Core Viewpoint - The Shenzhen Stock Exchange 2025 Global Investor Conference highlighted the theme of "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market," showcasing the investment value of Chinese assets and the A-share market [1]. Group 1: Regulatory Suggestions - The need for improved communication channels with regulators was emphasized, suggesting the establishment of a consultation website or direct contact between review teams and project teams to enhance efficiency in the pre-communication process [1]. - It was noted that issues faced by companies during pre-communication may require input from multiple government departments, advocating for an earlier involvement of these departments to provide clearer responses to enterprises [2]. - The suggestion was made to regularly compile and publish common issues faced by companies during the filing process, which would help reduce redundant efforts and streamline the regulatory burden on both enterprises and regulators [2]. Group 2: Market Opportunities - The conference also discussed the potential for facilitating high-quality domestic enterprises to list in Hong Kong, while simultaneously creating opportunities for quality Hong Kong-listed companies to raise funds in the A-share market, promoting a two-way exchange and enhancing the internationalization of the domestic capital market [2].

Core Insights - The global IPO market in 2024 showed resilience amidst uncertainties, with a total of 1,215 companies going public, raising $121.0 billion, slightly lower than 2023 levels [4][5][25] - The Americas and EMEIA regions experienced growth, while the Asia-Pacific region struggled to maintain stability, reflecting a divergence in regional performance [4][5][25] Group 1: Global IPO Trends - In 2024, the total IPO activity was 1,215, a decrease of 10% from 2023, with total proceeds of $121.0 billion, down 4% [2][4] - The Americas saw a significant increase in IPOs, with 205 companies listed, a 37% rise, and proceeds of $33.1 billion, up 45% [2][4] - The Asia-Pacific region faced a 35% decline in IPO numbers, with only 488 companies listed, and a 51% drop in proceeds to $34.9 billion [2][4] Group 2: Regional Performance - EMEIA region's IPO activity increased by 17%, with 522 companies listed and proceeds rising by 64% to $53.2 billion [2][4] - The Americas achieved the highest IPO activity since 2021, driven by strong performances in health and life sciences [5][8] - India emerged as the leading country in IPO volume, nearly doubling the number of IPOs compared to the US, while the US regained the top position in IPO proceeds [7][8] Group 3: Sector Dynamics - Technology, industrial, and consumer sectors dominated the IPO landscape, accounting for approximately 60% of total IPOs by both number and proceeds [12][21] - The defense sector showed continuous growth, with 19 IPOs in 2024, reflecting increased investor interest due to geopolitical tensions [13][21] - The health and life sciences sectors are expected to lead IPO activities in 2025, alongside technology and industrial sectors [21][22] Group 4: Cross-Border Listings - Cross-border listings increased to 113 in 2024, up from 83 in 2023, although the average deal size decreased by 48% [14][15] - The US remained the preferred destination for international listings, with 101 transactions, representing 89% of cross-border IPOs [14][15] - Foreign issuers accounted for over half of the US public companies, reaching a historical high, despite contributing only 18% to total transaction value [14][15] Group 5: Impact of Political Policies - Post-election policies are expected to create opportunities for domestic IPOs while introducing uncertainties for candidates from global trade partners [17][18] - The clarity of policies following elections typically stabilizes market sentiment, fostering a favorable environment for IPOs [17][18] - The anticipated economic policies under the second Trump administration may boost US IPO activities, particularly in energy, industrial, and technology sectors [18][21]