2025境外上市｜港股上市统计｜赴港上市｜港股募资｜专业赴港上市服务机构 2025年，港交所新股市场活力迸发，成功吸引119家（含GEM 1家）企业挂牌上市，合计募集资金额达2856亿港元，同比激增224%，募资额在2025年全球第 一，彰显出强劲的全球资本吸引力。 此外，截至2025年12月，聚辰股份、拓斯达等超20家A股公司（含更新披露）已披露赴港上市公告，为市场持续发展筑牢根基。 本文华谊信将从上市概况、募资规模、行业分布及地域分布等关键维度，梳理剖析2025年港股IPO市场，全面复盘全年市场全貌。 经过华谊信统计，2025年全年共有119家企业成功登陆港股市场，其中118家于主板上市，1家于创业板上市。上市类型呈现多元化发展态势，包含1家介绍上 市、2家SPAC借壳上市（典型案例为亿腾医药反向并购）及2家GEM转板企业，企业上市路径选择更趋丰富灵活。 行业集中度方面表现突出，生物医药、AI及半导体企业合计占比超40%。这一结构性亮点与恒生科技指数23%的年度涨幅形成强劲共振，充分彰显出市场对 高成长赛道的持续聚焦。 | | | | 2025年港股上市名单汇总 | | | | | | --- | --- ...

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activity in 2025, with 111 companies raising a total of 250.56 billion HKD, surpassing previous forecasts and reclaiming the top position in global IPO fundraising [2][4][7] - The consumer sector has emerged as a leading player in this capital influx, with over 23 IPOs in retail and consumption, indicating strong investor interest in this area [2][4] - There is a noticeable market differentiation, where leading companies attract significant capital while second-tier brands face challenges, suggesting a return to rational valuation in the consumer sector [2][12] Industry Trends - The HKEX has experienced a surge in IPOs, with multiple companies listing on the same day, particularly in the consumer sector, which has seen a mini-peak in listings [4][5] - The second half of 2025 continued to see a robust listing pace, with major players from the new energy and technology sectors also entering the market [5][6] - The trend of "A+H" dual listings has gained momentum, with 19 new A+H companies listed, indicating a growing acceptance of this model among established firms [7][9] Market Dynamics - The current IPO boom is driven by a combination of policy support and the need for companies to address growth bottlenecks, with the regulatory environment in mainland China pushing firms towards Hong Kong [9][11] - The venture capital and private equity sectors are under pressure to provide exit opportunities, making the HKEX an attractive option for companies seeking to go public [10][11] - Companies are increasingly looking to the HKEX to enhance their global presence and access international capital, as seen with firms like Haidilao and Haitian Flavoring [18][19] Competitive Landscape - The competitive pressure in the domestic market is prompting companies to seek international capital markets, with successful IPOs providing a significant advantage in terms of funding and market positioning [11][12] - Leading companies like Mixue Ice City have set high benchmarks for capital efficiency and market performance, creating a "siphon effect" that pressures competitors [13][14] - The shift in valuation logic within the HKEX is moving towards profitability and core competitiveness, making it challenging for companies without solid financials to attract investment [16][17] Future Outlook - The HKEX is expected to maintain strong IPO momentum, with nearly 300 companies currently in the pipeline across various sectors, indicating robust future supply [7][9] - Companies must focus on building sustainable competitive advantages to thrive in an increasingly discerning market, as the evaluation criteria for IPOs become more stringent [20]

本周，机器人板块热度再起，五洲新春录得三连板，三花智控、浙江荣泰、北特科技、长盈精密等个股表现亮眼。 与此同时，近期又有机器人产业链的公司冲击A+H双重上市。 格隆汇获悉，深圳市兆威机电股份有限公司（简称"兆威机电"）于2025年12月19日向港交所递交了招股书，由招商证 券国际、德意志银行担任保荐人。这也是公司自6月18日首次递表失效后的第二次递表。 兆威机电于2020年12月在深交所上市，证券代码003021.SZ，截至12月31日收盘，公司股价为124.18元/股，市值298.9 亿元。 除兆威机电外，近期还有景旺电子、益方生物、米奥会展、四方精创、伯特利、聚和材料、龙迅股份、泽璟制药等多 家A股公司递表港交所，A+H双重上市的公司列表见文末。 01 随着特斯拉Optimus的推进，人形机器人行业量产能见度越来越高。 50岁的谢燕玲目前在公司担任副董事长兼执行董事。谢燕玲于1998年6月毕业于桂林航天工业学院，获得计算机应用 专业大专学历，并于2021年9月毕业于长江商学院，获得高级工商管理硕士学位。 兆威机电专注于设计、制造微型传动与驱动系统产品以及这些系统的配套部件。 微型传动与驱动系统是向客户提供 ...

2025年已悄然步入尾声，这一年A股与港股IPO市场均交出亮眼答卷。 A股延续"零破发"态势，打新收益创三年新高；港股IPO募资额冲至2021年以来新高，夺得2025年全球融资额冠军。 在市场行情回暖、注册制深化背景下，今年上市的新股无一破发，上市首日平均涨幅约256%，为近三年来最佳表现。34只股票上市首日涨幅超过300%，其 中沐曦股份、大鹏工业、三协电机、江南新材首日涨幅均超过600%；半导体企业沐曦股份、摩尔线程首日涨幅均超500%。 沐曦股份表现尤为突出，以收盘价计算，沐曦股份单签盈利高达36.26万元，成为A股全面注册制以来、乃至近十年最赚钱新股，超越此前摩尔线程创下的 24.31万元纪录。 前十大IPO个股中，华电新能以181.7亿元的募资额位居榜首，成为年度最大IPO；摩尔线程以80亿元募资额紧随其后；西安奕材、中国铀业、沐曦股份和中 策橡胶募资额均超40亿元，位居前列。 从行业分布看，电子、电力设备、汽车、基础化工、机械设备五大行业成为IPO主力军，分别有19只、17只、15只、13只、10只新股上市，合计占比超六 成。 港股IPO登顶全球，"含A率"飙升 2025年，港股IPO规模高歌猛进 ...

【环球网财经综合报道】日前，香港特区政府财政司司长陈茂波发布随笔《昂首迈向新一年》称，估计今年香港经济 增长将加速至3.2%，略高于年初时的预测。展望明年，香港经济可望保持良好的势头。 陈茂波还提到，2026年香港将持续巩固提升在金融市场的优势领域，包括提升股市竞争力，吸引更多来自东南亚、中 东，以至全球南方等不同地方的优质公司来港上市。同时，亦要丰富香港金融市场的多元面向，包括加速发展固定收 益及货币市场、绿色金融、金融科技，以至积极开拓包括大宗商品贸易和国际黄金交易等新机遇。 另据Wind数据显示，2025年以来，A股公司赴港上市热情持续升温，"A+H"双重上市模式迎来爆发式增长。Wind数据 显示，截至12月28日，年内已有19家A股公司成功登陆港股资本市场，较2024年的3家同比激增533%，合计募资占港 股新股募资总额的比重超50%。 越南通讯社发文称，香港作为"国际资本门户"的地位继续得到巩固，截至2025年12月中旬，通过首次公开募股 （IPO）筹集的总资本已突破2700亿港元，使这一特别行政区在全球IPO排行榜上跃居首位。除了金融市场，贸易和投 资活动也录得了积极信号。 ...

苏州纳芯微电子股份有限公司(以下简称"纳芯微")的赴港上市进程同样顺畅。今年3月27日，纳芯 微宣布拟发行H股赴港上市；4月25日，该公司向香港联交所递交了赴港上市申请，并于同日在香港联 交所网站刊登了本次发行的申请资料；12月8日，经香港联交所批准，该公司正式挂牌并上市交易，成 功实现"A+H"双资本平台布局，募资总额约为22.12亿港元。 数据显示，以上市日期来计，截至12月28日，今年共有111家公司在港股上市，融资总额达到 2786.78亿港元。其中，19家成功登陆港股市场的A股公司合计募资金额约1399.93亿港元。截至目前， 同时在A股和港股上市的公司(即"A+H"公司)数量已攀升至170家。 陕西巨丰投资资讯有限责任公司高级投资顾问于晓明在接受《证券日报》记者采访时表示，当前A 股公司赴港上市热情高涨，核心驱动力是政策优化、港股融资优势、两地估值互补及企业全球化布局需 求，这一态势有望延续，处于新能源、生物医药、高端制造等赛道的企业或成为赴港上市主力军团。 2025年以来，A股公司赴港上市热情持续升温，"A+H"双重上市模式迎来爆发式增长。Wind资讯数 据显示，截至12月28日，年内已有19家 ...

Core Viewpoint - The company, Kid King, is pursuing a dual listing in A+H shares and has submitted its prospectus to the Hong Kong Stock Exchange, aiming to expand its market presence and address growth challenges in the mother and baby retail sector [2][3]. Group 1: Business Overview - Kid King primarily operates in the mother and baby retail sector, which accounts for over 88% of its revenue. However, growth in this segment has slowed to single digits since 2023 [2][5]. - The company plans to shift its focus to lower-tier markets by launching a franchise model in 2024, moving away from its traditional self-operated model concentrated in first and second-tier cities [2][6]. Group 2: Financial Performance - Kid King's revenue for 2024 is projected to be 9.337 billion yuan, representing a year-on-year growth of 6.7%, while net profit is expected to reach 181 million yuan, a significant increase of 72.4% [4]. - In the first three quarters of 2025, the company reported revenue of 7.349 billion yuan, up 8.1% year-on-year, and net profit of 209 million yuan, reflecting a 59% increase [4]. Group 3: Market Strategy - The company aims to enhance its product innovation, expand its sales and service network, and promote its brand through the funds raised from the IPO [3]. - Kid King is also focusing on strategic acquisitions, having completed several significant purchases in the past two years to bolster its market position [3][4]. Group 4: Market Dynamics - The mother and baby product market in China is highly fragmented, with Kid King holding a market share of only 0.3% in 2024, indicating intense competition [6][8]. - The company’s franchise strategy is expected to tap into the growing demand in lower-tier cities, where birth rates are higher and market potential is significant [6][7].

Core Viewpoint - The Hong Kong IPO market is experiencing a resurgence, with a total IPO scale of HKD 267.1 billion as of now, potentially reclaiming the top position globally for IPOs in 2025. However, the phenomenon of IPOs breaking below their issue price has re-emerged since November, raising concerns about investor sentiment and the quality of new listings [1][2]. Group 1: IPO Market Trends - In 2024, 25 out of 70 newly listed stocks in Hong Kong broke below their issue price, resulting in a breakage rate of 35.71%. In the first half of 2025, 13 out of 43 new stocks broke below their issue price, with a breakage rate of 30.23% [1]. - Following the reform of the IPO pricing mechanism in August, the breakage rate significantly decreased to 7.14% for new listings until the end of October, with only 2 out of 28 stocks breaking below their issue price. However, from November onwards, the breakage rate surged to 42.10% for 19 new listings [2]. Group 2: Pricing Mechanism and Investor Behavior - The new pricing mechanism allows issuers to choose between two distribution methods, with most new listings opting for Method B, which allocates only 10% of shares to retail investors, significantly increasing the pricing power of institutional investors [2]. - The current misalignment between primary pricing and secondary market risk appetite indicates that the market is absorbing previously accumulated "pile-up issuances," while the willingness of secondary market funds to take over has not improved [2]. Group 3: Challenges in IPO Pricing - Three main issues in the current IPO pricing in Hong Kong are identified: 1. The valuation anchor remains skewed towards A-shares or historical highs, while Hong Kong investors prioritize cash flow discounting and dividend returns [3]. 2. A high proportion of cornerstone and long-term placements with long lock-up periods leads to a small float, making it susceptible to short-term trading [3]. 3. Limited flexibility in the pricing range and insufficient tolerance for downwards valuation adjustments by underwriting teams and issuers, resulting in reliance on the secondary market to correct pricing through breakage [3]. Group 4: Future Outlook - The Hong Kong IPO market is expected to remain active in 2026 due to several factors, including stricter regulations in the U.S. market, ongoing policy benefits, improved liquidity conditions, and continued interest from mainland enterprises in listing in Hong Kong [3].

Core Viewpoint - Several A-share companies are progressing towards A+H dual listings, including Audiwei, which submitted its IPO prospectus to the Hong Kong Stock Exchange [1] Company Overview - Audiwei, established in June 1999 and headquartered in Panyu, Guangzhou, focuses on the research, manufacturing, and sales of sensors and actuators [3][4] - The company operates under an IDM (Integrated Device Manufacturer) model, integrating all key production processes for sensors and actuators [5][14] Financial Performance - Audiwei's revenue has shown growth in recent years, with figures of RMB 377.95 million in 2022, RMB 467.08 million in 2023, and projected RMB 617.16 million in 2024 [10][11] - Net profits for the same years were RMB 52.62 million, RMB 76.98 million, and RMB 93.95 million, with fluctuating gross margins of 34.9%, 38%, and 34.8% respectively [10][11] - The company faces pressure from accounts receivable, with trade receivables amounting to RMB 1.62 billion, RMB 1.98 billion, RMB 2.47 billion, and RMB 2.43 billion over the reporting periods [15] Product and Market Position - Audiwei's primary revenue sources are smart home solutions (56.9% of revenue in H1 2025) and smart automotive solutions (38.3% of revenue in H1 2025) [12][13] - The company ranks fifth among Chinese enterprises in global sensor shipments, with a market share of only 0.1% [19][28] - Audiwei's products are integrated with signal processing circuits and AI system-compatible outputs, providing plug-and-play solutions for downstream manufacturers [8][10] Industry Context - The global sensor market is projected to grow from approximately USD 189.1 billion in 2020 to USD 237.1 billion by 2024, with a compound annual growth rate (CAGR) of about 5.8% [24][26] - The actuator market is also expanding, expected to grow from approximately USD 262.1 billion in 2020 to USD 320.5 billion by 2024 [24][26] - The sensor and actuator industry is characterized by a highly fragmented market with specialized suppliers, where the top five suppliers hold only about 5.4% of the market share [27][28]

Group 1 - The Hong Kong capital market has shown strong performance since 2025, with 88 new IPOs this year and a total fundraising amount exceeding 250 billion HKD, maintaining the top position globally for IPO fundraising [1] - Daily trading volume in Hong Kong has surpassed 33 billion USD, setting a historical high and confirming the recovery outlook from several international financial institutions [1] - Hong Kong's advantages, such as transparent regulations and deep integration with mainland China, have attracted international institutional investors, boosting the IPO market's activity [1] Group 2 - The "A+H" dual listing model has become increasingly active this year, with significant assistance from Baihui Financial Holdings, facilitating multiple A+H listings [2] - Major mainland companies are using Hong Kong as a key bridge to international investors, with notable firms like CATL and Hengrui Medicine successfully listing on the Hong Kong Stock Exchange [2] - The trend of A+H listings indicates that A-share companies are enhancing their global capital reach and that Hong Kong is transforming into an international platform for high-quality Chinese assets [2] Group 3 - Hong Kong continues to play a dual role as a "super connector" and "super value creator," linking Chinese and global markets through its regulatory framework and professional financial services [3] - The Global Financial Centers Index report ranked Hong Kong first in financial technology development, supporting the innovative growth of the capital market [3] - The IPO activities and fundraising scale in Hong Kong are expected to maintain growth in the coming year, driven by the rapid development of AI, green technology, and new consumption sectors [3]