Core Viewpoint - After three years of sluggishness, the Hong Kong stock issuance market has rebounded strongly, with expectations to reclaim its position as the largest IPO market globally in 2025 [2][4]. Group 1: Market Performance - In the first half of 2025, Hong Kong Exchanges and Clearing Limited (HKEX) reported total revenue of HKD 14.076 billion, a year-on-year increase of 32.53%, and net profit of HKD 8.519 billion, up 39%, both reaching historical highs for a half-year period [2]. - The Hong Kong IPO market welcomed 44 new companies, raising a total of HKD 109.4 billion, a year-on-year increase of 716% [2]. - As of June 30, 2025, there were 207 IPO applications being processed, more than double the 84 applications at the end of the previous year [2]. Group 2: Factors Driving Growth - The resurgence in the IPO market is attributed to a combination of policy support, market conditions, and supply from companies [5]. - Policy measures from mainland China, including increased funding support and interest rate cuts, have bolstered business confidence, while the optimization of listing rules has facilitated the process for new economy companies [5]. - The approval efficiency for IPOs has significantly improved, with regulatory bodies supporting leading companies from the mainland to list in Hong Kong [5]. Group 3: Leading Companies and Trends - Major A-share companies such as CATL, Hengrui Medicine, and Haidilao have contributed significantly to the IPO market, raising over HKD 71.8 billion, accounting for nearly 70% of the total IPO amount [6]. - The "A+H" model has gained traction, allowing companies to broaden their financing channels and leverage Hong Kong's international platform for global expansion [6]. - The rise of AI and innovative sectors has attracted more tech companies, including unprofitable biotech firms, to consider IPOs in Hong Kong [6][7]. Group 4: Market Liquidity and Valuation - Improved liquidity and valuation recovery in the Hong Kong market have enhanced the attractiveness of IPOs, with average daily trading volume reaching HKD 240.2 billion, a year-on-year increase of 118% [8]. - The average daily trading volume for ETFs surged to HKD 33.8 billion, up 184% [8]. - The refinancing function in the Hong Kong market has also been active, with refinancing amounts exceeding IPO sizes, indicating market depth and ease of continued financing for companies [8]. Group 5: Global Capital Trends - The shift in global capital flows, driven by geopolitical risks and inflation concerns, has led international investors to favor Hong Kong as a key IPO destination [9]. - The recent tensions between the U.S. and China have not deterred IPO activities; instead, they have reinforced Hong Kong's position as a preferred market for Chinese companies [9]. - International institutions have recognized Hong Kong's resilience, with foreign capital returning to the market, evidenced by significant participation from global funds in recent IPOs [9]. Group 6: Future Outlook - Hong Kong's unique advantages, such as the absence of capital gains and inheritance taxes, free capital flow, and a legal system aligned with international standards, are expected to continue attracting IPOs [10]. - The transformation of the market from pessimism to enthusiasm within a year signifies a reshaping of the international financial landscape, with Hong Kong poised to play a pivotal role [10].

Group 1: Global IPO Activity - In the first half of 2025, the proportion of IPO fundraising from mainland China and Hong Kong rose to 33% of the global total, with Hong Kong accounting for 24% of global fundraising [1][6] - The global IPO market is expected to see around 500 companies listed, with total fundraising of $57.5 billion, reflecting a 9% increase in fundraising despite an 11% decrease in the number of IPOs compared to the previous year [1] Group 2: A-Share Market Performance - A total of 50 companies went public in the A-share market in the first half of 2025, raising over 37.1 billion RMB, marking a 14% increase in both the number of IPOs and the total fundraising amount year-on-year [4] - The industrial, technology, and materials sectors led in both the number and amount of IPOs, with over 30% of the listed companies belonging to the automotive industry [4] Group 3: Regional Contributions to A-Share IPOs - The Yangtze River Delta and Pearl River Delta regions are the main contributors to A-share listings, with Jiangsu, Zhejiang, Guangdong, and Anhui being the top four provinces, collectively accounting for 90% of the total IPOs [5] - In terms of fundraising, Zhejiang, Guangdong, Jiangsu, Heilongjiang, and Anhui accounted for 78% of the total amount raised [5] Group 4: Hong Kong IPO Market Recovery - Approximately 40 companies are expected to go public in Hong Kong in the first half of 2025, raising around 108.7 billion HKD, with a 33% increase in the number of IPOs and a 711% increase in fundraising compared to the previous year [6] - The average fundraising amount for Hong Kong IPOs has increased more than fivefold year-on-year, making it the second-highest in the last decade, only after the same period in 2021 [6] Group 5: Focus on Technology and Innovation - The launch of the "Tech Company Special Line" in May 2025 indicates a shift in the Hong Kong market towards technology innovation, facilitating the listing of high-potential tech companies [7] - The A-share market is expected to adopt a "new normal" in IPO issuance, focusing on high-quality tech companies that meet listing criteria, with macroeconomic conditions and market funds influencing the IPO rhythm [8] Group 6: Future Outlook for IPO Markets - The North Exchange is becoming a key player in IPO applications, reflecting its support for specialized small and medium enterprises, with expectations for expansion into emerging industries like artificial intelligence and cultural creativity [8] - The enthusiasm for companies from the A-share market to list in Hong Kong is expected to continue, driven by the establishment of the "Tech Company Special Line" and the return of Chinese companies to the U.S. market [8]

Group 1 - In the first half of 2025, there were no IPOs that broke below their issue price, with an average first-day return of 220%, a significant increase from 136% in the same period of 2024 [2] - The report indicates that the IPO activities in mainland China and Hong Kong have increased their share of global IPOs, with Hong Kong accounting for 24% and A-shares for 33% of the total global fundraising [2][9] - The Hong Kong Stock Exchange topped the global fundraising scale with $14 billion, driven by large IPOs such as CATL [2][9] Group 2 - A total of 50 companies went public in the A-share market, raising over 37.1 billion yuan, marking a 14% increase in both the number of IPOs and the amount raised compared to the previous year [5] - The industrial, technology, and materials sectors led in both the number of IPOs and the amount raised, with over 30% of the IPOs in the automotive industry [5] - The average oversubscription rate for IPOs has significantly increased, reflecting heightened investor enthusiasm for new listings [5] Group 3 - The report highlights a trend of declining IPO queues, with only 28 companies filing for IPOs from January to May 2025, compared to just 2 in the same period last year [6] - The termination of IPOs is nearing its end, with 67 companies withdrawing their applications in 2025, a significant decrease from nearly 300 in the previous year [6][7] - The A-share IPO market is expected to focus more on technology-driven companies, with quality enterprises meeting listing conditions likely to proceed with their IPOs [8] Group 4 - The Hong Kong IPO market saw a surge, with approximately 40 companies expected to go public, raising around 10.87 billion HKD, representing a 33% increase in the number of IPOs and a 711% increase in the amount raised year-on-year [9] - The introduction of the "Tech Company Fast Track" in Hong Kong aims to facilitate the listing of technology and biotech companies, enhancing financing efficiency [12] - The report suggests that the IPO market in Hong Kong will continue to thrive due to the enthusiasm for A-share companies listing in Hong Kong and the return of Chinese companies listed abroad [15]