同时，2024年10月，香港证监会及港交所发布联合声明，优化了A股公司赴港上市的审核流程。此后， 众多A股公司申请港股IPO，截至2025年10月期间，年内已有12家A股成功H股上市，同时有近80家A股 公司正申请港股IPO。 港股IPO，已然市场绝对热点。 一、香港主板上市的基本条件 在香港交易所主板上市的发行人，必须依据其注册或成立所在地的法律正式注册或成立，并遵守相关法 规及公司章程。 发行人注册成立地及中央管理所在地的证券监管机构必须是《国际证监会组织多边谅解备忘录》的正式 签署方，以便香港证监会需时寻求监管协助与信息交换。 （一） 财务要求 文/旋风 截至2025年10月31日，年内港交所已有80只新股上市，一共募资逾2500亿港币。目前，有超350家企业 递交了上市申请，正在等待港交所审核，港交所拥挤程度远超过往。 申请人必须满足以下三类测试中的任意一类。且所有申请人均需满足：具备不少于3个会计年度的营业 记录（特定情况下可申请豁免）；至少前3个会计年度的管理层维持不变；至少经审计的最近一个会计 年度的拥有权和控制权维持不变。 具体测试标准如下： 1、 盈利测试 (1) 具备不少于3个会计年度的营 ...

分享结束后，圆桌讨论环节的问答氛围热烈。参会企业代表围绕自身赴港上市规划、业务发展瓶颈等问题积极提问，三位专家针对这些问题逐一回答，提 供了个性化解决方案。 2025年11月18日，由北京股权交易中心有限公司（以下简称北股交）、北京京东方空间数智科技服务有限公司联合主办，天风国际证券集团有限公司、中 伦律师事务所、北京外企人力资源服务有限公司协办的"赴港上市，智赢未来"港股IPO及香港资本市场分析交流会顺利举办。活动聚焦企业赴港上市核心 需求，汇聚证券、法律、人力资源领域专家，吸引28家企业代表参会，覆盖人工智能、生物医药、智能制造等多个前沿赛道。 北京外企人力资源服务有限公司胡晓星围绕港股上市人力资源合规展开分享，介绍了赴港上市企业在招聘、入职、在职、离职人力资源管理全周期的合规 要点及相关法定义务，还讲解了香港《雇佣条例》下的用工政策、三类人才入境计划，以及FESCO的出海核心服务和服务中企出海的丰富经验。 本次交流会通过精准解读政策、拆解实操难题、搭建资源平台，有效破解了企业赴港上市的信息不对称问题。作为北京市唯一的区域性股权市场运营机 构，北股交始终聚焦企业发展需求，依托北京"专精特新"专板等特色板块 ...

Group 1: Market Overview - The Hong Kong stock market has experienced a strong surge since the beginning of the year, with a significant increase in the number of IPOs and total fundraising amount from January to May, with 27 new stocks listed, marking a substantial year-on-year increase [1] - Multiple factors, including the implementation of various policies by the central and Hong Kong regulators and the continuous influx of domestic and foreign capital, have contributed to the robust performance of the Hong Kong stock market, further solidifying its status as a global financial center [1] Group 2: Company Profile - Jiufu - Jiufu has established itself as a leader in the financial public relations industry, successfully managing the first "A + H simultaneous issuance" and the first "full circulation issuance of H shares and A shares" in the domestic market [3] - The company has actively expanded into overseas markets, becoming the first domestic financial public relations company to set up a branch in Hong Kong, enhancing its cross-border service capabilities [3] - Jiufu has played a significant role in the Hong Kong IPO service sector, assisting 7 out of the 27 companies that have gone public this year, including Jiangsu Hongxin, which is recognized as the "first stock of Jiangsu supermarket" [3][4] Group 3: Client Base and Services - Jiufu's client base spans major sectors such as consumer goods, TMT, automotive manufacturing, and biomedicine, with notable projects including the IPO of China Resources Beverage, the largest drinking water company in China, and Jitu Express, the first express delivery company to go public [4] - The company has maintained long-term relationships with over 70 Hong Kong-listed companies, including major state-owned enterprises and industry leaders, with a significant proportion of clients having engaged Jiufu for over five years [5][6] - Jiufu's methodology and efficient operational model have made it a preferred partner for clients seeking strategic advice and overseas service implementation [6] Group 4: Future Outlook - According to Deloitte China, the Hong Kong market is expected to attract more large A-share listed companies, leading domestic enterprises, and overseas companies to go public, with an estimated 80 new stocks expected to be listed in 2025, further boosting fundraising activities [6] - Jiufu aims to continue its commitment to becoming the most respected capital market value operation service provider in China, assisting enterprises with global perspectives in attracting top-tier capital and achieving overseas capital operations [6]

Core Viewpoint - The surge in companies listing in Hong Kong, along with the influx of external capital and sustained trading activity in the secondary market, has created significant opportunities for investment banks, particularly domestic brokers, to expand their operations and enhance their international business capabilities [1][4]. Group 1: Market Opportunities - The current wave of companies going public in Hong Kong is attributed to improved listing mechanisms and the market's enhanced inclusivity and competitiveness, which have attracted more investors [4]. - Domestic brokers are increasing resource allocation and enhancing collaboration between mainland and Hong Kong branches to seize market opportunities while ensuring project quality [1][2]. Group 2: Strategic Initiatives by Brokers - Companies like Guotai Junan and Dongxing Securities are actively reallocating resources and hiring experienced personnel to improve their capabilities in the Hong Kong IPO market [2][3]. - Guangfa Securities is implementing a cross-border collaboration platform to facilitate real-time information sharing and efficient cooperation between teams in mainland China and Hong Kong [3]. Group 3: Future Growth and Development - The ongoing trend of companies listing in Hong Kong is expected to enhance the international operational capabilities of Chinese brokers, contributing to the high-quality development of the securities industry [4][5]. - According to Deloitte China, the Hong Kong IPO market is projected to see significant activity in 2025, with an estimated 80 new listings and a financing scale of HKD 130 billion to 150 billion [6]. Group 4: Enhancing Professional Capabilities - Domestic brokers are focusing on upgrading their service systems and tailoring service plans for different industries and stages of development to improve service quality and market competitiveness [7]. - Companies are also prioritizing the recruitment of professionals with international investment banking experience to strengthen their teams and adapt to market changes [8].

Core Viewpoint - The Hong Kong stock market is becoming the main battleground for Chinese companies' cross-border financing in 2025, driven by stricter IPO reviews in A-shares and liquidity pressures in the market [1][2]. Group 1: Market Trends - As of May 13, 2023, the scale of equity financing in the Hong Kong stock market reached HKD 146.34 billion, a year-on-year increase of 321.96%, with IPO financing amounting to HKD 23.47 billion, up 198.33% year-on-year [1]. - The Hong Kong Stock Exchange (HKEX) has introduced reforms, including the optimization of review processes and the launch of the FINI settlement platform, which have accelerated the IPO timeline and increased certainty [1][3]. - The introduction of new listing rules, such as chapters 18A and 18C, has opened up pathways for biotech and specialized technology companies, allowing unprofitable companies to list, thereby significantly broadening the client pool [1][3]. Group 2: Policy and Regulatory Support - The China Securities Regulatory Commission (CSRC) has implemented five cooperation measures to support mainland companies in listing in Hong Kong, simplifying the filing process and easing cross-border capital flow restrictions [2][3]. - The unique model of "domestic policy support + international standard operation" has enhanced the attractiveness of the Hong Kong market for mainland enterprises, creating a distinctive "Chinese solution" in the global capital market [2]. Group 3: Investment Banking Strategies - Chinese investment banks are actively constructing a "dual-track coordination and complementary advantages" strategy, providing customized listing path planning based on the industry attributes and internationalization level of enterprises [2][4]. - The integration of A-share and Hong Kong market resources has led to the establishment of cross-border collaborative teams within Chinese investment banks, ensuring seamless domestic and foreign listing services [4][5]. Group 4: Market Dynamics and Challenges - The IPO market in Hong Kong has seen explosive growth this year, attributed to policy support and industry hotspots, with the HKEX lowering listing thresholds and enhancing the attractiveness of the market [3][4]. - The first-day performance of new stocks in the Hong Kong market has shown significant divergence, with a first-day failure rate of 35.7%, highlighting the need for investment banks to balance market enthusiasm with risk management [8][9]. Group 5: Future Outlook - Predictions indicate that the Hong Kong market will see a financing scale of HKD 130 billion to HKD 150 billion by 2025, with more A-share listed companies and leading mainland enterprises expected to list in Hong Kong [6][7]. - Investment banks are focusing on vertical industry research systems to explore value in niche sectors, maintaining close communication with long-term investors and industry investors [7].