港股上半年IPO募资额创五年新高，A+H股撑起半边天

澎湃新闻07-03 13:14

2026年上半年，港股IPO市场继续火爆。Wind数据显示，上半年港股共84家企业IPO挂牌，募资总额达2080.15亿港元，创下近五年同期新高。在全球主要股票市场中，港股IPO筹资额仅次于纳斯达克，排名全球第二。这一轮IPO数量的井喷并非覆盖全行业，而是伴随着剧烈的结构性换血，以AI、半导体为代表的“硬科技”企业彻底取代传统行业成为新股市场主角。硬科技成港股IPO新引擎2026年上半年的港股...

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家，软件服务企业11家，医药生物企业11家，工业机械与电子设备各7家。大型IPO项目是推高募资总量的关键动力，在募资额排名前十的企业中，前十名企业实际融资额均突破50亿港元。有八家归属于工业或科技领域，主要为AI大模型与半导体芯片等热门行业赛道，消费行业为2家A股细分行业龙头企业赴港二次上市。胜宏科技（02476.HK）凭借231.35亿港元的募资规模位居榜首，其所在的硬件设备领域备受资本青睐；牧原股份（02714.HK）与东鹏饮料（09980.HK）分别以120.99亿港元和110.99亿港元紧随其后。此外，澜起科技（06809.HK）、壁仞科技（06082.HK）、兆易创新（03986.HK）等半导体行业的领军企业也纷纷上榜，仅半导体与硬件设备头部的几家企业就贡献了数百亿港元的资金。制度层面的优化为硬科技企业IPO打开了绿灯。除了随着AI热潮，成效逐渐反映的“科企专线”，港交所还于第一季发布咨询文件，拟降低“同股不同权”公司的市值门槛、放宽第二上市要求、扩大保密提交上市申请范围至所有新申请人，旨在吸引更多人工智能、生物科技等新经济企业。另一方面，香港证监会与港交所对申报质量实施更严格监管。上述文件提出更严谨的退回机制，于退回上市申请时展示负责申请材料的专业人士身份及角色，此机制涵盖保密申请。企业在申报前的扎实筹备以及面对市场变化的多手准备，已成为应对市场波动、抓住最佳发行窗口的关键。不仅如此，“A+H”上市已成为龙头企业跨境融资的主流选择。上半年登陆港股的84家企业中，有24家为“A+H”股，这一数字已超过2025年全年的总和（19家），合计募资1217.33亿港元，超过上半年港股IPO总额的半壁江山。安永报告指出，十大IPO中“A+H”企业占据八席，显示出内地行业龙头对港股流动性的高度认可。德勤研究指出，美联储降息预期、中国企业出海潮、内需提振政策、鼓励内地行业龙头企业来港上市、AI板块的估值修复、新质生产力与硬科技领域的支持等多重利好，推动众多内地AI龙头及其他价值链企业、“A+H”股等上市，使得今年上半年香港市场的新股数量及融资额再创高峰。赚钱效应明显在大盘指数上半年下跌超过10%的背景下，港股新股市场却走出了一波独立的强势行情。Wind数据显示，上半年港股IPO平均首日涨幅约为64.2%，超过八成新股在上市首日收涨，破发比例降至12%，创下近五年新低。曦智科技-P（01879.HK）首日飙升383.62%领跑全场，白鸽在线（02672.HK）涨幅同样超过300%达367.95%。海清智元（01392.HK）、深演智能（02723.HK）等6家企业的首日涨幅也均超过200%。上市首日涨幅超过100%的新股多达25只。拉长时间来看，优质硬科技新股走出独立行情，AI大模型、算力芯片、半导体等赛道获得持续资金支持。2026年上半年，智谱（02513.HK）1233.84%，市值一度突破万亿港元；兆易创新（03986.HK）涨超335.97%，天数智芯（9903.HK）涨超304.02%，泽景股份（02632.HK）涨超125.97%，澜起科技（06809.HK）涨超121.94%，首钢朗泽（02553.HK）涨108.64%。资金认购热情更是刷新纪录。翼菲科技（06871.HK）以14855.4倍的认购倍数刷新港股新股纪录，成为港股市场“超购王”；年内首家登陆创业板的BBSB INTL（08610.HK）以10745倍位列第二；共有17家公司的公开发售认购倍数超过了5000倍。仍有超500家IPO在排队港交所6月报告显示，截至6月末，共有782宗上市申请，除已上市外，有534宗仍在处理中，包括528家主板和6家GEM（原创业板）。还有25家已获批待上市。据Wind数据统计，其中超百家为A股上市企业，科技企业数量占比超过60%。“得益于活跃的IPO市场活动以及庞大的IPO申请数量，我们对香港IPO市场的前景持乐观态度。”毕马威中国香港资本市场组主管合伙人刘大昌指出。安永也预计，2026年下半年，港股IPO将持续活跃，呈现出“热门板块集中、‘硬科技’企业主导”的特征。A+H股模式预计持续火热，AI产业链相关企业，以及生物医药、新能源、新消费等领域龙头企业相继计划来港上市。展望后市，德勤预测全年将有约160只新股在港上市，融资约3000亿港元，香港在全球新股融资排名中至少能够取得第三的位置。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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