Core Viewpoint - Hong Kong Stock Exchange (HKEX) is expected to reclaim the top position in the global IPO fundraising market this year, driven by a strong pipeline of IPOs in the fourth quarter [1] Group 1: IPO Market Outlook - The fourth quarter is traditionally a peak season for new listings, with an estimate of over 20 IPOs expected in the next two months [1] - The total number of IPOs for the year is projected to exceed 100 [1] - Due to the absence of large IPOs after the listing of Sany Heavy Industry, the remaining new listings are expected to raise a significant portion of the total fundraising amount [1] Group 2: Fundraising Projections - The current fundraising amount stands at over HKD 200 billion, with expectations that the remaining IPOs could collectively raise several billion HKD [1] - The total fundraising for the year is anticipated to surpass HKD 300 billion [1]

Group 1 - Deloitte anticipates over 80 IPOs in Hong Kong this year, raising between 250 to 280 billion HKD, an increase of 25-40% from the previous forecast of 200 billion HKD [1] - The increase in IPO fundraising is attributed to a favorable capital market in Hong Kong, prompting A+H companies to accelerate their listing plans, with each raising over 1 billion USD (approximately 7.8 billion HKD) [1] - The Hong Kong Stock Exchange (HKEX) is expected to maintain its position as the global leader in IPO fundraising for the year, as the fundraising amount has been adjusted to 250 to 280 billion HKD, significantly ahead of the second-ranked New York Stock Exchange [1] Group 2 - The potential IPOs of Fannie Mae and Freddie Mac, which could be the largest in history, are mentioned, but their listing is unlikely to occur in the fourth quarter of this year due to legislative requirements [1] - The long-term possibility of the two government-sponsored enterprises going public is acknowledged, but immediate prospects for a fourth-quarter listing are deemed low [1]

Core Viewpoint - The Hong Kong Stock Exchange reported a significant increase in IPO fundraising, with a 579% rise in the first eight months of 2025 compared to the same period last year, indicating a robust market recovery and investor confidence [8][11]. Market Performance - On September 4, the Hang Seng Index fell by 1.12%, with the Hang Seng Technology Index down by 1.85% and the Hang Seng China Enterprises Index down by 1.25%. The total market turnover was 302.33 billion HKD, with southbound funds slightly net buying 706 million HKD [2]. - Among the constituent stocks, 27 rose while 56 fell, with notable declines in stocks like Zhongsheng Holdings (-8.85%) and WuXi AppTec (-7.31%) [3]. IPO and Fundraising Statistics - In the first eight months of 2025, the total IPO fundraising in Hong Kong reached 134.5 billion HKD, a substantial increase from 19.8 billion HKD in the same period last year [8]. - The total fundraising in the Hong Kong securities market was 368.8 billion HKD, up from 87.3 billion HKD year-on-year, marking a 322% increase [8]. Trading Volume and Market Activity - The average daily trading volume in the Hong Kong securities market for the first eight months of 2025 was 2.79 billion HKD, a 192% increase from 955 million HKD in the previous year [8]. - The average daily trading volume for exchange-traded funds was 337 million HKD, up 183% from 119 million HKD year-on-year [10]. Company Performance - Sun Hung Kai Properties reported a total revenue of 72.702 billion HKD for the fiscal year 2024/25, reflecting an 8.8% year-on-year growth, with a pre-tax profit of 22.573 billion HKD, up 4.96% [14]. - The company's rental income decreased by 2% to 24.461 billion HKD, primarily due to a decline in turnover rent [17].

Core Viewpoint - PwC forecasts that Hong Kong's IPO fundraising will reach between HKD 200 billion to 220 billion by 2025, positioning Hong Kong to reclaim the top spot globally for IPO fundraising [1] Group 1: Market Outlook - The second half of the year is traditionally a peak season for Hong Kong IPOs, and the positive market sentiment is expected to continue [1] - Over 200 companies have submitted applications to list in Hong Kong, representing a diverse range of industries [1] Group 2: Industry Representation - The companies applying for IPOs include traditional sectors such as manufacturing, retail, consumer goods, and services, as well as new economy sectors like biotechnology, healthcare, artificial intelligence, information technology, and telecommunications [1] - Major A-share leading companies, Chinese concept stocks, and overseas enterprises are also actively seeking to raise funds in Hong Kong [1]