CITIC Securities: Hong Kong IPOs are expected to remain hot.

China Securities Research Report stated that the Hong Kong stock IPO market will be hot in 2025, with high project quality. On this basis, the market's money-making effect is significant, and investors' enthusiasm for new listings is high. Looking towards 2026, we believe that there is a rich reserve of IPO projects, and the quality of projects is relatively guaranteed. Hong Kong stocks IPO are expected to remain hot, and it is recommended that both anchor investors and cornerstone investors should still select projects based on their own endowments and risk preferences.