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].