Core Insights - The Hong Kong Stock Exchange (HKEX) has successfully raised approximately HKD 285.7 billion through 117 IPOs in 2025, marking a significant recovery in IPO fundraising, surpassing the HKD 200 billion threshold for the first time in four years and leading globally in IPO fundraising [1] Group 1: Listing System Optimization - HKEX has implemented effective measures in listing systems, market infrastructure, and product ecosystem since 2025 to enhance listing services and market liquidity [2] - The introduction of the "Tech Company Fast Track" in May 2025 facilitates the listing process for tech and biotech companies, allowing them to submit applications confidentially [2] - Reforms in August 2025 improved the pricing and public holding requirements for IPOs, providing greater flexibility and certainty for issuers while balancing the needs of local and international investors [2] Group 2: Attracting International Companies - HKEX is actively attracting international companies to list in Hong Kong by expanding the list of recognized exchanges, making it easier for overseas firms to pursue secondary listings [3] - Several Southeast Asian companies from Thailand, Indonesia, and Singapore have either listed or submitted applications in Hong Kong since 2025 [3] Group 3: Market Liquidity and Activity Enhancement - HKEX has implemented reforms to boost secondary market activity and liquidity, including lowering the minimum tick size in August 2025 to reduce trading costs and enhance price discovery [4] - The introduction of the Hang Seng Biotech Index futures in November 2025 provides risk management tools for investors, complementing existing biotech-related products [4] - The launch of the Tech 100 Index tracks 100 well-known large and mid-cap companies across six major technology sectors, enriching the product ecosystem [4] Group 4: Continued Growth in the IPO Market - The IPO market in Hong Kong continues to show strong growth, with over 300 listing applications currently under review [5] - HKEX plans to enhance its attractiveness to global investors and issuers in 2026 by developing traditional stock business alongside commodities and fixed income sectors [5] - Deloitte China predicts around 160 new listings in Hong Kong in 2026, with a minimum fundraising target of HKD 300 billion, including approximately seven large IPOs exceeding HKD 10 billion [6]

2025年，香港金融市场多个项目的成交量创出新高，展现了蓬勃活力和强劲韧性。香港新股市场融 资额居全球第一位，融资额较2024年明显上升，平均每日成交额更创下历史新高。现货市场前11个月平 均每日成交金额达2307亿港元，同比上升43%。全年共有117家公司在港交所上市，融资总额达到2857 亿港元，其中4家公司跻身全球十大新股之列。此外，香港交易所上市公司还通过再融资筹集了660亿美 元的额度，彰显出香港资本市场的广阔。 第二个密码是"大门敞开"——便利科技企业上市融资。资金都有"投新"的偏好，香港资本市场顺势 而为，近年来两次修改上市规则便利科技企业上市融资。2025年5月份，香港交易所与香港证监会联手 推出"科企专线"，进一步便利特专科技公司及生物科技公司申请上市。这项战略举措让创新型企业能够 更有效地筹集资金，通过充满活力的香港金融市场加快发展。2025年11月份，港交所推出恒生生物科技 指数期货，聚焦当前发展最快、最有活力的板块，为投资者提供风险管理工具。紧随其后，香港交易所 12月份推出首只聚焦香港科技行业的股票指数——科技100指数，追踪100家知名的大型及中型市值公 司，涵盖人工智能、生物科技 ...

第二个密码是"大门敞开"——便利科技企业上市融资。资金都有"投新"的偏好，香港资本市场顺势而 为，近年来两次修改上市规则便利科技企业上市融资。2025年5月份，香港交易所与香港证监会联手推 出"科企专线"，进一步便利特专科技公司及生物科技公司申请上市。这项战略举措让创新型企业能够更 有效地筹集资金，通过充满活力的香港金融市场加快发展。2025年11月份，港交所推出恒生生物科技指 数期货，聚焦当前发展最快、最有活力的板块，为投资者提供风险管理工具。紧随其后，香港交易所12 月份推出首只聚焦香港科技行业的股票指数——科技100指数，追踪100家知名的大型及中型市值公司， 涵盖人工智能、生物科技及制药、电动汽车及智能驾驶、信息科技、互联网和机器人6大创新产业。 2025年，香港金融市场多个项目的成交量创出新高，展现了蓬勃活力和强劲韧性。香港新股市场融资额 居全球第一位，融资额较2024年明显上升，平均每日成交额更创下历史新高。现货市场前11个月平均每 日成交金额达2307亿港元，同比上升43%。全年共有117家公司在港交所上市，融资总额达到2857亿港 元，其中4家公司跻身全球十大新股之列。此外，香港交易所上市公司 ...

2025年，香港金融市场多个项目的成交量创出新高，展现了蓬勃活力和强劲韧性。香港新股市场融资额 居全球第一位，融资额较2024年明显上升，平均每日成交额更创下历史新高。现货市场前11个月平均每 日成交金额达2307亿港元，同比上升43%。全年共有117家公司在港交所上市，融资总额达到2857亿港 元，其中4家公司跻身全球十大新股之列。此外，香港交易所上市公司还通过再融资筹集了660亿美元的 额度，彰显出香港资本市场的广阔。 香港金融业亮丽的成绩单背后有哪些密码？ 第一个密码是"动地春雷"——内地重大科技创新成果的竞相涌现。比如，人工智能、量子信息、生物科 技、新能源、新材料等。一位香港业界人士回忆，人工智能大模型DeepSeek的发布是一个非常重要的 节点，极大地增强了全球投资者的信心，国际资本形成了一个明显的回流潮。也就是说，中国内地在人 工智能等多个科创领域展现出来的追赶能力令世界刮目相看，人们意识到中国不是一个可以被单方面脱 钩断链"拿捏"住的国家，中国展现出的创新能力之强、开放胸襟之大，超出了很多人特别是对中国带有 偏见的人的想象。于是，很多游移的资金又回来了，金融服务业的专业岗位又热络起来。祖国内地 ...

Group 1: Investment Opportunities - Morgan Fund has lifted the QDII limit, allowing multiple funds to accept subscriptions up to 100,000 yuan in a single day, with potential total purchases reaching 200,000 yuan for certain combinations [1] - The funds cover a wide range of investment directions, including U.S. stocks, short-term U.S. Treasury bonds, Europe, Japan, resource products, and global multi-asset allocation [1] Group 2: Currency Exchange Rate Insights - The RMB has been appreciating since May, with increasing attention from investors [2] - Domestic institutions are generally optimistic, predicting the RMB could break 7 and even reach 6.8 by the end of next year, while foreign institutions have mixed views, with some predicting a range between 6.7 and 7.05 [4][5] - The appreciation of the RMB is supported by a weaker U.S. dollar, which has declined by 12.5% from its peak earlier this year [7] - Strong corporate foreign exchange settlement intentions are a major driving force behind the RMB's appreciation, with a record settlement of 51 billion USD in May [8] Group 3: Market Reactions and Trends - The appreciation of the RMB is expected to benefit the stock market, as previous bull markets have coincided with RMB appreciation [11] - Recent market sentiment has been mixed, with a notable increase in financing data indicating investor willingness to enter the market if conditions improve [13] - The technology sector has shown resilience, with specific indices reaching historical highs, while other sectors like liquor have faced significant declines [15][18]