This year, the cumulative amount of new stock fundraising in Hong Kong has exceeded HKD 60 billion, which is more than six times higher than the same period last year, and the financing scale currently ranks first in the world. As soon as the news came out, industry insiders expressed that it demonstrated the financing capability of Hong Kong's capital market and the confidence of international capital in Hong Kong. In 2024, the Hong Kong financial market performed steadily, completing the world's second largest new stock issuance. In 2025, the Hong Kong market will continue to be active, with active subscription for multiple IPOs, driving the first quarter financing to reach $20.5 billion, setting a new quarterly high since the second quarter of 2021. The Hong Kong stock market has performed outstandingly in major global capital markets, and market confidence continues to rebound. Of particular note is that the hard technology and new consumer sectors are highly sought after by investors. In the field of hard technology, CATL, which went public on the 20th, has become the "most handsome kid" in this round of Hong Kong stock IPO boom. Before taking into account the adjustment of the offering volume, CATL Hong Kong's public offering was oversubscribed by approximately 150.2 times, raising a total of approximately HKD 35.66 billion. After deducting listing expenses, the net fundraising amount was HKD 35.33 billion. The CEO of the Hong Kong Stock Exchange, Chen Yiting, stated that in terms of fundraising, CATL is the largest IPO project issued by Hong Kong stocks in recent years, and also the largest IPO project issued globally so far this year. This proves that Hong Kong has a very solid foundation to support such large-scale financing projects. Recently, with significant breakthroughs in the artificial intelligence industry, funds have become more inclined towards the hard technology field, and many hard technology companies have sparked a wave of listing in Hong Kong. Listed companies such as Yuejiang Technology, Horizon Robotics, and InnoTech have performed well in the capital market. Several hard technology leading companies, including Tianyu Semiconductor, Fengqiao Technology, Tianyue Advanced, Naxin Microelectronics, and Zejing Electronics, which have not yet been listed or have already been listed on the A-share market, have submitted applications for listing in Hong Kong. Xu Jia, Executive Director of the Investment Banking Department of China International Capital Corporation (CICC), stated that this new trend reflects the deepening of China's corporate globalization strategy. Driven by emerging technologies such as AI big models, 5G commercialization, and intelligent vehicles, the industry urgently needs to accelerate technological iteration and capacity expansion through the capital market. More hard tech companies choosing to list on the Hong Kong stock market is also an important symbol of China's technological innovation strength moving towards the international stage. ”In the new consumer sector, the preferred consumer sector in the Hong Kong stock market is entering a window period for listing. Since the beginning of this year, the performance of the new-style tea beverage industry has been particularly impressive. Brands such as Guming, Meixue Group, and Shanghai Auntie have successively landed on the Hong Kong stock market, while several other companies such as Laoxiangji, Meet Xiaomian, and Three Squirrels have submitted applications. This wave of consumer companies going public not only reflects the confidence of the capital market in the potential of the Chinese consumer market, but also reflects the high recognition of investors for these segmented new business models. Yan Zhaojun, a strategic analyst at Zhongtai International, believes that investors prefer new consumer enterprises with brand advantages, stable cash flow, and efficient operational capabilities. These companies have maintained rapid growth in revenue and net profit, making them popular among institutional and retail investors. After going public, the company's stock price has performed well, providing investors with a huge profit effect. At the same time, benefiting from the continuous support of central policies and Hong Kong's proactive planning with a long-term perspective, leading companies in mainland industries have gone public in Hong Kong, which has become another trend in the Hong Kong IPO craze. The listing pace of CATL is a typical case of "A-share leaders" accelerating their listing in Hong Kong. Xu Jingwei, head of the Global Listing Services Department of the Hong Kong Stock Exchange, said that A-shares listed in mainland China chose to list in Hong Kong, and this trend began with the listing of Midea in September last year, followed by SF Holding's listing in Hong Kong. Currently, about 30 companies are planning to go public on the "A+H" platform in Hong Kong. Xu Jia stated that this round of IPO boom is driven by strong financing demand from mainland Chinese companies heading south, as well as continuous inflow of international capital. This is related to measures such as optimizing listing rules, improving review efficiency, and preparing for the "Science and Technology Enterprise Special Line" in Hong Kong, which have helped more high-quality companies to enter the Hong Kong capital market. Mainland enterprises choose to go public in Hong Kong, hoping to fully leverage the advantages of Hong Kong's internationalization and internal and external connections, and accelerate their global strategic layout through Hong Kong. The Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Xu Zhengyu, said that high-quality mainland enterprises are very welcome to settle in Hong Kong, not only for financing or continuous fundraising, but also to "go global" through Hong Kong platforms. Zeng Yuqun, Chairman of CATL, stated that listing in Hong Kong will further integrate into the global capital market. Looking around the major global markets, funds are gradually converging towards leading innovation companies and future industries with strategic value. ”The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, said that Hong Kong is continuously strengthening the dual engine linkage development of "finance+innovation and technology", vigorously cultivating promising innovation and technology enterprises, and promoting the more comprehensive development of the financial market, so that the two complement and promote each other, pushing the development of Hong Kong International Financial Center and International Innovation and Technology Center to a new level. (New Society)