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 ...

Core Insights - The A-share IPO market has experienced a significant surge in acceptance and review speed in 2023, with IPO acceptance volume increasing over 400% year-on-year from January to October [1][2] - The Beijing Stock Exchange (BSE) has become the main venue for new applications, while the Sci-Tech Innovation Board (STAR Market) has also injected new vitality into the market [1][2] IPO Acceptance Growth - A total of 195 IPO companies were accepted in the first ten months of this year, compared to only 35 in the same period last year, marking an increase of over 400% [2] - The BSE accounted for 122 of the new acceptances, and the STAR Market welcomed its first batch of companies in the Sci-Tech Growth Layer in October, indicating early success of institutional innovations [2] Market Sentiment and Business Adjustments - Investment banks are actively adjusting their structures and deepening industry engagement in response to the IPO business recovery, with an increase in preliminary project approvals and enhanced client confidence [1][2] - Companies like Industrial Securities and Guojin Securities have reported a noticeable increase in project reserves and are focusing on international business development [2] North Exchange Review Acceleration - The BSE has accelerated its IPO review process, with a significant increase in application activity, attributed to its lower listing requirements compared to the Shanghai and Shenzhen exchanges [4] - The average time from registration to listing on the BSE is approximately 40 days, which is about half the time required by the other exchanges [4] Sci-Tech Innovation Board Developments - The introduction of the Sci-Tech Growth Layer on the STAR Market is seen as a significant step in capital market institutional innovation, aimed at optimizing resource allocation and enhancing liquidity [5] - This new layer allows unprofitable tech companies to access financing, thereby broadening their funding channels while ensuring investor awareness through specific risk disclosure mechanisms [5][6]

Core Points - The first three companies have been registered in the Sci-Tech Innovation Board's growth layer, marking a significant step in the capital market's support for technological innovation and the development of new productive forces [1][4] - The establishment of the Sci-Tech Growth Layer aims to enhance the inclusiveness and adaptability of the capital market, allowing unprofitable technology companies to access funding [5][7] - The introduction of the "1+6" policy framework has successfully facilitated the inclusion of unprofitable companies, with a total of 35 companies now listed in the growth layer [5][6] Group 1: Market Developments - The three newly listed companies, He Yuan Bio-U, Xi'an Yicai-U, and Bibete-U, represent the first batch of new registrations in the Sci-Tech Growth Layer, which aims to support high-tech industries [1][6] - The total number of companies listed on the Sci-Tech Innovation Board has reached 592, indicating a growing market [5] - The Shanghai Stock Exchange has completed necessary preparations for the listing of these companies within four months, demonstrating efficient regulatory processes [6] Group 2: Regulatory Insights - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market [4][12] - Future plans include enhancing the regulatory framework to better identify quality tech companies and support emerging sectors such as artificial intelligence and aerospace [12] - The CSRC aims to improve corporate governance and increase investor returns while fostering a market environment conducive to long-term capital investment [12] Group 3: Company Perspectives - Company leaders express gratitude for the new policies that have opened doors to capital markets, enabling faster technology commercialization and industrial capacity enhancement [6][11] - The focus for these companies will be on increasing R&D investment and delivering performance to reward investors [11] - The transition from a profit-oriented to a future-oriented evaluation approach reflects a shift in how companies are assessed for their potential in the capital market [9]

Group 1 - The core viewpoint of the news is the emphasis on the achievements and future directions of China's financial industry during the "14th Five-Year Plan" period, focusing on enhancing market competitiveness and supporting high-quality development [1] - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, improving the adaptability and inclusiveness of market systems and regulations [1][4] - The CSRC highlighted the significant role of the capital market in supporting technological innovation, with over 90% of new listed companies being technology-related, and the market capitalization of the technology sector exceeding 25% of the total A-share market [2] Group 2 - During the "14th Five-Year Plan," listed companies have shown a stronger commitment to returning value to investors, with total dividends and buybacks reaching 10.6 trillion yuan, an increase of over 80% compared to the previous five years [4] - The A-share market has demonstrated enhanced resilience and risk resistance, with the Shanghai Composite Index's annualized volatility decreasing by 2.8 percentage points to 15.9% during the "14th Five-Year Plan" [4] - The regulatory environment has improved, with 2,214 administrative penalties for financial misconduct issued, totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five years [5]

Core Viewpoint - The Chinese securities regulatory authority emphasizes the need for comprehensive reform in investment and financing to enhance the adaptability and inclusiveness of foundational systems, market functions, and regulatory enforcement in the financial sector [1] Group 1: Financial Market Development - Major international financial markets are accelerating the innovation of capital market systems and product services to improve institutional inclusiveness and market operational efficiency [1] - The current environment necessitates the evolution of market development concepts and regulatory approaches to enhance market competitiveness and attractiveness [1] Group 2: Future Directions - The focus will be on maintaining stability while promoting progress, using comprehensive investment and financing reforms as a driving force [1] - There is a commitment to improving the adaptability and inclusiveness of foundational systems, market functions, and regulatory enforcement [1] - The goal is to facilitate more efficient resource allocation, allowing high-quality enterprises and various types of capital to better unleash vitality and realize value [1]