While the secondary market is ever-changing, the Hong Kong IPO market is quietly warming up. Data from Wind shows that since the beginning of this year, the Hong Kong IPO market has welcomed a total of 48 new companies, with the fundraising scale reaching 57 billion Hong Kong dollars, surpassing last year's full-year 46.3 billion yuan. Among them, the secondary listing of Midea Group alone contributed 31 billion Hong Kong dollars, not only becoming the largest IPO in the Hong Kong stock market in nearly three years, but also arousing institutional investors' attention to subsequent IPO projects of many star companies. Some investment bank professionals told Brokerage China reporters that the market recently favors larger IPO projects because of their large scale and better liquidity; at the same time, institutional investors are no longer blindly pursuing high growth but are instead interested in companies with good cash flow, hoping to achieve a balance between growth and return. It is optimistically estimated that the total fundraising amount for Hong Kong IPOs this year is expected to reach billions of US dollars, breaking into the top three globally. (Brokerage China)