来源：瑞恩资本RyanbenCapital 刘大昌又指，凭毕马威对市场的「感觉」推断，目前涉及秘密申请的或有100宗，即港交所目前正在处 理的上市申请约400宗的上市申请，其中92宗为「A+H」上市申请。行业方面，新经济、新能源、新物 料以及健康医疗等行业料将成为明年IPO重要动力。 未见香港IPO市场有系统性风险 除了整体新股市况外，市场同样关注企业挂牌后的股价表现。 刘大昌称新股表现视乎市场气氛，相信大市气氛降温对新股的影响属「季节表现」，中长线不会削弱香 港IPO市场吸引力。 香港今年新股IPO市场强势反弹，目前有逾300间企业排队上市，不过日前两大监管机构香港证监会及 香港交易所于上周五(12月5日)联合发函给所有负责IPO的保荐机构，关注申请文件质量。 四大会计师事务所之一的毕马威中国香港资本市场组主管合伙人刘大昌表示，香港IPO市场在经历两三 年低迷期后，今年「突然大幅回升」，保荐机构在人手调配上确有挑战。监管机构的表态，不会影响企 业上市意愿，料明年香港新上市宗数可达180至200宗，IPO募资有望达到3,500亿港元。 刘大昌指出，虽然新股项目众多，但香港上市制度成熟完善、一向对上市的要求严谨 ...

Group 1 - The A-share IPO market is active, with 72 companies listed by September 22, raising a total of 69.644 billion yuan, surpassing the total fundraising amount for the entire year of 2024 [2][3] - The Hong Kong market has seen 64 companies listed, raising a total of 146.887 billion HKD (approximately 134.325 billion yuan), exceeding the total for both 2023 and 2024 [2][3] - Deloitte's report indicates that the Hong Kong Stock Exchange will continue to lead global IPO financing rankings, driven by six large IPOs during the period [3][10] Group 2 - In the first three quarters, A-shares are expected to have 78 new IPOs raising 77.1 billion yuan, a 13% increase in the number of IPOs and a 61% increase in total fundraising compared to the same period last year [3][9] - The Hong Kong market is projected to have 66 new IPOs raising 1.823 billion HKD (approximately 1.668 billion yuan), representing a 228% year-on-year increase in fundraising [3][9] Group 3 - Major IPOs in 2023 include CATL, Zijin Mining International, Huadian New Energy, and others, with Huadian New Energy's IPO being the largest in A-shares this year at 18.1 billion yuan [5][11] - The A-share market is seeing a shift in industry focus, with traditional and high-end manufacturing sectors leading in both the number of IPOs and fundraising amounts [7][9] Group 4 - The number of IPO withdrawals has significantly decreased, with 83 companies withdrawing their IPOs this year, a 77.13% decline year-on-year [9] - As of September 19, there are 279 companies waiting for IPO approval in the A-share market, with 50 companies having been reviewed and 49 approved [9] Group 5 - The Hong Kong market is benefiting from policies encouraging mainland companies to list there and the optimization of the IPO application process, leading to a strong market momentum [10][13] - Deloitte forecasts that over 80 new IPOs will be listed in Hong Kong in 2025, raising between 250 billion to 280 billion HKD [13][14]