点击上图▲立即收听 " 2025 年，香港交易所上市 114 只新股，融资 2863 亿港元，超过了纳斯达克的 2052 亿港元，位居世界第一。 文 /巴九灵（微信公众号：吴晓波频道） 2025年的亚洲财富圈，正上演一场规模空前的"资本大挪移"。 | | 香港超高淨值人數增幅全球最快 | | | | --- | --- | --- | --- | | 排名 | 地區 | 人數 | 增幅 | | 1 | 美國 | 192.470 | +6.5% | | 2 | 中國內地 | 52,020 | +3.5% | | 3 | 德國 | 26,570 | +7.7% | | 4 | 英國 | 18,785 | +7.2% | | 5 | 日本 | 18,690 | +4.6% | | 6 | 中國香港 | 17,215 | +22.9% | | 7 | 加拿大 | 15.620 | +3.0% | | 8 | 法國 | 14,565 | +2.9% | | 9 | 意大利 | 11.950 | +5.1% | | 10 | 印度 | 11,865 | +7.6% | | | 註:超高淨值 至少達3.000萬美元 | | ...

【环球网财经综合报道】2025年，香港资本市场以全年2858亿港元的首次公开募股（IPO）融资额，重登全球交易所榜首。市场活力显著回升，年末再现单 日六家公司同时上市的盛况。 市场的强劲表现得益于持续的制度创新与流动性环境的显著改善。 港交所主板《上市规则》第十八A章（允许未盈利生物科技公司上市）与第十八C章（允许特专科技公司上市）持续发挥吸引力。自实施以来，已有88家相 关公司借此通道登陆港股。2025年，港交所还正式推出"科企专线"服务机制，以保密方式支持科技企业提交上市申请，进一步提升了服务效率。 与此同时，市场流动性大幅改善，为IPO热潮提供了坚实基础。港交所数据显示，2025年前11个月的平均每日成交金额达2558亿港元，同比上升约95%。 中介机构排名随之落定，摩根士丹利亚洲、利弗莫尔证券、高伟绅及安永分别在保荐、承销、法律及审计领域位列榜首。 德勤中国发布报告预测，在目前超过300宗上市申请的支持下，2026年香港新股市场有望迎来约160只新股，融资额预计不少于3000亿港元。美联储货币政 策转向、中国内地企业出海需求以及港股自身的持续改革，均为市场延续强势表现提供了动力。（陈十一） 全年共有1 ...

2025年12月30日，港交所迎来6家企业同日上市的盛况，也为2025年全年港股IPO市场画上圆满句号。 Wind数据显示，2025年全年港股IPO募资额达2856.93亿港元，较2024年大幅增长224%，募资规模成功重返全球榜首；全年共有117家公司在港上市，较2024 年增长67.14%。 港交所数据显示，截至2025年12月31日，共有逾612宗上市申请，其中包括549家主板、11家GEM（原创业板），还有52家根据《主板上市规则》第二十章 及第二十一章递交的上市申请，仍在排队处理的还有321宗。 港股IPO规模重登榜首 Wind数据显示，全年港股IPO募资额达2856.93亿港元，较2024年的881.47亿港元大幅增长224%，117家新上市公司广泛覆盖新能源、AI、生物科技等领域。 2025年12月22日港交所发布的2025年回顾显示，2025年，香港新股市场融资额位居全球第一，融资额较去年明显上升，平均每日成交额更创下历史新高。 这一成绩的达成，核心依托超大型IPO的强劲拉动，港股市场2025年全年诞生8家百亿级港元融资企业，分别为宁德时代（410.06亿港元）、紫金黄金国际 （287.32亿 ...

香港恒生指数全年涨幅27.77% 创自2017年来最佳年度表现 中新社香港12月31日电 (记者 戴小橦)12月31日，香港股市2025年度交易收官。尽管收官日表现略显低 迷，但香港恒生指数全年累计涨幅27.77%，创下自2017年以来的最佳年度表现。 展望2026年，业界普遍看好赴港上市活动持续踊跃。毕马威预计，明年香港将有180只至200只新股上 市，募资规模约3500亿港元。毕马威中国香港资本市场组主管合伙人刘大昌表示，相信明年香港打入全 球IPO(首次公开募股)排名前三位不成问题。(完) 截至31日收盘，恒生指数收报25630.54点，下跌224.06点，跌幅0.87%，全年累计涨幅27.77%；恒生科 技指数收报5515.98点，下跌62.40点，跌幅1.12%，全年累计涨幅23.45%；国企指数收报8913.68点，下 跌77.34点，跌幅0.86%，全年累计涨幅22.27%。 来源：中国新闻网 香港交易及结算所有限公司(简称"港交所")行政总裁陈翊庭认为，2025年是全球投资者纷纷重返香港市 场的一年，中国内地和亚洲的创新发展为市场注入源源不绝的活力。 编辑：付健青 制度革新成为驱动港股市场高质 ...

Core Insights - The report discusses the new paradigm of Hong Kong's capital markets driven by technological empowerment and institutional innovation, focusing on the trends and regulations for mainland companies planning to list in Hong Kong by 2025 [1][24]. Listing Pathways - The report highlights the suitability of H-share direct listings and red-chip indirect listings, with a trend towards A-share to H-share conversions. It emphasizes the importance of compliance issues related to VIE structure dismantling, H-share "full circulation," and offshore trust applications [2][18]. - The new regulatory framework established in 2023 has simplified the H-share listing process and optimized the "full circulation" mechanism, providing a more efficient cross-border financing path for large state-owned and mature private enterprises [18][24]. Practical Issues - The report identifies key legal issues for companies planning to list in Hong Kong, including the design of equity incentives, tax planning, and information disclosure, which are critical for executives to manage effectively [2][20]. - The Hong Kong Stock Exchange has introduced initiatives like the "Tech Company Fast Track" to enhance the attractiveness of the market for technology firms, aiming to facilitate their listing processes [2][10]. Hot Industries - The report categorizes key industries such as hard technology, biomedicine, and new consumption, each facing unique compliance challenges. Hard tech companies must navigate intellectual property and export control issues, while biomedicine firms focus on data security and human genetic resource protection [2][22]. - New consumption enterprises face multiple compliance tests, including third-party payment regulations and store licensing management, while domestic chain enterprises must pay attention to franchise compliance and fund management [2][22]. Market Dynamics - By 2025, Hong Kong's capital market is projected to regain its position as the world's top fundraising destination, with over 90% of the companies being from mainland China, driven by institutional innovations that facilitate access to global capital [1][24]. - The report emphasizes that the new regulatory environment and the establishment of a comprehensive filing system mark a significant shift in the cross-border listing landscape, enhancing the market's appeal for innovative enterprises [24].

Core Viewpoint - The Hong Kong Stock Exchange's "Special Line for Technology Companies" has significantly improved the efficiency of IPOs for tech and biotech firms, with 68 companies listed in the first six months since its launch [1] Group 1: Market Performance - As of November 5, 2023, the total amount raised through IPOs in Hong Kong reached 230.76 billion HKD, representing a year-on-year increase of 223.53% [1] - On November 6, 2023, four new stocks were listed, including two companies that submitted applications through the "Special Line for Technology Companies" [1] Group 2: Diverse Listing Entities - The current pipeline includes companies from various sectors such as robotics, biomedicine, food and beverage, and automotive parts, including unicorns and leading A-share companies [2] - Lush Comfort Ltd., the first company headquartered in the Middle East to list in Hong Kong, plans to raise 2.38 billion HKD to enhance production capacity and brand influence [2] Group 3: Market Structure and Liquidity - The gathering of diverse listing entities is expected to deepen cooperation between mainland and Hong Kong capital markets, enhancing market structure and liquidity [3] - The average daily trading volume in the Hong Kong stock market reached a record high of 286.4 billion HKD in Q3 2023, more than double that of the same period last year [5] Group 4: Policy and Future Outlook - The China Securities Regulatory Commission aims to enhance practical cooperation between mainland and Hong Kong capital markets, which will facilitate the listing process for tech companies [6] - The introduction of more reform measures is anticipated to further promote the listing of technology companies in Hong Kong [6]

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO financing, reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024, making it the top global market for IPOs this year [1][3] - There is a notable rise in participation from international investors in the Hong Kong IPO market, particularly from Europe, the Middle East, and emerging markets, indicating a strong global interest in Chinese technology innovation [3] - The A+H listing model has developed further, with nearly half of the new IPO financing in the first nine months coming from A+H listed companies, showcasing strong market linkage between mainland China and Hong Kong [3] - The average daily trading volume in the Hong Kong securities market reached HKD 256.4 billion by the end of September, a 126% year-on-year increase, indicating robust activity in the secondary market [3] - The Hang Seng Technology Index has risen by 40.1% year-to-date, driven by the surge in AI-related stocks, with the Hang Seng Hong Kong Stock Connect China Technology Index showing a 55.8% increase [5] Industry Trends - The global economic landscape is shifting, with diminishing returns from technological advancements and demographic dividends, leading to changes in asset allocation logic [4] - Hong Kong is positioned to attract international capital, enhancing its role in global capital allocation amidst geopolitical risks and a retreat from globalization [4] - The technology sector has surpassed the financial sector in terms of weight within the Hang Seng Index, highlighting the central role of technological innovation in economic development [4]

Economic Development - The 2025 Policy Address emphasizes "improving people's livelihoods" and "economic development" as its main themes, proposing several breakthrough policies to consolidate Hong Kong's status as an international financial center[6] - The government aims to foster emerging industries such as advanced manufacturing, life sciences, new energy, artificial intelligence, and data science to create high-quality jobs and enhance overall economic efficiency[5][7] Capital Market Initiatives - The government plans to assist mainland tech companies in financing through the "Tech Enterprise Channel" and improve the main board listing system and issuance mechanisms for structured products[8] - Initiatives include optimizing regulations for "same share, different rights" listings and exploring a T+1 settlement cycle to attract more overseas companies to list in Hong Kong[8] Currency and Bond Market Development - The Hong Kong Monetary Authority (HKMA) will introduce a new "Renminbi Business Funding Arrangement" to enhance liquidity in the offshore RMB market, supported by a currency swap agreement with the People's Bank of China[11] - Plans to upgrade financial infrastructure and promote offshore Chinese government bonds as collateral to expand the application of RMB assets in the bond market[9] Financial Technology Advancements - The HKMA will continue to advance the Ensemble project, promoting tokenized deposit products and facilitating the issuance of tokenized bonds[13] - The report highlights the importance of regulatory sandboxes to encourage banks to strengthen risk management capabilities and the establishment of a risk prevention system in the digital asset sector[13]

Group 1 - The core viewpoint is that the Hong Kong stock market has seen a significant increase in new stock issuance this year, with total financing reaching HKD 134.5 billion by the end of August, nearly six times higher than the same period in 2024, surpassing the global new stock financing growth rate [1] - The "A+H" listing model has performed exceptionally well, with related enterprises accounting for 70% of total financing in the first half of the year, indicating strong momentum between the A-share and Hong Kong markets [1] - Nearly 40% of the total refinancing this year has come from technology companies, reflecting global investors' long-term optimism towards the tech sector [1] Group 2 - The Hong Kong Stock Exchange launched the "Tech Company Fast Track" in May to provide one-stop listing consultation services for 18C special technology companies and 18A biotech companies, aimed at improving communication efficiency and transparency [1][2] - As of the end of August, there are 24 biotech companies and 12 special technology companies currently processing listing applications, showcasing the market's strong appeal and inclusiveness for innovative enterprises [2] - The Hong Kong Stock Exchange is processing over 200 listing applications, with nearly half being technology companies, indicating sustained interest from international long-term funds in China's tech innovation [4]

Group 1 - The Hong Kong Stock Exchange (HKEX) has launched a dedicated listing channel for technology and biotech companies, described as "hands-on service" by the CEO [1] - This channel provides specialized guidance for companies preparing for their IPOs, helping them understand and meet listing requirements more efficiently [1] - A significant breakthrough of this channel is the option for companies to submit their IPO applications confidentially, reducing risks associated with early disclosure of sensitive information [1] Group 2 - HKEX's recent reforms aim to solidify Hong Kong's position as the preferred listing platform for emerging and innovative companies [2] - Since 2018, the number of new economy companies has surged in the Hong Kong market, transforming it from a traditional focus on real estate, finance, and energy [2] - In 2024, Hong Kong's new stock fundraising is projected to reach HKD 88 billion, ranking fourth globally, with over 80% of this amount contributed by technology companies, particularly in biotech and AI [2]