"双引擎"推动：A+H股与创科企业并驾齐驱 在今年上半年上市的所有新股中，有四宗集资额超过50亿元；有七宗为"A+H"股，合共筹得约770亿 元，显示香港不仅具备支持大型企业上市的广度与深度，更是內地与国际资本市场间的关键桥樑。上市 后，这些公司的H股相较于A股的折让幅度普遍较小，甚至有H股出现溢价，反映出国际资金透过香港 市场投资这些股票的强劲需求。 值得一提的是，这轮香港IPO市场的优异表现并非依赖单一板块，而是呈现高度多元的产业分布，涵盖 工业、金融、消费、医疗健康、科技、媒体及电讯(TMT)以及新能源等多个领域，反映市场生态既成熟 且均衡。 【财华社讯】8月13日，许正宇发文表示，今年上半年，香港首次公开招股(IPO)市场增长强劲，位居全 球IPO集资额首位。今年首七个月共录得53宗新股上市，集资总额约1,270亿港元，按年升幅超过六倍， 超越过去三年中每一年的全年集资总额。正在处理中的上市申请超过210宗。 许正宇还表示，香港市场的表现明显领跑全球，获国际投资者热切关注。展望下半年香港资本市场有更 多新发展与突破。 以下是香港财经事务及库务局局长许正宇8月12日在财库论网志发表的文章： 今年上半年， ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) announced reforms to optimize the IPO pricing and public market regulations, effective from August 4, 2025, aiming to enhance market flexibility and protect shareholder rights [1][2]. IPO Pricing and Allocation Mechanism - The maximum allocation for retail investors has been increased to 35% from the previously suggested 20% [1][2]. - The minimum allocation for the book-building portion has been set at 40%, down from the original 50% [2]. - Two mechanisms for allocation to the public subscription portion have been introduced: - Mechanism A allows for a designated allocation based on oversubscription multiples, with maximum allocation percentages of 5%, 15%, 25%, and 35% for different oversubscription levels [2]. - Mechanism B allows issuers to pre-select an allocation percentage between 10% and 60%, with no reallocation mechanism [3]. Initial Public Holding and Free Float Requirements - New initial public holding and free float requirements have been established, ensuring sufficient tradable shares at the time of listing [4][5]. - The minimum public holding threshold varies based on market capitalization, with specific requirements for different categories of issuers [5]. Continuous Public Holding Consultation - Further consultation on continuous public holding requirements is underway, aiming to provide greater flexibility for issuers while protecting shareholder interests [6][7]. - The current and proposed continuous public holding requirements have been compared, indicating a shift towards more flexible thresholds [8][9].

Group 1: Regulatory Response to Private Markets - The Australian Securities and Investments Commission (ASIC) is expected to clarify its approach to the rapid growth of private market assets, particularly private credit, and the declining IPO market [1][3] - ASIC Commissioner Simone Constant will address these issues at an investor symposium, highlighting the importance of the health of Australia's economic and financial systems [3][4] - ASIC is balancing the need for increased transparency and disclosure obligations with the necessity of not overburdening the industry with compliance costs [3][5] Group 2: Initial Reform Measures - ASIC is anticipated to announce an early reform initiative as a "quick win" and will continue to explore other rapid reform suggestions [3][5] - A discussion paper released by ASIC in February analyzed structural issues in private and public markets, receiving around 90 feedback submissions, with over half to be disclosed this week [5] Group 3: Global Context and Systemic Risks - The International Monetary Fund (IMF) has identified the rising role of non-bank financial institutions (NBFI) in the financial system, with banks' exposure to private credit exceeding $500 billion (approximately 777 billion AUD) [5] - The IMF emphasizes the need for improved regulation of NBFIs due to their increasing influence on systemic financial stability [5] Group 4: Industry Perspectives on Regulation - Industry opinions on ASIC's regulatory approach vary, with some advocating for caution in new regulations to avoid disadvantaging private asset managers compared to banks [6] - Others argue for stronger governance and transparency standards in private credit [6] Group 5: IPO Market Reform - There is significant interest in how ASIC will revitalize the IPO process, as the number of new listings on the Australian Securities Exchange (ASX) has been low in recent years [7][8] - ASIC does not view the decline in IPO numbers as a structural issue but acknowledges that streamlining the process could attract more companies to list [8] Group 6: Ongoing Initiatives and Market Dynamics - Virgin Australia and GemLife are planning IPOs, and their pricing and market performance will influence the IPO window [9] - Investment banks, including JPMorgan, are pushing for reforms to optimize the IPO process, recognizing the need for a competitive capital market in Australia [10] - The ASX has also acknowledged the necessity for reform and has proposed several optimization suggestions for the IPO process [10]

Group 1 - The international investors' attitude towards Hong Kong has turned positive, reflected in the recent increase in trading volume, expansion of foreign institutions' local businesses, and a rise in family offices [1] - Fund managers previously underweighted Hong Kong and mainland markets due to geopolitical concerns, but are now eager to increase their positions to avoid missing opportunities [1] - Hong Kong's core advantages in attracting foreign investment include its legal foundation, free flow of capital, stable exchange rate pegged to the US dollar, and its unique role connecting mainland China and overseas markets [1] Group 2 - The asset management industry in Hong Kong currently manages approximately $4 trillion (around HKD 31.1 trillion), with over half of the assets coming from mainland China and outside Hong Kong [1] - Major American and European financial institutions are expanding their operations in Hong Kong, indicating strong market confidence [1] - The geopolitical tensions are expected to persist, but Hong Kong must remain flexible to navigate both risks and opportunities [1] Group 3 - Hong Kong aims to enhance its financial system's competitiveness by promoting IPO market reforms, simplifying processes, and reducing transaction costs [2] - Adjustments to listing requirements are proposed to attract more foreign companies to list in Hong Kong, thereby increasing market liquidity and international appeal [2] - The Hong Kong property market is gradually stabilizing, with the government cautiously managing land supply to align with market conditions [2] Group 4 - As interest rates stabilize or potentially decrease, the intention to purchase property is expected to rise, driven by increasing rental prices and a perceived need for housing [2] - The Hong Kong government has introduced measures to attract talent, bringing in 190,000 individuals, which may initially lead to rental demand but could eventually translate into purchasing power in the property market [2]