来源：百惠金控动态 近年来，香港资本市场持续活跃，成为全球企业融资的重要平台。据统计，2025年以来，港交所已成功迎来88只新股上市，累计集资额突破2,500亿港元， 稳居全球IPO募资额首位，市场交投亦显著升温，日均成交额达330亿美元，创下历史新高。在这一背景下，越来越多的内地企业选择赴港上市，既得益于 香港作为国际金融中心的区位优势，也因其成熟的监管体系可为投资者提供有力保障。香港百惠金控在本文系统梳理了香港上市的主要模式及完整流程，为 企业提供参考。 百惠金控：香港上市该准备什么？赴港上市模式与流程详解 一、内地企业赴港上市的主要模式 企业应根据自身业务结构、法律合规要求及未来发展战略，选择最适合的上市路径。目前主流模式包括H股上市、典型红筹架构及VIE协议控制模式。 1. H股上市模式 企业需在专业顾问的协助下，选定上市模式（H股、红筹或VIE），并设计相应的股权及公司架构。 H股是指在中国内地注册的企业，经中国证监会批准后，直接在香港联合交易所主板上市。该类股票以人民币为面值单位，但以港币或其他外币进行交易。 该模式结构清晰、路径直接，适合已具备规范公司治理及清晰股权结构的内地企业。企业需同时符合 ...

Core Insights - The Hong Kong IPO market has been active in 2023, with 60 new listings raising a total of 138.67 billion HKD by September 14, driven by major projects like CATL and Hesai Technology [1] Group 1: Definition and Role of IPO Sponsoring Institutions - An IPO sponsoring institution is defined as the "chief designer" and "primary responsible party" for a company's initial public offering [3] - These institutions are not mere intermediaries; they are licensed financial entities that lead, guide, and underwrite the entire IPO process [3] - Their dual role includes acting as financial advisors to help companies meet listing standards and as guarantors to ensure the accuracy and completeness of company disclosures [3] Group 2: Importance of Choosing a Quality Sponsoring Institution - Selecting a top-tier sponsoring institution is crucial for IPO success due to their three core functions: due diligence and remediation, document preparation and submission, and communication and credibility endorsement [3][4][5] - Due diligence involves a comprehensive assessment of the company to identify and rectify any historical issues, ensuring compliance with listing rules [4] - The preparation of the prospectus is vital as it serves as a legal document and a value proposition to investors, directly impacting regulatory review efficiency and investor confidence [4] - Sponsoring institutions act as a central hub connecting the company with exchanges, regulators, investors, and other stakeholders, enhancing the likelihood of regulatory approval and investor interest through their reputation [5] Group 3: Criteria for Selecting the Right Sponsoring Institution - Companies should ensure that the sponsoring institution holds the necessary licenses from the Hong Kong Securities and Futures Commission, particularly the sixth category license for providing advice on corporate financing [7] - For large blue-chip companies, the underwriting strength and global investor network of the institution should be prioritized [7] - For high-growth new economy companies, the depth of understanding of the specific industry and past success in underwriting similar firms should be emphasized [7]

Core Viewpoint - The Hong Kong capital market is experiencing a strong recovery in 2025, particularly in the IPO sector, with a significant increase in market activity and expected fundraising exceeding 250 billion HKD for the year [1] Group 1: IPO Market Performance - As of July 31, 2025, there have been 53 new listings in Hong Kong, including transfer listings and De-SPAC projects [1] - KPMG anticipates that the total IPO fundraising amount for Hong Kong stocks will surpass 250 billion HKD for the year [1] - The A+H share listing model is a major driver of this growth, with leading companies like CATL and Hansoh Pharmaceutical raising substantial funds [1] Group 2: Role of IPO Sponsors - IPO sponsors are defined as financial intermediaries approved by regulatory authorities to provide listing advisory services [3] - These sponsors play a crucial role in the IPO process, assisting companies in meeting regulatory requirements and developing financing strategies [1][3] Group 3: Core Functions of IPO Sponsors - **Pre-listing Guidance and Compliance**: Sponsors conduct comprehensive due diligence, including financial compliance checks and corporate governance optimization [4] - **Document Preparation and Disclosure**: Sponsors lead the preparation of key documents such as prospectuses, ensuring the accuracy and completeness of information disclosed [6] - **Regulatory Communication and Coordination**: Sponsors act as a bridge between companies and regulatory bodies, managing the submission of application materials and responding to inquiries [7] - **Investor Relations Management**: Sponsors assist companies in roadshows to promote their value to potential investors and develop effective pricing strategies [8] - **Ongoing Compliance Oversight**: Sponsors ensure compliance at every stage from application to issuance and continue to fulfill supervisory responsibilities post-listing [9]

Core Insights - The Hong Kong IPO market is experiencing a significant resurgence, with total fundraising exceeding HKD 100 billion in the first half of 2025, reclaiming the top position globally for IPO fundraising after four years [1] - This trend is driven by the ongoing deepening of the US-China capital market rivalry and a phase of tightening IPO policies in mainland China, leading more companies to view Hong Kong as a "super connector" for efficient financing and global expansion [1] Group 1: Characteristics of Hong Kong Financing Listings - Internationalized market [3] - Diverse listing options, including traditional IPOs, SPACs, introduction listings, REITs, and biotech chapters (Chapter 18A), catering to various corporate needs [3][4] - High financing efficiency, with IPOs typically completed within 6-12 months, significantly faster than the 1-2 years required under the A-share approval system [7] Group 2: Advantages of Choosing Hong Kong for Financing Listings - Capital raising through IPOs or additional offerings to support expansion, R&D, and acquisitions [4] - Enhanced international brand visibility, attracting global clients and partners [5] - Opportunities for shareholder exit and equity incentives through stock options [10] - Flexibility in refinancing, allowing for quick capital operations post-listing [7] - Ability to adopt "dual-class share" structures, suitable for technology companies [7] - Listing opportunities for unprofitable biotech and specialized tech firms under specific chapters [7] - Mitigation of policy risks, such as those faced by Chinese concept stocks, through secondary or dual primary listings in Hong Kong [8] - Industry-specific financing needs, with biotech companies relying on Chapter 18A and real estate firms utilizing REITs for asset revitalization [9]