格隆汇10月22日｜2025香港交易所中国机遇论坛10月22日在上海举行。香港交易所集团行政总裁陈翊庭 在致辞时表示，国际投资人日益活跃于香港IPO市场。今年香港IPO市场吸引了广泛的机构投资者参 与，各类型投资者均有良好代表。国际投资者成为焦点，其中长线基金及主权财富基金尤为受到关注。 ...

今年上半年，港交所交出靓丽"成绩单"：新股融资额达1094亿港元，重回全球交易所榜首；证券市场日 均成交额为2402亿港元，同比上升118%；现货市场、衍生产品市场及沪深港通成交量均创半年新高。 此前她在全球青年力量峰会提到，香港基本面仍佳，亦向外界展示了其韧性，如今逾300家公司排队上 市，反映了中国经济强劲，让香港接连迎来一家又一家叫人兴奋的公司。 智通财经APP获悉，10月22日，2025香港交易所中国机遇论坛在上海举行。香港交易所集团行政总裁陈 翊庭在致辞时表示，国际投资人日益活跃于香港IPO市场。今年香港IPO市场吸引了广泛的机构投资者 参与，各类型投资者均有良好代表。国际投资者成为焦点，其中长线基金及主权财富基金尤为受到关 注。 近期的香港IPO项目中，主要机构股东来自全球知名投资机构。国际市场对中国科技创新展现出高度的 信心和关注，全球资产配置逻辑正发生深刻转变。 ...

数据显示，香港第三季度股票融资(包括IPO、配股及大手交易)金额创下四年来的最高纪录，仅3个月融 资额已超过去年全年规模。陈茂波称，对于走出去的内地企业来说，利用香港这个平台筹集资金、聘用 人才，帮助他们拓展海外业务，是一个非常好的商业选择。 香港财政司司长陈茂波接受媒体访问时表示，今年香港IPO市场表现亮眼，愈来愈多的中国企业在香港 上市，目前有逾200家公司排队准备在港上市。香港金管局下个月将举办国际金融领袖投资峰会。目前 约有100位行政总裁或主席级别的人士计划出席。 ...

Group 1 - The Hong Kong IPO market is expected to experience a fundraising boom not seen in four years, with predictions of 90 to 100 new listings in 2025, potentially raising over HKD 200 billion [1][3] - In the first half of 2025, the Hong Kong IPO market showed strong performance with 44 companies successfully listed, raising a total of HKD 107.1 billion, a sevenfold increase compared to the same period last year [1][3] - The optimistic forecast is supported by regulatory reforms that have improved the listing process, increased transparency, and enhanced efficiency, providing more opportunities for companies to go public [3] Group 2 - The recent strong performance of new stocks has significantly boosted investor confidence, leading to improved liquidity and a rebound in valuation levels, attracting more companies to raise funds through the Hong Kong capital market [3] - The Hong Kong IPO market is becoming an important platform for Chinese companies to expand their business and raise capital, with expectations of a very active fundraising season this year [3] - Over 200 companies have already submitted applications to list in Hong Kong, indicating a diverse influx of new listings across various industries, which injects new vitality into the market [4]

Group 1 - The core viewpoint is that the Hong Kong IPO market is expected to recover strongly by 2025, potentially re-establishing its leading position in the global IPO market [1] - PwC forecasts that 90 to 100 companies will conduct IPOs in Hong Kong this year, with total fundraising expected to be between 200 billion and 220 billion HKD, indicating a significant market rebound [1] - In the first half of this year, the Hong Kong IPO market experienced explosive growth, with total fundraising reaching 107.1 billion HKD, a 701% increase compared to the same period last year, and 44 new listings completed [1][3] Group 2 - The current market atmosphere is driven by multiple factors, including companies restarting financing plans after a prolonged period of market observation and others shifting their IPO plans from overseas financial centers to Hong Kong due to changes in the global financial environment [3] - PwC noted that the overall IPO fundraising scale in the US remains slightly higher at 127.2 billion HKD this year, but Hong Kong is showing strong momentum, with 2 to 3 large IPOs expected to exceed 10 billion HKD [5] - The ongoing IPO boom is attracting the attention of many large enterprises, with some considering business spin-offs in Hong Kong to enhance valuation and optimize capital structure [7] Group 3 - There is a traditional peak period for IPOs in Hong Kong in the second half of the year, with over 200 listing applications already submitted, reflecting sustained market enthusiasm [1][3] - Notable companies originally planning to list in Europe are reassessing their options, leading to increased opportunities for Hong Kong [7] - Overall, the Hong Kong IPO market is regaining confidence and international appeal, with potential large IPO projects in the second half of the year expected to bring new momentum to the financial market [7]

Group 1 - The core viewpoint is that Hong Kong's IPO market is expected to experience its most active fundraising wave in nearly four years, with projections of 90 to 100 companies going public in 2025, raising over 200 billion HKD [1][2] - In the first half of 2025, Hong Kong saw 44 new listings, raising 1,071 billion HKD, a sevenfold increase compared to the same period last year, making it the highest in nearly a decade and surpassing the total raised in 2024 [1] - The number of companies that have submitted applications to list in Hong Kong exceeds 200, indicating a diverse range of industries participating in the IPO market [1] Group 2 - Regulatory bodies have made multiple revisions to listing regulations, enhancing the approval process and increasing transparency and efficiency, which attracts more companies to list in Hong Kong [2] - Recent strong performance of new stocks has boosted investor confidence, alongside improved liquidity and rising valuation levels, contributing to the long-term stable development of Hong Kong's capital market [2] - The forecast for IPO fundraising in 2025 is between 200 billion HKD and 220 billion HKD, with expectations for continued activity in the IPO market driven by several large new listings [2]

Core Insights - The Hong Kong IPO market raised HKD 107.1 billion in the first half of 2025, a sevenfold increase compared to the same period last year, making it the highest globally and the second highest in nearly a decade [1] - A total of 44 new stocks were listed in Hong Kong during the first half of 2025, marking a 47% increase from the first half of 2024, with the main board dominated by retail, consumer goods, and services [1] - The outlook for the second half of 2025 remains positive, with over 200 companies having submitted applications to list in Hong Kong, spanning various industries including traditional sectors and new economy sectors [1][2] Market Trends - The Hong Kong IPO market is experiencing a significant growth trend, supported by high liquidity in the banking system, which provides favorable conditions for companies to list and raise funds [2] - The market is becoming an important platform for Chinese companies to expand their business and raise capital, with many large enterprises listed on A-shares planning to split their Chinese operations to list in Hong Kong [2] - The anticipated influx of policy support and ample liquidity is expected to lead to the most active fundraising wave in nearly four years for the Hong Kong new stock market [2]