2024年，中国企业境外上市需求增大，香港IPO市场随之经历快速复苏。瑞恩资本数据显示，全年港交所共录得 71宗上市，募资达874.78亿港元，金额同比上涨88.85%，重回全球第四的位置。
• 香港IPO市场在2024年得到回暖，募资额位列全球第四
• 消费、科技是主导板块，若干新规推动上市热度
在律所中介机构方面，香港上市呈现出越来越高的市场集中度。同样根据瑞恩资本数据，2024年的12个月中，中国律所方面（此处只计算担任上市中国律师的情况），竞天公诚居首位，揽获29个项目；金杜、通商则分别参与17宗、14宗交易；天元、中伦、君合、嘉源、海问也取得了不俗的业绩。
国际律师方面，高伟绅助力了15家企业的香港IPO项目；美迈斯以9家的数量紧随其后；盛德、普衡则各以 7家的成绩并列第三。
消费、科技是主力板块
在行业领域方面，德勤数据显示，消费与TMT行业在香港新股数量及融资比重方面依旧领先，医疗及医药行业则居于第三位。
高伟绅律师事务所中国业务主席王彦峰律师对此有着切实观察：“从上市公司数量来看，2024年香港IPO市场比较热门的板块包括TMT、软件行业和消费类，其中包括3家18C特专科技公司。从发行募集额及散户认购角度来看，消费类公司吸引了最多的资金。”
海问律师事务所内地合伙人魏双娟、徐启飞和霍超律师以及香港办公室合伙人陈敏律师也告诉ALB，在过去一年的香港IPO市场，消费品板块无疑占据了主导地位。
“前十大IPO项目中，多个来自零售和消费领域。例如美的集团的300亿港元募资成为全球第二大IPO，体现了市场对成熟消费品牌的青睐。此外，老铺黄金等企业通过引入产业战投也进一步增强了市场信心，显示出消费升级与新零售结合的潜力。”他们说。
此外，TMT领域的信息技术和科技企业表现也很突出。几位律师表示，尤其是18C上市制度的推出，引发越来越多半导体、机器人等“硬科技”企业纷纷来港上市。此外，海问也观察到医疗保健企业在港股市场中呈现的亮点，生命科学企业在其中仍占有较高比重。
新规助力
过去一年的一系列新规出台以及多项制度改革无疑使得香港资本市场持续优化的同时，进一步增强了香港联交所对于各类企业的吸引力。
例如，香港证券及期货事务监察委员会与香港联交于2024年10月18日发出联合声明，宣布优化在IPO中新上市申请人的申请流程时间表，措施即时生效。优化审批流程时间表后，就简单案件来说，重大监管关注事项的审批将缩短为40个工作日；对于符合条件的A股申请人而言，监管评估期将为30个工作日。
在王彦峰律师看来：“这些措施将为赴港上市企业提供更为友好的监管和审批环境，总体而言将为提升香港作为国际新股集资市场的竞争力带来正面影响。”
12月，香港联交所还刊发了《有关优化首次公开招股市场定价及公开市场建议》咨询文件，旨在优化及调整公众持股量和公开市场定价机制等规则。
海问的几位律师指出：“本次改革，对于市值在300亿港币以上的A股上市公司适用10%以下的公众持股量要求提供了监管确定性，对于中小型体量的A+H股公司的公众持股量要求也较过去的15%的要求放宽至10%。”
“此举将为A+H股发行人提供弹性，在一定程度上减轻发行压力，对于有意实现A+H两地上市的公司来说可谓重大利好。此外，咨询文件也有意将基石投资者的禁售期改为分阶段解禁机制，将大幅提高基石参与IPO的积极性。”他们表示。
A与H“此消彼长”
港交所自身的“积极进取”之外，过去一年，由于A股IPO持续收紧，也间接导致了不少公司只能选择转道香港。2025年，这种“此消彼长”的现象是否得以持续？
王彦峰律师指出：“我们注意到A股IPO收紧后，很多内地企业选择来香港上市。其中比较早启动香港上市工作的企业有些已经成功上市了，有些已经提交申请并在审核过程当中，预期2025年会陆续上市，也有很多企业正在紧锣密鼓地筹备香港上市工作。”
王律师预期，这一趋势将在2025年继续：“中国证监会在2024年推出了加强香港金融市场的措施，支持符合条件的内地企业赴香港上市融资。这无疑在国内政策和监管层面为港股市场的发展提供了有力的支持。此外，香港联交所和香港证监会也在2024年10月宣布将紧密合作，以加快A股发行人和内地龙头企业来港上市的审批流程。”
天元律师事务所合伙人李晗律师也做出了同样预期。她表示：“2025年，会有更多企业选择或者完成港股上市。一方面是因为A股IPO政策2025年预期不会有大的变化，另一方面我们也观察到市场上有更多企业在2024年开始筹备或启动港股上市，这些项目有望在今年完成正式递交或发行。预期会有更多A股上市公司选择A to H赴香港上市。”
不过，在海问的几位律师看来，A股和港股之间并不是一个简单的“此消彼长”博弈关系。
“境内和境外资本市场的双向开放，支持符合条件的境内企业赴境外上市，更好利用好两个市场两种资源，一直以来都是我国资本市场深化改革的重要目标。我们预计，2025年，A股和港股资本市场都会涌现出一批优秀的上市企业。同时，也会有越来越多的企业同时选择在A股和港股同时上市。”他们表示。
竞争与合作
资本市场作为香港的传统法律业务领域，过去几年伴随中资券商的快速崛起，其业务版图也发生了快速变化。一方面，中国律师在交易中的重要性日益提升，尤其头部律所占据了显著的市场份额；另一方面，伴随中国律所的香港办公室经过三年联营逐渐转化为本地律所、可以开始提供香港法服务，他们期待以更“一站式”的角色参与到香港上市业务之中。
天元是其中的典型代表之一：根据瑞恩数据，2024年天元以中国律师身份参与了6宗上市，同时以香港律师身份参与了4宗上市。
李晗律师就此介绍道：“香港上市项目中，由内地律所担任境内律师，该所的香港分所担任境外律师，以境内外联动的方式为香港上市项目中的发行人或保荐人提供一体化服务，将成为更多项目的选择，甚至是主流的选择。这能有效地提高项目中的合作效率，降低沟通和协作成本，也更贴合境内企业的文化背景和工作习惯，在过往项目的执行过程中，得到了项目参与方，特别是发行人的广泛认可。”
海问的几位律师也赞同这一观察。“传统上，内地律所在港股IPO业务中仅能就中国法提供咨询服务，在项目中和境外律师会是共同合作的局面；但目前，已经有越来越多的项目愿意同时选择有香港办公室的内地律所同时就中国法和境外法提供法律服务，并且内地律所提供法律服务的深度和宽度日益拓展，例如IPO过程中的知识产权、数据保护、反垄断、出口管制和制裁等相关咨询。”
不过，虽然内地律所与国际律所呈现出一定的竞争态势，但合作仍将会是未来的主旋律。“国际律所有着悠久的历史，人才、经验和专业储备丰富，更有着全球法律服务网络，在大型、顶尖项目中仍占有一定优势地位，可以预期未来在不少项目中，中国境内律所和国际律所仍将维持良好的合作关系，共同协助完成具有市场影响力的项目。”他们表示。
王彦峰律师也预计，内地、国际和香港律所在2025年的香港IPO业务上将继续发挥各自的优势，总体来看，竞争与合作的格局将与2024年大致保持一致。
此外，他注意到，“随着近年一些美资背景的国际律所逐步退出或缩小其在内地和香港的业务，这部分业务份额会被内地律所和其他国际律所吸收。与此同时，一些头部内地律所也在非常积极布局香港和国际IPO业务领域，通过从传统国际律所招募团队成员等方式加强其竞争力。”
王律师预期，在2025年，无论是内地还是国际律所，传统头部律所将会继续保持领先地位，而第二梯队的律所之间的竞争也将日趋激烈。
Hong Kong Set for IPO Boom in 2025
• Hong Kong IPO market rebounds in 2024, ranks fourth globally by funds raised
• Consumer, tech sectors lead listings as new regulations fuel market activity
Hong Kong's initial public offering (IPO) market witnessed a robust recovery in 2024, driven by increased demand from Chinese companies seeking offshore listings.
According to Ryan Capital data, the Hong Kong Stock Exchange (HKEX) recorded 71 new listings, raising $11.2 billion, marking an 88.85 percent year-on-year increase and reclaiming its position as the world's fourth-largest IPO venue.
The market saw increasing concentration among legal advisers handling Hong Kong listings. Chinese law firms, specifically in their role as PRC counsel, showed strong performance with Jingtian & Gongcheng leading the pack with 29 deals. King & Wood Mallesons and Commerce & Finance Law Offices followed with 17 and 14 deals, respectively. Other prominent Chinese firms, including Tian Yuan Law Firm, Zhong Lun Law Firm, JunHe, Jiayuan Law Firm, and Haiwen & Partners also demonstrated solid performance.
Among international law firms, Clifford Chance emerged as the frontrunner, advising on 15 Hong Kong IPO transactions. Mayer Brown secured the second position with nine deals, while Sidley Austin and Paul Hastings tied for third place with seven deals each.
Dominant sectors
The consumer and technology, media, and telecommunications (TMT) sectors dominated Hong Kong's initial public offerings in 2024, followed by healthcare and pharmaceuticals, according to Deloitte data.
"TMT, software, and consumer sectors, including three Chapter 18C specialist technology companies, emerged as the most active segments in Hong Kong's 2024 IPO market," says Tim Wang, chair of the China practice at Clifford Chance. "Consumer companies attracted the highest capital inflows and retail investor interest."
The consumer sector's dominance was particularly evident in the year's largest deals, according to partners at Haiwen & Partners. "Several of the top 10 IPOs came from retail and consumer sectors, with Midea Group's $3.83 billion listing ranking as the world's second-largest IPO of the year," say Haiwen partners Wei Shuangjuan, Xu Qifei, Huo Chao, and Isaac Chen. "The successful listing of Luk Fook Gold, backed by strategic industrial investors, further boosted market confidence, highlighting the potential of premium consumption and new retail models."
The TMT sector also showed strong performance, particularly following the introduction of Chapter 18C listing rules, which attracted more "hard tech" companies in semiconductors and robotics. Healthcare listings maintained their momentum, with life sciences companies securing a significant share of the market, Haiwen partners noted.
New regulations
A series of regulatory reforms throughout 2024 strengthened Hong Kong's position as a premier listing destination, market experts say.
In a significant move, the Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX) issued a joint statement on Oct. 18 that introduced streamlined IPO application procedures. Under the new framework, regulatory reviews for straightforward cases will be shortened to 40 working days, while eligible A-share applicants can expect a 30-working-day assessment period.
"These measures create a more welcoming regulatory environment for listing candidates and will positively impact Hong Kong's competitiveness as an international fundraising hub," explains Wang of Clifford Chance.
In December, HKEX published a consultation paper on optimizing IPO pricing and public float requirements. The proposed changes could significantly reshape the listing landscape.
"The reforms provide regulatory clarity on public float requirements below 10 percent for A-share companies with market capitalization exceeding HK$30 billion ($3.83 billion)," partners at Haiwen tell ALB. "Smaller dual-listed A+H share companies will see public float requirements reduced from 15 percent to 10 percent."
"These changes will give A+H share issuers greater flexibility and reduce listing pressures," the Haiwen partners added. "The proposed phased approach to cornerstone investor lock-up periods could significantly boost cornerstone participation in IPOs."
Waxing and waning
Hong Kong's IPO market is poised to benefit from mainland China's tightened IPO regulations, with market experts forecasting continued momentum through 2025.
"Following mainland China's IPO restrictions, many Chinese companies have pivoted to Hong Kong listings," says Wang. "Some early movers have already listed, while others are in various stages of the approval process. We expect these listings to materialize throughout 2025."
Wang highlighted that recent policy support from Chinese regulators, including measures announced by the China Securities Regulatory Commission (CSRC) in 2024 to strengthen Hong Kong's financial markets, will continue driving this trend. The streamlined approval process for A-share issuers and leading mainland enterprises, announced jointly by HKEX and SFC in October 2024, further reinforces this direction.
"We anticipate more companies completing Hong Kong listings in 2025," says Li Han, partner at Tian Yuan Law Firm. "With mainland IPO policies unlikely to see major changes in 2025, and many companies initiating Hong Kong listing preparations in 2024, we expect increased A-to-H share conversions."
However, partners at Haiwen caution against viewing the relationship between A-shares and Hong Kong listings as a simple zero-sum game.
"The two-way opening of domestic and overseas capital markets has always been a key reform objective," they say. "We expect both markets to attract quality listings in 2025, with an increasing number of companies opting for dual A+H listings."
Competition and cooperation
Hong Kong's legal landscape is undergoing a significant transformation as Chinese law firms expand their presence in the city's IPO market, challenging the traditional dominance of international legal advisers.
Following three years of joint operations, several Chinese law firms have converted their Hong Kong offices into local practices, enabling them to offer comprehensive Hong Kong law services. This transformation is reshaping the competitive dynamics of the city's legal market.
Tian Yuan Law Firm exemplifies this trend. According to Ryan Capital data, in 2024 the firm advised on six IPOs as PRC counsel while simultaneously handling four listings as Hong Kong counsel.
"We're seeing more issuers opt for mainland law firms that can provide integrated onshore and offshore legal services through their Hong Kong offices," Li at Tian Yuan tells ALB. "This one-stop-shop approach improves efficiency, reduces coordination costs, and better aligns with mainland corporate culture."
Partners at Haiwen note an expansion in mainland firms' service scope. "Chinese law firms are now handling complex aspects including intellectual property, data protection, antitrust, and sanctions compliance," they note.
However, industry experts emphasize that collaboration, rather than competition, will remain key. "International firms maintain advantages in major deals through their global networks, extensive experience, and deep talent pools," the Haiwen partners add.
Wang at Clifford Chance, observes that as some U.S.-based international firms reduce their Greater China presence, their market share is being absorbed by mainland and other international firms. "Leading mainland firms are actively expanding their Hong Kong and international IPO capabilities by recruiting from traditional international firms," Tim Wang says.
Looking ahead to 2025, Wang predicts established firms will maintain their market leadership while competition intensifies among second-tier practices, with the overall competitive landscape remaining largely similar to 2024.
