又一行业龙头，寻求港股上市！ 《公告》显示，为满足业务发展需要，深入推进国际化战略，积极借助国际资本市场拓宽多元融资渠道，进一步提升公司综合竞争力，正泰电器拟筹划发 行境外股份（H股）并在香港联合交易所有限公司（简称"香港联交所"）上市。 另值得关注的是，正泰居家是正泰在民用板块的核心品牌，其以泛家居领域产品及服务为核心，产品涵盖开关、照明、排插、智能锁等智能家居及泛居家 领域产品，销售覆盖线上主流电商平台与行业最密集的线下渠道经销网络，致力于成为家居电气一体化解决方案及电力行业全产业链线上线下平台服务提 供商。 此外，正泰电器还指出，本次发行H股并上市能否通过审议、备案和审核程序并最终实施具有较大不确定性。公司将依据相关法律法规的规定，根据本次 发行H股并上市的后续进展情况及时履行信息披露义务，敬请广大投资者理性投资，注意投资风险。 推广 图源 | 东方财富网 正泰电器表示，截至目前，公司正与相关中介机构就本次发行H股并上市的具体推进工作进行商讨，相关细节尚未确定。本次发行H股并上市不会导致公 司控股股东和实际控制人发生变更。 正泰集团，始创于1984年，是全球知名的智慧能源系统解决方案提供商，其深入践行" ...

来源：凤凰周刊 【#正泰电器筹划港股上市#业务出海或为背后核心考量】#凤凰周刊财经频道#1月5日，行业龙头正泰电器发布公告称，为满足业务发展需要，深入推进国际 化战略，积极借助国际资本市场拓宽多元融资渠道，拟筹划发行境外股份(H股)并在香港联合交易所有限公司上市。 作为低压电器和新能源龙头，正泰电器的业务主要涉及智能电气、新能源两大板块，具体包括配电电器、光伏电站开发、户用光伏、逆变器和储能等。 2025年前三季度，正泰电器实现收入463.96亿元，同比下滑0.03%；归属于上市公司股东的净利润41.79亿元，同比增长19.49%。2025年三季度末，正泰电器 经营活动产生的现金流量净额为152.52亿元，投资活动产生的现金流量净额为-40.7亿元，筹资活动产生的现金流量净额为-97.79亿元。 对于A股上市公司而言，寻求港股上市的核心驱动力之一即是业务出海需求。通过"A+H"模式，相关公司可以搭建国际资本平台、适配跨境经营与合规治理 等，同时也有融资等诉求。数据显示，2024年，正泰电器海外营收100.48亿元，同比增长21.53%，占总营收比重约15.6%，正泰电器亦曾在财报中提及近年 海外销售规模不断扩 ...

报道还提到，港股市场2025年全年诞生8家百亿级港元融资企业，分别为宁德时代、紫金黄金国际、三一重工、赛力 斯、恒瑞医药、三花智控、海天味业、奇瑞汽车。8家企业合计募资达1424.6亿港元，占全年募资总额的52.75%，龙头 效应显著，成为港股IPO市场复苏的"压舱石"。 另据港交所数据显示，截至2025年12月31日，共有逾612件上市申请，其中包括549家主板、11家GEM（原创业板）， 还有52家根据"主板上市规则"第20章及第21章递交的上市申请，仍在排队处理的还有321件。 【环球网财经综合报道】据Wind资讯初步统计，截至2025年12月末，包括聚辰股份、天孚通信等在内的超20家A股上 市公司，披露赴港上市相关公告。对此有机构认为，港股"含A量"提高，释放出两地市场协同发力的积极信 号，"A+H"模式预计将持续火热。 联合新闻网近日发文称，2025年全年港股IPO募资额达2856.9亿港元，较2024年大幅增长224%，募资规模成功重返全 球榜首，排名超越纽交所、纳斯达克及印度股市；全年共有117家公司在港上市，较2024年增长67.14%。 ...

A股公司赴港上市热潮持续。 制度红利持续释放 2025年港股IPO募资总额登顶全球，也是一大看点。市场认为，港股IPO市场升温，离不开制度红利持续释放。 据中国证券报记者不完全统计，2025年12月，包括聚辰股份、拓斯达（300607）、中文在线（300364）、天孚通信（300394）等在内的超20家A股 上市公司，披露（包含更新披露）赴港上市相关公告。 机构认为，港股"含A量"提高，释放出两地市场协同发力的积极信号，"A+H"模式预计将持续火热。 港股"含A量"提高 2025年，"A+H"股上市数量创下历史新高。 数据显示，2025年，共有19家A股上市公司登陆港股，合计募资1399.93亿港元，占港股全年IPO总额近半。 2025年上市公司"A+H"上市情况 | | | 证券代码 | 训 崇简称 | 上市日期 ↓ | 首发募集资金 | | --- | --- | --- | --- | --- | --- | | | | | | | [单位] 亿元 | | | 1 : | 2691.HK | 南华期货股份 | 2025-12-22 | 12.9191 | | | 2 | 2676.HK | 纳芯微 | ...

"含A量"飙升：A+H模式成龙头出海新范式 2025年，维多利亚港畔的上市锣声格外密集——全年117家企业敲钟登场，平均每两个交易日便有一声清脆回响。 伴随这密集的节奏，香港交易所以预计超2800亿港元的IPO募资总额，时隔多年重夺全球新股融资榜首。恰逢港 交所成立二十五周年，这场"王者归来"不仅是一次规模上的胜利，更标志着港股市场核心叙事的根本性转变：从 昔日的"估值洼地"，正加速跃升为汇聚中国优质资产与新经济动能的"产业高地"。 驱动这一跃迁的，是两大结构性力量："含A量"的显著提升与"向新力"的强劲迸发。 2025年港股IPO市场的最大亮点之一，是A股优质企业集体"南下"。据德勤预测，全年港股IPO募资额达2863亿港 元（约360亿美元），其中近半数来自A股公司——19家A股上市公司成功登陆港股，合计募资1399.93亿港元，占 比高达48.9%。 尤为引人注目的是，在募资前十大的IPO中，6家为"A+H"双上市企业：动力电池巨头宁德时代、医药龙头恒瑞医 药、调味品白马海天味业，以及三一重工、赛力斯、三花智控等行业领军者。仅这六家便贡献了1033亿港元，占 全年总额的36%以上。此外，募资第二的紫金黄 ...

一、规模创纪录：一场前所未有的数量狂欢 2025年港股IPO市场在数量上实现了历史性突破。截至12月中旬的数据显示，今年港股IPO呈现出"三高"特 征： 递表数量创新高：向港交所递交IPO申请的企业数量达到269家，创下历史同期最高纪录。仅6月和9月，就 有超过120家企业集中递表，形成了两波申报高峰。 上市数量大幅回升：年内共有99家企业成功在港交所主板挂牌上市，较2024年的50家实现了翻倍增长。这一 数字标志着港股IPO活动从过去两年的低迷中强势复苏。 募资规模跃升：全年IPO募资总额突破2500亿港元，是2024年全年募资额的近三倍。这一规模使香港重新跻 身全球IPO募资额前三甲，仅次于纳斯达克和纽约证券交易所。 · 再过几天，全国就会感怀2025，喜迎2026了。避免堵车，提前做功课咯。 2025年的香港资本市场呈现出一幅奇特的图景：一边是如火如荼的IPO盛宴，递表企业数量创下历史新高； 另一边则是频频上演的破发大戏，新股上市首日跌幅屡创新低。数量与质量的背离、热度与估值的博弈，构 成了这一年港股IPO市场最鲜明的特征。 整体破发率维持高位：虽然全年新股首日上涨概率达66.67%，平均涨幅为37.6 ...

Core Viewpoint - Nanhua Futures has successfully passed the IPO hearing with the Hong Kong Stock Exchange, indicating that its H-share issuance is entering a substantive advancement phase [2][8]. Company Progress - Nanhua Futures announced its intention to issue H-shares and list on the Hong Kong Stock Exchange in January 2023 to enhance its global strategic layout [5]. - The company submitted its application and related materials to the Hong Kong Stock Exchange on April 17, 2023, and received confirmation from the China Securities Regulatory Commission on September 19, 2023 [6]. - On October 31, 2023, Nanhua Futures updated and resubmitted its application materials, completing an important step in the listing process [6]. - The listing hearing was held by the Hong Kong Stock Exchange Listing Committee on November 20, 2023 [7]. Financial Performance - Nanhua Futures reported operating revenues of 954 million yuan, 1.293 billion yuan, and 1.355 billion yuan for the years 2022, 2023, and 2024, respectively, with corresponding profits of 246 million yuan, 403 million yuan, and 458 million yuan [8]. - In the first half of 2025, the company achieved operating revenue of 593 million yuan and profit of 231 million yuan [8]. Opportunities and Challenges - The move to list in Hong Kong presents opportunities for Nanhua Futures to expand international financing channels and enhance its brand influence [10]. - Listing in Hong Kong could provide a broader financing platform and international perspective, allowing for more collaboration with international peers [11]. - Challenges include high listing costs, potential dilution of shares, stricter regulatory requirements, and the need for effective cross-border business integration [11]. - The differences in market rules and regulatory standards between Hong Kong and mainland China may require significant preparation from the company [11]. Industry Outlook - There is an expectation that more quality futures companies, especially leading firms, will follow the "A+H" model in the future [12]. - The futures industry is entering a new phase of capital dividends and international competition, with the "A+H" model helping companies meet capital needs and enhance global layouts [12]. - Leading firms are likely to consolidate their advantages, while smaller companies may focus on niche markets for differentiated development [12].

Core Insights - The report by Ernst & Young indicates a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global totals respectively [1] - The Hong Kong Stock Exchange leads globally with a fundraising amount of $36 billion, surpassing major markets like New York and Nasdaq [1] - A-shares are expected to see moderate growth in 2025, with average fundraising amounts increasing by over 50% year-on-year to reach 1 billion yuan [1] Group 1: A-share Market Insights - The A-share market is maintaining a steady operational rhythm, with significant contributions from large IPOs, leading to a notable increase in the proportion of billion-yuan IPOs [1] - The average return rate for newly listed stocks this year reached 253%, with no instances of first-day price drops [1] - Regulatory policies such as the "827" new rules and the "Nine New National Policies" have contributed to a decline in new stock issuance price-to-earnings ratios to a five-year low [1] Group 2: Hong Kong Market Insights - The Hong Kong IPO market is expected to recover strongly in 2025, with fundraising projected to exceed 200 billion HKD, driven by large IPO projects [1] - Over 20 A-share companies are anticipated to list in Hong Kong, raising more than 170 billion HKD collectively [1] - The average fundraising scale for IPOs is expected to increase by 137% compared to the previous year, marking the second-highest level in five years [1] Group 3: Future Trends and Market Dynamics - The collaboration between mainland and Hong Kong capital markets is expected to deepen, enhancing institutional cooperation and market connectivity [2] - A-share IPOs are likely to gradually return to normalized issuance, focusing on quality and structural improvements [2] - The Hong Kong market is projected to maintain high activity levels, with a structural deepening characteristic, particularly in the A+H model and the return of Chinese concept stocks [2] Group 4: Sector-Specific Insights - The A-share market is expected to see an increase in financing from hard technology sectors, with clearer market segmentation [3] - For the Hong Kong IPO market in 2026, key supporting sectors include biotechnology, specialized technology companies, traditional industry upgrades, and new consumer brands from mainland China [3] Group 5: Hong Kong's Role in Internationalization - Hong Kong serves as a vital bridge for mainland companies seeking international exposure, benefiting from a robust base of international institutional investors [4] - The flexibility of Hong Kong's regulatory framework enhances its attractiveness as a listing destination for mainland enterprises [4] - The trend of Hong Kong-listed companies returning to A-shares is gaining momentum, driven by policy support and valuation differences between markets [4]

Group 1 - The report by Ernst & Young indicates that the IPO markets in A-shares and Hong Kong are expected to show growth in 2025, with Hong Kong's exchange leading globally with a total financing amount of $36 billion [1] - A-shares are projected to experience moderate growth in the IPO market, with the average fundraising amount increasing by over 50% year-on-year to reach 1 billion yuan, driven by large IPOs [1] - The industrial, technology, and materials sectors are the top three in terms of IPO numbers, while the energy sector has risen to the top three in terms of fundraising scale [1] Group 2 - The Hong Kong IPO market is anticipated to recover strongly, with fundraising expected to exceed 200 billion HKD for the first time in four years, largely driven by large IPO projects [2] - Over 20 A-share companies are expected to debut in Hong Kong, raising a total of more than 170 billion HKD, with the industrial and retail sectors being the main contributors [2] - The capital markets of mainland China and Hong Kong are entering a phase of complementary development, with a shift from foreign capital dominance to a dual-driven model of domestic and foreign investment [2] Group 3 - The Hong Kong IPO market is expected to maintain its momentum, with a steady growth pace and structural deepening characteristics [3] - The A+H model is likely to remain popular, alongside the return of Chinese concept stocks and specialized technology companies as significant sources of listings [3] - The Hong Kong Stock Exchange is continuing to optimize its listing system to enhance overall market efficiency and competitiveness [3]

Core Insights - The Hong Kong IPO market has shown remarkable performance in 2025, with 87 companies listed and a total fundraising amount of HKD 246.93 billion, representing a year-on-year increase of 243.28% [1] Group 1: Market Characteristics - The market is characterized by a dominance of technology companies, with new listings covering sectors such as semiconductors, AI, and high-end manufacturing, including notable firms like Peak Technology and Hesai Technology [1] - A total of 69 IPO companies attracted 468 cornerstone investors, collectively investing HKD 94.59 billion, with over 20 institutions favoring star projects [1] - The "A+H" model has seen significant growth, with 16 new "A+H" companies listed this year, raising over HKD 100 billion, which accounts for 48% of the total new stock financing [1] Group 2: Market Liquidity - The average daily trading volume of Hong Kong stocks reached HKD 316.7 billion in the first nine months [1] - Southbound funds have net bought approximately HKD 1.3 trillion this year [1] - With strong policy support and ample backup resources, half of the 296 companies waiting to be listed are in the new economy sector, indicating a sustained attractiveness of the Hong Kong stock market [1]