The Hong Kong Stock Exchange (HKEX) IPO market has ushered in a "boom year" in 2025. As of mid-October, 75 companies have listed successfully, with total proceeds raised exceeding HK$192 billion, a 229% surge compared to the same period in 2024, hitting a four-year high. This scene of "ringing the bell nonstop" is the result of the resonance of three factors: the release of policy dividends, the repatriation of global capital, and corporate strategic adjustments, and also marks that the HKEX market is transforming from a traditional finance and real estate-led ecosystem to one driven by new productive forces such as technology, pharmaceuticals, and new energy. In the first three quarters of 2025, the HKEX ranked first among global exchanges with HK$182.9 billion in IPO proceeds, exceeding the combined total of the New York Stock Exchange (NYSE) and Nasdaq. Mega-sized IPOs such as CATL (HK$41 billion), Zijin Gold International (HK$24.984 billion), and Hengrui Medicine (HK$11.373 billion) collectively accounted for nearly 70% of the total proceeds, highlighting the strong appeal of the HKEX to high-quality leading assets. New economy sectors such as industrial engineering, biomedicine, and new consumption accounted for over 70% of the total, while traditional real estate and finance dropped to below 5%. Hard tech companies were highly sought-after: Hesai Technology set a four-year record for Chinese concept stocks returning to Hong Kong via IPO with HK$4.16 billion raised, and innovative pharmaceutical companies such as Xuanzhu Biologics saw first-day gains exceeding 126%, reflecting the market's recognition of high-growth hard tech. As of October 13, the HKEX had received 269 pending IPO applications, of which 83 were A-share listed companies, exceeding the total of the past 10 years. Companies such as CATL and Hengrui Medicine have adopted dual A+H listings, which not only broadened their financing channels but also helped hedge against cyclical fluctuations via "offshore + onshore" capital pools. The HKEX launched the "Tech Enterprise Special Channel", allowing specialized and innovative tech companies to file confidentially, with the approval timeline shortened to 30 working days; it also optimized the pricing mechanism, raising the institutional placement ratio to 40%. The China Securities Regulatory Commission (CSRC) simplified the A+H filing procedures, promoting "3-month lightning listings" for leading enterprises, and the China-US audit regulatory consensus reduced the risks of Chinese concept stocks returning to Hong Kong. In the first half of 2025, southbound capital saw a net inflow of HK$731.193 billion, nearly matching the full-year figure of 2024; southbound holdings of Tencent, Alibaba and other companies exceeded 30%. After the Federal Reserve cut interest rates, European and American pension funds and sovereign wealth funds accelerated their allocation to HKEX-listed stocks, and CATL and Hengrui Medicine received large strategic investments. Proceeds raised on the HKEX are freely convertible into US dollars, supporting overseas expansion (for example, 90% of CATL's IPO proceeds will be used for its Hungarian factory). The Hang Seng Tech Index rose by over 20%, with average daily trading volume surging 118%, showing significant advantages in valuation and liquidity. Dual listings on the US stock market and the HKEX have become a standard practice for tech enterprises, reducing the impact of volatility in a single market. Nasdaq has tightened its delisting rules, and more Chinese concept stocks in autonomous driving and biotechnology are expected to return to the HKEX in 2026. The HKEX plans to optimize the dual-class share structure system, explore interconnection with the Middle East and Southeast Asia, and consolidate its status as a "super connector". The refinancing proceeds in the first three quarters reached HK$143.689 billion, which may drain market liquidity; some small and medium-sized new shares have valuation bubbles (for example, Gold Leaf International was oversubscribed over 11,000 times), with volatile stock prices. Less-than-expected Federal Reserve interest rate cuts, escalating China-US trade frictions and other factors may interrupt the repatriation of foreign capital. The 2025 HKEX IPO boom is the result of the resonance of policies, capital and corporate strategies, and the market is transforming from a traditional economy to one driven by new productive forces. Although it faces short-term risks such as liquidity drainage and valuation fluctuations, in the long run, the HKEX's status as the preferred financing center in the Asia-Pacific region will be further consolidated, becoming a core platform for connecting China's new economy with global capital. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies share the same actual controller, are subject to unified Chinese governance, and comply with the laws of Hong Kong and mainland China.