From A to H: Reconstruction of the Hong Kong IPO ecosystem under policy coordination

Against the backdrop of stricter IPO reviews in the A-share market and pressure on market liquidity, the Hong Kong stock market is becoming the main battlefield for cross-border financing of Chinese companies in 2025. Data from Wind shows that as of May 13, the size of equity financing in the Hong Kong stock market has reached 146.342 billion Hong Kong dollars this year, a year-on-year increase of 321.96%. Among them, the IPO financing amount is 23.472 billion Hong Kong dollars, a year-on-year increase of 198.33%. According to the investigation of reporters, with the coordinated support of policies at home and abroad, top Chinese securities firms with cross-border integrated operation capabilities are accelerating the deepening of their strategic layout in Hong Kong IPOs. Leveraging the resource endowments of the two markets and the synergistic advantages of the entire business chain, these institutions fully utilize their cross-border service expertise, actively participate in the reshaping of the Hong Kong IPO ecosystem, provide professional solutions for overseas financing for enterprises, help Chinese enterprises seize opportunities in the global capital market, and promote high-quality development of enterprises.