest pace in over a decade, driven by strong global demand for non-dollar assets and the need for financing diversification [1][4]. Group 1: Market Trends - As of July 18, emerging market corporations and governments have issued €89 billion in bonds, marking the highest amount for this period since at least 2014 [4]. - Eastern European countries, particularly Poland and Romania, are leading in euro bond issuance, with Poland and Romania together issuing €21 billion [4]. - The euro bond issuance is expected to remain high relative to dollar bonds, despite its smaller share in the total emerging market bond issuance [1][4]. Group 2: Investor Sentiment - Investors are increasingly seeking opportunities outside of dollar-denominated credit, with a preference for euro bonds due to more attractive spreads [5][8]. - Goldman Sachs strategists noted that euro bonds have outperformed their dollar counterparts shortly after issuance, indicating strong market absorption [5]. - The overall demand for emerging market bonds remains robust, driven by the yield advantage over other markets [8]. Group 3: Future Outlook - The trend of euro bond issuance is likely to continue, as investors reassess their strategies in light of potential economic slowdowns in the U.S. and a weakening dollar [5][8]. - Countries like Brazil and Colombia are considering re-entering the euro bond market, reflecting a shift towards euro-denominated financing [8]. - JPMorgan's Weiler emphasized that while the dollar remains the core financing currency for emerging markets, the euro offers significant market depth as an alternative [9].