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Hong Kong stocks rose 18% last year, and the positive momentum has continued into 2025. In the first half of this year, the Hang Seng Index surged by 20%, gaining over 4,000 points, marking the largest ever first half-year increase in terms of points. Stock market turnover has further expanded, and the initial public offering (IPO) market has become notably more active. 42 IPOs were completed in the first six months, raising more than HK$107 billion in total, approximately 22% higher than the entire amount raised last year, ranking Hong Kong first globally thus far. The market remains optimistic about the performance of both Hong Kong equities and the IPO market for the second half of the year. In fact, IPO applications in Hong Kong are rapidly increasing. So far, around 200 applications have been received, doubling the number at the beginning of this year. The applications include those by companies from the Middle East and Southeast Asia. This not only reflects the growing attractiveness of the Hong Kong market amid its rally, where more companies have been encouraged to accelerate their listing plans; it also demonstrates the effectiveness of our recent promotional efforts both in Hong Kong and on the Mainland, as well as internationally.
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