Core Insights - Deloitte China projects that the Hong Kong IPO market will maintain the highest fundraising amount globally in the first three quarters of 2025, with an adjusted annual fundraising range of HKD 250 billion to HKD 280 billion [1][2] Group 1: Market Performance - The Hong Kong IPO market is expected to see 66 new listings raising HKD 182.3 billion in the first three quarters of 2025, representing a 47% increase in the number of new listings and a 228% increase in fundraising compared to the same period last year [1] - The market is anticipated to remain robust, with several large IPOs exceeding HKD 10 billion successfully listed [1] Group 2: Factors Driving Growth - Key factors contributing to the strong performance include regulatory encouragement for mainland leading companies to list in Hong Kong, optimization of the new listing application approval process, and a significant improvement in liquidity due to the return of international capital to the Hong Kong stock market [1] - The expected diversity in the sources of issuers and investment funds will further solidify Hong Kong's role as an international financial center [2] Group 3: Future Outlook - The forecast for the entire year of 2025 includes 80 new IPOs, with the fundraising scale projected to be between HKD 250 billion and HKD 280 billion, highlighting the prominence of pharmaceutical, specialized technology, and consumer companies in the market [1] - The anticipated easing of monetary policy by the Federal Reserve is expected to attract more overseas funds seeking high-growth investment opportunities in Asia, providing liquidity support for several large IPOs in Hong Kong in the fourth quarter of this year [2]

Core Viewpoint - Deloitte's report indicates a cautious recovery in the A-share market for the second half of 2025, driven by regulatory support and an increase in new listings, particularly in high-tech sectors [1][2]. Group 1: A-Share Market Performance - In the first half of 2025, the A-share market saw 50 new listings raising 37.1 billion yuan, a 14% increase in both the number of new stocks and total financing compared to the same period in 2024 [2]. - The Shanghai Stock Exchange recorded 19 new listings raising 20.2 billion yuan, while the Shenzhen Stock Exchange had 26 new listings raising 15 billion yuan [2]. - The introduction of the "1+6" policy and the third set of standards for the ChiNext board is expected to enhance market activity, particularly for high-tech companies [1]. Group 2: Hong Kong Market Outlook - The Hong Kong market is projected to end the first half of 2025 with 40 new listings raising 10.21 billion HKD, marking a 33% increase in new listings and a 673% increase in total financing compared to the same period in 2024 [2]. - Nearly three-quarters of the financing in Hong Kong's first half of 2025 came from four large A+H listings and one H-share listing [2]. - Deloitte anticipates that the Hong Kong market will regain its position as the top destination for new stock financing globally, with over 170 listing applications currently in process, including several expected to raise at least 1 billion USD each [3].