In the first half of 2025, the Hong Kong stock market will deliver impressive results. According to data from the Hong Kong Stock Exchange, as of June 30th, the initial public offering (IPO) raised over HKD 105 billion, firmly ranking first in the global capital market. Industry insiders believe that the outstanding performance of Hong Kong's new stock market reflects the capital market's confidence in Hong Kong as a global financial hub. From hard tech giants to new consumer brands, these newly listed companies are becoming the "new core assets" reshaping the Hong Kong stock market ecosystem, injecting strong momentum into high-quality economic development. Since entering 2025, the Hong Kong stock market has generally continued its strong momentum from 2024. According to data from the Hong Kong Stock Exchange, there were 42 new stocks listed in Hong Kong in the first half of this year, an increase of 40% compared to the same period last year. The total amount of funds raised is also a new high since 2021 and has surpassed last year's total of HKD 87.6 billion. According to a Deloitte report, the IPO fundraising amount of the Hong Kong Stock Exchange ranked first in the world in the first half of the year, significantly higher than Nasdaq's HKD 71.3 billion. This year's hot IPO market in Hong Kong is not accidental. Deloitte China South China Managing Partner Ou Zhenxing pointed out that Hong Kong, as an international financial center, is the core hub for global capital allocation of Chinese assets. The Hong Kong IPO market provides an efficient and transparent platform for global capital to participate in China's economic transformation and upgrading by connecting domestic and foreign resources, achieving a "two-way rush" between enterprises and capital. According to a report by Hang Seng Bank, due to the increasing demand for Hong Kong dollar assets, the inflow of funds into Hong Kong has significantly increased in the past year, from $366 billion in early 2024 to $506 billion in April 2025, the highest record since 2000. The Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, stated that with the recent influx of international capital, Hong Kong has become a safe haven for funds. After the inflow of funds, investors' understanding of the economic development of Hong Kong and mainland China has greatly improved, gradually increasing the proportion of asset allocation. New stock subscription data shows that CATL, which went public in Hong Kong in May, attracted investors from Europe, the Middle East, and the United States to participate, and its IPO fundraising scale also broke the record of Hong Kong stocks in recent years. In addition to international funding support, policy support and optimization measures for listing systems in mainland China and Hong Kong have also continued to drive the popularity of Hong Kong stocks. The Chairman of the Hong Kong Stock Exchange, Tang Ka shing, stated that since September last year, the economic stimulus policies introduced by the central government have gradually come into effect, forming a "policy resonance" with the optimization measures of the listing rules of the Hong Kong Stock Exchange, directly promoting the sustained improvement of the Hong Kong stock market. Specifically, mainland regulatory agencies support eligible domestic enterprises to list overseas in accordance with laws and regulations. The Hong Kong Stock Exchange continues to optimize listing conditions and review processes, shorten inquiry cycles, and provide convenience for mainland enterprises to list in Hong Kong. From the industry classification of new stocks, leading enterprises in the hard technology and new consumer sectors are the most popular among investors and have become typical representatives of the "new core assets" of Hong Kong stocks. With the continuous breakthroughs in technologies such as artificial intelligence, 5G commercialization, and intelligent vehicles, Chinese hard tech enterprises are accelerating technological iteration and capacity expansion, attracting global capital attention. Taking CATL as an example, its listing in Hong Kong has set multiple records: the Hong Kong public offering was oversubscribed by over 150 times, raising a total of over HKD 40 billion, and is expected to become the world's largest IPO this year. At present, the stock prices of listed technology companies such as Yuejiang Technology, Horizon Robotics, and InnoTech are stable, and their market value continues to rise with the landing of technology applications and market recognition. At the same time, more hard tech companies are accelerating their convergence towards the Hong Kong stock market, including Tianyu Semiconductor, Fengqiao Technology, Tianyue Advanced, Naxin Microelectronics, Zejing Electronics and other companies that have submitted applications for listing in Hong Kong. The new consumer sector has also sparked a wave of listing in Hong Kong. Brands such as Guming, Meixue Group, and Shanghai Auntie have successively been listed on the Hong Kong Stock Exchange, while Chinese fast food chain enterprise Laoxiangji and leisure food enterprise Sanzhishu have also submitted listing applications. Industry experts believe that the core competitiveness of new consumer enterprises lies in accurately meeting the needs of young people. The enthusiastic response after going public reflects the recognition of their business model by the capital market and the confidence of international investors in the resilience of China's domestic demand market. It is worth noting that in this round of IPO frenzy, the "A+H" dual platform model achieved by leading A-share companies listing in Hong Kong has become a new trend. According to a Deloitte report, nearly 70 A-share companies are planning to go public under the "A+H" scheme. Among them, industry leaders such as CATL, Hengrui Pharmaceutical, Haitian Flavor Industry, and Sanhua Intelligent Control, which have already gone public this year, have raised nearly 70% of the total funds raised by the Hong Kong Stock Exchange in the first half of the year, becoming the "ballast stone" of the new stock market. The Hong Kong IPO market will continue to maintain its popularity in the second half of 2025. Ou Zhenxing stated that there are currently over 170 listing applications being processed in Hong Kong, and it is expected that there will be 80 new listed companies in Hong Kong by 2025, raising approximately HKD 200 billion. Tang Jiacheng stated that the current dependence of international investors on US dollar assets has significantly decreased, and diversified capital allocation has become an irreversible trend. Technology companies from various countries urgently need capital support, and the Hong Kong Stock Exchange is also cooperating with exchanges in the Middle East and Southeast Asia, hoping to continue to demonstrate its strength in the international capital market in the future. (New Society)