2026年以来，港股IPO市场延续火热态势，募资总额较去年同期大增10倍。据数据统计，按上市日计 算，2026年1月1日至2月26日，共有24家公司在港交所挂牌上市，较去年同期增加15家；IPO募资额 892.26亿港元，较去年同期大增逾10倍。令人瞩目的是，AI赛道掀起的资本热潮仍在继续，壁仞科技、 智谱、MINIMAX等AI企业均完成港股上市。 据记者不完全统计，2026年以来，已有147家公司向港交所提交IPO招股书。截至目前，处于"待上 市""通过聆讯""处理中"的港交所排队企业391家，其中110家为A股上市公司。据港交所行政总裁陈翊庭 在马年新春开市仪式致辞时透露，目前港交所有488家企业正在排队等候上市，其中超过10家为国际公 司。 刚刚过去的2025年，港股IPO市场迎来强势复苏，全年共有119只新股挂牌上市，IPO募资总额高达 2856.93亿港元，IPO上市数量和募资规模双双攀升。这也是港交所时隔4年IPO募资规模再度突破2000亿 港元整数关，成功夺回全球IPO募资额榜首。 进入2026年，港股IPO市场的强劲势头不减。今年前两个月，已有24家企业成功上市，较去年同期增长 66.67%； ...

Core Viewpoint - The Hong Kong stock market has become the most comprehensive market for foreign capital to allocate Chinese assets, providing a "one-stop" opportunity for international investors to access China's growth [3][4]. Group 1: Market Dynamics - In 2024, the Hong Kong stock market raised approximately HKD 87.6 billion, a year-on-year increase of 89% [4]. - In 2025, the market saw a significant surge in IPO fundraising, reaching HKD 2,856.93 billion, a year-on-year increase of 224%, reclaiming the top position globally for IPO fundraising [4]. - The number of companies waiting for IPOs in Hong Kong has exceeded 350, indicating sustained capital vitality in the market [4]. Group 2: Sectoral Trends - In 2025, 117 companies successfully listed on the Hong Kong stock market, with new economy sectors like hard technology (27%), healthcare (23%), and new consumption (25%) becoming the main contributors [5][7]. - The traditional sectors such as infrastructure and real estate are gradually declining in proportion [5]. Group 3: Role of Chinese Securities Firms - The A+H listing model became a powerful engine for the Hong Kong IPO market in 2025, with 19 A-share companies raising nearly HKD 1.4 billion, contributing to nearly half of the total fundraising [8]. - Chinese securities firms have transitioned from participants to dominant players in the market, with a market share of approximately 56% among the top ten IPO underwriters [8][10]. - The number of licensed Chinese securities firms in Hong Kong has increased from 8 in 2007 to 111 by 2024, indicating significant growth in the sector [10]. Group 4: Competitive Advantages - Chinese securities firms leverage their "home advantage" and offer comprehensive end-to-end solutions, from identifying new economy companies for listing to providing seamless A+H share services [10]. - The case of CATL's secondary listing in Hong Kong exemplifies the shift of Chinese firms from "supporting roles" to "pricing leaders" in major IPOs [11][13]. - The independent service capability of Chinese securities firms is highlighted by the successful IPO of Sanhua Intelligent Controls, which did not hire foreign underwriters [13]. Group 5: Financial Performance - The brokerage industry is expected to see significant profit increases in 2026, with CITIC Securities projected to earn HKD 30.051 billion, a year-on-year increase of 38.46% [18]. - Other firms like Guotai Junan and GF Securities are also expected to report substantial profit growth [18]. Group 6: Strategic Transformation - A trend of capital increase among Chinese securities firms is evident, with at least five firms announcing capital increases totaling nearly HKD 20 billion, marking a new high [20][21]. - This capital influx indicates a strategic shift towards higher-yield capital business, moving from a low-risk, low-return model to a more integrated service provider role [21][22]. - The Hong Kong market serves as a strategic training ground for Chinese securities firms to enhance their capabilities in pricing, market-making, and risk management [22][23].

2026年以来，港股IPO市场保持活跃。牧原股份于2月6日在港股上市，首发募集资金超100亿港元，位 居2026年以来港股IPO募资金额第一位；此前，东鹏饮料于2月3日在港股上市，首发募集资金也超100 亿港元，位居2026年以来港股IPO募资金额第二位。澜起科技、壁仞科技首发募集资金均超60亿港元， 分列2026年以来港股新股募资额第三和第四位。在2026年以来上市的21只新股中，有8只为A股上市公 司，"A+H"上市模式热度持续升温。 从上市首日表现来看，2026年以来在港股IPO上市的21只新股中，共20只新股在上市首日收涨，1只新 股收平；上市首日收涨的比例超95%，上市首日平均涨幅约31.17%。其中，MINIMAX-WP在上市首日 上涨109.09%，成为2026年以来港股市场上市首日涨幅最大的新股。此外，乐欣户外、壁仞科技、鸣鸣 很忙、澜起科技上市首日涨幅均超60%，2026年以来港股IPO募资金额最多的牧原股份上市首日涨幅为 3.90%。 ● 本报记者 吴玉华 2026年以来，港股IPO市场持续活跃，募资金额已超790亿港元，同比增长超1220%。澜起科技、牧原股 份、大族数控等A股上市公司已 ...

Core Viewpoint - The A+H listing model is gaining traction among high-performing stocks, which are expected to undergo value reassessment and growth in overall market capitalization after completing the dual listing process [1][2]. Group 1: Advantages of A+H Listing - High-performing stocks have a natural advantage in pursuing A+H listings, as they are more likely to attract foreign investors who favor value investing, leading to higher valuations [1]. - The A+H dual platform expands financing channels and increases the scale of fundraising, providing solid financial support for further development [1]. - By listing in both A-share and Hong Kong markets, companies can attract diverse investors from different regions, enhancing their funding capabilities [1]. Group 2: Impact on Company Value and Governance - A+H listings are expected to enhance the visibility and influence of listed companies, broadening the scope of information dissemination and attracting more investors [2]. - The dual listing helps address issues of information asymmetry and insufficient investor attention, allowing for a more accurate pricing of the company's intrinsic value [2]. - The A+H model promotes the optimization of corporate governance structures, as companies must improve their governance and disclosure practices to meet the regulatory requirements of both markets [2]. Group 3: Market Dynamics and Future Trends - The growth in market capitalization resulting from value reassessment provides companies with more development opportunities and enhances their competitive position in the industry [2]. - A larger market capitalization facilitates mergers and acquisitions, allowing companies to optimize resource allocation and improve performance [2]. - The trend of more high-performing stocks opting for A+H listings is expected to continue, leading to a more rational valuation logic in the A-share market as investors become more sophisticated [3].

以往，部分绩优股可能由于市场信息不对称、投资者关注度不足等原因，价值未能得到充分体现。而 A+H上市后，公司就能获得更多投资者的关注，接受来自不同市场投资者的审视和评估，其内在价值 有望得到更合理的定价。 另一方面，A+H模式促进了公司治理结构的优化。A股和港股对上市公司的监管要求存在一定差异，但 总体上都强调信息披露的透明度、公司治理的规范性等。为了满足两个市场的监管要求，企业需要不断 完善自身的治理结构，加强内部控制，提高信息披露水平。这将为公司的长期发展和回报投资者奠定坚 实基础。 港股掀起上市热，其中A+H备受关注。冲击A+H的企业多数是绩优股，在完成A+H上市后，绩优股有 望迎来价值重估，价值再发展利于公司整体市值的做大做强。 一般来说，绩优股冲击A+H具有天然优势，因为境外投资者更加崇尚价值投资，业绩好、成长性好的 公司不仅更容易吸引境外投资者买入，同时享受的估值也会更高。从融资角度看，A+H双平台上市能 够拓宽融资渠道，增加融资规模。 A股市场和港股市场在投资者结构、资金来源等方面存在差异，通过同时在两个市场上市，企业可以吸 引不同类型、不同地域的投资者，获取更充足的资金支持，为企业的进一步发展 ...

深圳商报·读创客户端记者 张国锋 2月3日，东鹏饮料（集团）股份有限公司正式在香港主板上市（股票代码09980.HK），成为深圳市、 南山区2026年首家以"A+H"模式（即同时在内地A股和香港H股上市）登陆资本市场的企业。 作为中国功能饮料领军者，东鹏饮料精准把握行业发展趋势，稳居功能饮料赛道领跑地位，同时紧扣健 康化、细分化消费需求构建多元化产品矩阵，推行"1+6"多品类战略，在巩固能量饮料核心优势的同时 推动东鹏"补水啦"等新品类快速成长，产品结构持续优化，第二增长曲线成效显著。 目前，东鹏饮料已构建覆盖全国近100%地级市的立体化销售网络，拥有3200余家经销商及430万家有效 活跃终端网点，触达不重复终端消费者超2.5亿。通过渠道精细化管理，确保产品高效触达全国市场， 这一广覆盖、深渗透的渠道体系，既助力产品动销与市场扩张，更成为企业抵御行业波动的核心竞争优 势。 此次港股上市是东鹏饮料全球化战略的重要起点。作为企业出海的关键举措，港股上市将为其国际化拓 展提供强大助力。目前东鹏饮料的产品已出口超30个国家和地区，印尼、越南等海外子公司落地运营， 海外产能与渠道布局同步推进；本次募集资金也将投向产能 ...

导读： 2025年，港交所的锣声格外密集，2026年开年，依然火爆。 作者丨FOFWEEKLY 2026年伊始，港股IPO市场延续了去年的强劲势头，呈现供需两旺的活跃景象。 这波热潮正为一级市场带来了新的活力与期待。 投资升温，递表激增 2026年开年，一级市场活力满满。 很多投资机构都在疯狂的出手，而且决策速度明显加快，甚至满市场都是fomo情绪。 日前多家机构公开表示，2026年的投资节奏将会持续，甚至高于2025年。 随着市场信心恢复，长期资金的配置需求正在释放，资金端正在加速进入市场，投资机构都在跃跃 欲试中。一方面，项目融资节奏显著加快。另一方面，LP的出资意愿也在增强。随着市场信心的 恢复，长期资金的配置需求正在释放。 与此同时，IPO节奏也延续去年的火爆程度。 据Wind数据显示，截至2月2日，今年以来已有13家公司在港上市，较去年同期有所增加。而在1 月份，共有139家公司向港交所递交上市申请材料，整体覆盖新能源、半导体、AI、机器人、消 费、生物医药等多个细分领域。 中国证监会最新披露的备案情况显示，近期多家涉及医药、半导体、新消费等领域的企业赴港IPO 备案材料已被接收，为港股市场储备了丰 ...

A股公司赴港上市热潮，悄然席卷跨境出海圈。 2025年港股IPO的热度，完全可以用"火爆"来形容。 iFinD数据显示，按首次申报日统计，2025年共有416家企业新递交港股IPO申请，较2024年激增98%，其中有不少是"A+H"双重上市。同时，港股新股市 场全年共迎来117只上市新股，相较2024年新股数量同比增长超六成。 而在跨境电商领域，据AMZ123不完全统计，2025年，已有安克创新、石头科技、极米科技、传音控股等7家头部企业披露了赴港上市的相关公告。 | | 2025年赴港上市的A股跨境企业名单 | | | | --- | --- | --- | --- | | 云与奥田 | 相关公告发布时间 | 上市进度 | 核心品类 | | 吉宏股份 | 2025年5月 | 已上市 | 服饰 | | 极米科技 | 2025年9月 | 审核中/已向港交所递交上市申请 | 3C | | 乐舒适 | 2025年11月 | 已上市 | 卫生用品 | | 安克创新 | 2025年11月 | 审核中/已向港交所递交上市申请 | 3C | | 传音控股 | 2025年11月 | 审核中/已向港交所递交上市申请 | 3C ...

Core Insights - The Hong Kong stock market is experiencing a significant resurgence in 2025, with 114 new IPOs and a total fundraising amount of 286.3 billion HKD, marking a 63% increase in new listings and over 200% growth in fundraising compared to 2024, reclaiming the top position in global IPOs after four years [1][3][26] IPO Market Performance - The year 2025 saw a total of 114 new stocks listed on the Hong Kong Stock Exchange, a substantial increase from 70 in 2024 [1][3] - The total fundraising amount reached 286.3 billion HKD, representing a growth of over 200% year-on-year [1][3] - Eight new stocks raised over 10 billion HKD each, with Ningde Times raising 41 billion HKD, becoming the second-largest IPO globally [3] New Stock Subscription Records - The market witnessed record-breaking subscription rates, with Jin Ye International Group achieving a subscription multiple of 11,465 times, the highest in Hong Kong's history [4] - The IPO of Mixue Group saw a frozen capital scale of 1.84 trillion HKD, making it the "frozen capital king" of Hong Kong IPOs [4] - The IPO failure rate dropped to 28.83%, the lowest in five years, indicating a strong market sentiment [4] Company Listings and Trends - The new listings in 2025 can be categorized into three tiers: new consumer brands, A+H listed companies, and resilient companies transitioning from A-share failures [5][6][8] - New consumer brands like Mixue Group and Lin Qingxuan have shown strong market performance, with Mixue Group's market value reaching 109.3 billion HKD [7][8] - A+H listed companies contributed significantly to the IPO recovery, with 19 such companies raising about 50% of the total fundraising [8] Market Dynamics and Future Outlook - The IPO market is expected to remain active in 2026, with over 300 applications pending, predicting around 160 new listings and a total fundraising of at least 300 billion HKD [15][18] - The influx of southbound capital and selective foreign investment is reshaping the market structure, with domestic investors gaining significant pricing power [22][24] - The trend of A-share companies seeking dual listings in Hong Kong is likely to continue, supported by favorable policies encouraging domestic companies to list abroad [17][18] Capital Market Evolution - The capital market is witnessing a shift in funding structure, with southbound capital net purchases reaching nearly 1.41 trillion HKD, a record high [22] - The integration of companies into the Hong Kong Stock Connect is enhancing liquidity and valuation, creating a positive cycle for listed firms [22][24] - Companies are increasingly focusing on operational efficiency and sustainable growth to attract capital, moving away from mere storytelling [20][21]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a resurgence in IPO activity, with an expected total fundraising amount exceeding HKD 280 billion in 2025, reclaiming its position as the global leader in IPO fundraising [1][4]. Group 1: IPO Market Dynamics - In 2025, HKEX is projected to have 117 new listings, averaging one IPO every two trading days [1]. - The total IPO fundraising amount is expected to reach HKD 286.3 billion (approximately USD 36 billion), surpassing Nasdaq's annual expectations [4]. - Six companies listed on both A-share and H-share markets contributed significantly to the fundraising, totaling HKD 1,033.2 million, accounting for 36.12% of the total IPO fundraising [4]. Group 2: A+H Listing Trend - Nineteen A-share companies successfully listed on the HKEX in 2025, raising a total of HKD 1,399.93 million, which constitutes nearly half of the total new stock fundraising in the Hong Kong market [5]. - The A+H listing model is becoming increasingly popular among companies, driven by various strategic needs such as international expansion and risk hedging [6]. - Regulatory support, including relaxed public holding requirements for A+H issuers, has facilitated this trend [6]. Group 3: New Economy and Technology Focus - The IPO market in 2025 is characterized by a strong influx of new economy companies, particularly in sectors like AI and robotics, indicating a broad appeal for innovative businesses [9]. - The healthcare and software service sectors are leading in the number of IPOs, with significant growth observed in companies like Paig Bio and autonomous driving firms [9][10]. - The introduction of specific listing rules for biotech and specialized technology companies has resulted in 88 listings since their implementation, showcasing the effectiveness of these regulations [10]. Group 4: Market Performance and Investor Sentiment - The IPO market has seen a notable increase in profitability, with a first-day IPO failure rate of approximately 28.83%, the lowest in five years [14]. - A record net inflow of HKD 1.41 trillion from southbound funds was observed, marking a 74.37% increase from the previous year [14]. - Despite the positive trends, there are concerns about market capacity and the potential for increased volatility as new listings surge [14]. Group 5: Future Outlook - Forecasts for 2026 suggest continued vibrancy in the IPO market, with expectations of around 160 new listings and fundraising of at least HKD 300 billion [15]. - The long-term vision for the HKEX includes becoming a global pricing hub for core Chinese assets, necessitating ongoing regulatory improvements and enhanced cross-border capital flow [15][16]. - Strengthening the link between mainland and Hong Kong markets through initiatives like ETF connectivity is essential for reinforcing Hong Kong's role as a global financial center [16].