中经记者 郭婧婷 北京报道 自2025年年初以来，科技创新热潮不仅推动港股领涨全球，港股 IPO 也出现强劲复苏，内地企业赴港 上市热度攀升。 6月18日，在2025陆家嘴论坛上，香港交易所（以下简称"港交所"）行政总裁陈翊庭表示，当前港股IPO 排队企业超160家，仅5月就有40多家企业递表。 "2025年港股市场回暖受益于降息周期来临、政策支持、改革成效以及投资者情绪变化等多重因素。"港 交所发言人在接受《中国经营报》记者采访时如是说。记者根据Wind数据统计发现，在160余家赴港 IPO排队企业中，有超过九成以上的企业来自中国内地。 实际上，港股市场升温很大程度上亦有赖于内地监管层面的推动和支持。2024年4月19日，中国证监会 发布对港合作"5条"，共同促进两地资本市场协同发展。其中，"支持内地行业龙头企业赴香港上市"为 重要内容之一。 记者梳理发现，截至6月19日，5条措施推出至今14个月，内地企业赴港上市已达86家，2025年以来，内 地企业赴港上市数量31家，其中，宁德时代以52亿美元的募资额成为上半年全球最大IPO。 IPO市场回温 "A+H"上市案例频出 6月12日，安永发布2025年上半年 ...

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]

"2025上半年，未有IPO破发，IPO平均首日回报达到220%，与2024上半年的136%相比，同比大幅上升。" 2025年6月12日，在《中国内地和香港IPO市场》报告（下称"报告"）发布现场，安永北京主管合伙人杨淑娟如是介绍了上半年A股IPO（首次公开募股）发 行情况。 报告显示，2025年上半年，中国内地和香港地区IPO活动在全球中的占比上升。其中，香港IPO活动表现抢眼，筹资额占全球总筹资额的24%，与A股合计占 全球总筹资额的33%。同时，得益于宁德时代等大型IPO推动，港交所以140亿美元募资规模登顶全球。 全球市场IPO数量和融资规模 A股IPO平均首日回报达到220% 就A股市场来看，A股上半年共有50家企业实现首发上市，上市企业以中小规模企业为主，合计筹资超过371亿元，IPO数量和筹资额实现双增长，均同比上 升14%。 报告显示，从行业来看，工业、科技和材料领域的IPO数量和筹资额分居前三位。汽车行业作为重要支柱产业，在政策支持下加速转型升级和创新发展。在 2025上半年IPO中，有超三成企业属于汽车行业上下游企业。 打新的高回报和IPO数量的稀缺使得投资者打新积极性进一步高涨，在IPO ...