Core Insights - The report by Ernst & Young indicates a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and the Hong Kong market accounting for 16% of global IPO numbers and 33% of global fundraising amounts in 2025 [3][4]. Group 1: IPO Market Overview - In 2025, the Hong Kong Stock Exchange is projected to lead globally with a fundraising amount of $36 billion, while the Shanghai Stock Exchange ranks fifth with $11 billion [3][4]. - Chinese companies occupy five positions in the global top ten IPOs, with sectors including automotive, mining, energy, and advanced manufacturing [3][4]. Group 2: A-Share Market Insights - The A-share IPO market experienced moderate growth in 2025, with 97 companies going public and raising approximately 100 billion RMB, reflecting a 53% increase in average fundraising per IPO compared to 2024 [5][6]. - The industrial, technology, and materials sectors accounted for 86% of the total IPO numbers, while these sectors also represented 78% of the total fundraising amount [5][6]. Group 3: Hong Kong IPO Market Dynamics - The Hong Kong IPO market saw a strong recovery in 2025, with fundraising exceeding 200 billion HKD, marking the second-highest level in five years [9][10]. - Mainland enterprises dominated the Hong Kong IPO market, contributing 88.5% of the number of IPOs and 83.5% of the total fundraising [9][10]. Group 4: Future Outlook - The IPO issuance in 2026 is expected to normalize, focusing on a steady pace rather than a return to rapid expansion, with an emphasis on quality and structure [11][12]. - The Hong Kong IPO market is anticipated to maintain its momentum, with a focus on A+H listings and the return of Chinese concept stocks [11][12].