Since the beginning of this year, the Hong Kong stock market has shown a significant recovery trend driven by both marginal improvement in liquidity and the release of institutional dividends. Especially with the significant increase in issuance scale and activity in the primary market, it confirms the recovery of market confidence.
According to Wind data, as of June 24th this year, a total of 72 companies have completed their initial public offerings (IPOs), a significant increase from the 43 companies in the same period of 2025; The total fundraising amount reached HKD 153.62 billion, a year-on-year increase of 41.1%.
Li Jindi, General Manager of Guangdong Better Hao International Certification Co., Ltd., told reporters that the recovery of Hong Kong stock IPOs is due to multiple factors. On the policy side, the 18C chapter special technology system of the Hong Kong Stock Exchange continues to be optimized, and the listing threshold and process efficiency are synchronously improved, opening up a green channel for hard technology enterprises; On the liquidity level, the Fed's interest rate cut cycle continues, coupled with the continuous influx of southbound funds, and the Hong Kong stock market remains abundant in funds; On the valuation side, after previous adjustments, the Hong Kong technology sector has highlighted its cost-effectiveness and attractiveness in terms of valuation.
It is worth noting that multiple technology companies have listed on the Hong Kong stock market within the year. Data shows that among the 72 companies mentioned above, the information technology sector (including semiconductors, electronic components, etc.) has issued 23 shares, raising a total of HKD 91.67 billion, accounting for nearly 60% of the total fundraising. Among them, the semiconductor products and equipment industry ranked first in the segmented industry with a fundraising amount of HKD 36.02 billion.
Fu Yifu, a special researcher at Suzhou Commercial Bank, told reporters that this not only reflects the increasing attention of global capital to China's technology manufacturing field, but also verifies the significant effectiveness of relevant institutional reforms in supporting the listing of specialized technology companies.
In Li Jindi's view, for the Hong Kong stock market, the clustering of high-quality scientific and technological innovation enterprises is conducive to optimizing the asset quality of listed companies, enhancing the representativeness of the index and long-term investment value; Strengthen the "technology capital" cycle and attract more venture capital, private equity, and industrial capital to settle.
In addition, the active entry of long-term funds and the high popularity of cornerstone investments are another distinctive feature of the Hong Kong IPO market this year. Data shows that 84.7% of IPO projects introduced cornerstone investors within the year, with cornerstone subscription funds accounting for 40.5% of the total fundraising scale. The participating entities cover diversified long-term institutions such as foreign asset management, Chinese insurance, industry leaders, and sovereign funds. Among them, UBS Global Asset Management (Singapore) Limited has made the most frequent investments, appearing on the cornerstone investment list of 11 companies in total.
In Fu Yifu's view, the continuous increase in participation of cornerstone investors fully confirms the unanimous optimism of long-term capital towards the long-term growth space of the hard technology track in Hong Kong stocks.
It is worth mentioning that among the 72 Hong Kong IPO companies this year, 21 have been listed on the A-share market, accounting for 29.2%. From the perspective of industry structure, among the 21 "A+H" enterprises, there are a total of 10 information technology industry enterprises, covering high-precision sub sectors such as semiconductors, high-end electronics, and communication equipment, with a total fundraising of HKD 59.8 billion.
Experts interviewed by reporters generally believe that multiple factors are driving A-share companies to accelerate their layout on the "A+H" track. Firstly, as a mature international capital market, Hong Kong stocks can broaden overseas financing channels for enterprises, enhance global brand influence, and meet the funding needs of semiconductor and high-end manufacturing enterprises for overseas factory construction and global research and development; Secondly, the overseas listing filing system for A-share companies continues to be optimized, significantly reducing the compliance threshold and time cost for cross-border listing of enterprises; Thirdly, in the context of global industrial chain restructuring, science and technology innovation enterprises urgently need to connect with international industrial capital through Hong Kong stocks.
Taking Huaqin Technology Co., Ltd., which has achieved dual listing of "A+H", as an example, the company's prospectus mentions that its listing on the Hong Kong Stock Exchange aims to build a domestic and international dual capital platform, expand financing channels for global institutions and international investors, and meet the large-scale capital needs of overseas production capacity expansion and overseas industrial chain investment. At the same time, enhance brand exposure in overseas capital markets and increase recognition from overseas customers and supply chain partners.
From the perspective of reserve projects, there are still 158 A-share companies queuing up to apply on the Hong Kong Stock Exchange, covering various industries such as semiconductors, high-end equipment manufacturing, and consumption.
Looking ahead to the second half of the year, Li Jindi analyzed that the overall Hong Kong IPO market is expected to continue its recovery trend. Multiple favorable conditions will continue to form support: firstly, sufficient queue reserve projects; Secondly, the expectation of Chinese concept stocks returning to Hong Kong stocks remains stable; Thirdly, favorable policies such as fee reductions and stamp duty adjustments for Hong Kong stock listings continue to be implemented. (Looking into the New Era)