To The Moon

Hundreds of companies are lining up for IPOs in Hong Kong, with the $HKEX(00388)$ share price expected to surge by 40% this year. The target price for HKEX has been raised to HKD 470.

The Hong Kong IPO market has shown a strong recovery momentum in 2025, and the share price of $HKEX(00388)$ is also expected to see a significant increase. $HKEX(00388)$ is a listed company of the Hong Kong Stock Exchange, and its share price performance is directly affected by market activity and the heat of the IPO market.

Below is the relevant analysis and expectations:

As of June 2025, the Hong Kong IPO market continues to be highly active, with a significant increase in the number of companies lining up for listing. Here are the relevant details:

Number of companies lining up for IPOs in Hong Kong:

As of May 27, 2025, the total number of IPO applicants in the queue at the Hong Kong Stock Exchange reached 157.

Among them, there were 152 companies lining up for the Main Board IPO and 5 for the Growth Enterprise Market (GEM). In terms of review progress, 97% of the companies awaiting IPO are waiting for the listing hearing.

New applicants in the queue:

In the first quarter of 2025, the Hong Kong Stock Exchange received a total of 71 listing applications, of which 69 were from the Main Board.

The number of submissions to the Main Board increased by 6.2% compared to the same period last year and by 23.2% compared to the same period two years ago.

Among these 71 listing applications, 50 were first-time submissions, and 21 were second (or more) submissions.

Significant growth in the number of IPOs and fundraising scale in 2025:

In the first half of 2025, the heat of the Hong Kong IPO market far exceeded expectations.

By the end of May, a total of 28 companies had gone public in Hong Kong, raising a total of HKD 77.361 billion, an increase of 707.19% compared to the same period last year.

The Hong Kong Stock Exchange is expected to see about 40 companies go public in the first half of the year, with a total fundraising amount of approximately HKD 108.7 billion.

The number of IPOs and the amount of funds raised are expected to increase by 33% and 711% year-on-year, respectively.

EY expects that the Hong Kong IPO market will continue to fully recover in the second half of 2025, with more than 300 companies currently in the queue to go public in Hong Kong.

Large companies' listings drive market heat:

In May 2025, $CATL(03750)$ went public in Hong Kong, raising over HKD 41 billion in its initial public offering (IPO), setting a record for the largest global IPO fundraising amount this year. $HENGRUI PHARMA(01276)$ also went public in Hong Kong on May 23, raising nearly HKD 10 billion in its IPO.

These large IPO projects not only enhanced market activity but also attracted more international capital inflows.

Recently, companies such as $HAITIAN FLAV(03288)$ , $TRANSTHERA-B(02617)$ , and $SANHUA(02050)$ have also been very popular.

Diverse industry distribution:

In 2025, the Hong Kong IPO market covers multiple industries, including consumer goods, healthcare, and technology.

For example, companies such as $MIXUE GROUP(02097)$ and $DUALITYBIO-B(09606)$both saw significant increases in their stock prices on the first day of listing.

Today, Tiger International has opened subscription targets for:

$ZHOU LIU FU(06168)$ , $SAINT BELLA(02508)$ , $ETERNAL BEAUTY(06883)$ , $XJ ELECTRICS(02619)$ and $CAOCAO INC(02643)$

Moreover, the proportion of IPOs for new consumer and hard-tech companies is expected to increase further.

The share price of the $HKEX(00388)$ is expected to soar significantly.

Profit growth expectations The Hong Kong Stock Exchange is expected to see a 20% increase in profit in 2025, with its share price likely to break through historical highs. Goldman Sachs, Deutsche Bank, and China International Capital Corporation (CICC) all have a positive outlook on the future prospects of the $HKEX(00388)$ , predicting that its share price and profits will continue to rise.

Enhanced market activity So far in 2025, the average daily trading volume of the $HSI(HSI)$ has reached HKD 240.916 billion, maintaining a high level of market activity. In addition, the Hong Kong Stock Exchange has optimized the transaction fee structure to reduce trading costs for retail and institutional investors, which is expected to promote more active trading.

Upgraded institutional ratings UOB Kay Hian has raised the target price for $HKEX(00388)$ to HKD 470, significantly increasing its forecasts for future average daily trading volume and profits.

This is HKD 51 higher than the average analyst target price in the Tiger app. These positive ratings and expectations will further enhance investors' confidence in the Hong Kong Stock Exchange.

Future Outlook Policy support The Chinese government has introduced a number of policies to support the development of Hong Kong's financial market, including encouraging leading mainland enterprises to go public in Hong Kong. In addition, the Hong Kong Stock Exchange continues to optimize the listing environment and has introduced reform measures such as Chapter 18C of the Listing Rules to provide convenience for different types of companies.

Enhanced global attractiveness The Hong Kong stock market, with its internationalization and diversified investment opportunities, is attracting more and more international capital inflows. It expected is that about 80 companies will go public in the Hong Kong stock market in 2025, with a total financing amount of HKD 130 billion to HKD 160 billion.

In summary, driven by the 2025 Hong Kong IPO boom, the share price of the Hong Kong Stock Exchange is expected to achieve a year-on-year increase of more than 40% and may have further room for upward movement.

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