在众人簇拥下，身着深色西装的孙来春走上前，他持锤而击，伴随着洪亮而清脆的回响，孙来春创立的 林清轩以"国货高端护肤品第一股"之姿正式登陆港交所，和现场其他五家企业一起"组团"开启了自己的 资本市场首秀。 从2003年一块25元的手工皂到敲开港交所大门，林清轩走了22年。站在更高的舞台，孙来春难掩激动， 他对《国际金融报》记者表示，上市对于公司而言意味着更规范的治理、更透明的运营和更广阔的发展 平台。"借助港股，我们将强化品牌国际影响力，加速全球化布局；利用融资优势深化研发、拓展渠 道"。 在孙来春看来，上市不仅是资金的注入，更是信任与责任的升级。这个屡次从困境中突围的企业家有了 新的目标——推动中国品牌走向世界。 据德勤中国统计，2025年共有114只新股登陆港股市场，较2024年的70只增长63%；融资总额2863亿港 元，同比增长超200%，时隔四年重返全球IPO榜首。 12月30日，港股迎来2025年倒数第二个交易日。 位于香港岛中环康乐广场的交易大厅人声鼎沸，六个标志性的铜锣被红色绸布轻轻覆盖，沿大厅舞台前 缘一字排开，林清轩、卧安机器人等六家企业同日上市。 实际上，这样的里程碑时刻和欢腾热闹的场景过 ...

记者丨刘夏菲 编辑丨巫燕玲 2025年，香港交易所的上市锣声格外密集。 若以全年117家新上市公司计算，平均每两个交易日，就有一声鸣锣在维港畔响起。 "含A量"提升 据德勤中国市场服务部预测，2025年港股IPO市场融资额预计将达2863亿港元（约360亿美元），超越纳斯达克全年预期，锁定全球 第一。 港股IPO规模扩张的背后，一批大型IPO项目贡献了绝对力量。 而聚焦2025年港股募资额前十大IPO企业，一个值得关注的现象是，其中有6家都是"A＋H"上市企业。 从动力电池龙头宁德时代，到医药巨头恒瑞医药，再到消费白马海天味业，以及三一重工、赛力斯、三花智控等行业龙头，仅这6家 公司的合计募资额就高达1033.20亿港元，贡献了港股全年IPO募资额的36.12%。 此外，募资规模位列第二的紫金黄金国际，则由A股公司紫金矿业分拆而来。 伴随着密集的锣声，全球资本市场的目光再次聚焦于此—— 时隔数年，港股市场以预计超过2800亿港元的IPO募资总额，重夺全球 募资榜首 。 这一年，恰逢港交所成立二十五周年。走过四分之一世纪，港股此番"王者归来"，在IPO融资规模重新登顶之外，市场的核心叙事也 已悄然生变。 聚焦港 ...

Group 1 - The Hong Kong IPO market has been robust in 2023, with 87 companies listed and a total fundraising amount of 246.93 billion HKD, representing a year-on-year increase of 243.28% [1] - The top ten IPOs this year include seven "A+H" companies, one returning Chinese concept stock, and two subsidiaries spun off from A-shares [1] - Factors driving this growth include policy support, a recovering capital market, and the optimization of the Hong Kong Stock Exchange's listing system [1] Group 2 - Technology companies are emerging as new growth drivers, with new listings in sectors such as semiconductors, renewable energy, AI, and high-end manufacturing [2] - International long-term capital has significantly participated in the IPO market, with 69 companies attracting 468 cornerstone investors, raising a total of 94.59 billion HKD [2] - The average daily trading volume in the Hong Kong stock market has increased by 126% year-on-year, reaching 412.19 billion HKD [2] Group 3 - The influx of southbound capital is primarily driven by institutional investors such as public funds and insurance capital, attracted by high-quality stocks in the internet and new consumption sectors [3] - There are currently 296 companies with IPO applications in process, with about half from new economy sectors, indicating a strong pipeline for future listings [3] Group 4 - A-share industry leaders are actively pursuing "A+H" listings, with companies like Mindray Medical and Baili Tianheng preparing for their Hong Kong debuts [4] - As of November 11, 2023, there are 166 "A+H" listed companies, with 16 new additions this year, contributing approximately 48% of the total fundraising in the Hong Kong IPO market [4] Group 5 - Listing in Hong Kong helps companies attract international institutional investors and improves shareholder structure and corporate governance [5] - The process of cross-border financing becomes smoother and more predictable, reducing institutional transaction costs and allowing for more efficient capital planning [5]

Group 1: Hong Kong's Asset Management Landscape - By the end of 2024, Hong Kong's asset and wealth management business is expected to manage assets exceeding 35 trillion HKD, making it the second-largest cross-border wealth management center globally, after Switzerland [1] - The asset management scale in Hong Kong is projected to reach 35 trillion HKD, which is 11 times the local GDP, with a net inflow of cross-border funds amounting to 700 billion HKD, representing an 80% year-on-year increase [1] - The Hong Kong government anticipates that the region will become the largest cross-border asset management center within two to three years [1] Group 2: Strategic Recommendations for Growth - Deloitte suggests expanding the eligible investment scope under the "New Capital Investor Entry Scheme" to include digital assets and alternative asset classes to stimulate the wealth management industry [1] - To support green and high-quality economic development, Deloitte recommends developing specialized financial products targeting high-emission industries [1] Group 3: Support for Mainland Enterprises - A survey by the Hong Kong Trade Development Council indicates that 93.9% of surveyed mainland enterprises face challenges such as insufficient market demand and geopolitical risks, an increase from 83.9% in 2023 [2] - 77.2% of surveyed mainland enterprises plan to seek services in Hong Kong to support their international business [2] - Deloitte proposes a new paradigm of "Mainland Cultivation, Hong Kong Services, Global Market" to provide comprehensive support for enterprises from technology validation to overseas implementation [2] Group 4: Financial Market Developments - Shenzhen authorities have launched an action plan to support high-quality mergers and acquisitions, facilitating eligible industry leaders to list or refinance in Hong Kong [3] - The Hong Kong Stock Exchange and the Securities and Futures Commission have introduced measures to streamline the listing process for large A-share companies, significantly reducing the time required for listings [3] - The "A+H" listing model is expected to enhance corporate governance and market value, benefiting companies listed under this model [3] Group 5: Green Transition Initiatives - Deloitte estimates that China and Asia face a low-carbon transition funding gap of approximately 9 trillion USD by 2030, particularly in hard-to-abate sectors like steel and cement [4] - Hong Kong is advancing its green transition through three key actions: developing a comprehensive policy framework for transition finance, launching an international voluntary carbon trading platform, and accelerating research on sustainable fuels [4][5] - Challenges in transition finance standards, carbon asset credibility, and high costs of green technology need to be addressed to enhance Hong Kong's role as a regional transition hub [5]

Group 1 - The Hong Kong capital market has shown strong growth in 2023, with IPO financing reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024 [1][3] - Nearly 300 IPO applications are currently being processed, with nearly half from technology companies, highlighting Hong Kong's continued attractiveness as an international financial center [1][3] - The average daily trading volume in the secondary market surged by 126% year-on-year, and the mutual market trading amounts have continuously set new records, creating broader service opportunities for financial institutions [3] Group 2 - The recent reforms in the listing system by the Hong Kong Stock Exchange have significantly enhanced market vitality, attracting long-term global capital and facilitating the breakthrough development of the A+H listing model [3] - The company is actively seizing strategic opportunities in the thriving market by providing comprehensive financing advisory services to prospective technology companies, evidenced by the successful IPO of Shenzhen Xipuni Precision Technology Co., Ltd., which was oversubscribed by approximately 2505 times [3] - The expansion of cross-border investment channels and the introduction of new derivative tools, such as the upcoming biotechnology index futures, are injecting new momentum into the market [3][4] Group 3 - The current IPO market in Hong Kong is viewed as a concentrated release of opportunities, providing a strategic window for investors to position themselves in new economic sectors and for companies to leverage capital for significant growth [4] - The company emphasizes the importance of deep market insights and prudent value judgments, supported by professional financial institutions, to achieve efficient collaboration and win-win outcomes in the capital market [4] - Looking ahead, the company aims to leverage Hong Kong's financial center advantages, focusing on IPO strategies to connect global capital and empower Chinese innovation [4]

Group 1 - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in overseas investor participation in new stock subscriptions, indicating a shift in global asset allocation logic [1] - As of September 2025, the total IPO financing amount in Hong Kong reached HKD 182.9 billion, more than doubling compared to the same period in 2024, making it the leading IPO market globally [3] - The secondary market in Hong Kong also performed strongly, with an average daily trading volume of HKD 256.4 billion, a year-on-year increase of 126% [7] Group 2 - The "A+H" listing model has shown remarkable performance, with nearly half of the new stock financing amount in the first nine months coming from these listings, reflecting strong interlinkage between mainland and Hong Kong markets [5] - The mutual market access mechanism has been continuously optimized, with significant growth in both southbound and northbound trading volumes, indicating its role as a bridge for the opening of China's capital markets [9] - HKEX plans to introduce the Hang Seng Biotechnology Index futures to meet the growing demand for risk management tools in the biotechnology sector [9] Group 3 - HKEX is actively working on optimizing listing regulations and expanding mutual market access mechanisms to enhance market efficiency and promote the joint development of capital markets in Hong Kong and mainland China [10] - The exchange aims to build a competitive ecosystem for offshore RMB products, providing various asset allocation and risk hedging tools to both domestic and international investors [10]

Core Insights - Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO financing, reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024 [1] - There is a notable rise in overseas investor participation in new stock subscriptions, particularly from Europe, the Middle East, and emerging markets, indicating strong international confidence in China's tech innovation [1] - The "A+H" listing model has developed further, with nearly half of the new IPO financing in the first nine months coming from "A+H" companies, showcasing strong market linkage between mainland China and Hong Kong [1][2] IPO Market Performance - Hong Kong ranks first globally in IPO financing this year, with a total of HKD 182.9 billion raised [2] - The total amount raised through refinancing activities reached HKD 456.1 billion by the end of September, more than double the new stock market fundraising amount, providing efficient financing channels for listed companies [2] Secondary Market Performance - The secondary market in Hong Kong has also shown robust growth, with an average daily trading volume of HKD 256.4 billion by the end of September, a 126% increase year-on-year [3] - The average daily trading volume for the Stock Connect programs reached HKD 206.4 billion for Shanghai and Shenzhen stock connects, a 68% increase year-on-year, while the Hong Kong Stock Connect saw a daily average of HKD 126 billion, more than double that of 2024 [3] Connectivity and Future Developments - Preparations for optimizing the connectivity mechanisms are underway, with plans to include REITs in the Stock Connect and introduce block trading mechanisms [4] - The HKEX aims to enhance its international competitiveness and meet the diverse investment needs of global investors, including those from mainland China, while continuing to optimize listing regulations and expand connectivity mechanisms [4]

Group 1 - The Hong Kong IPO market has seen 71 listings as of October 10, 2023, an increase of 23 compared to the same period in 2024, driven by "new economy" sectors and the "A+H" listing model [1][2] - Major sectors contributing to the IPO surge include healthcare, information technology, and consumer discretionary [1] - The "A+H" listing model has become a significant fundraising method, with 11 A-share companies listing in Hong Kong this year, indicating a trend of mainland companies seeking dual listings [2][3] Group 2 - There is a notable increase in long-term capital participation in Hong Kong IPOs, with various institutional investors actively investing in Chinese assets [2][3] - The presence of cornerstone investors, including both domestic and international institutions, has risen, reflecting growing interest from overseas investors in Hong Kong IPOs [3] - The Hong Kong Stock Exchange has announced optimizations to IPO pricing and public market regulations, enhancing its attractiveness as a primary listing venue [4] Group 3 - The outlook for the fourth quarter suggests that more funds may flow into the Hong Kong stock market, with projections indicating over 80 new listings and a fundraising scale of HKD 250 billion to 280 billion in 2025 [4]

Core Viewpoint - The company Suzhou Dongshan Precision Manufacturing Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and competitiveness [1][3]. Group 1: Company Overview - Dongshan Precision was founded in 1980 and listed on the Shenzhen Stock Exchange in 2010. It has developed three main business segments: electronic circuits, optoelectronic displays, and precision manufacturing [3]. - The company's main products include printed circuit boards, metal structural components for electric vehicles, and LED backlights [3]. Group 2: Financial Performance - In the first half of 2025, Dongshan Precision achieved revenue of approximately 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit attributable to shareholders of about 788 million yuan, a year-on-year increase of 35.21% [3]. - For the year 2024, the company reported revenue of approximately 36.77 billion yuan, a year-on-year increase of 9.27%, but a net profit of about 1.086 billion yuan, reflecting a year-on-year decrease of 44.74% [3]. - As of October 9, the company's stock price closed at 69.69 yuan per share, with a total market capitalization of 127.6 billion yuan [3]. Group 3: Market Strategy - The planned issuance of H-shares and listing on the Hong Kong Stock Exchange marks an acceleration of Dongshan Precision's "A+H" dual listing strategy, aiming to expand its international market share [4]. - Dongshan Precision is the third company in the LED lighting industry chain to pursue this dual listing strategy in 2025 [4]. - The Hong Kong market is characterized by institutional investors, which aligns with the funding needs of leading manufacturing enterprises for stable financing to support R&D and global expansion [6].

Core Insights - The trend of A-share companies pursuing dual listings in Hong Kong is becoming a standard configuration for internationalization, with 25 companies announcing plans in September alone [2][38] - The Hong Kong IPO market is experiencing a surge, with 286 new applications received by September 30, more than double the previous year, and a total of 66 new IPOs raising approximately 182.3 billion HKD [3][4] - The regulatory environment is favorable, with the China Securities Regulatory Commission supporting leading enterprises in their Hong Kong listings and the Hong Kong Stock Exchange optimizing the approval process for eligible A-share companies [5][6][7] Group 1: Market Activity - The Hong Kong IPO market is witnessing a significant influx of Chinese companies, with a total fundraising amount of 134.5 billion HKD by the end of August, a nearly sixfold increase compared to the same period in 2024 [3][4] - A-share companies utilizing the "A+H" listing model accounted for 70% of total fundraising in the first half of the year, with 11 companies raising a total of 91.7 billion HKD [3][4] Group 2: Strategic Considerations - The motivations behind A-share companies listing in Hong Kong include not only the expansion of financing channels but also the alignment with favorable policies and the need for global capital reallocation [10] - Companies like Kexing Pharmaceutical and Newnovel have explicitly stated that their Hong Kong listings are part of their strategies to enhance international competitiveness and accelerate global business development [11][13] Group 3: Investor Dynamics - The participation of cornerstone investors in the Hong Kong IPO market has significantly increased, with an average of 5.35 cornerstone investors per listing, compared to 1.37 last year [22] - Local state-owned enterprises are increasingly becoming cornerstone investors, with over 15 local state-owned platforms participating in IPOs this year [25][26] Group 4: Talent and Market Evolution - The changing landscape of market participants is leading to a shift in talent demand, particularly for teams in Hong Kong and AI-focused investment professionals [32] - International investment banks are ramping up their presence in Hong Kong, with major banks increasing their senior management personnel to meet the growing demand in the financial sector [34][36]