香港交易所的锣声频频敲响，一家家企业成功上市的背后，都离不开专业保荐机构的保驾护航。据最新数据报告显示，2025年1-10月，共有81家公司 登陆港股市场，其中78家通过IPO方式上市。这些上市项目的背后，是37家券商投行的专业保荐服务。 【港股IPO指南】如何选择靠谱的保荐机构？百惠金控怎么样？ 一、港股保荐机构格局 中资券商在香港IPO市场占据主导地位，成为企业赴港上市的首选合作伙伴。根据专业机构的研究报告，2025年1-10月，中金公司以26单保荐业务位居 榜首，中信证券以23单紧随其后，华泰国际则以15单位列第三。从更长的时间维度看，中金公司的领先优势更为明显。2022年至今，中金公司参与了 73家港股IPO的保荐业务，稳居保荐人排行榜首位。外资券商如摩根士丹利、高盛等同样在港股IPO市场占有一席之地，但中资券商的市场份额持续提 升。2025年前五个月，中资券商在港股IPO保荐机构中占比超过五成，成为市场主力。 二、百惠金控市场表现 在许多投资者询问"哪家港股机构靠谱"时，百惠金控以其在IPO发行领域的专长，成为市场关注的机构之一。 三、如何选择保荐机构 面对"港股 IPO 保荐机构怎么选"找专业机构 ...

Core Insights - The Hong Kong IPO market has been active in 2025, with 78 new stocks listed and a total fundraising amount of HKD 210.63 billion, representing a year-on-year increase of 200.7% [1] Group 1: Role of Sponsoring Institutions - The core concept of the sponsorship system is that sponsors (usually brokers) recommend and assist issuers in issuing securities, verifying the authenticity, accuracy, and completeness of the information in the issuance documents [3] - The essence of the sponsorship system is to establish a "joint liability mechanism," making the sponsoring institution a bridge between the issuer, regulatory bodies, and investors [4] - Sponsors play multiple critical roles throughout the IPO process, including verifying information and ensuring compliance [5] Group 2: Responsibilities of Sponsoring Institutions - The primary responsibility of sponsors is to verify the information in the issuer's documents, including financial statements, business models, and risk factors, ensuring transparency in the issuance and listing process [6] - Sponsors assist companies in improving their governance structure and market competitiveness before and after listing, ensuring compliance is crucial for newly listed companies [7] - Sponsors serve as the main communication channel with the Hong Kong Stock Exchange, explaining and implementing regulatory requirements while enhancing investor confidence through their professional reputation [8] Group 3: Choosing the Right Sponsoring Institution - Companies should consider their characteristics and needs when selecting a sponsoring institution [9] - Key criteria for choosing a sponsoring institution include verifying the necessary licenses, such as the sixth category license required by the Hong Kong Securities and Futures Commission [10] - The degree of communication and cooperation is a critical soft skill when selecting a sponsor, as highlighted by the CEO of the Hong Kong Stock Exchange [11] Group 4: Market Practices of Baihui Financial Holdings - Baihui Financial Holdings has participated in several IPO projects, showcasing its expertise in sponsorship services, including the successful listing of Jinye International Group, which saw an oversubscription of 11,460 times and a first-day price increase of 330% [12] - Another example includes the listing of Different Group, which was oversubscribed by approximately 3,316.5 times, reflecting market recognition and the execution capabilities of the intermediary team [12] Group 5: Factors for Selecting a Sponsoring Institution - Industry expertise and experience, including prior experience in listing companies within the same industry [13] - Successful case studies and market reputation, assessing the institution's experience and success in Hong Kong listings [13] - Distribution capabilities and investor networks, ensuring the institution has mature issuance channels [13] - Ongoing service capabilities, providing support for post-listing operations [13]

Core Viewpoint - The Hong Kong IPO market has experienced explosive growth in the first half of the year, with a financing scale increase of 714% year-on-year, reaching $14 billion, leading to significant earnings for investment banks and a fierce talent competition in the industry [1][2][3]. Group 1: IPO Market Performance - The Hong Kong IPO financing scale reached $14 billion in the first half of the year, a 714% increase compared to the previous year [2]. - The average listing fee for new IPOs is approximately HKD 1.02 billion, with total listing fees exceeding HKD 54.92 billion [2]. - The average daily trading volume increased by 118% year-on-year to HKD 240.2 billion [2]. Group 2: Investment Bank Earnings - The total underwriting and investment banking fees for 13 listed brokers in Hong Kong reached HKD 91.7 billion, a 30% increase from HKD 70.6 billion in the same period last year [3][4]. - Major firms like CICC, Guotai Junan, and Shenwan Hongyuan saw significant revenue growth, with increases of HKD 6.06 billion, HKD 3.95 billion, and HKD 2.59 billion respectively [3][4]. Group 3: Talent Competition - The number of licensed financial professionals in Hong Kong increased by approximately 1,200 over the past year, reaching around 42,500 [6]. - Job openings related to IPOs have grown by about 30% compared to the previous year, leading to a competitive hiring environment [6][7]. - Some firms are willing to pay substantial "buyout fees" to attract candidates, reflecting the high demand for talent [6][9]. Group 4: Salary Trends - Salaries for professionals with sponsorship rights have generally exceeded HKD 1 million annually, with some mid-level positions seeing salary increases of over 20% [9]. - The average salary for junior assistants at CITIC Securities has been raised by 15% to 30%, reaching approximately HKD 75,000 to HKD 80,000 [9][10]. - The median monthly income for Hong Kong residents in the financial and insurance sectors is HKD 40,000, the highest among all industries [10].

Financial Performance - The company reported total revenue and other income of RMB 16.28 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.19% [1] - Net profit attributable to shareholders was RMB 4.509 billion, a significant year-on-year increase of 57.77% [1] - Basic earnings per share were RMB 0.52, and the company proposed a cash dividend of RMB 1.65 per 10 shares [1] - Total assets reached RMB 612.364 billion, an increase of 8.11% compared to December 31, 2024 [1] - Shareholders' equity amounted to RMB 109.795 billion, reflecting a growth of 3.12% from December 31, 2024 [1] - Total expenses were RMB 10.958 billion, showing a slight decrease of 1.03% year-on-year [1] Business Segments - The investment banking segment generated total revenue and other income of RMB 1.171 billion, up 10.68% year-on-year [2] - The wealth management segment achieved total revenue and other income of RMB 5.662 billion, marking a growth of 26.16% [2] - The trading and institutional client services segment reported total revenue and other income of RMB 8.071 billion, an increase of 13.50% [2] - The asset management segment had total revenue and other income of RMB 653 million, reflecting a modest growth of 1.71% [2] Market Activities - The company completed four targeted issuance projects for new three-board listed companies, raising RMB 361 million [2] - In the international market, the company participated in three Hong Kong IPO sponsorship projects, with a total equity financing scale of HKD 42.926 billion [2] - The company served as a joint sponsor for the IPO of CATL, raising HKD 41.006 billion, marking the largest IPO in the past three years and the largest in the history of the new energy sector in Hong Kong [2] - As a placement agent, the company assisted in the refinancing project of the traditional gold brand Laopu Gold, raising HKD 2.715 billion [2] Debt Financing and M&A - The company completed 2,301 domestic debt financing projects, with a total underwriting amount of RMB 779.653 billion, ranking third in the industry [3] - The company led 641 corporate bond underwriting projects, with an amount of RMB 212.431 billion, also ranking third in the industry [3] - The company completed six major asset restructuring projects, ranking first in the industry, with a transaction amount of RMB 25.462 billion, ranking fifth [3] - The company played a key role in mergers and acquisitions, assisting the leading new energy vehicle company, Seres Group, in acquiring a digital factory for smart electric vehicles [3] - As an independent financial advisor, the company has had 10 listed companies publicly disclose draft documents for share issuance and major asset restructuring transactions by the end of the reporting period [3]

Group 1 - The Hong Kong IPO market has seen a significant surge, with a record number of listings and a total fundraising amount of 1,067 million HKD in the first half of 2025, nearly eight times that of the same period last year [1][2] - Five companies, including Peak Technology and Blue Sky Technology, listed on the Hong Kong Stock Exchange on the same day, marking a historic moment with six gongs ringing simultaneously [1] - The number of IPOs in May and June accounted for 58.14% of the total listings in the first half of 2025, indicating a concentrated period of activity [1] Group 2 - Eight new stocks raised over 2 billion HKD, while 17 raised over 1 billion HKD, with the top five fundraising companies being CATL, Hengrui Medicine, Haitian Flavoring, Sanhua Intelligent Control, and Mixue Ice City [2] - As of July 17, 2025, the Hong Kong market recorded 51 IPOs and a total fundraising amount of 1,134 million HKD, surpassing the total for the entire year of 2024 and increasing by 217% compared to the same period last year [2] Group 3 - The revival of the Hong Kong IPO market has led to increased activity among investment banks, with a notable rise in the number of companies seeking to go public [3] - As of July 17, 2025, there are 232 companies in the queue to apply for H-share listings, indicating strong interest in the market [3] - The competition between domestic and foreign investment banks has intensified, with domestic banks gaining an advantage due to their understanding of local enterprises and improved international service capabilities [5] Group 4 - The Hong Kong IPO market has regained its position as the largest globally, driven by a surge in A+H listings, which have become a dominant trend [4][10] - A total of 50 A+H companies have submitted IPO applications in the first half of 2025, with several major firms already listed [10] - Predictions indicate that 90 to 100 companies are expected to raise between 200 billion to 220 billion HKD in 2025, with the second half typically being a peak period for IPOs [11] Group 5 - The top investment banks in the Hong Kong IPO market as of July 17, 2025, include CICC with 18 IPOs (16.67% market share), followed by Huatai Financial Holdings and CITIC with 10 IPOs each (9.26% market share) [6][8] - The market shows a clear "Matthew effect," where larger projects are predominantly led by top-tier investment banks, while many smaller banks have only participated in a single IPO [8] Group 6 - The A+H listing model is expected to drive significant fundraising, with estimates suggesting an 85% increase in total fundraising from A+H listings compared to the first half of 2024 [12] - The technology, biomedicine, and consumer sectors are anticipated to lead the IPO market in the second half of 2025, although an increase in supply may raise the failure rate to 35% [12]