来源：百惠金控动态 2025年，香港交易所迎来IPO市场的强势回归与空前繁荣。上半年港股IPO募资总额突破千亿港元大 关，重夺全球IPO募资额冠军宝座，生物科技、新经济及"A+H"企业的集中上市共同点燃了这场资本盛 宴。香港作为全球重要的金融中心之一，其IPO市场一直备受企业及投资者关注。百惠金控将在本文介 绍香港IPO的具体流程，帮助读者全面了解企业从递表到挂牌上市所经历的关键阶段。 港股上市热潮再起 最新香港IPO流程和时间表速递 一、上市前准备阶段 在正式提交上市申请前，企业需要完成以下核心准备工作： 一、上市执行阶段 港股IPO流程主要为： 递表→聆讯→路演→招股→公布配售结果→挂牌上市。 1. 递表（历时1-6个月） 拟上市公司委任保荐人及其他的顾问，进行尽职调查并协助拟备招股书，然后向香港联交所提交上市申 请（A1表格）及招股书草案，支付相关费用，预约聆讯日期。此时招股书为申请版本，投资者可通 过"披露易"网站查阅企业基本信息、行业资料和公司架构等内容。联交所将进行为期三天的初步审核， 作出初略评估。 - 认购超100倍：回拨至公开发售占比50% 2. 聆讯（2-3天） 准备符合要求的财务信息及相 ...

美国东部时间8月19日，来自北京的农业B2B电商平台——一亩田，正式在美国纳斯达克IPO上市。该公 司成立于2011年，以数字平台切入农产品流通领域，围绕解决农民"卖货"问题，为农产品经纪人及城市 端的批发商提供交易撮合服务。据招股书显示，本次募资主要用于继续拓展线下"沃来采"农产品经纪服 务网络，进行全面的农产品经纪服务流程和制度的梳理、设计，并全力推进国际化相关业务。此次 IPO，一亩田共发行501万股股份，总募集资金约2054.1万美元。截至定稿，该公司市值为2.55亿美元。 碳化硅衬底制造商天岳先进 正式登陆港交所主板完成"A+H"上市 北京时间8月20日，来自山东济南的碳化硅衬底制造商——天岳先进，正式在港交所主板挂牌上市。该 公司成立于2010年，是国内领先的宽禁带半导体材料生产商，主要从事碳化硅半导体材料的研发、生产 和销售，产品包括半绝缘型碳化硅衬底、导电性碳化硅衬底，可应用于微波电子、电力电子等领域。此 次IPO，天岳先进共发行4774.57万股股份，首发募集资金约20.44亿港元。截至定稿，该公司市值为 206.36亿港元。 01 本周上市企业： 农业B2B电商平台一亩田 正式在美国纳斯达 ...

今年以来，港股市场暖意融融，恒生指数与恒生科技指数累计涨幅超20%，IPO与上市后融资规模双双 创下新高;A股交投活跃度也同步飙升，日均成交额同比提升超两成。由于资本市场活跃度大幅提升，市 场交投情绪高涨，券商经纪业务等多业务线迎来多重利好，为券商业绩增长提供强劲助力。 在这样的背景下，兴证国际(06058)凭借着良好的业绩增长、创新的业务拓展及明朗的成长预期，赢得 投资者的青睐。自今年7月以来，兴证国际走出一波漂亮的近乎"翻倍"行情，并在不久前的7月30日盘内 股价突破0.86港元，创下年内新高。 智通财经APP了解到，8月18日，兴证国际发布2025年中期业绩。期内，公司把握市场机会、紧跟政策 导向，资产规模实现稳健扩张，盈利能力持续提升，不断攀升的股价反映的正是市场对公司价值的高度 认可。 受益于市场交投活跃，上半年业绩稳步前行 2025年上半年，香港作为国际金融枢纽在全球资本市场中表现亮眼，进一步巩固其国际金融中心的地 位。新股市场以1071亿港元集资额跃居全球首位，较去年同期激增七倍;恒生指数以近20%涨幅领跑全 球主要股市，港股日均成交额达2402亿港元，同比上升118%。 值此港股走牛之际，兴证 ...

Financial Data and Key Metrics Changes - The company reported revenues of $605 million for the first quarter, an 18% increase year-over-year, and adjusted earnings per share of $2.14, up 75% compared to the same quarter last year [5][6][10] - Adjusted compensation expenses were $372 million, up from $316 million in the same period last year, maintaining an adjusted compensation expense ratio of 61.5% [13][14] - Adjusted non-compensation expenses increased to $94 million from $80 million year-over-year, with a non-compensation expense ratio of 15.6% [14][15] Business Line Data and Key Metrics Changes - Corporate Finance generated $399 million in revenue, a 21% increase year-over-year, with 125 transactions closed, up from 116 [6][11] - Financial Restructuring revenues were $128 million, a 9% increase, with 35 transactions closed compared to 33 in the same quarter last year [7][12] - Financial and Valuation Advisory produced $79 million in revenues, a 16% increase, with 957 fee events, up from 847 [8][12] Market Data and Key Metrics Changes - The U.S. market continues to outperform EMEA in terms of revenue and activity levels, with expectations that this trend will persist [11][12][56] - The company noted that while the sponsor activity has been muted, there are signs of improvement expected post-Labor Day [54][55] Company Strategy and Development Direction - The company is focused on maintaining a diversified business model across industries and geographies, which has shown resilience in the current macro environment [6][10] - The company is committed to hiring senior talent and expanding its workforce through both organic growth and strategic acquisitions [9][78] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the business environment, acknowledging ongoing volatility and uncertainty [61] - The outlook for fiscal year 2026 remains positive, with expectations for continued growth across all business lines [10][19] Other Important Information - The company hosted the inaugural Houlihan Lokey ONE conference, which was well-received, showcasing its global reach and client engagement [9] - The adjusted effective tax rate for the quarter was negative 0.8%, a significant decrease from 31.2% in the same quarter last year, due to changes in stock-based compensation accounting [18][19] Q&A Session Summary Question: Insights on Corporate Finance market improvement - Management noted that while there is improvement quarter by quarter, it is not necessarily consistent month by month, with clients adapting to market conditions [25][26] Question: Backlog trends and sector performance - Management refrained from commenting on backlog specifics but indicated solid performance across sectors, with EMEA lagging behind the U.S. [28][29] Question: Quality of assets and deal activity - Management acknowledged a strong environment but noted that the volume of deals is expected to pick up after Labor Day [33][34] Question: Non-compensation expense growth expectations - Management confirmed expectations for high single-digit growth in non-compensation expenses for the year, despite a higher first quarter [36][37] Question: Restructuring market outlook - Management indicated that both in-court and out-of-court restructuring activities remain strong, with a good pipeline expected to continue [41][42] Question: Growth of the secondaries business - Management expressed satisfaction with the growth of the secondaries business, which is integrated within the Capital Solutions group [44][45] Question: Sponsor market activity post-Labor Day - Management expects an increase in sponsor activity after Labor Day, consistent with broader market trends [54][55] Question: Hiring strategy and focus areas - Management emphasized a commitment to hiring across all sectors, without specific focus areas, driven by growth opportunities [78][80]

Core Viewpoint - The Hong Kong Stock Exchange's reform allowing companies to retain repurchased shares as treasury stock has led to a surge in share buybacks among listed companies, particularly Cathay Securities International, which has been actively repurchasing shares since July 2024 [1][5]. Group 1: Share Buyback Activity - As of June 19, 2024, 199 Hong Kong-listed companies have repurchased a total of 3.864 billion shares, amounting to over 87 billion HKD [1]. - Cathay Securities International has conducted over 60 buybacks since July 2024, repurchasing 36.5 million shares for over 35 million HKD, with costs ranging from 0.6 HKD to 1.22 HKD per share [1][5]. - In the second half of 2024, the company repurchased 17.445 million shares for 14.671 million HKD, and from early 2025 to June 18, 2025, it repurchased 19.055 million shares for a total of 20.782 million HKD [2]. Group 2: Financial Performance - Cathay Securities International reported a 37% year-on-year increase in revenue for 2024, reaching 4.422 billion HKD, and a 73% rise in net profit to 348 million HKD [10]. - The company's revenue sources include institutional investor services and wealth management, which together account for approximately 43% of total revenue, with institutional services seeing a 90% increase year-on-year [10]. - The company participated in 232 bond issuance underwriting projects in 2024, a 59% increase from the previous year, with a total issuance amount of approximately 389.1 billion HKD, marking an 85% year-on-year growth [10]. Group 3: Dividend Policy - Cathay Securities International has consistently paid cash dividends since 2010, with a dividend payout ratio of 88% for 2024, following the removal of a 50% dividend cap in 2022 [11][14]. - The total dividend for 2024 is 0.032 HKD per share, including an interim dividend of 0.012 HKD per share [11]. - The company has maintained a high dividend payout in recent years, with payout ratios of 594% in 2022 and 95% in 2023 [14].

去年9月下旬以来资本市场活跃度大幅提升，市场交投情绪高涨，为券商经纪业务等多业务线带来利 好，为券商业绩增长提供强劲助力。因此，就全年业绩成绩单来看，券商企业接连传吉报喜，一扫去年 上半年证券业的"阴霾"，为行业打入一针强心剂。 3月24日，兴证国际（06058）发布2024年度业绩。期内，公司实现营业收入8.81亿元（单位：港元，下 同），同比增长62.16%，净利润1.08亿元，同比增长98.11%，盈利能力再上新台阶。亮丽的2024年业 绩，为稳固兴证国际大湾区行业领先地位提供强力支撑。 大机构为抓手 平台化与生态化成长曲线呼之欲出 金融支持经济高质量发展，春江水暖资本知。 9月24日发布政策组合拳以来，A股港股两地资本市场大幅回暖。尤其是港股市场，全年新股上市集资 额达800多亿元，重回世界第四；恒生指数触底反弹，全年累计升约17.7%；港股平均每日成交金额为 1318亿元，同比上升26%，全面反映投资者信心回升。债券市场方面，因美联储启动降息，2024年亚洲 (日本除外)的G3货币(美元、欧元和日圆)债券发行额按年上升38.41%至1755亿美元，亦终止连续两年下 跌趋势。 股债双牛的背景下，兴证国 ...