BEIJING — Hong Kong may be the top market globally for initial public offerings, but it also suffers from a growing trend of weak stock performance from those debuts.
根据毕马威,的数据，香港交易所去年的IPO募资额—位居全球第一，超过纽约证券交易所和纳斯达克,，后者分别排名第二和第三—，毕马威,指出，2025年的强劲势头在今年第一季度得以延续。据港交所网站称，截至周四,，已有 600 多家公司正在等待在香港交易所上市。
The Hong Kong exchange was first in the world by IPO funds raised last year — besting the New York Stock Exchange and the Nasdaq, which came second and third respectively — according to KPMG, which noted that strong momentum in 2025 continued in the first quarter of this year. More than 600 companies are waiting to list on the Hong Kong exchange as of Thursday, according to its website.
然而，, 香港 IPO 总体表现不佳。根据中国金融数据公司 Wind Information 的数据，自 2025 年 1 月以来, 的 179 家上市公司中，约有一半在过去三个月中交易价格较低,。相比之下，基准恒生指数同期小幅下跌，富时复兴全球 IPO 指数同期上涨超过 10%。
However, Hong Kong IPOs broadly are underperforming. Out of 179 listings since January 2025, about half have traded lower over the past three months, according to Chinese financial-data company Wind Information. That compares with a mild drop for the benchmark Hang Seng index and gains of more than 10% for the FTSE Renaissance Global IPO Index over the same period.
对于那些参与沪港通, 计划（允许中国大陆直接投资,）的人来说，绩效差异甚至更糟。 Out of 33 Hong Kong-listed stocks that joined the Connect on March 9, over half more than doubled in price between their IPO and the last trading day before inclusion.包括人工智能初创公司 Deepexi, 在内的 8, 在此期间飙升超过 300%。
For those in the Stock Connect, a program which allows mainland Chinese to invest directly, the performance difference is even worse. Out of 33 Hong Kong-listed stocks that joined the Connect on March 9, over half more than doubled in price between their IPO and the last trading day before inclusion. Eight, including AI startup Deepexi, surged by more than 300% during that time.
此后，八人组的股价全部下跌了 10% 或更多。 Deepexi was down 51% as of June 3.
All of the group of eight have dropped by 10% or more since. Deepexi was down 51% as of June 3.
Gavekal 的投资组合经理 Leonid Mironov, 指出，许多在香港的 H 股上市的股票已经作为中国大陆的 A 股, 进行交易。他说，在股票加入互联互通计划后，资金撤回通常更便宜的 A 股,。
Many listings in Hong Kong的 H shares are already traded as mainland China的 A shares, noted Leonid Mironov, portfolio manager at Gavekal. Capital retreats to the often cheaper A shares after the stocks have joined the Connect program, he said.
华夏资产管理公司,全球资本投资策略师丁文杰,表示，该公司注意到香港的一些基金已利用互联互通纳入作为产生额外回报的一种方式。
Ding Wenjie, investment strategist for global capital investment at China Asset Management Co., said the firm has noticed some funds in Hong Kong have capitalized on Connect inclusion as a way to generate additional returns.
高盛今年春季预测，公司今年将在香港上市筹集约 24,600 亿美元,，几乎是 2025 年筹集的 24,360 亿美元的两倍。该投资公司周三下调了香港 H 股评级，转而青睐中国大陆 A 股，以扩大对人工智能硬件股的投资。
Goldman Sachs this spring predicted companies will raise about $60 billion this year in Hong Kong listings, nearly double the $36 billion raised in 2025. The investment firm on Wednesday downgraded Hong Kong H shares in favor of mainland Chinese A shares for greater exposure to artificial intelligence hardware plays.
香港交易所在给 CNBC 的一份声明中表示，股价表现受到一系列因素的影响。
HKEX said in a statement to CNBC that share price performance is influenced by a range of factors.
市场的下一个测试: Knowledge Atlas Technology, 人工智能模型智普背后的公司, 是预计将于周一通过沪港通开始在上海交易的备受瞩目的股票之一,，而其他人工智能公司 MiniMax 可能会在今年夏天晚些时候加入。两家公司均于一月份在香港上市。
The next tests for the market: Knowledge Atlas Technology, the company behind AI model Zhipu, is one of the more high-profile stocks expected to begin trading in Shanghai via the Connect on Monday, while fellow AI company MiniMax is likely to join later this summer. Both companies listed in Hong Kong in January.
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