2025年，香港共有119宗IPO，融资额大幅上升，国际金融中心地位再次得到巩固。 挥别2025年，港股市场取得了亮眼成绩，中国香港在全年的新股集资额达到2858亿港元，重夺全球第 一，跑赢美国、印度等多个海外主要新股热点市场，中国香港的国际金融中心地位再一次得到巩固。 随着相关金融政策的日益完善，多项新政鼓励内地龙头企业赴港上市，加上新上市申请审批流程得到优 化、国际资金回流到香港改善流动性、市场估值稳步回升等多重因素推动，2025年香港新股市场表现显 著反弹，迎来了8个融资额超100亿港元的新股上市。融资规模最大的前10名企业中，在香港上市的企业 占了4家。 强势反弹 港股去年119宗IPO 今年或有约150家企业在港成功上市 融资总额最高有望达3500亿港元 新经济相关赛道受追捧 2025年全年，香港一共有119宗IPO，其数量同比上升68%，集资额大幅上升超过两倍。这些上市新股里 面，包括113家主板上市公司、2家由创业板转主板的公司、1家以介绍形式上市的企业、2家de-SPAC公 司、1家在创业板上市的公司。 国际会计师事务所安永则分析道，在上市新股中，工业与零售消费品行业占主流，主要为新能源汽车与 ...

回应多个市场关注的焦点问题。 近日，香港交易所（以下简称"港交所"）市场主管余学勤在接受证券时报记者采访时透露，港交所正在酝酿一项有关于每手买卖单位的改革，预计很快将会开启市 场咨询。同时，余学勤还向记者回应了24小时交易以及互联互通等众多市场关注的焦点问题。 改革不会一刀切 不同于A股交易时，每一手固定就是100股，港股市场上每手买卖单位可谓是多如牛毛。 证券时报记者通过Wind数据整理发现，港股市场的每手买卖单位多达43个。每手从10股到10万股不等，其中每手2000股的公司数量最多，达到666家，占比达 24.9%；每手1000股的公司数量也达到493家，占比18.5%。其余数量较多的则分别是每手10000股、500股、4000股、5000股以及100股和200股。 | | द्री 25 | 上市 | 早床 | | --- | --- | --- | --- | | | 股 | | | | 1 | 2000 | 666 | 24.90% | | 2 | 1000 | 493 | 18.50% | | 3 | 10000 | 264 | 9.90% | | 4 | 500 | 256 | 9.60% | ...

回应多个市场关注的焦点问题。 近日，香港交易所（以下简称"港交所"）市场主管余学勤在接受证券时报记者采访时透露，港交所正在 酝酿一项有关于每手买卖单位的改革，预计很快将会开启市场咨询。同时，余学勤还向记者回应了24小 时交易以及互联互通等众多市场关注的焦点问题。 改革不会一刀切 不同于A股交易时，每一手固定就是100股，港股市场上每手买卖单位可谓是多如牛毛。 在时间表上，余学勤表示，在年底前会跟市场进行咨询，在2026年一季度收到一些回应后，后续将再进 一步推动这一改革。 谨慎对待24小时交易 近年来，有关部分海外市场宣布将在未来不久实行24小时交易，这也引发了港股市场是否要跟进的讨 论。 | 16 | 300 | 14 | 0.50% | | --- | --- | --- | --- | | 17 | 12000 | 12 | 0.40% | | 18 | 30000 | 9 | 0.30% | | 19 | 800 | 8 | 0.30% | | 20 | 20 | 7 | 0.30% | | 21 | 250 | 7 | 0.30% | | 22 | 1500 | 6 | 0.20% | | 23 | ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) achieved record high revenue and profit in the first half of 2025, driven by significant increases in spot trading, derivatives, and trading volumes through the Stock Connect programs [1][4]. Group 1: Financial Performance - In the first half of 2025, HKEX reported total revenue (including other income) of HKD 14.1 billion, a year-on-year increase of 33% [4]. - The main business revenue reached HKD 13 billion, up 32% year-on-year, while net profit after tax was HKD 8.5 billion, reflecting a 39% increase compared to the previous year [4]. - Despite a slight decline in trading volume in Q2 compared to Q1, HKEX still achieved record quarterly revenue and profit, with average daily trading volume increasing by 95% year-on-year [7]. Group 2: Trading Volume and Market Dynamics - Spot trading revenue grew by 39% year-on-year, while revenue from stock and financial derivatives increased by 29% [7]. - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached new highs, with the daily average for the Shanghai-Hong Kong Stock Connect increasing by 32% year-on-year [7]. - The cumulative revenue from the Stock Connect programs amounted to HKD 1.813 billion, representing a 51% year-on-year growth [7]. Group 3: IPO Activity - The Hong Kong market saw strong momentum in IPOs, with 44 new listings and a total fundraising amount of HKD 109.4 billion, more than eight times that of the same period last year [8]. - HKEX approved 50 IPO applications in the first half of the year, with over 230 IPO applications currently submitted [8][9]. - The introduction of the "Science and Technology Enterprise Channel" has facilitated the addition of 50 new applications under categories 18A and 18C [8]. Group 4: Future Outlook and Strategic Initiatives - HKEX plans to continue optimizing its trading mechanisms, including shortening the settlement cycle for the cash market to enhance efficiency [10]. - The company anticipates a potential decline in investment income in the second half of the year due to falling interbank rates and property acquisitions [10]. - HKEX is preparing to adapt to the trend of international capital returning to Chinese assets, with a focus on meeting the diverse investment needs of global investors [7].

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record high revenue and profit for the first half of 2025, driven by a significant market recovery and a strong IPO pipeline [1][2]. Group 1: Financial Performance - HKEX's revenue and other income for H1 2025 reached HKD 14.076 billion, a 33% increase compared to H1 2024 [1] - Shareholder profit for H1 2025 was HKD 8.519 billion, up 39% from H1 2024 [1] - Daily trading volume in the cash market hit a half-year record, doubling compared to H1 2024 [1] Group 2: IPO Activity - HKEX completed over 50 IPOs in the first half of 2025, raising nearly USD 17 billion, maintaining a leading global IPO ranking [2] - There are approximately 230 companies in the IPO pipeline, indicating strong demand for listings [2] - HKEX aims to collaborate with mainland exchanges to support companies with overseas expansion plans [3] Group 3: Investment Trends - Global investors are increasingly looking to diversify into Asian markets, particularly China, which is seen as a favorable investment destination [4] - High foreign participation in IPOs, especially among cornerstone investors, reflects strong interest from international investment funds [4] Group 4: Technology and Confidentiality - HKEX has received 50 applications from companies under the new technology listing framework, which allows for confidential submissions [5] - The confidentiality provision is designed to protect sensitive information during the approval process while ensuring transparency at the time of the IPO [5] Group 5: Trading Hours and Market Accessibility - There is ongoing discussion about the potential for 24-hour trading at HKEX, which could enhance market accessibility for investors [6] - The company is evaluating the implications of extended trading hours on operational processes and risk management [6] - HKEX is committed to optimizing trading conditions and ensuring competitive positioning against other exchanges [6]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record high revenue and profit for the first half of 2025, driven by a significant market recovery and a strong IPO pipeline [1][2]. Group 1: Financial Performance - HKEX's revenue and other income for H1 2025 reached HKD 14.076 billion, a 33% increase compared to H1 2024 [1] - Shareholder profit for H1 2025 was HKD 8.519 billion, up 39% from H1 2024 [1] - Daily trading volume in the cash market hit a half-year record, doubling compared to H1 2024 [1] Group 2: IPO Activity - HKEX completed over 50 IPOs in the first half of 2025, raising nearly USD 17 billion, maintaining a leading position globally [2] - There are currently around 230 companies in the IPO pipeline, indicating strong demand for listings [2] - The relationship between HKEX and mainland exchanges is characterized as complementary, with mutual benefits expected from the resurgence of IPOs in mainland China [2] Group 3: Investment Trends - Global investors are increasingly looking to diversify into Asian markets, particularly China, which is seen as a favorable investment opportunity [4] - High foreign participation in IPOs, especially among cornerstone investors, reflects strong interest from international capital [4] Group 4: Technology and Confidentiality - HKEX has seen 50 new applications from companies under the technology special listing regime, encouraging innovation [5] - The introduction of confidential submission for certain companies allows sensitive information to be protected during the approval process, ensuring transparency at the time of public offering [5] Group 5: Trading Hours and Market Accessibility - There is ongoing discussion about the potential for 24-hour trading to enhance market accessibility, though careful analysis is required to manage risks and operational pressures [6] - HKEX has been optimizing trading calendars and processes to improve service to the market, indicating a commitment to enhancing trading efficiency [6]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has reported record-high performance in the first half of 2025, driven by a significant market recovery and a robust IPO pipeline, showcasing the effectiveness of its diversification strategy and strategic focus [2][3]. Group 1: IPO Trends - HKEX completed over 50 IPOs in the first half of 2025, raising nearly $17 billion, maintaining its leading position globally in IPO rankings [3]. - The IPO pipeline remains strong with approximately 230 companies currently in line for listing, indicating a healthy market environment [3]. Group 2: Dollar Asset Return - Global investors are increasingly looking to diversify their investments into Asian markets, particularly China, which is seen as a favorable opportunity for HKEX [5]. - The participation of foreign capital in the Hong Kong stock market is high, especially among cornerstone investors in IPOs, which includes long-term investment funds from various regions [5]. Group 3: Technology Company Initiatives - HKEX has seen the addition of 50 new applications from companies under the 18A and 18C categories since launching its technology-focused listing channel, reflecting a positive response [6]. - The introduction of confidential submission for certain companies allows for sensitive information to be protected during the approval process, ensuring transparency at the time of public offering [6]. Group 4: 24-Hour Trading Discussion - There is ongoing discussion about the feasibility of implementing 24-hour trading at HKEX, which could enhance market accessibility for investors [7]. - The exchange is considering the implications of extended trading hours on operational processes and risk management, emphasizing the need for thorough analysis before any changes are made [7].

Group 1 - The core viewpoint is that extending trading hours in Hong Kong is essential for developing the capital market and attracting both international and mainland funds, which would enhance market liquidity [1] - Deloitte's South China Managing Partner, Ou Zhenxing, suggests that Hong Kong could consider a phased approach to extend trading hours, starting with an extension to 6 PM to overlap with major European markets [1] - The proposal includes the potential for 24-hour trading in the future, which would cater to a broader range of international investors and improve overall stock liquidity, increase the number of participants, narrow bid-ask spreads, and enhance the price discovery process [1] Group 2 - The Hang Seng Index is currently at 25,426.53, reflecting a gain of 0.62% [2] - The National Enterprises Index stands at 9,130.71, with an increase of 1.01% [2] - The Hang Seng Technology Index is at 5,651.97, showing a rise of 1.96% [2]

Core Insights - The chairman of Interactive Brokers, a U.S. brokerage firm, stated that 24-hour trading is becoming increasingly popular [1] Group 1 - The growing interest in 24-hour trading reflects a shift in investor behavior and preferences [1] - Interactive Brokers is positioning itself to capitalize on this trend by enhancing its trading capabilities [1]