The 2025 HKEX IPO market has three major highlights, with both global attractiveness and market ecology achieving qualitative leaps: In the first three quarters, the fundraising proceeds of HKEX IPOs reached HK$182.9 billion, ranking first among global exchanges, exceeding the combined fundraising of the New York Stock Exchange (NYSE) and Nasdaq, becoming the core hub for global capital to allocate Chinese assets. "Giant-level IPOs" have emerged frequently. CATL raised HK$41 billion, becoming the largest global IPO of the year, followed by Zijin Gold International (HK$24.984 billion) and Hengrui Medicine (HK$11.373 billion). The three together contributed nearly 70% of the total fundraising, reflecting HKEX's strong appeal for high-quality leading assets. New economy sectors such as industrial engineering, biomedicine, and new consumption have become the core driving force for listings, accounting for over 70% of the total in the first three quarters; the proportion of traditional real estate and financial industries has dropped to below 5%, achieving a deep shift from "old economy" to "new drivers". Hesai Technology, a leading lidar company, raised HK$4.16 billion, setting a record for Chinese concept stocks returning to Hong Kong for IPOs in the past four years; innovative drug companies such as Hansoh Biotech saw their share prices rise by over 126% on their first trading day, reflecting the market's recognition of hard tech enterprises with high technological barriers and high growth space. As of October 13, the Hong Kong Exchanges and Clearing Limited (HKEX) had received 269 pending IPO applications, among which 83 were A-share listed companies, exceeding the total number of A-share enterprises listing in Hong Kong over the past 10 years. Enterprises such as CATL and Hengrui Medicine adopted the "A+H" share structure, which not only broadened financing channels (HKEX fundraising can be freely converted into US dollars, facilitating overseas expansion) but also hedged against industry cyclical fluctuations through the "offshore + onshore" dual capital pool, improving risk resistance. The boom of the HKEX IPO market is driven by three joint forces, forming a strong development synergy: HKEX launched targeted reforms: in May, it launched the "Science and Technology Enterprise Special Line", allowing special and specialized technology companies (such as autonomous driving, biotech) to submit listing applications confidentially, with the approval period compressed to within 30 working days; in August, it optimized the IPO pricing mechanism, raising the minimum institutional investor placement ratio from 30% to 40%, attracting international long-term capital to participate. The China Securities Regulatory Commission (CSRC) clearly supports leading mainland industry leaders to list in Hong Kong, simplifying the "A+H" listing filing process, enabling enterprises such as CATL to achieve a "3-month lightning listing"; a phased consensus has been reached on Sino-US audit supervision, reducing the risk of Chinese concept stock delisting, and autonomous driving enterprises such as Pony.ai and WeRide have accelerated their Hong Kong market layout. In the first half of 2025, southbound capital inflows reached HK$731.193 billion, close to the full-year 2024 level, significantly enhancing HKEX's pricing power — the southbound shareholding ratio of technology giants such as Tencent and Alibaba exceeded 30%, becoming an important force stabilizing the market. After the Federal Reserve launched its interest rate cut cycle in September, overseas long-term capital (such as European and American pension funds, sovereign wealth funds) accelerated their allocation to HKEX, and leading enterprises such as CATL and Hengrui Medicine received large-scale strategic investments, reflecting international capital's confidence in China's economic recovery and new economy tracks. HKEX-raised Hong Kong dollars can be freely converted into US dollars, facilitating enterprises to build global supply chains. For example, CATL used 90% of its HKEX fundraising to build a battery factory in Hungary, while EVE Energy and Lens Technology used Hong Kong financing to advance overseas production capacity layout. The Hang Seng Tech Index rose by over 20% in 2025, becoming the best-performing technology index globally; HKEX's valuations for tracks such as innovative drugs and autonomous driving are more internationally comparable, with the average daily trading volume reaching HK$240.2 billion, a year-on-year surge of 118%, providing sufficient liquidity for new shares. Facing geopolitical uncertainties, dual listing on "NASDAQ + HKEX" has become a standard for technology enterprises. Enterprises such as Pony.ai and WeRide increased their foreign shareholding ratio from less than 5% on NASDAQ to over 35% on HKEX, reducing the impact of single-market volatility. Although the HKEX IPO market has performed brilliantly, it needs to balance opportunities and risks in the future: NASDAQ plans to revise listing rules to accelerate the delisting of Chinese concept stocks with a market value below US$5 million; HKEX has launched institutional innovations such as "dual-currency settlement" and "SPAC listing", and it is expected that more autonomous driving and biotech enterprises will choose HKEX as their secondary listing location in 2026. HKEX plans to optimize the "dual-class shares" system, allowing unprofitable hard tech enterprises to spin off and list; it will explore interconnection mechanisms with Middle Eastern and Southeast Asian markets, consolidating its position as a "super connector between Chinese and global capital". In the first three quarters of 2025, the HKEX refinancing amount reached HK$143.689 billion, advancing in tandem with IPO fundraising, which may test market liquidity, especially affecting the pricing and trading activity of small and medium-sized new shares. Some small and medium-sized new shares have seen "speculative hype". For example, Kingold International Group had a subscription multiple of 11,465 times, but its share price fluctuated sharply after listing. Investors need to distinguish between "concept hype" and "real value" to avoid the risk of chasing high prices. If the Federal Reserve's interest rate cut pace is lower than expected, or Sino-US trade friction escalates, it may lead to a disruption in foreign capital inflows, affecting the HKEX valuation center; global supply chain fluctuations may also affect the listing rhythm of new energy and manufacturing enterprises. The boom of the 2025 HKEX IPO market is essentially the inevitable result of "policy guiding resources, capital chasing value, and enterprises laying out globally". HKEX has reshaped the market ecology through institutional innovation, successfully attracting Chinese new economy leaders and global capital to gather; mainland enterprises have achieved "financing globalization + risk diversification" through HKEX; global loose liquidity has injected a boost into the market. Although short-term challenges such as capital diversion and valuation fluctuations need to be addressed, in the long run, HKEX is completing its transformation from a "traditional financial and real estate market" to a "new productive forces driven market", and its status as the preferred financing center in the Asia-Pacific region will be further consolidated, building a more efficient docking platform for Chinese new economy enterprises and global investors. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Bank of America (Hangzhou) Consulting Management Company is a domestic subsidiary of Hong Kong Meishun Management Consulting Company under the same actual controller. Both companies are under the same actual controller, managed under the framework of One China, and comply with Hong Kong and domestic laws.