Group 1 - In the first four months of 2025, 57 cornerstone investors participated in 13 Hong Kong IPO projects, accounting for 76.47% of the companies that successfully listed this year [1][2] - The total investment amount from cornerstone investors reached HKD 6.771 billion, representing 31.79% of the total fundraising amount, with an average investment of approximately HKD 119 million per transaction [1][2] - The cumulative investment amount from cornerstone investors in the first four months of 2025 increased by 250.65% compared to HKD 1.931 billion in the same period of 2024, indicating a potential for 2025 to surpass 2022 levels [2] Group 2 - Cornerstone investors are a crucial institutional arrangement in Hong Kong IPOs, where they sign subscription agreements with issuers before the IPO, committing to purchase a certain share of stocks at the IPO price [2] - The participation of well-known investment institutions as cornerstone investors, such as large banks, hedge funds, private equity funds, and sovereign wealth funds, sends a positive signal to the market, potentially attracting more investors to participate in IPOs [2] - The cornerstone investor system was designed to leverage the credibility of large institutions to signal positively to the market for mainland companies listing in Hong Kong, thereby increasing retail participation in new stock offerings and ensuring a base level of subscriptions to improve the success rate of issuances [2] Group 3 - The process for becoming a cornerstone investor includes several steps: submission of application by the listing company, signing of cornerstone investment agreements, completion of payment as per the agreement, stock purchase upon listing, and holding the stocks for a minimum of six months [6] - During the payment process, relevant ODI (Overseas Direct Investment) filings or approvals must be completed, including providing necessary documentation to banks for foreign exchange registration [6][9] - ODI regulations require that enterprises intending to invest overseas must undergo relevant filing or approval procedures, which are governed by the National Development and Reform Commission and the Ministry of Commerce [7][8]