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企业递表接二连三,港股IPO开年遇"春天"

Companies are continuously submitting their applications, and the Hong Kong stock market IPOs are experiencing a "spring" at the beginning of the year.

Securities Times ·  Jan 7 00:46

At the beginning of 2025, the immediate rise for listings in Hong Kong is evident.

Latest data shows that there are 8 new stocks waiting to be listed in the Hong Kong stock market - starting from January 8, they will successively enter the Hong Kong stock market within 7 days. More companies are also speeding up their pace to go for Hong Kong stocks. In the past week alone, 14 companies, including MiXue Ice City and Laoxiangji, have submitted their applications for listing on Hong Kong stocks in a concentrated manner.

The new year sees a surge in IPO applications.

From January 8 to January 15, there will be 8 IPO new stocks concentrated in the Hong Kong stock market in just 7 days. What does this mean?

In the entire year of 2024, the Hong Kong stock market averaged 5.83 new IPO stocks per month. Monthly, July and December are peak periods for new stock listings, with 10 new IPO stocks each month. In contrast, the volume of IPO new stocks in just one week today is almost equivalent to an entire month in 2024.

Accompanying the flock of new stocks is the enthusiasm of Hong Kong stock investors for new listings. TRADEGO data shows that the initial public offerings have been completed.$CONTIOCEAN (02613.HK)$$CONCH MAT TECH (02560.HK)$$BRAINAURORA-B (06681.HK)$ Three new stocks had financing subscription multiples of 47.33 times, 21.46 times, and 9.53 times respectively.

As of the evening of January 6, among the five new stocks still in the offering, there is one known as 'the Chinese version of LEGO.'$BLOKS (00325.HK)$It even achieved an oversubscription of 5,471 times. This figure could rank in the top three among IPO new stocks in 2024, second only to.$HERBS GROUP (02593.HK)$$APT ELECTRONICS (02551.HK)$Some Hong Kong Brokerage firms have advertised that a minimum investment of one lot is required for prospective investors in Bulu, clients with more than 200 lots can use a maximum of 200 times bank financing leverage, and are exempt from bank financing interest.

In addition to the bustling IPO process, the enthusiasm for companies submitting applications in Hong Kong remains strong. In the recently concluded New Year week, despite the New Year holiday, 14 companies submitted listing applications to the Hong Kong Exchange. Among them, Yaojie Ankang has submitted to the Hong Kong Exchange four times, and several companies such as Metro Supply Chain, Yongkang Holdings, and Beijing Tongrentang are also not new to the application process. Rural Chicken, which has previously applied three times for a listing on the A-share market, also submitted an application to the Hong Kong Exchange on January 3.

According to data from the Hong Kong Exchange, in the year 2024, the Hong Kong Exchange accepted a total of 138 new listing applications, combined with the 74 applications still pending from 2023, there were 212 listings processed in total for 2024. By the end of 2024, 71 listings had been completed, 18 had received approval from the Listing Committee and were awaiting listing, 64 were still under processing, and 59 had either exceeded the processing deadline, been rejected, or withdrawn.

Last year's IPO fundraising increased by 90%.

After three consecutive years of decline, the total amount raised from IPOs in Hong Kong rebounded sharply.

According to statistics from the Securities Times, in 2024, the number of companies listed through IPOs in Hong Kong was 70. Although this is not a significant increase compared to the 68 companies in 2023, the scale of financing has surged significantly. Wind data indicates that according to the data from the Exchange, the total funds raised through initial public offerings in the Hong Kong market in 2024 amounted to 87.5 billion HKD, an increase of 89% compared to 46.3 billion HKD in 2023.

In 2024, Hong Kong ranked among the top four new stock markets globally, with its listing activities and fundraising far exceeding the previous year. The Exchange stated that 2024 also welcomed the largest scale of new stocks in Hong Kong since 2021, including two specialized technology companies listed under the new Chapter 18C regulations, three companies listed following the GEM reform, and the first De-SPAC transaction.

The largest scale new stock mentioned is the secondary listing.$MIDEA GROUP (00300.HK)$This project was listed during the Mid-Autumn Festival in 2024, raising 31 billion HKD, making it the largest IPO in the Hong Kong stock market in nearly three years, also igniting institutional investors' interest in several upcoming star enterprise IPO projects. In fact, since Midea Group Co., Ltd.$CR BEVERAGE (02460.HK)$$HORIZONROBOT-W (09660.HK)$$SF HOLDING (06936.HK)$Three new stocks have consecutively listed on the Hong Kong Stock Exchange, and the total IPO fundraising scale has exceeded 5 billion Hong Kong dollars, ranking in the Top 4 for IPO fundraising in Hong Kong in 2024, alongside Midea Group Co., Ltd.

Many investors are concerned about which IPO projects are worth participating in next, as good projects are expected to drive the overall performance of the Hong Kong IPO market. Li Zhengguo, Vice Chairman of UBS Group's Global Investment Banking and Co-Head of the Asia Enterprises Client Department, stated to the Securities Times that Midea Group's large IPO is a "landmark" project, with many global sovereign funds and long-term capital subscribing offline, and good performance in the secondary market after listing has brought positive feedback to the market.

Multiple measures have been taken to attract new stocks.

As mentioned in the annual review above, in recent years, the Hong Kong Stock Exchange has actively been attracting companies to raise funds in the Hong Kong market by lowering listing thresholds, establishing dedicated listing channels for specialized technology companies, and optimizing the review process.

In 2024, the Hong Kong stock market will welcome for the first time. $XTALPI-P (02228.HK)$$BLACK SESAME (02533.HK)$$DOBOT (02432.HK)$Three special technology new stocks. On August 23, 2024, the Securities and Futures Commission of Hong Kong and the Hong Kong Stock Exchange lowered the market cap threshold for listing special technology companies by 2 billion Hong Kong dollars. On December 19, 2024, the Hong Kong Stock Exchange published a consultation document to gather market opinions regarding proposals to optimize the pricing of initial public offerings and regulations for the public market, proposing to lower the minimum 15% threshold for H-share issuers seeking to list to 10%; or that the relevant H-share has an expected market cap of at least 3 billion Hong Kong dollars at the time of listing and is held by the public.

Xu Kang, head of the financial industry research at Huachuang Securities, believes that lowering the market cap threshold for special technology companies may further enhance the attractiveness of the Hong Kong stock market, providing feasible listing avenues for new economy companies with high growth potential. Moreover, lowering the listing threshold for A+H share companies is expected to increase the willingness of potential issuers to list in Hong Kong, combined with factors such as the demand for international business layout and the China Securities Regulatory Commission encouraging leading enterprises in the mainland to list in Hong Kong, it is anticipated that there will be an increase in A-share companies listing in Hong Kong by 2025.

According to data from the Hong Kong Stock Exchange, by the end of 2024, the total market cap of mainland enterprises in the Hong Kong stock market reached 28 trillion Hong Kong dollars, accounting for 79.86% of the total share market cap. Among them, the total market cap of H-share mainland enterprises was 6.95 trillion Hong Kong dollars, accounting for 19.71% of the total share market cap. In 2024, the total amount raised by mainland listed companies in Hong Kong through IPOs reached 83.8 billion Hong Kong dollars, while the total amount raised through refinancing was 88.3 billion Hong Kong dollars, totaling 172.1 billion Hong Kong dollars.

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