Summary of Key Points Core Viewpoint In 2025, a total of 116 companies went public (IPO) in China, with various financial public relations firms and underwriting institutions involved in the process. Group 1: IPO Overview - A total of 116 companies completed their IPOs in 2025, with 43 listed on the Shanghai Stock Exchange (24 on the Main Board and 19 on the Sci-Tech Innovation Board), 47 on the Shenzhen Stock Exchange (13 on the Main Board and 34 on the Growth Enterprise Market), and 26 on the Beijing Stock Exchange [1]. - 25 financial public relations firms were involved in the IPO process for these 116 companies [2]. Group 2: Leading Financial Public Relations Firms - The top five financial public relations firms by the number of IPOs handled are: 1. Jinzheng Hutong: 27 IPOs 2. Jiufu Investment: 24 IPOs 3. New航线 and Wanquan Zhice: 13 IPOs each 4. Zhonggai Yiyun: 8 IPOs 5. Quanming Consulting and Waliu Consulting: 4 IPOs each [3]. Group 3: Leading Underwriting Institutions - A total of 30 underwriting institutions participated in the IPOs of these 116 companies. - The top five underwriting institutions by the number of IPOs are: 1. Guotai Junan: 17 IPOs 2. CITIC Securities: 15 IPOs 3. CITIC Jian Investment: 11 IPOs 4. Huatai United: 10 IPOs 5.招商证券: 9 IPOs [8][9]. Group 4: Leading Law Firms - 27 law firms were involved in the IPO process for these companies. - The top five law firms by the number of IPOs are: 1. Shanghai Jintiancheng Law Firm: 16 IPOs 2. Beijing Zhonglun Law Firm: 15 IPOs 3. Guohao Law Firm: 13 IPOs 4. Beijing Deheng Law Firm: 9 IPOs 5. Beijing Guofeng Law Firm and Guangdong Xinda Law Firm: 6 IPOs each [14][15]. Group 5: Leading Accounting Firms - 17 accounting firms participated in the IPOs of these companies. - The top five accounting firms by the number of IPOs are: 1. Rongcheng Accounting Firm: 29 IPOs 2. Tianjian Accounting Firm: 20 IPOs 3. Lixin Accounting Firm: 17 IPOs 4. Zhonghui Accounting Firm: 12 IPOs [20][21].

Core Viewpoint - NYSE has a rigorous and systematic set of IPO listing rules, focusing on financial strength, governance standards, and information transparency for companies seeking to go public. Group 1: Listing Core Conditions - NYSE has multiple financial standards for companies to apply for listing, including profit tests, market capitalization, revenue, cash flow tests, and asset/equity tests [2][3] - Key financial metrics include: - Cumulative pre-tax profit over the last three fiscal years must be at least $10 million, with specific annual requirements [3] - Average market capitalization over the last 12 months must be at least $500 million [3] - Public float must consist of at least 1.1 million shares with a market value of at least $100 million [3] - Minimum stock price is typically around $4 per share, although there is no strict requirement [3] Group 2: Corporate Governance Requirements - NYSE mandates strict governance requirements, including a majority of independent directors on the board [3] - Key committees such as audit, compensation, and nomination must be composed of independent directors, with the audit committee requiring at least three members [4] Group 3: Information Disclosure and Registration Process - Companies must submit an S-1 form as part of the registration process, which includes a prospectus detailing financial and operational information [5] - After submission, the SEC reviews the disclosure for completeness and accuracy, requiring responses to comments until approval is granted [5][6] Group 4: Listing Process Key Steps - The listing process involves several key steps, including selecting underwriters, submitting the S-1 form, conducting roadshows, and finally listing on the NYSE [8] - Companies must also adhere to ongoing compliance obligations post-listing, including regular financial reporting and governance standards [7][8] Group 5: Special Provisions for Foreign Private Issuers - Foreign companies can list on the NYSE under simplified rules, but must still meet basic listing thresholds and investor protection requirements [7][8]

Market Segmentation - TSE categorizes its listing segments into three tiers to cater to different stages of company development, with significant differences in listing standards [2][3][4] Company Governance Requirements - TSE mandates compliance with the Corporate Governance Code, which, while voluntary, has strong binding effects [5] - Companies must meet specific core standards for profitability, market capitalization, and shareholder structure to qualify for listing [6] Information Disclosure and Prospectus - Companies are required to submit a prospectus detailing business operations, financials, risks, and issuance structure, which TSE will substantively review for adequacy and accuracy [6][7] - Post-listing, companies must regularly disclose quarterly, semi-annual, and annual financial reports and promptly announce significant events [7] Listing Review Process - TSE employs a "formal review + substantive focus" mechanism for the listing process, which includes several stages from preliminary review to final approval by the listing committee [7] Special Provisions for Foreign Companies - Foreign companies seeking to list on TSE must meet additional requirements, including demonstrating sufficient business ties or investor base in Japan [7] Other Key Points - TSE's IPO rules emphasize "tiered adaptation," aligning with company size, profitability, and growth stage while enhancing corporate governance and information disclosure to balance market efficiency and investor protection [7]

Core Viewpoint - The report from CICC maintains the earnings forecast for Hong Kong Exchanges and Clearing Limited (HKEX) unchanged, with a target price of HKD 465, indicating an 11% upside potential based on projected P/E ratios [1] Group 1: Earnings Forecast and Performance - HKEX is expected to report a 2Q25 revenue of HKD 6.87 billion, reflecting a year-on-year increase of 27% and a quarter-on-quarter flat performance, with core fee income projected to rise by 30% year-on-year [1] - For the first half of the year, total revenue and profit are anticipated to increase by 29% and 34% respectively, reaching HKD 13.73 billion and HKD 8.20 billion [1] Group 2: Trading Activity Insights - The report highlights sustained high activity in spot and commodity trading, with a marginal decline in derivatives trading; 2Q average daily turnover (ADT) is expected to be HKD 238.1 billion, up 96% year-on-year [2] - The number of IPOs in 2Q reached 27, raising HKD 88.4 billion, marking a significant increase of 932% year-on-year [2] Group 3: Investment Income and Market Conditions - Investment income is projected to grow by 15% year-on-year to HKD 1.39 billion, driven by a favorable margin environment despite a decline in HIBOR rates [3] - The report notes that the decline in short-term interest rates may enhance margin income, supported by increased collateral requirements in a high-volatility market [3] Group 4: Long-term Growth Potential - The dual resonance of "assets + funds" is expected to enhance HKEX's mid-to-long-term value, with potential increases in market capitalization from "A+H" listings and the return of Chinese concept stocks [4] - If the average daily turnover reaches HKD 210 billion by 2025, HKEX's profit could grow by 18% to HKD 15.4 billion, with a projected CAGR of 14% for ADT over the next decade [4]