Quite a buzz in Hong Kong. Buzz, Real buzz, right. You've been here. You come here a lot.Many, many times you feel different. Feels good. Okay.Feels good. What's different, do you feel. I think people sense that some of the US-China tension has normalised a bit and that the capital markets are receptive to new products.I mean, the reality is that China progress through Covid and coming out of COVID has been spectacular across multiple industries, as you well know. You report on every day I will Biotics, Eev ...

1. 关联方（Related Party） 港交所IPO关联交易披露需严格遵循《香港联合交易所有限公司证券上市规则》（以下简称《上市规则》），尤其是第14A章 （关联交易）及IPO阶段的特殊要求。其核心目标是确保发行人向投资者充分披露关联交易的性质、金额、定价公允性及对发行 人的影响，防范利益输送，保护中小股东利益。以下是核心要点的结构化梳理： 根据《上市规则》第14A.07条，关联方包括： 2. 关联交易（Related Party Transaction） 指发行人或其控股子公司与关联方之间发生的交易或安排，包括但不限于： 二、关联交易披露的门槛 根据《上市规则》第14A.30条，IPO阶段需披露的关联交易需满足金额或比例阈值（取较高者）： 注：若交易为一次性，需按交易金额本身判断是否达到上述阈值的绝对值（如交易金额达100万港元，即使占净利润比例不足 5%，仍需披露）。 三、招股说明书中的核心披露内容 一、关联方与关联交易的定义 发行人需在招股书"关联交易"或"关联方交易"章节中详细披露以下信息（《上市规则》第14A.56条）： 1. 关联方识别与关系 控股股东（持有发行人50%以上股权或控制发行人）； ...

IPO，简单来说，就是一家公司首次将其股票出售给公众。这背后蕴含着多重吸引力，其中包括高成长 潜力： 能够成功上市的公司，往往是其所属行业中的佼佼者或具备独特竞争优势的创新者。它们通常 处于快速发展阶段，上市募资正是为了加速扩张、研发新产品或服务，这意味着投资者有机会分享公司 未来的高成长红利。 尤其是特定热门行业（如科技、生物医药）中，优质IPO往往会引发市场的追捧，出现数倍甚至数十倍 的超额认购。这种稀缺性与市场热度，使得IPO在上市初期可能带来可观的短期收益。 以香港市场创业板为例，金叶国际（8549.HK）在10月10日上市，每股定价为0.5港元，百惠金控团队担 任联席账簿管理人及联席牵头经办人，创下超购逾1.1万倍的惊人纪录，荣膺新股史上「超购王」。其 一手中签率仅为0.5%，上市首日股价一度爆升9倍，充分展现了优质IPO的巨大吸引力。 在瞬息万变的全球金融版图中，香港正以其前所未有的IPO申请浪潮，强势宣告其作为国际集资中心的 王者归来。根据毕马威最新发表的《中国内地与香港IPO市场：2025年第三季度回顾》，截至2025年9 月30日，香港市场的上市申请宗数已逼近300宗，创下历史新高，这不仅预 ...

Core Viewpoint - Bank of America Securities has raised the average daily trading volume forecast for Hong Kong Exchanges and Clearing (HKEX) from HKD 2,400 billion, 2,600 billion, and 2,600 billion for 2025 to 2027, to HKD 2,600 billion, 2,700 billion, and 2,700 billion respectively, while lowering net investment income forecasts by 5% to 7% due to a low interest rate environment, and raising earnings forecasts by 1% to 2%, maintaining a target price of HKD 520 and reiterating a "Buy" rating [1] Group 1 - The expected profit for HKEX in the first three quarters of this year is projected to reach HKD 12.9 billion, representing a year-on-year increase of 39% [1] - The average daily trading amount for the third quarter reached HKD 286 billion, setting a historical high [1] - Net investment income is expected to be affected by fluctuations in Hong Kong interbank offered rates (HIBOR), with a lagged impact likely to manifest in the third quarter [1] Group 2 - Profit growth for HKEX from 2026 to 2027 is expected to slow from 24% in 2025 to 8%, unless there is a significant increase in total market capitalization [1] - Relying solely on trading volume growth may not be sufficient to drive revenue [1] - Derivative products are anticipated to become a key growth engine for HKEX [1] Group 3 - Competition between Hong Kong IPOs and Shanghai and Shenzhen exchanges is expected to intensify, as mainland China places greater emphasis on new technology sectors and may implement incentive policies to retain key enterprises for domestic listings [1]

Core Points - The core focus of state-owned enterprises (SOEs) in Hong Kong IPOs is the dual adaptation to "state-owned asset compliance" and "Hong Kong stock rules" [2] Group 1: Regulatory Approval and Compliance - The primary prerequisite for SOEs' IPOs in Hong Kong is completing state asset regulatory procedures to ensure the legality and compliance of state-owned asset transfers [2] - SOEs must strictly adhere to asset evaluation procedures to prevent the risk of state asset loss while meeting the Hong Kong Stock Exchange's valuation requirements [2] - Historical compliance issues must be addressed, including obtaining formal approvals from relevant state-owned asset regulatory bodies and ensuring clarity in shareholding structures [2][4] Group 2: Asset Evaluation and Valuation - Asset evaluation must be recorded or approved, and the valuation must balance market conditions to ensure compliance with the Hong Kong Stock Exchange [2] - The valuation must be justified using methodologies such as comparable company analysis and discounted cash flow (DCF) to avoid disputes over inflated valuations [2] Group 3: Issuance and Shareholding Management - The issuance method and pricing mechanism must consider both the preservation of state assets and market demand, typically involving international placements and public offerings [4] - State-owned shareholders must comply with regulatory requirements for share reductions, including prior approvals and public disclosures when shareholding falls below certain thresholds [4] Group 4: Post-Listing Obligations - Continuous management of state-owned equity is required post-listing, including regular reporting to regulatory bodies on shareholding changes and significant corporate actions [4] - Disclosure of the actual controller and the impact of state asset regulation on corporate governance is mandated by the Hong Kong Stock Exchange [4] Group 5: Key Considerations - SOEs must ensure clarity in land and property rights, intellectual property ownership, and compliance with labor and social security regulations to avoid hidden costs post-IPO [4] - The selection of intermediaries with experience in state-owned projects is crucial to avoid procedural flaws during the IPO process [4]

Group 1 - Deloitte's report indicates that Hong Kong will continue to lead the global IPO fundraising rankings, driven by six large-scale IPOs during the period [1] - In the first three quarters of this year, Hong Kong is expected to see 66 IPOs raising HKD 182.3 billion, a 47% increase in the number of IPOs and a 228% increase in fundraising compared to the same period last year [1] - The report anticipates that there will be six large-scale IPOs in the first nine months, including five A+H shares and one spin-off from an A+H listed company, along with four other large IPOs [1] Group 2 - The outlook for the last quarter suggests that the Hong Kong IPO market will maintain strong momentum, surpassing earlier forecasts for the entire year [2] - Currently, the Hong Kong Stock Exchange is processing over 230 listing applications, with more than five large-scale fundraising projects expected, including A+H shares [2] - The total number of IPOs for the year is projected to exceed 80, with fundraising expected to reach HKD 250-280 billion, an increase of 25-40% from previous estimates [2]

Group 1 - Nasdaq plans to tighten IPO rules and accelerate delisting processes, creating significant uncertainty for Chinese companies seeking to list in the U.S. [1][2] - The new regulations include raising the minimum public float requirement for companies applying for listing based on net profit from $5 million to $15 million [1][2] - The delisting process will be expedited for companies with a total market value below $5 million, allowing Nasdaq to suspend trading and initiate delisting more quickly [1][2] Group 2 - The reforms are a response to active reviews of trading activities, particularly concerning potential "pump and dump" schemes in a cross-market trading environment [2] - There are currently over 280 Chinese companies listed on Nasdaq and the New York Stock Exchange, with a total market capitalization of approximately $1.1 trillion [2] - The average fundraising size for Chinese companies going public in the U.S. in 2024 is only $50 million, significantly lower than over $300 million in 2021, leading to increased market volatility [2] Group 3 - Nasdaq has been gradually strengthening its regulatory oversight of listed companies and IPOs since 2020, with stricter requirements for "restricted market" companies [3] - The minimum fundraising requirement of $25 million for Chinese companies is a continuation of the standards established in previous rule revisions [3] - Nasdaq has modified its delisting rules to accelerate the process for companies with stock prices below $0.10 for ten consecutive trading days [3]

Core Viewpoint - The Chinese securities industry reported strong performance in the first half of 2025, with significant growth in both revenue and net profit, driven by increased market activity and a shift towards wealth management and international expansion [1] Group 1: Overall Performance - The industry achieved a total revenue of 251.04 billion yuan, representing a year-on-year increase of 23.47% [2] - Net profit reached 112.28 billion yuan, showing a substantial growth of 40.37% compared to the previous year [2] - Out of 150 securities firms, 128 reported profits, indicating an 85% profitability rate across the industry [2] Group 2: Revenue Structure - Proprietary trading remained the largest revenue source, contributing 39.93% to total revenue [2] - Brokerage services experienced the highest growth rate, with revenue of 76.41 billion yuan, up 46.02% year-on-year, and its revenue share increased by 4.7 percentage points to 30.44% [2] - Net interest income, investment banking, and asset management contributed 10.45%, 6.62%, and 4.52% to total revenue, respectively [3] Group 3: Asset Management and Wealth Management - The total scale of asset management business reached 9.35 trillion yuan, a slight increase of 0.93% year-on-year [4] - Active management and net value-based products saw a combined growth of 3.74%, with their share increasing by 1.2 percentage points [4] - The scale of single asset management decreased to 3.08 trillion yuan, down 8.33% year-on-year, reflecting a shift in asset management structure [4] Group 4: Support for the Real Economy - Securities firms facilitated equity financing of 735.08 billion yuan for the real economy, a 4.6-fold increase year-on-year [5] - In the IPO sector, 33 technology innovation companies raised 19.7 billion yuan, accounting for 64.71% of the total IPOs [5] - Bond financing also performed well, with 2.84 trillion yuan raised, marking a 17.65% increase year-on-year [5] Group 5: International Expansion - The internationalization of securities firms accelerated, with 36 overseas subsidiaries established, primarily in Hong Kong, and total assets reaching 1.64 trillion HKD, up 20.45% [6][7] - Cross-border business stock reached 948.1 billion yuan, a year-on-year increase of 21.37% [7] - The industry also saw 16 foreign-controlled securities firms, with total assets of 53.28 billion yuan, reflecting a 10% increase [7]

Group 1 - The company, CICC (03908.HK), announced that in the first half of 2025, it served Chinese enterprises in global IPOs totaling 21 deals, raising a total of $11.144 billion, ranking first in the market [1] - In the first half of 2025, the company completed 2 A-share IPO projects as the lead underwriter, with a total underwriting amount of RMB 1.355 billion [1] - The company acted as the lead underwriter for 7 A-share refinancing projects, with a total underwriting amount of RMB 67.242 billion [1] Group 2 - As a sponsor, the company completed 13 Hong Kong IPO projects, including notable projects like CATL, Haitian Flavoring, and Sanhua Intelligent Control, with a total underwriting scale of $2.866 billion, ranking first in the market [1] - The company served as the global coordinator for 20 Hong Kong IPO projects, with a total underwriting scale of $2.383 billion, ranking first in the market [1] - As a bookrunner, the company underwrote 20 Hong Kong IPO projects with a total scale of $1.183 billion, ranking first in the market [1] Group 3 - The company acted as a bookrunner for 10 Hong Kong refinancing and reduction projects, with a total underwriting scale of $2.559 billion, ranking first among Chinese securities firms [1]

Group 1: Tourism and Retail Industry Recovery - The summer season has seen a significant increase in travel to Hong Kong, with over 1.32 million and 1.34 million people entering and exiting on August 9 and 10, respectively, marking a new high since the full reopening [1][12] - Local businesses are actively promoting various marketing initiatives to attract tourists, including recreating traditional herbal tea shops in MTR stations to enhance cultural experiences [4][5] - The introduction of themed attractions, such as the giant panda birthday celebrations, is part of a broader strategy to enhance the tourism experience and connect with local culture [5][12] Group 2: Business Environment for SMEs - The business sentiment among small and medium-sized enterprises (SMEs) in Hong Kong showed slight improvement in July, with the current business performance index rising from 41.6 in June to 42.1 in July [6][8] - The future business outlook index for August stands at 45.5, indicating a positive expectation among SMEs [6] - Various sectors, particularly real estate and commercial services, have seen an increase in their respective indices, suggesting a recovery trend in the local economy [8][12] Group 3: IPO Market Performance - Hong Kong's IPO market has outperformed other major international markets, with 53 new listings in the first seven months of the year, raising approximately HKD 127 billion, a year-on-year increase of over six times [9][11] - The presence of international companies from Southeast Asia and beyond in the IPO market reinforces Hong Kong's position as a key international listing hub [11]