According to the disclosure on the official website of the Hong Kong Stock Exchange (HKEX), four companies — Guohong Hydrogen Energy, Dekang Agriculture, Shenghui Cleaning, and K CASH Group — launched their public offerings simultaneously on November 27, which continues the recent warming trend in the Hong Kong IPO market. Since the fourth quarter of this year, J&T Express-W’s listing has created the second-largest IPO project in the Hong Kong market this year. Well-known enterprises such as Cainiao have also submitted IPO applications to HKEX. The first-day performance of new shares is also quite notable. For example, WuXi AppTec Connect closed up 35.92% on its first trading day, and Yongbao Online closed up 40.87% on its first day. The simultaneous launch of public offerings by the four companies also brings a warming signal to the Hong Kong IPO market, which has been relatively sluggish so far this year. According to the *Review of Mainland China and Hong Kong IPO Market Q3 2023* report released by KPMG in October this year, in the first three quarters of this year, only 44 companies were listed on the Hong Kong IPO market, raising a total of HK$24.6 billion, a year-on-year decrease of 15% and 65% respectively compared to the same period last year. The report also shows that the pace of Hong Kong stock IPOs has accelerated since September. As of November 28, 2023, there are 97 Hong Kong IPO companies in the "queue", including well-known companies such as SF Holdings, Cainiao, Midea Group, Zhaogang.com, and Zhixing Technology. The warming of the Hong Kong IPO market is also related to a series of reform measures launched by HKEX this year, such as lowering the listing thresholds of the Hong Kong IPO market and improving secondary market liquidity. Industry insiders said that the effects of the policies are gradually accumulating. On March 31 this year, HKEX launched Listing Rule 18C, which attracts unprofitable specialized and technology companies, especially those in artificial intelligence and semiconductor fields, to list in Hong Kong by lowering the listing thresholds. In terms of improving liquidity, in June this year, HKEX officially launched the "Hong Kong Dollar-Renminbi Dual Counter Model" to attract more overseas funds, and the system may be introduced into the Stock Connect trading in the future. On August 29, the Hong Kong Special Administrative Region Government announced the establishment of a Task Force on Promoting Stock Market Liquidity. Starting from November 17, the stamp duty on Hong Kong stock trading was reduced from 0.13% to 0.1%. On September 26, HKEX also launched a consultation document on GEM (Growth Enterprise Market) listing reforms, proposing to simplify the transfer listing mechanism and improve the liquidity of small-cap stocks. In addition, starting from November 22, HKEX has also launched the new new share settlement platform FINI, shortening the time from new share pricing to official listing from the original 5 days to 2 days, which helps reduce the funds frozen due to oversubscription of new shares and enhances market liquidity. The four companies that launched their public offerings on the same day, including Guohong Hydrogen Energy, will become the first batch of companies to "try out" FINI. © 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 the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies share the same actual controller, operate under the framework of One China, and comply with the laws of Hong Kong and the Mainland of China.