Futu released its IPO report for the first half of the year: The consumer stocks are favored by the market, and institutional funds are flowing into the new - share market.

Recently, Futu released the "Report on the IPO Markets in Hong Kong, China and the United States in H1 2025", and analyzed the trends of the new - share markets in the two regions through methods such as the compilation, comparative analysis of big data on the Futu platform, and interview surveys.

In the first half of 2025, Futu served as the underwriter for 19 Hong Kong - listed enterprises, cooperated on IPO businesses with multiple star projects such as Mixue Group and Brook, and provided international placement services for many enterprises including Haitian Flavoring and Food and Zhou Dafu. The report pointed out that in the first half of 2025, the Hong Kong new - share market was booming. The fundraising amount of Hong Kong IPOs returned to the top globally. Institutional funds and retail funds continued to flow into the IPO market. More than half of the enterprises (54.8%) received over 100 - times subscriptions, and more than 71%

The new shares closed higher on the listing day, further fueling the wave of enterprises going public in Hong Kong. During this period, new shares in the consumer sector led the IPO market, while the healthcare, industrial, and information technology sectors are expected to become the focus in the second half of the year. In the US stock market, 40 Chinese concept stocks were listed in the United States during this period. NASDAQ remained their preferred listing location. The number of enterprises whose share prices fell below the issue price on the first - day of listing decreased significantly compared with the same period last year. It is expected that enterprises related to the information technology and industrial sectors will become the main force for IPOs in the United States in the coming year.

Xie Zhijian, Managing Director of Futu Securities pointed out that "In the first half of this year, the Hong Kong stock market once again became the focus of the global capital market. The large - scale inflow of institutional large - investors and retail funds provided a friendly market environment for enterprise financing. Favorable factors such as the wave of A + H listings, the return of Chinese concept stocks, and the 'Science and Technology Enterprises Express Lane' policy may continue the boom in Hong Kong IPOs. We noticed that although the confidential submission mechanism of the 'Science and Technology Enterprises Express Lane' allows enterprises to delay the disclosure of listing information, it effectively compresses the time for communication with the market. We suggest that such enterprises deploy their IPO public relations strategies in advance to pave the way for entering the capital market as early as possible."

The market's subscription sentiment and the "profit - making effect" form a positive cycle, and consumer - related IPO projects are highly sought after by the market

The report shows that the subscription sentiment in the Hong Kong IPO market was high in the first half of the year. Among them, 23 enterprises received over 100 - times subscriptions for their IPOs, and 5 enterprises received over 1,000 - times subscriptions. The numbers of both are almost equivalent to those of the whole last year. Behind the subscription boom, the "profit - making effect" of new shares became the key driving force. During this period, 30 enterprises closed higher on the first day, a significant increase from 19 in the same period last year. Among the top 10 new shares in terms of first - day gains, 7 received over 100 - times subscriptions. There is a high correlation between high subscription multiples and first - day performance. In addition, Among the 33 enterprises that triggered the claw - back mechanism due to excessive public market subscriptions, 22 enterprises closed higher or flat on the first day, accounting for 66.7%. The new shares that closed higher on the first day were mainly concentrated in the consumer, healthcare, and industrial sectors.

Both institutional investors and retail investors showed strong interest in consumer - related enterprises. The report shows that among the top 5 enterprises in terms of public market subscriptions, 4 are from the consumer sector. Among the 11 projects that received over 10 - times international placement subscriptions, 7 enterprises are from the consumer sector. However, the first - day performances of consumer - related enterprises varied. Among the 19 newly - listed consumer - related enterprises, 7 had a first - day increase of over 30%, and 9 saw their share prices fall below the issue price.

It is observed that retail investors on the Futu platform have gradually become an important source of liquidity after the listing of new shares. In the first week after the listing of new shares, the trading volume on the Futu platform often ranks among the top. Retail investors tend to buy in large quantities when the stock price drops and cash in their profits when the price rises to capture profit opportunities.

A + H enterprises: Account for half of the fundraising in the Hong Kong stock market. The technology and pharmaceutical sectors are expected to see an IPO boom in the second half of the year

Data shows that in the first half of the year, a total of 7 A - share enterprises were listed in Hong Kong, contributing over HK$77 billion in fundraising, accounting for 72.2% of the total fundraising in the Hong Kong stock market. The report points out that benefiting from the fact that A - share listed enterprises can pass the record - filing and the approval reform for eligible A - share companies faster than other companies, there are still over 50 A - share enterprises planning to conduct IPOs in Hong Kong. It is expected that the wave of A + H listings will continue in the coming year.

Currently, among the listing applications on the Hong Kong Stock Exchange, 87 enterprises are from the healthcare and information technology sectors, accounting for 48%. In addition, the implementation of the "Science and Technology Enterprises Express Lane" is expected to attract more science and technology and pharmaceutical enterprises to accelerate their Hong Kong IPO processes. According to Futu's statistics, 22 and 12 enterprises respectively plan to list under the "Rule 18A" and "Rule 18C".

IPOs in the United States: Information technology, industry, and consumption may become the main forces in the coming year

The trend of Chinese concept stocks listing in the US stock market has accelerated its recovery. The number of relevant new shares in the first half of the year (40) increased significantly compared with the same period last year (25). However, due to the lack of large - scale projects, the total fundraising amount (US$880 million) and the average fundraising amount (US$21 million) decreased significantly. 27 enterprises raised less than US$10 million, accounting for 67.5%. During this period, Futu helped the star IPO project, Ba Wang Cha Ji, successfully list on the US stock market and provided over US$500 million in international placement orders for the enterprise.

In terms of individual stock performance, the "profit - making effect" of Chinese concept stocks on the listing day recovered significantly. Enterprises whose share prices fell below the issue price on the first day accounted for 32.5%, down from 44% in the same period last year. According to the data disclosed by the US Securities and Exchange Commission, a total of 47 Chinese concept stocks submitted listing applications (including updated prospectuses) during this period. It is expected that information technology, industry, and consumption may become the main forces for listing in the United States in the coming year.

Futu platform leads its peers in IPO subscription amount, bringing diverse and high - quality investors to enterprises

As of the first quarter of 2025, Futu has provided IPO services for over 327 enterprises, covering industries such as information technology, healthcare, and consumption. In the first half of 2025, Futu served as a member of the underwriting syndicate for 19 Hong Kong - listed enterprises, continuing to lead Hong Kong's technology - based securities brokers. Among the top 10 IPO fundraising projects in the Hong Kong stock market, 6 enterprises were Futu's cooperation clients. At the same time, Futu cooperated with 6 of the top ten new shares in terms of market capitalization and provided IPO services for 11 listed enterprises with a market capitalization of over HK$10 billion.

In the first half of 2025, Futu provided international placement services for 21 enterprises including Zhou Dafu, Haitian Flavoring and Food, and Brook, bringing high - quality professional investors to enterprise IPOs. At the level of public offerings, The market share of the subscription amount on the Futu platform further increased. The subscription amount of 40 enterprises on the Futu platform accounted for over 20% of the market subscription amount, among which 23 enterprises accounted for over 40% of the market subscription amount.

Investors on the Futu platform particularly favor consumer - related projects. The average subscription amount of such enterprises on the Futu platform accounted for over 38% of the market total. Taking Mixue Group, Brook, and Shanghai Aunty as examples, their subscription amounts on the Futu platform exceeded 50% of the market total. Among them, the subscription amount of Mixue Group on the platform reached HK$1.07 trillion.