Core Insights - The report by KPMG forecasts that Hong Kong's IPO fundraising will reach HKD 272.1 billion in 2025, representing a 210% year-on-year increase, making it the largest globally [1] - Hong Kong has completed 17 "A+H" listings this year, the highest ever, accounting for half of the total fundraising for the year, reinforcing its role as a bridge between mainland China and international capital markets [1] - The number of IPO applications in Hong Kong surged to 316 as of December 7, 2024, a 267% increase compared to the end of 2024, with 92 applications being "A+H" listings [1] Industry Trends - There is a notable increase in the number of unprofitable biotech companies going public in Hong Kong, with 14 listings this year compared to 4 last year, indicating a growing interest in the biotech sector [1] - The report anticipates that 2026 will be a pivotal year for high-tech companies going public, driven by local supportive policies and a robust regulatory environment [2] - KPMG predicts that Hong Kong will see between 180 to 200 new stock listings in 2026, with a total fundraising amount of HKD 350 billion [1]

Group 1 - Deloitte's report indicates that the A-share market is expected to become more active due to the implementation of the "1+6" policy measures by the China Securities Regulatory Commission, which supports the listing of high-quality, unprofitable innovative enterprises [1] - By June 30, 2025, it is anticipated that 50 new stocks will be listed in the A-share market, raising 37.1 billion yuan, representing a 14% increase in both the number of new stocks and total financing compared to the first half of 2024 [1] - The ChiNext board is expected to be the most active market segment in terms of new stock quantity, while the Shanghai main board will lead in financing amount [1] Group 2 - In the first half of 2025, Hong Kong is projected to see 40 new stocks raising 1,021 million HKD, a 33% increase in the number of new listings and a 673% increase in total financing compared to the same period last year [2] - Factors driving the Hong Kong new stock market include encouragement for leading mainland enterprises to list in Hong Kong, simplification of the listing application process for A-share companies, and better market liquidity and valuation [2]