港澳法视界|香港法律制度介绍(五)——内地企业赴港上市之优势与全流程解析
Published:
2025-10-13
2025年以来,香港资本市场再度成为内地企业跨境融资的核心阵地,据港交所披露数据显示,上半年香港市场新股融资额达141亿美元,同比增幅高达695%,超越纽约、上海证券交易所登顶全球IPO榜首;截至9月末,港股IPO排队企业数量攀升至298家,其中78家为A股上市公司,包含立讯精密、牧原股份等12家市值超千亿元的行业龙头企业,形成“A 股 + H 股”双平台布局的显著趋势。这一热潮的背后,既是香港资本市场历经2018年上市制度改革(允许未盈利生物科技公司、同股不同权企业上市)、2023年“特专科技” 板块推出后的制度红利持续释放,也与内地企业在“双循环”战略下谋求全球化资本布局、提升国际品牌影响力的需求深度契合。从实践价值看,系统梳理内地企业赴港上市的核心优势、全流程体系及2025 年最新实操要点,不仅能为拟上市企业提供清晰的路径指引,更可助力其规避合规风险、提升上市效率,因此具有重要的现实意义。
引言:赴港上市热潮的2025年图景与研究意义
Preface: The 2025 Scenario of the Hong Kong IPO Boom and Its Research Significance
2025年以来,香港资本市场再度成为内地企业跨境融资的核心阵地,据港交所披露数据显示,上半年香港市场新股融资额达141亿美元,同比增幅高达695%,超越纽约、上海证券交易所登顶全球IPO榜首;截至9月末,港股IPO排队企业数量攀升至298家,其中78家为A股上市公司,包含立讯精密、牧原股份等12家市值超千亿元的行业龙头企业,形成“A 股 + H 股”双平台布局的显著趋势。这一热潮的背后,既是香港资本市场历经2018年上市制度改革(允许未盈利生物科技公司、同股不同权企业上市)、2023年“特专科技” 板块推出后的制度红利持续释放,也与内地企业在“双循环”战略下谋求全球化资本布局、提升国际品牌影响力的需求深度契合。从实践价值看,系统梳理内地企业赴港上市的核心优势、全流程体系及2025 年最新实操要点,不仅能为拟上市企业提供清晰的路径指引,更可助力其规避合规风险、提升上市效率,因此具有重要的现实意义。
Since 2025, the Hong Kong capital market has once again become the core battlefield for cross-border financing of mainland enterprises. According to data disclosed by the Hong Kong Stock Exchange, the amount of new stock financing in the Hong Kong market reached 14.1 billion US dollars in the first half of the year, a year-on-year increase of 695%, surpassing the New York and Shanghai Stock Exchanges to top the global IPO list; As of the end of September, the number of companies in the Hong Kong IPO queue has climbed to 298, of which 78 are A-share listed companies, including 12 industry leading enterprises with market values exceeding 100 billion yuan such as Luxshare Precision and Muyuan Shares, forming a significant trend of "A-share+H-share" dual platform layout.Behind this trend is not only the continuous release of institutional dividends in the Hong Kong capital market after the 2018 listing system reform (allowing unprofitable biotechnology companies and same stock but different rights enterprises to go public) and the launch of the "special technology" sector in 2023, but also a deep fit with the demand of mainland enterprises to seek global capital layout and enhance international brand influence under the "dual circulation" strategy. From a practical value perspective, systematically sorting out the core advantages, full process system, and latest operational points of mainland enterprises going public in Hong Kong by 2025 can not only provide clear path guidance for prospective listed companies, but also help them avoid compliance risks and improve listing efficiency. Therefore, it has important practical significance.

(摄影:李哲凡)
一、内地企业赴港上市的核心优势体系解构
Ⅰ. Deconstruction of the Core Advantage System of Mainland Enterprises Going Public in Hong Kong
内地企业选择赴港上市,本质是基于香港资本市场独特的制度属性、资本生态与政策协同性,形成与内地A股市场的差异化互补。从2025年市场实践看,其核心优势可整合为五大维度,且各维度间相互支撑,共同构成赴港上市的价值逻辑。
Mainland enterprises choosing to go public in Hong Kong are essentially based on the unique institutional attributes, capital ecology, and policy synergy of the Hong Kong capital market, forming differentiated complementarity with the mainland A-share market. From the perspective of market practice in 2025, its core advantages can be integrated into five dimensions, and each dimension supports each other, jointly forming the value logic of going public in Hong Kong.
(一)较高的融资效率
1. Higher Financing Efficiency
香港作为国际金融中心,汇聚了全球范围内的主权基金、对冲基金、养老金等长期资本,资本供给的充裕性直接推动新股认购热度攀升 —— 2025年赴港上市的特专科技企业平均募资额达15.3亿美元,较A股同类型企业高出47%,且港交所于2024年底推出的“科企专线”审核机制,将特专科技企业的上市审核周期压缩至4个月,较传统审核通道提速50%,同时支持企业以“保密递交”方式提交申请文件,有效帮助企业规避前期市场波动对估值的影响。
As an international financial center, Hong Kong has gathered long-term capital such as sovereign funds, hedge funds, and pension funds from around the world. The abundance of capital supply directly drives the popularity of new stock subscriptions. The average fundraising amount of special technology companies listed in Hong Kong in 2025 reached 1.53 billion US dollars, which is 47% higher than similar A-share companies. In addition, the "Science and Technology Enterprise Special Line" review mechanism launched by the Hong Kong Stock Exchange at the end of 2024 has compressed the listing review cycle of special technology companies to four months, which is 50% faster than traditional review channels. At the same time, it supports companies to submit application documents in a "confidential submission" manner, effectively helping companies avoid the impact of market fluctuations on valuation in the early stage.
(二)灵活的上市制度
2. Flexible Listing System
香港市场对企业的盈利要求、股权架构包容性显著高于A股。一方面,未盈利生物科技公司可凭借核心管线价值上市,2025年上半年此类企业占港股IPO总量的22%;另一方面,支持红筹架构、VIE架构企业直接上市,解决了内地科技企业境外融资的架构障碍,例如字节跳动旗下火山引擎板块即通过VIE架构于2025年3月成功赴港上市,募资规模达21亿美元。
The Hong Kong market has significantly higher profit requirements and equity structure inclusiveness for enterprises than A-shares. On the one hand, unprofitable biotechnology companies can go public based on their core pipeline value, accounting for 22% of the total IPO volume in Hong Kong stocks in the first half of 2025; On the other hand, it supports the direct listing of red chip and VIE structured enterprises, which solves the structural obstacles of overseas financing of mainland technology enterprises. For example, ByteDance's volcanic engine sector successfully went to Hong Kong for listing in March 2025 through the VIE architecture, raising $2.1 billion.
(三)政策协同红利
3. Policy Synergy Dividend
政策协同的红利进一步降低了赴港上市的制度成本,近年来内地与香港监管机构在审核标准、数据互认等方面的衔接日益紧密:中国证监会简化“境外上市核准”流程,将“大路条”(境外上市核准函)的审批周期从4个月缩短至2个月,且港交所与上交所、深交所实现部分财务数据(如经审计的年度报表)互认,减少企业重复编制、审核财务文件的成本。
The dividend of policy synergy has further reduced the institutional cost of listing in Hong Kong. In recent years, the connection between regulatory agencies in mainland China and Hong Kong in terms of audit standards and data mutual recognition has become increasingly close. The China Securities Regulatory Commission has simplified the "overseas listing approval" process, shortening the approval cycle of the "main road" (overseas listing approval letter) from 4 months to 2 months. In addition, the Hong Kong Stock Exchange has achieved mutual recognition of some financial data (such as audited annual reports) with the Shanghai Stock Exchange and the Shenzhen Stock Exchange, reducing the cost of duplicate preparation and review of financial documents for enterprises.
(四)全球化战略的重要跳板
4. An Important Springboard For Globalization Strategy
从市场表现看,“A+H”双平台上市企业的平均海外营收占比达32%,较单一A股上市企业高出19个百分点,典型案例如宁德时代通过港股上市引入沙特主权基金作为战略投资者,获得海外工厂建设的资本与资源支持;同时,港交所强制ESG(环境、社会及治理)信息披露要求(2025年起要求所有上市公司披露Scope 1-2碳排放数据,部分行业需额外披露Scope 3数据),倒逼企业构建符合国际标准的治理体系,此类企业的估值溢价较非ESG合规企业高出23%,进一步提升了长期融资能力。
From the perspective of market performance, the average overseas revenue of "A+H" dual platform listed companies accounts for 32%, which is 19 percentage points higher than that of single A-share listed companies. Typical cases include CATL's introduction of Saudi sovereign funds as strategic investors through its Hong Kong stock listing, obtaining capital and resource support for overseas factory construction; At the same time, the Hong Kong Stock Exchange has mandated ESG (Environmental, Social and Governance) information disclosure requirements (requiring all listed companies to disclose Scope 1-2 carbon emission data from 2025, with some industries requiring additional Scope 3 data disclosure), forcing companies to build governance systems that comply with international standards. The valuation premium of such companies is 23% higher than that of non ESG compliant companies, further enhancing their long-term financing capabilities.
(五)流动性优势
5. Liquidity Advantage
该优势为港股上市企业提供了持续的资本运作空间,沪深港通机制已覆盖90%的港股标的,2025年南下资金日均成交额达 420亿港元,占港股总成交额的28%,高流动性推动港股平均换手率提升至1.2%,接近A股创业板水平,为企业后续增发、配股、可转债发行等资本运作提供了便利条件。
This advantage provides continuous capital operation space for Hong Kong listed companies. The Shanghai Shenzhen Hong Kong Stock Connect mechanism has covered 90% of Hong Kong stock targets. By 2025, the daily average turnover of southbound funds will reach HKD 42 billion, accounting for 28% of the total turnover of Hong Kong stocks. The high liquidity will drive the average turnover rate of Hong Kong stocks to 1.2%, which is close to the level of the A-share Growth Enterprise Market, providing convenient conditions for subsequent capital operations such as issuing additional shares, rights issues, and convertible bonds for enterprises.

(摄影:李哲凡)
二、内地企业赴港上市的全流程体系构建(以H股上市为例)
Ⅱ. Construction of the Full Process System For Mainland Enterprises to Go Public in Hong Kong (Taking H-share Listing as an Example)
内地企业赴港上市(以最常见的H股模式为例)是一个涉及前期准备、申报审核、发行挂牌三个阶段的系统工程,各阶段环环相扣,且2025年港交所在流程细节上的优化需重点关注。
The listing of mainland enterprises in Hong Kong (taking the most common H-share model as an example) is a systematic project involving three stages: preliminary preparation, application review, and issuance and listing. Each stage is interrelated, and the optimization of the process details by the Hong Kong Stock Exchange in 2025 needs to be given special attention.
(一)前期准备阶段
1. Pre Preparation Stage
通常历时3-6个月,是上市成功的基础,核心任务包括决策制定、中介机构组建、架构调整与合规规范。
Usually taking 3-6 months, it is the foundation for successful listing, with core tasks including decision-making, intermediary organization formation, structural adjustment, and compliance regulations.
在决策与组队环节,企业需首先通过董事会决议确定上市方案(如募资用途、发行规模、上市板块选择),随后组建“中介天团”—— 核心成员包括保荐人(需为港交所持牌机构,2025年前三季度中金国际、中信证券(香港)、华泰金控(香港)分别以24单、18单、13单的保荐数量位列前三,头部机构的审核通过率较行业平均高27%)、香港持牌律师(负责香港法律合规事项,如公司章程起草、上市文件合规性审核)、内地律师(处理境内资产确权、外资准入合规)、会计师事务所(按香港财务报告准则调整财务报表,80%的企业需补充披露研发费用资本化、政府补助分类等细节);同时,中介机构需开展全面的尽职调查,重点识别业务合规风险(如是否涉及外资准入负面清单行业)、法律风险(如关联交易程序合规性)、财务风险(如收入确认政策一致性)。
In the decision-making and team building process, companies need to first determine the listing plan through a board resolution (such as fundraising purposes, issuance scale, and selection of listing sectors), and then form an "intermediary team" - the core members include sponsors (who must be licensed institutions of the Hong Kong Stock Exchange. In the first three quarters of 2025, CICC International, CITIC Securities (Hong Kong), and Huatai Financial Holding (Hong Kong) ranked in the top three with 24, 18, and 13 sponsors respectively, and the approval rate of top institutions was 27% higher than the industry average), Hong Kong licensed lawyers (responsible for Hong Kong legal compliance matters such as drafting company articles of association and compliance review of listing documents), mainland lawyers (handling domestic asset rights confirmation and foreign investment access compliance) Accounting firm (adjusting financial statements according to Hong Kong Financial Reporting Standards, 80% of enterprises need to supplement disclosure of details such as capitalization of research and development expenses and classification of government subsidies); At the same time, intermediary agencies need to conduct comprehensive due diligence, focusing on identifying business compliance risks (such as whether they involve industries on the negative list for foreign investment access), legal risks (such as compliance with related party transaction procedures), and financial risks (such as consistency in revenue recognition policies).
架构调整与规范环节则需根据企业实际情况推进,若企业为纯内资架构且计划以H股模式上市,需完成境外上市主体的搭建(通常通过在开曼群岛或百慕大设立控股公司),历时约2-3个月;若存在VIE 架构,需确认架构的稳定性与合规性,确保符合内地监管要求。此外,企业需向中国证监会申请“境外上市核准函”,2025年该环节的平均审批周期为68个工作日,需提交的核心文件包括招股书初稿、内控鉴证报告、董事会关于上市的决议文件等。
The process of structural adjustment and standardization needs to be promoted according to the actual situation of the enterprise. If the enterprise is a pure domestic structure and plans to be listed in H-share mode, it needs to complete the establishment of overseas listing entities (usually through setting up holding companies in the Cayman Islands or Bermuda), which takes about 2-3 months; If there is a VIE architecture, it is necessary to confirm the stability and compliance of the architecture to ensure compliance with mainland regulatory requirements. In addition, companies need to apply for an "Overseas Listing Approval Letter" from the China Securities Regulatory Commission. The average approval cycle for this process in 2025 is 68 working days, and the core documents that need to be submitted include the initial draft of the prospectus, internal control verification report, and board resolution documents on listing.
(二)申报与审核阶段
2. Declaration and Review Stage
该阶段是赴港上市的核心环节,通常耗时3-6个月,主要围绕港交所的审核流程展开。企业在完成前期准备后,需由保荐人牵头向港交所上市科递交申请文件,核心包括招股说明书(需包含业务章节、财务数据、风险因素、管理层讨论与分析等内容)、公司章程、董事及高管的承诺书、经审核的财务报表等;递交后进入港交所的审核流程,首先由上市科进行初步审核,重点关注招股书信息披露的充分性、准确性,通常在递交后20-30个工作日内发出首轮问询函,企业需联合中介机构在规定时限内(通常为15个工作日)回复,回复内容需针对问询问题提供详细依据(如业务数据的佐证材料、合规性证明文件);首轮问询回复后,若上市科仍有疑问,将发出第二轮甚至第三轮问询,直至审核通过,进入聆讯准备阶段。聆讯前25个营业日,企业需向港交所递交排期申请、缴纳首次上市费用(主板最低150万港元)及招股书第三稿;聆讯前20-10个营业日,补充经审核的最新账目、董事承诺书等文件;聆讯前4个营业日,提交最终版申请文件,由上市科完成推荐流程。聆讯阶段由港交所上市委员会(由独立非执行董事、市场专业人士等组成)召开会议,审议企业的上市资格,重点关注业务可持续性、关联交易合规性、估值合理性等核心问题,2025 年港股IPO聆讯通过率约为82%,未通过案例多因信息披露不充分或业务模式存在合规风险。
This stage is the core process of going public in Hong Kong, usually taking 3-6 months, mainly revolving around the review process of the Hong Kong Stock Exchange. After completing the preliminary preparation, the enterprise needs to be led by the sponsor to submit application documents to the Listing Department of the Hong Kong Stock Exchange, including the prospectus (which should include business chapters, financial data, risk factors, management discussions and analysis, etc.), company articles of association, commitment letters from directors and executives, audited financial statements, etc; After submission, it enters the review process of the Hong Kong Stock Exchange. Firstly, the Listing Department conducts a preliminary review, focusing on the adequacy and accuracy of the information disclosure in the prospectus. Usually, the first round of inquiry letters are issued within 20-30 working days after submission. The enterprise needs to cooperate with intermediary agencies to reply within the prescribed time limit (usually 15 working days), and the reply content needs to provide detailed evidence for the inquiry questions (such as supporting materials for business data and compliance certification documents); After the first round of inquiries, if the listing department still has questions, a second or even third round of inquiries will be issued until the review is approved and the preparation stage for the hearing begins. 25 business days before the hearing, the company needs to submit a scheduling application, pay the initial listing fee (minimum of HKD 1.5 million on the main board), and the third draft of the prospectus to the Hong Kong Stock Exchange; 20-10 business days before the hearing, supplement the latest audited accounts, director commitment letter and other documents; Four business days before the hearing, submit the final version of the application documents, and the listing department will complete the recommendation process. The hearing stage is held by the Listing Committee of the Hong Kong Stock Exchange (composed of independent non-executive directors, market professionals, etc.) to review the listing qualifications of the company, with a focus on core issues such as business sustainability, compliance with related party transactions, and reasonable valuation. The pass rate of Hong Kong IPO hearings in 2025 is about 82%, and cases that fail are often due to insufficient information disclosure or compliance risks in the business model.
(三)发行与挂牌阶段
3. Issuance and Listing Stage
一般历时1-2个月,是将上市流程落地的关键环节。聆讯通过后,企业进入路演与定价环节,管理层需在保荐人的陪同下赴香港、新加坡、伦敦等全球主要金融中心进行机构推介,向潜在投资者介绍企业的业务模式、财务表现、发展规划,同时通过簿记建档方式收集投资者报价,确定最终发行价 —— 2025年赴港上市企业的平均超额认购倍数达35倍,其中特专科技企业的超额认购倍数更高,如某AI算力企业的机构认购倍数达128倍。定价完成后,进入公开发售环节,面向散户投资者发行股份,通常占总发行规模的10%-50%,发售期持续3-5个交易日,散户投资者可通过券商进行网上认购。公开发售结束后,进行股份分配,公布中签结果,随后企业完成股份登记、缴纳上市相关费用(如承销费、律师费、会计师费等,通常占募资总额的 5%-8%),最终在港交所主板或GEM(创业板)挂牌交易。从2025年市场表现看,港股IPO首日平均涨幅达12%,其中特专科技、生物科技板块的首日涨幅更高,平均达18%,为投资者带来了良好的初始回报,也为企业后续的资本运作奠定了基础。
It usually takes 1-2 months and is a key step in implementing the listing process. After the hearing is approved, the company enters the roadshow and pricing stage. The management team needs to accompany the sponsor to major global financial centers such as Hong Kong, Singapore, and London for institutional promotion, introducing the company's business model, financial performance, and development plans to potential investors. At the same time, investor quotations are collected through bookkeeping and filing methods to determine the final issuance price. The average oversubscription multiple of companies listed in Hong Kong in 2025 is 35 times, with a higher oversubscription multiple for specialized technology companies, such as an AI computing power company with an institutional subscription multiple of 128 times. After the pricing is completed, it enters the public offering stage and issues shares to retail investors, usually accounting for 10% -50% of the total issuance scale. The offering period lasts for 3-5 trading days, and retail investors can subscribe online through securities firms. After the public offering is completed, the shares will be distributed and the winning results will be announced. Subsequently, the company will complete the share registration, pay listing related fees (such as underwriting fees, lawyer fees, accountant fees, etc., usually accounting for 5% -8% of the total fundraising amount), and finally list on the main board of the Hong Kong Stock Exchange or GEM (Growth Enterprise Market) for trading. From the perspective of market performance in 2025, the average first day increase of Hong Kong stock IPOs is 12%, with the first day increase of the special technology and biotechnology sectors being even higher, averaging 18%, bringing good initial returns to investors and laying the foundation for subsequent capital operations of enterprises.
三、2025年内地企业赴港上市的实操适配与风险规避
Ⅲ. Practical Adaptation and Risk Avoidance of Mainland Enterprises Going Public in Hong Kong in 2025
在2025年的市场环境下,内地企业赴港上市需结合最新的监管动态、行业趋势与市场偏好,做好实操适配,同时规避潜在风险,确保上市流程顺利推进。
In the market environment of 2025, mainland enterprises going public in Hong Kong need to combine the latest regulatory dynamics, industry trends, and market preferences, make practical adaptations, and avoid potential risks to ensure the smooth progress of the listing process.
(一)行业选择与估值策略
1. Industry Selection and Valuation Strategy
需紧密贴合香港市场的热门赛道与估值逻辑:从2025年IPO数量分布看,特专科技(占比38%)、生物科技(22%)、消费升级(19%)是三大主力板块,其中特专科技板块涵盖新能源、AI、半导体等前沿领域,受到全球资本的重点关注,此类企业在估值时可采用 “市销率 + 研发投入占比” 的复合估值模型,突出技术壁垒与成长潜力;生物科技企业(尤其是未盈利企业)则需基于核心管线的临床进展、市场空间、竞争格局进行管线价值估值(DCF 模型),同时需在招股书中充分披露临床风险、研发投入计划;消费升级企业可参考可比公司的市盈率(PE)、市净率(PB)进行估值,重点突出品牌力、渠道覆盖与用户粘性。
It is necessary to closely follow the popular tracks and valuation logic of the Hong Kong market: From the distribution of IPO numbers in 2025, the three main sectors are special technology (38%), biotechnology (22%), and consumer upgrading (19%), among which the special technology sector covers new energy AI、Semiconductor and other cutting-edge fields have received significant attention from global capital, and such enterprises can adopt a composite valuation model of "market to sales ratio+R&D investment ratio" when valuing, highlighting technological barriers and growth potential; Biotechnology companies (especially unprofitable ones) need to conduct pipeline value valuation (DCF model) based on the clinical progress, market space, and competitive landscape of their core pipelines, and fully disclose clinical risks and R&D investment plans in their prospectus; Consumer upgrading enterprises can refer to the price to earnings ratio (PE) and price to book ratio (PB) of comparable companies for valuation, with a focus on brand strength, channel coverage, and user stickiness.
(二)合规与信息披露
2. Compliance and Information Disclosure
2025年港交所与内地监管机构对合规性的要求进一步提升,企业需重点关注三大领域:一是外资准入合规,若企业涉及《外商投资准入特别管理措施(负面清单)》中的行业(如电信、传媒、金融等),需提前获得商务部、工信部等部门的审批文件,确保境外上市不违反内地产业政策;二是ESG 信息披露,除强制披露的碳排放数据外,港交所鼓励企业披露ESG战略、目标及绩效,部分机构投资者已将ESG表现作为投资决策的重要依据,企业可提前引入第三方机构进行ESG鉴证,提升信息披露的可信度;三是关联交易合规,港交所要求企业披露所有重大关联交易(通常指交易额占营收5%以上的关联交易),且需经独立股东批准,同时需逐年披露持续性关联交易的上限,企业需在前期规范关联交易流程,避免因关联交易不透明导致审核延误。
In 2025, the Hong Kong Stock Exchange and mainland regulatory agencies will further enhance their compliance requirements. Enterprises need to focus on three major areas: first, compliance with foreign investment access. If an enterprise is involved in industries listed in the "Special Management Measures for Foreign Investment Access (Negative List)" (such as telecommunications, media, finance, etc.), it needs to obtain approval documents from the Ministry of Commerce, Ministry of Industry and Information Technology, and other departments in advance to ensure that overseas listings do not violate mainland industrial policies; The second is ESG information disclosure. In addition to mandatory disclosure of carbon emission data, the Hong Kong Stock Exchange encourages companies to disclose ESG strategies, goals, and performance. Some institutional investors have taken ESG performance as an important basis for investment decisions, and companies can introduce third-party institutions for ESG verification in advance to enhance the credibility of information disclosure; The third is compliance with related party transactions. The Hong Kong Stock Exchange requires companies to disclose all significant related party transactions (usually referring to related party transactions with transaction amounts accounting for more than 5% of revenue), which must be approved by independent shareholders. At the same time, companies need to disclose the upper limit of ongoing related party transactions year by year. Companies need to standardize the related party transaction process in the early stage to avoid review delays caused by opaque related party transactions.
(三)中介机构的选择
3. Selection of Intermediary Agencies
中介机构的选择直接影响上市效率与成功率,2025年企业在选择中介团队时需综合考量三大因素:一是中介机构的行业经验,优先选择在企业所属行业有丰富IPO项目经验的机构,例如生物科技企业应选择熟悉医药行业监管政策、估值逻辑的保荐人与会计师事务所;二是团队稳定性,需确认中介机构项目团队的核心成员是否稳定,避免因人员变动导致项目延误;三是协同能力,中介团队需具备良好的协同配合能力,尤其是保荐人需牵头协调律师、会计师等机构,确保审核回复、文件制作的效率与质量。此外,企业还需关注上市后的持续合规义务,如定期披露财务报告(半年报、年报)、及时披露重大事项(如重大合同、关联交易、高管变动等),避免因信息披露违规面临港交所的纪律处分,影响企业的市场形象与融资能力。
The choice of intermediary agencies directly affects the efficiency and success rate of listing. In 2025, companies need to consider three major factors when selecting intermediary teams: first, the industry experience of intermediary agencies. Priority should be given to selecting agencies with rich IPO project experience in the industry to which the company belongs. For example, biotechnology companies should choose sponsors and accounting firms who are familiar with pharmaceutical industry regulatory policies and valuation logic; The second is team stability, which requires confirming whether the core members of the intermediary agency's project team are stable to avoid project delays caused by personnel changes; The third is collaborative ability. The intermediary team needs to have good collaborative ability, especially the sponsor needs to take the lead in coordinating with lawyers, accountants and other institutions to ensure the efficiency and quality of audit responses and document production. In addition, companies need to pay attention to their ongoing compliance obligations after going public, such as regularly disclosing financial reports (semi annual reports, annual reports), timely disclosing major issues (such as major contracts, related party transactions, executive changes, etc.), to avoid facing disciplinary action from the Hong Kong Stock Exchange for violating information disclosure regulations, which may affect the company's market image and financing ability.
四、结语
Ⅳ. Conclusion
2025年的香港资本市场,正以制度创新、政策协同与全球资本汇聚的多重优势,成为内地企业实现全球化资本布局的核心枢纽。
The Hong Kong capital market in 2025 is becoming a core hub for mainland enterprises to achieve global capital layout, thanks to its multiple advantages of institutional innovation, policy coordination, and global capital convergence.
从优势解构看,赴港上市不仅为企业提供了高效的融资渠道、灵活的上市制度,更助力其提升国际品牌影响力、完善治理体系;从全流程体系看,前期准备的充分性、申报审核的合规性、发行挂牌的市场适配性,共同决定了上市的成功率;从实操层面看,贴合市场趋势的行业选择、严格的合规管理、专业的中介团队,是企业规避风险、实现上市目标的关键。
From the perspective of advantage deconstruction, going public in Hong Kong not only provides enterprises with efficient financing channels and flexible listing systems, but also helps them enhance their international brand influence and improve their governance system; From the perspective of the entire process system, the adequacy of preliminary preparation, compliance with application and review, and market adaptability of issuance and listing jointly determine the success rate of listing; From a practical perspective, industry selection that aligns with market trends, strict compliance management, and a professional intermediary team are key factors for companies to avoid risks and achieve their listing goals.
对于内地企业而言,赴港上市已不再是单纯的融资行为,而是融入全球资本市场、推动企业高质量发展的战略选择。随着内地与香港资本市场融合的进一步深化,“A+H”双平台上市将成为更多行业龙头企业的标配,而香港市场也将在服务国家“双循环”战略中,持续发挥其独特的桥梁作用,为内地企业的全球化发展注入新动能。
For mainland enterprises, going public in Hong Kong is no longer a simple financing activity, but a strategic choice to integrate into the global capital market and promote high-quality development of the enterprise. With the further deepening of the integration of the capital markets in mainland China and Hong Kong, the "A+H" dual platform listing will become a standard for more industry leading enterprises, and the Hong Kong market will continue to play its unique bridging role in serving the country's "dual circulation" strategy, injecting new momentum into the global development of mainland enterprises.
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