Long-term funds continue to return, with state-owned and foreign capital competing to be cornerstone investors in Hong Kong IPOs.

Since 2025, the Hong Kong IPO market has been continuously booming, with over 40 companies listing on the Hong Kong stock exchange. Large IPO projects continue to emerge, with total financing exceeding one trillion Hong Kong dollars. Against this backdrop, the number and quality of cornerstone investors in the Hong Kong IPO market have been steadily increasing, far surpassing the levels of the same period in 2024. Securities Times reporters have found that in the 2025 Hong Kong IPO market, more and more local state-owned assets are appearing as cornerstone investors, while well-known foreign capital, industrial investment, and equity investment funds are actively entering the Hong Kong IPO market. This also indicates that more long-term funds are returning to the Hong Kong stock market, seizing the opportunity to participate in the listing and growth feast of Chinese assets.