Group 1 - The event "Hong Kong IPO Guidance Public Course" was successfully held in Suzhou, co-hosted by the Hong Kong Corporate Governance Association, Securities Times, and China Merchants Bank Suzhou Branch, with support from the Suzhou Industrial Park Financial Development and Risk Prevention Bureau [2] - The event gathered over a hundred representatives from enterprises and professionals to discuss core issues and challenges related to listing in Hong Kong, providing comprehensive guidance for companies seeking to go public [2] Group 2 - In the first half of 2025, the Hong Kong capital market experienced a strong recovery, with IPO numbers and fundraising amounts increasing by 33% and 711% year-on-year, respectively, marking the second-highest fundraising scale in the past five years [4] - 70% of new stocks achieved positive returns on their first trading day, and 97% of main board new stocks were oversubscribed, with an average oversubscription multiple of 642, reflecting the vitality of the Hong Kong capital market and investor confidence [4] Group 3 - Ernst & Young has assisted over 300 companies in successfully listing on the Hong Kong stock market over the past decade, with 20 companies completing their listings in 2025 alone, showcasing the firm's strong service capabilities in the capital market [4] - The event featured expert speakers from Ernst & Young who shared insights on financial preparation, tax compliance management, ESG issues, and internal control compliance for companies planning to list in Hong Kong [6][8][10][12] Group 4 - Financial compliance is crucial for successful IPOs, and companies are advised to conduct early financial health checks to address potential issues systematically before initiating the IPO process [6] - Recent trends in tax compliance management highlight the importance of understanding regulatory scrutiny, particularly regarding high-net-worth individuals and cross-border transactions [8] - ESG information has become a necessary part of the prospectus for IPOs in Hong Kong, with increasing requirements from the Hong Kong Stock Exchange for companies to establish ESG management foundations and data audits [10][13] Group 5 - A robust internal control system is essential for successful listings, with a focus on building effective frameworks based on the COSO model to address key risk areas [12] - The roundtable discussion emphasized the importance of understanding the differences in regulatory focus between mainland China and Hong Kong for companies seeking to transition from A-shares to H-shares [16] - Ernst & Young's dual advantage of international and local expertise positions it well to support companies in navigating the complexities of capital markets and achieving sustainable development [16]

Group 1: Hong Kong Capital Market Performance - Hong Kong's capital market has rapidly recovered in 2025, with significant capital inflow and the highest IPO fundraising globally [1][3] - The total equity financing in Hong Kong reached 2897.40 billion HKD, with IPOs contributing 1240.06 billion HKD, reflecting year-on-year increases of 286.52% and 584.22% respectively [4] - The number of IPOs in Hong Kong has increased to 304, with 51 companies listed, indicating a 14.29% rise in quantity [4] Group 2: Intermediary Institutions' Business Surge - Intermediary institutions in Hong Kong, including brokers, law firms, and accounting firms, are experiencing a surge in business due to the active IPO market [3][5] - The issuance fees for 51 listed companies in 2025 reached 53.40 billion HKD, nearly matching the total for the entire year of 2024 [3] - Major accounting firms have seen significant increases in their audit and advisory services due to the heightened demand from IPO activities [5][6] Group 3: Future Outlook for IPOs and Intermediaries - The second half of 2025 is expected to maintain or even increase the IPO activity in Hong Kong, with over 200 companies having submitted listing applications [9] - The demand for legal services has surged, with law firms completing 15 IPO projects in the first half of 2025, reflecting a growth rate exceeding the industry average [5][6] - Intermediary institutions are optimistic about the future, anticipating continued growth driven by favorable policies and international capital inflow [8][9] Group 4: Real Estate Market Recovery - The demand for office space in Hong Kong's core business districts is showing signs of recovery, driven by the active IPO market [10][12] - The rental prices for Grade A office buildings in Central have dropped nearly 45% from their peak in 2019, making them attractive to financial institutions [11] - The resurgence in the IPO market is expected to positively impact the leasing demand for office spaces, particularly in Central [13] Group 5: Growth in Hong Kong's Tech Sector - The strong performance of the capital market has revitalized Hong Kong's tech sector, with a notable increase in the number of startups [14][15] - The number of startups in Hong Kong reached 4694 in 2024, a 10% increase from 2023, with significant growth in health, medical, and green technology sectors [14] - Investment in Hong Kong's tech sector is projected to rise, with venture capital funding expected to grow from under 500 million USD in 2015 to 5 billion USD by 2025 [17]

Core Viewpoint - The Hong Kong capital market has experienced a significant resurgence in the first half of 2025, leading global fundraising efforts and positively impacting various sectors, including financial intermediaries, technology innovation, and office space markets [1][3][10]. Group 1: Market Performance - In 2025, Hong Kong's IPO fundraising reached a total of 124 billion HKD, marking a year-on-year increase of 584.22% [4]. - The total equity financing in Hong Kong amounted to 289.74 billion HKD, reflecting a 286.52% increase compared to the previous year [4]. - The Hang Seng Index saw a growth of 22.13% in 2025, contributing to the overall market recovery [2][10]. Group 2: Intermediary Institutions - The surge in IPO activities has led to a significant increase in business for intermediaries, with 51 listed companies incurring issuance costs of 5.34 billion HKD in 2025 alone [3]. - Major accounting firms and law firms have reported substantial growth in their business volumes, with some firms completing more IPO projects in the first half of 2025 than in the entire previous year [6][7]. - The demand for legal and financial services has surged, with law firms completing 15 IPO projects in the first half of 2025, reflecting a growth rate exceeding the industry average [6][11]. Group 3: Office Market Recovery - The demand for office space in Hong Kong's core business districts, particularly Central, is showing signs of recovery, driven by the active IPO market [13][15]. - The rental prices for Grade A office spaces in Central have decreased by nearly 45% compared to the peak in 2019, making it an attractive option for financial institutions [14][16]. - The influx of mainland companies seeking to list in Hong Kong is expected to further boost the office rental market, particularly in the financial and professional services sectors [15][16]. Group 4: Technology and Innovation Sector - The strong performance of the capital market has revitalized Hong Kong's technology sector, with a notable increase in the number of startups, reaching 4,694 in 2024, a 10% increase from 2023 [19]. - The Hong Kong government is actively promoting the technology sector, with initiatives aimed at simplifying the listing process for tech companies [21]. - The investment landscape in Hong Kong's tech sector is becoming increasingly vibrant, with significant participation from local and international investment firms [20][21].

Group 1 - The Hong Kong capital market has rapidly recovered since 2025, with significant capital inflow and the highest IPO fundraising globally in the first half of the year [2][3] - The issuance costs for 51 listed companies reached 5.34 billion HKD in 2025 alone, nearly matching the total of 5.82 billion HKD for the entire year of 2024 [2] - The demand for intermediary services, including accounting and legal services, has surged due to the increased number and scale of IPOs [3][4] Group 2 - Accounting firms are experiencing a substantial increase in business, particularly in areas such as due diligence, auditing, and financial reporting, driven by the rise in IPO activities [3][7] - Legal service demand has also seen a significant uptick, with law firms completing 15 Hong Kong IPO projects in the first half of 2025, reflecting a year-on-year increase above the industry average [3][4] - Major intermediaries have reported business volumes that have already surpassed their total for the previous year, indicating a robust market environment [4][6] Group 3 - The IPO process in Hong Kong typically requires multiple intermediaries, including several law firms and auditors, which adds complexity to the listing process [5][6] - Intermediaries face pressure to ensure accuracy in the IPO documentation, as any discrepancies can lead to liability issues [6][7] - The outlook for the Hong Kong market remains optimistic, with expectations of continued IPO activity and a strong pipeline of over 200 companies having submitted listing applications [7][8]