Core Viewpoint - The Hong Kong IPO market has experienced unprecedented subscription enthusiasm in 2023, with record oversubscription rates and significant increases in both the number of new listings and total fundraising amounts [1][3]. Group 1: Market Performance - In the first three quarters of 2023, Hong Kong is expected to see 66 new listings, raising a total of HKD 182.3 billion, a 47% increase in the number of new listings and a 228% increase in fundraising compared to the same period last year [1]. - The average first-day return for new IPOs in Hong Kong was 33% in the first half of 2023, significantly higher than the 9% recorded in the same period last year [7]. - 98% of new stocks received oversubscription, with 87% of them being oversubscribed by more than 20 times [7]. Group 2: Sector Analysis - The medical and pharmaceutical sectors had the highest number of new listings, while the manufacturing sector led in fundraising, primarily driven by the large-scale IPO of CATL [8]. - The top five new IPOs in 2023 all raised over HKD 10 billion, with total fundraising for these projects increasing by 135% year-on-year to HKD 98.7 billion [8]. Group 3: Regulatory and Policy Support - The China Securities Regulatory Commission announced measures to support leading domestic companies in listing in Hong Kong, which is expected to enhance the IPO market [3]. - The Hong Kong Stock Exchange has received 283 listing applications in the first eight months of 2025, a 123% year-on-year increase [3]. Group 4: Future Outlook - Deloitte forecasts that Hong Kong will continue to see strong momentum in the IPO market, with over 80 new listings expected in 2025, raising between HKD 250 billion and HKD 280 billion [1]. - The influx of overseas funds into Hong Kong is anticipated to support large-scale IPOs in the fourth quarter of 2023, creating a favorable valuation environment [1][3].

Group 1 - The Hong Kong IPO market has seen unprecedented subscription enthusiasm this year, with record oversubscription rates, including a leading 7558 times for a major IPO [1] - Deloitte's report indicates that Hong Kong is expected to maintain its position as the top global fundraising venue, with 66 new listings and a total fundraising amount of HKD 182.3 billion in the first three quarters of this year, representing a 228% increase from HKD 55.6 billion in the same period last year [1][4] - The report forecasts that over 80 new listings will occur in Hong Kong in 2025, with total fundraising expected to be between HKD 250 billion and HKD 280 billion [1] Group 2 - Six large IPOs are anticipated in the first three quarters of this year, including five A+H shares and one spin-off project, alongside four other large IPOs [4] - The China Securities Regulatory Commission has introduced measures to support leading domestic companies in listing in Hong Kong, which, along with simplified approval processes, is expected to drive strong momentum in the Hong Kong IPO market [4][5] - The average first-day return for new IPOs in Hong Kong this year is 33%, significantly higher than 9% in the same period last year, indicating improved market sentiment [7] Group 3 - The top five new IPOs in Hong Kong this year have all raised over HKD 10 billion, contrasting with only one such instance in the same period last year, leading to a 135% increase in total fundraising to HKD 98.7 billion [8] - The manufacturing sector has the highest fundraising share at 37%, followed by the consumer sector at 20% and the energy and resources sector at 16% [10] - The diverse industry distribution of the current IPO market reflects a mature and balanced market ecosystem, enhancing its attractiveness to foreign capital [11]

Group 1 - The Hong Kong IPO market has seen unprecedented subscription enthusiasm this year, with record oversubscription rates, including a leading 7558 times for a major company [1] - Deloitte's report indicates that Hong Kong is expected to maintain its position as the global leader in new stock fundraising, with 66 new listings and a total fundraising amount of HKD 182.3 billion in the first three quarters of this year, representing a 47% increase in the number of new stocks and a 228% increase in fundraising compared to the same period last year [1][2] - The report forecasts that the strong momentum in the Hong Kong IPO market will continue into the last quarter of this year, with over 80 new listings expected in 2025, raising between HKD 250 billion to HKD 280 billion [1][2] Group 2 - The influx of overseas funds into Hong Kong is anticipated to support several large IPOs in the fourth quarter, driven by the Federal Reserve's interest rate cuts, creating a favorable valuation environment [2][3] - In the first three quarters of this year, six large IPOs are expected, including five A+H shares and one spin-off project, along with four other large IPOs [2] - The China Securities Regulatory Commission has introduced measures to support leading domestic companies in listing in Hong Kong, which, along with the Hong Kong Stock Exchange's initiatives, is expected to attract more innovative companies to the market [4] Group 3 - The average first-day return for new stocks in Hong Kong this year is 33%, significantly higher than the 9% recorded in the same period last year, indicating improved market performance [4][5] - A total of 98% of new stocks this year received oversubscription, with 87% achieving oversubscription rates exceeding 20 times [5] - The healthcare and pharmaceutical sectors have seen the highest number of IPOs, while the manufacturing sector has led in fundraising amounts, driven by significant projects like CATL [6] Group 4 - The diversity of the IPO market in Hong Kong is highlighted by its representation across various sectors, including industrial, financial, consumer, healthcare, technology, media, telecommunications, and renewable energy, reflecting a mature and balanced market ecosystem [7] - The attractiveness of the Hong Kong market to foreign capital is increasing due to the variety of sector allocation opportunities available [7]