Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is witnessing a significant shift in foreign investment sentiment towards Chinese assets, driven by the increasing attractiveness of these assets and the demand for diversified global capital allocation [1][2][3] Group 1: Investment Trends - Foreign capital is transitioning from a passive to an active approach in investing in Chinese assets, with a notable increase in foreign participation in IPOs, exemplified by a large domestic company's IPO where foreign subscription reached 70-80% [2][3] - The global asset allocation logic is changing, with investors moving away from USD assets due to geopolitical tensions and trade protectionism, leading them to consider Hong Kong stocks as a viable alternative [2][3] - The investment logic for foreign capital is shifting from "Anything But China" to "Buy China," indicating a growing confidence in Chinese assets [2][3] Group 2: Market Performance - HKEX reported impressive performance in the first half of the year, with new stock financing reaching HKD 109.4 billion, reclaiming the top position among global exchanges, and an average daily trading volume of HKD 240.2 billion, up 118% year-on-year [1][2] - The average daily trading volume for Hong Kong stocks is projected to rise from approximately HKD 1 billion in 2023 to HKD 1.3 billion in 2024, and further to HKD 2.4 billion in the first half of 2025, with foreign capital accounting for about 70% of the trading volume [3][4] Group 3: Institutional Innovation - HKEX is committed to optimizing its institutional framework to meet the diverse needs of enterprises and investors, with recent innovations such as the introduction of Chapter 18A and 18C allowing biotech and specialized technology companies to list without prior revenue [4][5] - The introduction of these new listing rules reflects HKEX's proactive approach to align with long-term investor demands and support early-stage financing for innovative companies [5][6] Group 4: Market Connectivity - The IPO boom in Hong Kong is positively correlated with the A-share market, with "A+H" listings creating a virtuous cycle between the two markets [5][6] - HKEX aims to enhance its product offerings in fixed income, foreign exchange, and commodities to better compete globally, as current offerings are limited compared to US markets [6] - Future plans include expanding the range of products available through the Stock Connect program, such as ETFs and bonds, to facilitate greater access for foreign investors [6]

Core Insights - The report by Deloitte China highlights a slowdown in the global IPO market due to economic factors and geopolitical uncertainties, particularly the U.S. tariff policies, leading to a decrease in the financing scale of the top ten global IPOs compared to the previous year [1] - Despite global trends, Hong Kong is expected to maintain its position as the top global IPO financing hub, driven by six large IPOs during the period [1] - The A-share market in mainland China is showing steady growth in new listings and financing amounts, supported by the implementation of new policies aimed at enhancing the capital market [1] Group 1: A-share Market Performance - The A-share market is projected to have 78 new listings by September 30, 2025, with total financing reaching 77.1 billion yuan, marking a 13% increase in the number of new stocks and a 61% increase in financing compared to the same period last year [1] - The technology and innovation sectors are expected to remain hot spots for new listings in the A-share market, reflecting the government's support for these industries [1][2] - The steady rise in the A-share market index is seen as a positive outcome of the new policies being implemented [1] Group 2: Hong Kong Market Outlook - Hong Kong is anticipated to have 66 new listings in the first three quarters of the year, raising 1,823 million HKD, which is a 47% increase in the number of new stocks and a 228% increase in financing compared to the same period last year [2] - The presence of significant overseas capital inflow is boosting the Hong Kong stock market, leading to a recovery in valuations [3] - The forecast for the last quarter suggests that Hong Kong's IPO market will maintain strong momentum, with over 80 new listings expected for the entire year, and total financing projected between 250 billion to 280 billion HKD [3]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) will maintain normal trading operations despite the impending arrival of Typhoon Haikui, following the implementation of a "no trading halt during bad weather" policy a year ago [3][4]. Group 1: HKEX Operations - HKEX has received regulatory approval to implement trading during severe weather conditions since September 23, 2023, allowing the market to operate under adverse weather circumstances [3]. - The Financial Secretary of Hong Kong, Paul Chan, stated that the government is prepared for the typhoon and has activated a coordination center to ensure smooth financial market operations [3]. - HKEX has advised financial institutions to allocate resources and personnel in advance to ensure stable market operations during the typhoon [4]. Group 2: Weather Trading Arrangements - Under the bad weather trading arrangements, the securities and derivatives markets in Hong Kong will continue to operate during signal warnings of Typhoon No. 8 or above, black rainstorm warnings, or extreme situation warnings [4]. - HKEX has called on market participants to prepare for trading under adverse weather conditions and to refer to established operational arrangements [4]. Group 3: Recommendations for Market Participants - Securities brokers are advised to ensure that banking services and electronic transfer limits are sufficient for daily operations during bad weather trading days [5]. - Investors should familiarize themselves with the electronic trading platforms and transfer channels provided by their banks or brokers [6]. - Employees of securities firms or banks should be prepared for remote access to company systems and discuss work arrangements with employers in anticipation of potential weather changes [7].

Group 1 - Deloitte's report predicts that Hong Kong will surpass the New York Stock Exchange and NASDAQ to become the top global IPO financing market in 2023 [1] - In the first three quarters of 2023, Hong Kong is expected to have 66 IPOs raising HKD 182.3 billion, a 228% increase from HKD 55.6 billion in the same period last year [1] - The NYSE and NASDAQ are projected to rank second and third globally, with IPO financing amounts of HKD 125.6 billion and HKD 114.6 billion, respectively [1] Group 2 - The influx of overseas capital into Hong Kong has significantly boosted market activity and valuations, driven by policies encouraging mainland leading companies to list in Hong Kong [1] - The report anticipates that with the Federal Reserve's interest rate cuts, more funds will flow into the Hong Kong stock market, with over five potential large IPOs expected [1] - For the mainland capital market, it is estimated that by September 30, 2023, there will be 78 IPOs in the A-share market raising RMB 77.1 billion, reflecting a year-on-year increase of 13% in the number of IPOs and 61% in total financing [1][2] Group 3 - The A-share market has shown steady growth in the first three quarters of 2023, supported by the implementation of new regulatory policies [2] - The focus on technology and innovation by the government is expected to keep sectors like technology and renewable energy as hotspots for new IPOs in the A-share market [2]

Group 1 - The core viewpoint of the articles indicates that Hong Kong Stock Exchange (HKEX) is expected to maintain its position as the global leader in new stock financing, surpassing the New York Stock Exchange and NASDAQ [1][3] - The A-share market in mainland China is projected to show steady growth in new stock listings and financing amounts due to supportive regulatory policies and a focus on technology and innovation sectors [1][2] - Deloitte anticipates that the last quarter of the year will see an influx of funds into the Hong Kong market, driven by the U.S. Federal Reserve's interest rate cuts and the expected listing of over five large-scale IPOs [1][3] Group 2 - As of September 30, 2025, the mainland A-share market is expected to have 78 new stocks listed, raising 771 billion RMB, marking a 13% increase in the number of new stocks and a 61% increase in financing compared to the previous year [2] - The Hong Kong market is projected to have 66 new stocks listed, raising 1,823 billion HKD, which is a 47% increase in the number of new stocks and a 228% increase in financing compared to the same period last year [2] - Deloitte estimates that over 80 new stocks will be listed in Hong Kong this year, raising between 2,500 billion to 2,800 billion HKD, with a focus on A+H listings and sectors such as healthcare, technology, and consumer goods [3]

Group 1 - By July 2025, 10 cross-border ETF products have been listed under the China-Singapore ETF mutual recognition mechanism, with total assets under management exceeding 3 billion RMB [1] - The Singapore Exchange (SGX) has seen a total revenue increase of 11.7% year-on-year to 12.982 billion SGD, with net profit reaching 6.480 billion SGD, marking a historical high [3] - Approximately 20% of the 600 listed companies on SGX, with a total market capitalization exceeding 600 billion USD, are from Greater China, covering various sectors including industrial, consumer, and REITs [3] Group 2 - The Singapore market is particularly suitable for companies looking to expand in Southeast Asia and seek medium to long-term growth opportunities, as evidenced by NIO's secondary listing on SGX [3][4] - Despite the limited liquidity and smaller market size compared to Hong Kong, SGX's regulatory advantages and currency flexibility are attractive for Chinese companies optimizing their international capital structure [4] - SGX is evolving into a strategic hub for Southeast Asia, allowing companies to leverage both Hong Kong and US markets for greater financing and global capital access [4] Group 3 - SGX has signed a memorandum of understanding with the Shanghai Stock Exchange for ETF mutual recognition, with the first Singapore dollar-hedged ChiNext Index ETF listed in July 2025 [5] - The mutual recognition of ETFs provides efficient investment channels for global investors and supports the internationalization of Chinese enterprises [5] - SGX is also focusing on enhancing liquidity for small-cap stocks and has allocated 20% of the 5 billion SGD "Securities Market Development Plan" to improve liquidity in this segment [5] Group 4 - SGX has optimized its framework for secondary listings, making it easier for companies listed on the Shanghai and Shenzhen stock exchanges to reach international investors [6] - The exchange emphasizes that an IPO is just a part of a company's journey, providing systematic and long-term support before and after the listing [6] Group 5 - International investors maintain a constructive view on the Chinese market, with increased activity in MSCI China A50 index futures and foreign exchange derivatives [7] - There is sustained interest in traditional sectors like manufacturing and infrastructure, as well as in new energy and technology innovation sectors [7] - Geopolitical factors and regulatory changes are key concerns for international investors, leading some to adopt selective investment strategies through ETFs and index products to mitigate risks [7] Group 6 - The ongoing deepening of China-Singapore capital market cooperation and product innovation in sectors like technology, consumption, and REITs positions SGX as an increasingly important player in the internationalization of Chinese enterprises [8] - The value of SGX as a "Southeast Asia springboard" is being reassessed by more companies in the context of changing geopolitical economic landscapes [8]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) will continue normal trading operations despite the impending arrival of Typhoon Haikui, following the implementation of severe weather trading measures a year ago [3]. Group 1: Weather Impact on Trading - The Hong Kong Observatory issued a No. 8 tropical cyclone warning signal as Typhoon Haikui approaches, with expectations of worsening wind conditions [1]. - The HKEX has been authorized to maintain trading during severe weather since September 23, 2023, allowing for market operations even under adverse conditions [3]. - The Financial Secretary of Hong Kong, Paul Chan, confirmed that the government is prepared for the typhoon and is coordinating with financial regulatory bodies to monitor market conditions [3]. Group 2: Operational Preparedness - HKEX has advised market participants to prepare for operations during severe weather, including adjusting manpower and operational resources [4]. - Securities brokers are encouraged to ensure sufficient banking services and electronic transfer limits to handle daily operations during severe weather trading days [5]. - Investors are advised to familiarize themselves with electronic trading platforms and services provided by their banks or brokers during adverse weather conditions [6]. Group 3: Employee Arrangements - Employees of securities firms or banks should be well-versed in remote access to company systems and discuss work arrangements during severe weather with their employers [7].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) will maintain normal trading operations despite the approach of Super Typhoon Haikui, following the implementation of "trading during inclement weather" measures approved a year ago [4]. Group 1: Weather Impact and Trading Operations - The Hong Kong Observatory issued a No. 8 tropical cyclone warning signal as Super Typhoon Haikui approaches, with expectations of worsening weather conditions [1]. - The Financial Secretary of Hong Kong, Paul Chan, stated that the government is prepared for the typhoon and has activated a coordination center to ensure smooth financial market operations under extreme conditions [4]. - The "trading during inclement weather" policy has been in effect for one year, allowing the market to operate under severe weather conditions, which has been practiced successfully [4]. Group 2: Recommendations for Market Participants - HKEX has urged market participants to prepare for trading during inclement weather, advising them to adjust operational and human resources accordingly [5]. - Securities brokers are advised to ensure sufficient banking services and electronic transfer limits to handle daily operations during inclement weather trading days [6]. - Investors should familiarize themselves with the electronic trading platforms and services provided by their banks or brokers during inclement weather trading days [7].

Core Insights - Deloitte projects that by the first three quarters of 2025, the Hong Kong Stock Exchange (HKEX) will see 66 new listings, raising HKD 182.3 billion, making it the largest IPO financing exchange globally [2][3] - The report highlights a significant increase in new listings and financing in Hong Kong, driven by policies encouraging mainland enterprises to list in Hong Kong and improved liquidity from international capital inflows [2] - The number of new listings in Hong Kong is expected to increase by 47% compared to the same period last year, with financing amounting to over 228% growth [2] Market Trends - The Hong Kong IPO market is experiencing strong momentum, with several large and mega H-shares successfully listed, contributing to a substantial increase in new stock financing [2] - The report anticipates that by the end of 2025, there will be over 80 new listings on the HKEX, with total financing expected to reach between HKD 250 billion and HKD 280 billion [3] - The influx of overseas capital is significantly boosting trading volumes in the Hong Kong stock market, leading to a continued recovery in valuations [3]

Group 1 - Deloitte projects that the Hong Kong Stock Exchange will have 66 new listings in the first three quarters of 2025, raising HKD 182.3 billion, making it the largest IPO financing exchange globally [1][2] - The report indicates that the Hong Kong IPO market is benefiting from policies encouraging mainland leading companies to list in Hong Kong and the optimization of the new listing application approval process, leading to a significant improvement in liquidity and a steady recovery in market valuations [1] - In the first three quarters of this year, Hong Kong is expected to see 66 new listings, a 47% increase from 45 last year, with total financing rising 228% from HKD 55.6 billion to HKD 182.3 billion [1] Group 2 - Deloitte anticipates that over 80 new listings will occur on the Hong Kong Stock Exchange in 2025, with total financing expected to reach between HKD 250 billion and HKD 280 billion, including at least 5 super-large IPOs by the end of the year [2] - The influx of overseas capital into Hong Kong is significantly boosting trading volumes and valuations, while policies supporting mainland companies listing in Hong Kong and simplifying the listing process for A-share companies are attracting large and super-large IPOs to the market [2]