来源：21世纪经济报道 21世纪经济报道记者张伟泽 香港报道 2025年的最后一个月，港股IPO市场以一场"N股齐发"的年末冲刺，为全年画上了一个喧嚣热闹的句号。 五一视界、英矽智能、卧安机器人、林清轩、迅策和美联股份6家公司集中启动招股，预计将于12月30日同日敲钟上市，创下2025年单日开启 招股数量最多纪录。 香港交易所12月22日宣布，2025年香港新股市场融资额位居全球第一。截至12月19日，共有106家公司在香港交易所上市，融资总额达到2746 亿港元，其中四家公司更跻身2025年全球十大新股之列。在香港交易所上市的公司通过再融资筹集了660亿美元，彰显香港资本市场的活力和 深度。 "活水"涌入港股市场 这一"辉煌"成绩的背后，是多重因素交织的结果。据德勤预测，2025年港交所一共有114只新股上市，集资额为2863亿港元，同比分别增长 63%及227%。 据香港交易所数据，截至12月19日，恒生指数全年涨幅达33.25%，恒生科技指数和恒生国企指数涨幅均超25%，创造了五年来最佳年度表现。 这种强劲的指数表现，直接提升了投资者对港股市场的信心，为企业赴港上市创造了良好的估值环境。 其次，市场的强 ...

Core Viewpoint - The new regulations for IPOs in Hong Kong, effective from August 4, aim to modernize the pricing and allocation mechanisms, responding to the significant increase in IPO activity and the growing proportion of institutional investors in the market [3][4][10] Summary by Sections IPO New Regulations - The minimum allocation for the "placement" portion of IPOs has been reduced from 50% to 40% [4] - Two mechanisms for the "public subscription" portion have been introduced: Mechanism A allows up to 35% allocation, while Mechanism B sets a fixed allocation between 10% and 60% [5] Market Regulations - New rules require issuers to meet minimum public holding and free float requirements, with the initial public holding threshold raised from 5% to 10% [5] - The initial free float requirement for A+H share issuers has been adjusted from 10% of H shares to 5% of A+H shares [5] Market Context - As of July 2025, the total market capitalization of Hong Kong's securities market reached HKD 44.9 trillion, a 44% year-on-year increase [8] - The average daily trading volume for the first seven months of 2025 was HKD 243.7 billion, up 124% year-on-year [8] - There were 53 new listings in the first seven months of 2025, a 33% increase from 40 in the same period last year, with total IPO fundraising amounting to HKD 127.9 billion, a sixfold increase [9] Industry Response - The Hong Kong Stock Exchange aims to enhance its competitiveness and attract new companies by aligning its regulations with international standards [6] - The new rules are expected to balance the interests of local and international investors while providing issuers with greater flexibility [6][7] - There is a call for the establishment of an OTC market mechanism to improve the handling of delisted companies' shares [7] Future Outlook - The new regulations are seen as a positive step towards optimizing the IPO process and maintaining Hong Kong's status as an international financing hub [10] - The effectiveness of these reforms in enhancing market efficiency and preventing pricing abuses will be closely monitored [10]

Core Viewpoint - The new regulations for Hong Kong's IPO market, effective from August 4, represent the first significant changes in 27 years, aimed at optimizing the pricing and allocation mechanisms for IPOs, responding to the increased scale of the market and the growing proportion of institutional investors [1][4][14]. Summary by Relevant Sections IPO Pricing and Allocation Mechanism - The new rules adjust the minimum allocation for the "placement" portion of IPOs to at least 40%, down from the previously proposed 50% [4]. - Two mechanisms for the "public subscription" portion are introduced: Mechanism A allows for a maximum allocation of 35%, while Mechanism B sets a fixed allocation between 10% and 60% [4][6]. Public Market Regulations - The minimum initial public holding requirement has been raised from 5% to 10% for new tiered structures, while the initial free float requirement for A+H issuers is set at 5% of total A+H shares [5][6]. Market Competitiveness and Flexibility - The Hong Kong Stock Exchange aims to enhance its competitiveness and attract new enterprises by aligning its regulations with international standards, providing greater flexibility for issuers [9][12]. - The existing six-month lock-up period for cornerstone investors is retained to maintain investor commitment [9]. Market Performance and Future Outlook - In the first seven months of the year, the Hong Kong securities market saw a total market capitalization of HKD 44.9 trillion, a 44% year-on-year increase, with IPO fundraising reaching HKD 127.9 billion, up over six times from the previous year [13]. - The second half of the year is expected to be a peak period for IPOs, with over 200 companies currently applying to list, spanning various sectors including traditional industries and new economy sectors [13][14]. Overall Impact of Reforms - The reforms are seen as a positive step towards balancing the interests of retail and institutional investors, while also addressing the need for a more flexible and responsive IPO process [12][14]. - The effectiveness of these reforms in enhancing market efficiency and preventing excessive volatility post-listing remains to be observed [14].