Core Insights - The number of listing applications in Hong Kong is rapidly increasing, with nearly 300 applications being processed by the Hong Kong Stock Exchange as of the end of September 2023 [1] - In the first three quarters of 2025, Hong Kong's new stock market welcomed 69 new listed companies, raising over HKD 180 billion, which is more than double the amount from the same period last year, making it the top globally [1] - More overseas issuers are choosing to list in Hong Kong, with over half of the companies listed this year having international business operations, averaging about 50% of their revenue from overseas markets [1] Market Developments - The GEM (Growth Enterprise Market) has seen 4 companies listed since its reform in 2024, raising HKD 280 million, with 11 applications from small and medium-sized enterprises received this year [1] - The Hong Kong Stock Exchange and the Securities and Futures Commission are working on further optimizing the system to enhance market vitality and competitiveness [1] Revenue Projections - The stock stamp duty revenue for the fiscal year 2024-2025 is projected to be approximately HKD 52 billion, an increase of about 43% compared to the previous year [1] - For the first two quarters of 2025-2026, the stock stamp duty revenue is expected to be around HKD 44 billion, reflecting a 143% increase compared to the same period last year [1]

《星岛》记者 郭敏敏 实习记者 李誉 深圳报道 9月26日，第一届"大成大湾区资本市场论坛"在广州市举行，本次论坛在广州市律师协会指导下，由大成律师事务所主办，广州律协证券法律专业委员 会、大成资本市场专业委员会及大成广州分所承办。星岛新闻集团受邀作为支持媒体。 论坛以"香港上市"为主题，邀请多位业内资深专家，从政策解读、市场趋势到实操经验，全方位解析香港上市的关键环节，并探讨未来发展机遇。 与A股实行审批制、注重业绩"硬指标"不同，港股IPO在市值、商业化程度、研发能力及投资者结构等方面有明确规范，整体审批流程高效，强调信息披 露为导向，且在材料准备、合规审计等方面要求严格。周斌认为，港股市场兼具包容性与监管规范，已成为科技创新类企业的重要融资平台。 周斌提到，在审核过程中，港交所高度重视企业的持续盈利能力和业务成长性，对财务模型的合理性及现金流预测有较高要求。此外，数据合规与信息安 全审查严格，涉及跨境数据流动或属于特殊行业的企业需提前完成相关备案。 他还指出，上市审批过程中需要多部门高效协作，材料准备与时间规划尤为关键。港股上市成本较高，主要支出为保荐费、律师费及其他中介费用，整体 费用普遍高于A股。 ...

粤港澳大湾区作为国家重大战略区域，承担着建设国际金融枢纽和全球金融科技中心的历史使命。在当前复杂国际形势下，出于企业发展、融资等方面的 需要，中国企业"走出去" 拥抱国际资本市场，正迎来全新机遇与挑战。 二、论坛时间 2025年9月26日（周五）9:00-17:45 三、论坛地点 广州富力君悦大酒店（广州珠江新城珠江西路12号） 四、论坛日程 大成律师事务所将于9月26日在广州市举办第一届"大成大湾区资本市场论坛"，主题为"香港上市"。本次论坛特邀多位业内资深专家，从政策解读、市场 趋势到实操落地，全方位解读香港上市要点，共同展望潜在机遇和未来。 欢迎各位同仁及外部机构嘉宾拨冗参加，共襄盛举！ 活动信息 一、论坛主题 大成大湾区资本市场论坛（第一届）——香港上市 粤港澳大湾区作为国家重大战略区域,承担着建设国际金融枢纽和全 球金融科技中心的历史使命。大成律师事务所将在广州市举办第一届"大 成大湾区资本市场论坛",主题为"香港上市"。本次论坛特邀多位业内资 深专家,从政策解读、市场趋势到实操落地,全方位解读香港上市要点与 机遇。 论坛主题:大成大湾区资本市场论坛(第一届) -- 香港上市 论坛时间: 2025年 ...

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

Group 1 - Dazhu CNC (301200.SZ) will launch a Hong Kong listing management NDR (Non-Deal Roadshow) on September 1, with an expected transaction scale of approximately $400 million to $600 million, depending on market feedback and conditions [1] - NDR is a preliminary roadshow format that allows investment banks and companies to gauge potential investor interest without a transaction, and investors may need to sign confidentiality agreements to access non-public information [1] - Dazhu CNC is a leading global provider of PCB specialized production equipment solutions, focusing on R&D, production, and sales of PCB production equipment, and has ranked first in the CPCA specialized equipment and instruments list by revenue for 16 consecutive years since 2009 [1] Group 2 - In the first half of 2025, Dazhu CNC achieved operating revenue of 2.382 billion yuan, a year-on-year increase of 52.26%, and a net profit attributable to shareholders of 263 million yuan, up 83.82%, with basic earnings per share of 0.63 yuan [2] - The company capitalized on the dual demand growth for AI server high multilayer boards and increased technical difficulty, enhancing its competitiveness in automotive electronics, consumer electronics multilayer boards, and HDI board processing equipment, leading to significant order growth [2] - Dazhu CNC's new laser processing solutions for advanced packaging have gained favor among downstream customers, contributing to the increase in orders [2]

Core Viewpoint - The article discusses the recent surge in companies seeking to list on the Hong Kong Stock Exchange (HKEX), particularly highlighting the successful IPO of CATL, which marks a significant trend in the A+H listing model and the increasing interest from mainland companies in the HKEX [1]. Group 1: Current Trends in Hong Kong IPOs - As of the first quarter of this year, 50 mainland companies have submitted listing applications to HKEX, a significant increase from only 16 in the same period last year [1]. - The enthusiasm for listing in Hong Kong is particularly pronounced among A-share companies [1]. Group 2: New Regulations and Requirements - The article outlines new changes, regulations, and requirements for companies and intermediaries considering listing in Hong Kong, emphasizing the need for awareness of the current listing system, business processes, and legal and tax considerations [1]. - Key aspects include the main board and GEM (Growth Enterprise Market) listing rules, financial requirements, and the importance of management continuity and business sustainability [3]. Group 3: VIE Structure and Compliance - The article discusses the VIE (Variable Interest Entity) structure, its definition, and the regulatory requirements for compliance, including the need for legal clarity and the absence of significant uncertainties [3]. - Companies must ensure that their VIE structures meet the regulatory standards set by HKEX to avoid complications during the listing process [3]. Group 4: Listing Process and Professional Involvement - The listing process involves several steps, including submitting the application to the listing department, undergoing a review, and participating in a hearing with the listing committee [4]. - Various professional entities play crucial roles in the process, including sponsors, compliance advisors, and legal counsel, all of which are essential for a successful listing [4]. Group 5: Changes in Disclosure Rules - Recent changes in information disclosure rules for Hong Kong-listed companies are highlighted, including the introduction of new management guidelines and regulatory directives [4]. - Nearly 60% of companies are opting to list on HKEX, with an average filing duration exceeding six months, indicating a more complex regulatory environment [4].

目前A股IPO审核态势趋严，越来越多有意上市的企业开始在香港寻找上市机会。日前，中国政府及香 港特区政府推出了一系列政策措施推动香港资本市场的发展，让许多曾经没有机会上市的企业看到了希 望。 那么，对于企业和各类中介机构，在新的香港市场下，赴港上市有哪些新变化、新规定、新要求？在具 体实务过程中又有哪些需要我们注意的要点？ 我们在此做了简单的梳理，以期帮助大家快速掌握 目前香港上市的制度与业务流程、发行架构、上市 模式，以及法律和财税等实务要 点： 境内企业选择香港联交所 香港联交所的融资优势与对创新科技企业的包容 的重要原因 香港政府对于证券市场的支持 香港交易及结算所有限公司 (港交所) 香港资本市场的 香港联合交易所有限公司 监管主体及职责 (香港联交所) 香港证券及期货事务监察委员会 (香港证监会) 主板（Main Board） 上市板块选择- GEM (Growth Enterprise Market) -上市规则框架和财务要求 - 特专科技公司的行业名单和上市条件 - 不同赴港主板上市情形下有关上市资格的规则适用 营业记录及财务资格 管理层延续性 香港联交所 拥有权和控制权延续性 上市板块及上市条 ...

目前A股IPO审核态势趋严，越来越多有意上市的企业开始在香港寻找上市机会。日前，中国政府及香 港特区政府推出了一系列政策措施推动香港资本市场的发展，让许多曾经没有机会上市的企业看到了希 望。 那么，对于企业和各类中介机构，在新的香港市场下，赴港上市有哪些新变化、新规定、新要求？在具 体实务过程中又有哪些需要我们注意的要点？ 我们在此做了简单的梳理，以期帮助大家快速掌握 目前香港上市的制度与业务流程、发行架构、上市 模式，以及法律和财税等实务要 点： 境内企业选择香港联交所 香港联交所的融资优势与对创新科技企业的包容 的重要原因 香港政府对于证券市场的支持 香港交易及结算所有限公司 (港交所) 香港资本市场的 香港联合交易所有限公司 监管主体及职责 (香港联交所) 香港证券及期货事务监察委员会 (香港证监会) 主板（Main Board） 上市板块选择- GEM (Growth Enterprise Market) -上市规则框架和财务要求 - 特专科技公司的行业名单和上市条件 - 不同赴港主板上市情形下有关上市资格的规则适用 营业记录及财务资格 管理层延续性 香港联交所 拥有权和控制权延续性 上市板块及上市条 ...