In the first half of 2025, the Hong Kong new stock market achieved the world's best performance with a total fundraising amount of HKD 107.1 billion. With a 20% increase in the Hong Kong stock market, Hong Kong ranks first among major financial centers in the world, and its position as an international financial center has become increasingly stable. The wave of new stock listings in Hong Kong continues. On June 27th alone, 16 mainland companies submitted applications to the Hong Kong Stock Exchange, setting a new record for single day listing applications; Six companies are expected to be listed on the same day in early July; At present, there are 220 companies queuing up in the listing channel of the Hong Kong Stock Exchange. This listing frenzy confirms the unique resilience and vitality of the Hong Kong capital market. As stated by the Chief Executive of the Hong Kong Special Administrative Region, Carrie Lam, the Hong Kong Stock Exchange, as the heart of Hong Kong's financial industry, has strengthened Hong Kong's role as a "super contact" and "super value-added person", and taken multiple measures to continuously enhance the connectivity between the mainland and Hong Kong capital markets. In fact, the unique advantage of Hong Kong's two-way empowerment is constantly deepening in practice. Mainland enterprises also leverage Hong Kong as an international platform to connect with global resources and inject vitality into the innovation and upgrading of their industries and markets. CATL is a globally leading new energy innovation technology company, which has previously been listed on the A-share market. It mainly engages in the research and development, production, and sales of power batteries and energy storage batteries. On May 20th, CATL went public in Hong Kong, raising over HKD 40 billion, of which 90% will be used for the construction of battery projects in Hungary. On the day of its listing, CATL Chairman Zeng Yuqun announced the company's strategic upgrade, transforming from a battery component manufacturer to a system solution provider, and committed to becoming a zero carbon technology company. This listing is a new starting point for CATL to integrate into the global capital market and promote a zero carbon economy worldwide. CATL has gone public in Hong Kong, breaking the funding bottleneck for its overseas factory construction and introducing Chinese battery technology into the supply chain of European car companies, leveraging the capital market to complete the transformation of development momentum. The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, stated that Hong Kong, with the advantage of the "One Country, Two Systems" system, continues to optimize the "two-way channel" function for international capital to enter the mainland and for mainland enterprises to go global, promoting the formation of a positive cycle between capital and the real economy. Capital empowers physical growth with financial resources, while the latter feeds back capital appreciation with value growth. The logic of mutual promotion and progress has been fully confirmed in past listing practices. Shangao Holdings is the only overseas industrial holding and investment and financing platform under Shandong Expressway Group. After listing in Hong Kong, it achieved rapid growth, with a total asset size of 66.17 billion yuan in 2024. The person in charge of Shangao Holdings stated that after listing in Hong Kong, the company plays a "dual role": focusing on strategic emerging industries such as new energy and new infrastructure, and driving industrial upgrading with "patient capital"; By leveraging the advantages of Hong Kong's financial hub and issuing bonds, we aim to gather global capital to support the development of the mainland's real economy. Taking new energy as an example, Shangao Holdings has leveraged the Hong Kong market to connect the "industry capital technology" chain, and has laid out wind and photovoltaic projects in multiple places such as Shandong, Xinjiang, and Guangxi, helping to continuously improve the industrial capital structure. At the same time, Shangao Holdings actively promotes the coordinated development of its green energy and data center industries, and builds an ecosystem of integrated computing. In the first half of this year, the pharmaceutical theme of Hong Kong stocks continued to receive capital attention, and the market value of mainland pharmaceutical companies skyrocketed, accelerating their internationalization process. IFlytek Medical, which went public in December last year, is one of them. Recently, iFlytek Medical released the international and Hong Kong versions of its application products. The company's CEO Tao Xiaodong stated that relying on the resource advantages of the Hong Kong capital market, its AI medical technology has achieved accelerated iteration and upgrading; At the same time, leveraging the experience of expanding into mature markets in Hong Kong, iFlytek Medical's international competitiveness will significantly enhance, thereby helping Chinese companies build a voice in the global AI healthcare field. Industry insiders say that capital vitality is continuously watering the roots of the real economy along the veins of listed companies. Hong Kong, as a financial hub, is once again attracting international capital to accelerate the layout of Chinese assets. According to institutional data, the Hong Kong financing market experienced explosive growth in the first half of the year, with equity financing in the primary market exceeding HKD 250 billion, an increase of 318% from HKD 59.8 billion in the same period last year. Hong Kong Stock Exchange CEO Chen Yiting stated that in the future, we will continue to deepen the reform of the listing system, optimize the market ecology, help more mainland enterprises efficiently connect with international capital and rules, accelerate the internationalization process, and inject strong momentum into high-quality economic development. (New Society)