{"id":660155,"date":"2026-02-03T11:14:52","date_gmt":"2026-02-03T03:14:52","guid":{"rendered":"https:\/\/law.asia\/?p=660155"},"modified":"2026-02-09T15:22:05","modified_gmt":"2026-02-09T07:22:05","slug":"hong-kong-ipo-2025","status":"publish","type":"post","link":"https:\/\/law-asia.visibleone.dev\/ja\/hong-kong-ipo-2025\/","title":{"rendered":"2025\u5e74\u306e\u9999\u6e2fIPO\u5e02\u5834\uff1a\u5e02\u5834\u306e\u5c55\u671b\u3001\u30e1\u30ac\u30c7\u30a3\u30fc\u30eb\u3001\u65b0\u305f\u306a\u30c8\u30ec\u30f3\u30c9"},"content":{"rendered":"
\n\n\n\n
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\u30e1\u30a4\u30f3\u30da\u30fc\u30b8<\/b><\/span>
\n<\/a><\/p>\n<\/td>\n

\n

\u53f0\u6e7e<\/b><\/span>
\n<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\u9999\u6e2f\u306f2025\u5e74\u306b\u4e16\u754c\u6709\u6570\u306e\u65b0\u898f\u682a\u5f0f\u516c\u958b\uff08IPO\uff09\u5e02\u5834\u3068\u3057\u3066\u306e\u5730\u4f4d\u3092\u78ba\u56fa\u305f\u308b\u3082\u306e\u306b\u3057\u3001\u52e2\u3044\u306e\u3042\u308b\u9032\u5c55\u3068\u5909\u9769\u306e\u5e74\u3068\u306a\u308a\u307e\u3057\u305f\u300212\u6708\u4e2d\u65ec\u307e\u3067\u306b\u3001\u5e02\u5834\u3067\u306f106\u4ef6\u306e\u65b0\u898f\u4e0a\u5834\u306b\u3088\u308a2746\u5104\u9999\u6e2f\u30c9\u30eb\uff08352\u5104\u7c73\u30c9\u30eb\uff09\u304c\u8abf\u9054\u3055\u308c\u3001\u4e16\u754c\u306eIPO\u4e0a\u4f4d10\u4ef6\u306e\u3046\u3061\uff14\u4ef6\u304c\u9999\u6e2f\u3067\u884c\u308f\u308c\u307e\u3057\u305f\u3002\u5e02\u5834\u306f\u3001Contemporary Amperex Technology\uff08CATL\uff09\u306e53\u5104\u7c73\u30c9\u30eb\u306eH\u682a\u4e0a\u5834\u306a\u3069\u306e\u30e1\u30ac\u30c7\u30a3\u30fc\u30eb\u306b\u52a0\u3048\u3001Hengrui Pharmaceuticals\u3001Haitian Flavouring and Food\u3001Sanhua Intelligent Controls\u306b\u3088\u308b10\u5104\u7c73\u30c9\u30eb\u898f\u6a21\u306eIPO\u304c\u7d9a\u304d\u307e\u3057\u305f\u3002<\/p>\n

\u300cDeepSeek\u30e2\u30fc\u30e1\u30f3\u30c8\u300d\u3001\u9769\u65b0\u7684\u306a\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u65bd\u7b56\u3001\u5927\u898f\u6a21\u306a\u5e02\u5834\u6539\u9769\u306b\u727d\u5f15\u3055\u308c\u3066\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u8cc7\u672c\u304c\u9999\u6e2f\u306b\u56de\u5e30\u3057\u307e\u3057\u305f\u3002\u9999\u6e2f\u8a3c\u5238\u53d6\u5f15\u6240\uff08HKEX\uff09\u306b\u3088\u308b\u4fa1\u683c\u767a\u898b\u5236\u5ea6\u306e\u6539\u9769\u3001Technology Enterprises Channel\uff08TECH\uff09\u306e\u5c0e\u5165\u3001\u30d0\u30a4\u30aa\u30c6\u30c3\u30af\uff08\u30c1\u30e3\u30d7\u30bf\u30fc18A\uff09\u304a\u3088\u3073\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\uff08\u30c1\u30e3\u30d7\u30bf\u30fc18C\uff09\u306e\u7279\u5225\u4e0a\u5834\u5236\u5ea6\u306b\u652f\u3048\u3089\u308c\u3001\u9999\u6e2f\u306eIPO\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306f\u3001\u8cea\u304c\u9ad8\u304f\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u4e3b\u5c0e\u306e\u8cc7\u672c\u5f62\u6210\u306b\u304a\u3051\u308b\u30a2\u30b8\u30a2\u968f\u4e00\u306e\u30cf\u30d6\u3068\u3057\u3066\u3001\u898b\u4e8b\u306b\u518d\u8d77\u3092\u679c\u305f\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u9999\u6e2f\u306eIPO\u306e\u69cb\u9020<\/strong><\/span><\/h2>\n

\u9999\u6e2f\u306f\u4f9d\u7136\u3068\u3057\u3066\u4e16\u754c\u6709\u6570\u306eIPO\u5e02\u5834\u306e\u4e00\u3064\u3067\u3042\u308a\u3001\u4e2d\u56fd\u5185\u5730\u3068\u30b0\u30ed\u30fc\u30d0\u30eb\u6295\u8cc7\u5bb6\u3092\u3064\u306a\u3050\u72ec\u81ea\u306e\u30b9\u30fc\u30d1\u30fc\u30b3\u30cd\u30af\u30bf\u30fc\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u307e\u3059\u3002\u540c\u5e02\u5834\u306f\u3001HKEX\u3068\u8a3c\u5238\u5148\u7269\u59d4\u54e1\u4f1a\uff08SFC\uff09\u304c\u5171\u540c\u3067\u76e3\u7763\u3059\u308b\u4e8c\u91cd\u306e\u898f\u5236\u4f53\u5236\u306e\u4e0b\u3067\u904b\u55b6\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30e1\u30a4\u30f3\u30dc\u30fc\u30c9\u306f\u6210\u719f\u3057\u305f\u4f01\u696d\u3092\u5bfe\u8c61\u3068\u3057\u3001Growth Enterprise Market\uff08GEM\uff09\u30dc\u30fc\u30c9\u306f\u5c0f\u898f\u6a21\u4f01\u696d\u307e\u305f\u306f\u9ad8\u6210\u9577\u4f01\u696d\u306b\u7126\u70b9\u3092\u5f53\u3066\u3066\u3044\u307e\u3059\u3002\u4e3b\u8981\u306a\u6cd5\u4ee4\u3068\u3057\u3066\u306f\u3001\u8a3c\u5238\u5148\u7269\u6761\u4f8b\uff08\u7b2c571\u7ae0\uff09\u3001\u4f1a\u793e\u6761\u4f8b\uff08\u7b2c622\u7ae0\uff09\u3001\u4f1a\u793e\uff08\u6e05\u7b97\u304a\u3088\u3073\u96d1\u5247\u898f\u5b9a\uff09\u6761\u4f8b\uff08\u7b2c32\u7ae0\uff09\u304c\u3042\u308a\u3001HKEX\u306e\u4e0a\u5834\u898f\u5247\u304c\u3053\u308c\u3092\u88dc\u5b8c\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

2025\u5e74\u306e\u9999\u6e2fIPO\u306e\u5e02\u5834\u52d5\u5411\u3068\u5b9f\u7e3e<\/strong><\/span><\/h2>\n
\"Stephen
Stephen Luo<\/strong>
\u30d1\u30fc\u30c8\u30ca\u30fc
Jingtian & Gongcheng
\u9999\u6e2f
Tel: +852 2926 9448
Email: stephen.luo@jingtian.com<\/figcaption><\/figure>\n

\u4f4e\u8abf\u306a\u6570\u5e74\u9593\u3092\u7d4c\u3066\u30012025\u5e74\u3001\u9999\u6e2f\u306eIPO\u5e02\u5834\u306f\u529b\u5f37\u3044\u56de\u5fa9\u3092\u9042\u3052\u307e\u3057\u305f\u3002<\/p>\n

\u5927\u578b\u767a\u884c\u4f53\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u304c\u62e1\u5927\u3057\u3001\u4e2d\u56fd\u5185\u5730\u4f01\u696d\u304c\u56de\u5e30\u3057\u305f\u3053\u3068\u306b\u652f\u3048\u3089\u308c\u3001\u5e74\u9593\u3092\u901a\u3058\u3066\u52e2\u3044\u304c\u52a0\u901f\u3057\u307e\u3057\u305f\u30022025\u5e7412\u670819\u65e5\u6642\u70b9\u3067\u3001HKEX\u3067\u306f106\u4ef6\u306e\u65b0\u898f\u4e0a\u5834\uff08GEM\u304b\u3089\u30e1\u30a4\u30f3\u30dc\u30fc\u30c9\u3078\u306e\u79fb\u884c\u3092\u542b\u3080\uff09\u304c\u3042\u308a\u3001\u7dcf\u984d2746\u5104\u9999\u6e2f\u30c9\u30eb\u304c\u8abf\u9054\u3055\u308c\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u524d\u5e74\u3068\u6bd4\u3079\u3066\u8cc7\u91d1\u8abf\u9054\u984d\u304c\u5927\u304d\u304f\u4e0a\u6607\u3057\u305f\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n

\u73fe\u7269\u5e02\u5834\u3082\u53d6\u5f15\u6d3b\u52d5\u306e\u56de\u5fa9\u304c\u898b\u3089\u308c\u30012025\u5e74\u6700\u521d\u306e11\u30ab\u6708\u306b\u304a\u3051\u308b\u4e00\u65e5\u5e73\u5747\u58f2\u8cb7\u4ee3\u91d1\u306f2558\u5104\u9999\u6e2f\u30c9\u30eb\u306b\u9054\u3057\u3001\u524d\u5e74\u6bd4\u306795%\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3055\u3089\u306b\u3001HKEX\u4e0a\u5834\u4f01\u696d\u306f\u8ffd\u52a0\u52df\u96c6\u3067660\u5104\u7c73\u30c9\u30eb\u3092\u8abf\u9054\u3057\u3066\u304a\u308a\u3001\u8cc7\u672c\u5e02\u5834\u306e\u6d3b\u529b\u3068\u539a\u307f\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u6d3b\u6cc1\u306f\u3001\u30a2\u30b8\u30a2\u3001\u6b27\u5dde\u3001\u4e2d\u6771\u3001\u5317\u7c73\u306e\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u5f37\u529b\u306a\u53c2\u52a0\u3092\u80cc\u666f\u306b\u3001\u4e2d\u56fd\u304a\u3088\u3073\u6d77\u5916\u306e\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u4fe1\u983c\u56de\u5fa9\u3092\u6d6e\u304d\u5f6b\u308a\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

2025\u5e74\u306e\u9999\u6e2f\u306eIPO\u4e3b\u8981\u6848\u4ef6<\/strong><\/span><\/h2>\n

CATL\u306f\u3053\u306e\u5e74\u3092\u8c61\u5fb4\u3059\u308b\u5b58\u5728\u3068\u306a\u308a\u307e\u3057\u305f\u30022025\u5e74\uff15\u670820\u65e5\u306b\u540c\u793e\u304c\u5b9f\u65bd\u3057\u305f53\u5104\u7c73\u30c9\u30eb\u306eH\u682aIPO\u306f\u30012023\u5e74\u4ee5\u6765\u3001\u4e16\u754c\u6700\u5927\u898f\u6a21\u3068\u306a\u308a\u307e\u3057\u305f\u3002CATL\u306e\u4e0a\u5834\u306f\u3001\u65b0\u30a8\u30cd\u30eb\u30ae\u30fc\u304a\u3088\u3073\u30af\u30ea\u30fc\u30f3\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u4f01\u696d\u306b\u5bfe\u3059\u308b\u6295\u8cc7\u5bb6\u9700\u8981\u306e\u539a\u307f\u3092\u660e\u78ba\u306b\u793a\u3057\u307e\u3057\u305f\u3002<\/p>\n

Hengrui Pharmaceuticals\u3001Haitian Flavouring and Food\u3001Sanhua Intelligent Controls\u306b\u3088\u308b\u4ed6\u306e\uff13\u4ef6\u306e10\u5104\u7c73\u30c9\u30eb\u898f\u6a21\u306e\u4e0a\u5834\u3068\u5408\u308f\u305b\u3066\u3001\u3053\u308c\u3089\u306e\u4e0a\u5834\u6848\u4ef6\u306f2025\u5e74\u306e\u4e16\u754c\u306eIPO\u4e0a\u4f4d10\u4ef6\u306e\u3046\u3061\uff14\u4ef6\u3092\u5360\u3081\u307e\u3057\u305f\u3002<\/p>\n

\u9999\u6e2f\u306b\u304a\u3051\u308bA\u682a\uff0bH\u682a\u3001\u30d0\u30a4\u30aa\u30c6\u30c3\u30af\u3001\u5c02\u9580\u30c6\u30c3\u30af\u4f01\u696d\u4e0a\u5834<\/strong><\/span><\/h2>\n
\"Stella
Stella Yeung<\/strong>
\u30d1\u30fc\u30c8\u30ca\u30fc
Jingtian & Gongcheng
\u9999\u6e2f
Tel: +81 3 6250 6317
Tel: +852 2926 9438
Email: stella.yeung@jingtian.com<\/figcaption><\/figure>\n

\u898f\u5236\u6539\u9769\u3068\u4e26\u884c\u3057\u3066\u3001\u9999\u6e2f\u3067\u306f\u4e0a\u5834\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u306e\u69cb\u9020\u7684\u306a\u5909\u5316\u304c\u898b\u3089\u308c\u307e\u3057\u305f\u30022025\u5e74\u306b\u306f\uff13\u3064\u306e\u9855\u8457\u306a\u30c8\u30ec\u30f3\u30c9\u304c\u73fe\u308c\u307e\u3057\u305f\u3002\u3059\u306a\u308f\u3061\u3001A\u682a\uff0bH\u682a\u306e\u30c7\u30e5\u30a2\u30eb\u4e0a\u5834\u306e\u5897\u52a0\u3001\u30c1\u30e3\u30d7\u30bf\u30fc18A\uff08\u30d0\u30a4\u30aa\u30c6\u30c3\u30af\u4f01\u696d\uff09\u3068\u30c1\u30e3\u30d7\u30bf\u30fc18C\uff08\u5c02\u9580\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u4f01\u696d\uff09\u306b\u57fa\u3065\u304f\u6d3b\u52d5\u306e\u5897\u52a0\u3067\u3059\u3002\u3053\u308c\u3089\u306e\u30c1\u30e3\u30d7\u30bf\u30fc\u306e\u5c0e\u5165\u4ee5\u964d\u3001\u30d0\u30a4\u30aa\u30c6\u30c3\u30af\u304a\u3088\u3073\u5c02\u9580\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u4f01\u696d88\u793e\u304cHKEX\u306b\u4e0a\u5834\u3057\u307e\u3057\u305f\u3002<\/p>\n

A<\/strong>\uff0b<\/strong>H<\/strong>\u4e0a\u5834\uff1a<\/strong>\u9999\u6e2f\u3067\u306fA\uff0bH\u4e0a\u5834\u304c\u9855\u8457\u306b\u56de\u5fa9\u3057\u3001\u4e2d\u56fd\u5185\u5730\u306e\u767a\u884c\u4f53\u304c\u4e0a\u5834\u6226\u7565\u3092\u3088\u308a\u5e83\u7bc4\u306b\u898b\u76f4\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002A\uff0bH\u30e2\u30c7\u30eb\u306f\u3001\u5185\u5730\u4f01\u696d\u304c\u898f\u5236\u4e0a\u306e\u89aa\u548c\u6027\u3092\u7dad\u6301\u3057\u3064\u3064\u3001\u6295\u8cc7\u5bb6\u57fa\u76e4\u3092\u591a\u69d8\u5316\u3059\u308b\u305f\u3081\u306e\u9b45\u529b\u7684\u306a\u9078\u629e\u80a2\u3067\u3042\u308a\u7d9a\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n

2025\u5e74\u4e0a\u534a\u671f\u3060\u3051\u3067\u3001\uff18\u4ef6\u306e\u201cA-to-H\u201d\u306eIPO\u304c\u52df\u96c6\u3092\u5b8c\u4e86\u3057\u3001\u5408\u8a08\u3067\u7d04101\u5104\u7c73\u30c9\u30eb\u3092\u8abf\u9054\u3057\u307e\u3057\u305f\u3002\u7279\u7b46\u3059\u3079\u304d\u306f\u3001CATL\u306eH\u682a\u30c8\u30e9\u30f3\u30b7\u30a7\u304c\u4e0a\u5834\u6642\u306bA\u682a\u306b\u5bfe\u3057\u3066\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u4fa1\u683c\u8a2d\u5b9a\u3055\u308c\u305f\u3053\u3068\u3067\u3001\u3053\u308c\u306f\u56fd\u969b\u6295\u8cc7\u5bb6\u306e\u9700\u8981\u306e\u9ad8\u307e\u308a\u3068\u3001\u9999\u6e2f\u306e\u4fa1\u683c\u767a\u898b\u30e1\u30ab\u30cb\u30ba\u30e0\u3078\u306e\u4fe1\u983c\u3092\u53cd\u6620\u3057\u305f\u3001\u307e\u308c\u306a\u4e8b\u4f8b\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u30c1\u30e3\u30d7\u30bf\u30fc<\/strong>18A<\/strong>\uff1a\u30d0\u30a4\u30aa\u30c6\u30c3\u30af\u4f01\u696d\u3002<\/strong>\u30c1\u30e3\u30d7\u30bf\u30fc18A\u306b\u57fa\u3065\u304f\u30d0\u30a4\u30aa\u30c6\u30c3\u30af\u4f01\u696d\u306e\u4e0a\u5834\u5236\u5ea6\u306f\u3001\u5f15\u304d\u7d9a\u304d\u5e02\u5834\u306e\u67f1\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u58f2\u4e0a\u8a08\u4e0a\u524d\u304a\u3088\u3073\u5229\u76ca\u8a08\u4e0a\u524d\u306e\u6bb5\u968e\u306e\u30d0\u30a4\u30aa\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u4f01\u696d\u306e\u4e0a\u5834\u3092\u53ef\u80fd\u306b\u3059\u308b\u3053\u3068\u3067\u3001HKEX\u306f\u3053\u306e\u5206\u91ce\u306b\u304a\u3051\u308b\u4e16\u754c\u6709\u6570\u306e\u8cc7\u91d1\u8abf\u9054\u62e0\u70b9\u3068\u3057\u3066\u306e\u5730\u4f4d\u3092\u7bc9\u304d\u307e\u3057\u305f\u3002<\/p>\n

2025\u5e7411\u6708\u3001HKEX\u306f\u30cf\u30f3\u30bb\u30f3\u30fb\u30d0\u30a4\u30aa\u30c6\u30c3\u30af\u6307\u6570\u5148\u7269\u3092\u5c0e\u5165\u3057\u3001\u3053\u306e\u6210\u9577\u8457\u3057\u3044\u5206\u91ce\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af\u7ba1\u7406\u30c4\u30fc\u30eb\u3092\u6295\u8cc7\u5bb6\u306b\u63d0\u4f9b\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u65e2\u5b58\u306e\u30d0\u30a4\u30aa\u30c6\u30c3\u30af\u95a2\u9023\u5546\u54c1\u7fa4\u304a\u3088\u3073\u4e3b\u529b\u306e\u682a\u4fa1\u6307\u6570\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u88dc\u5b8c\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u30c1\u30e3\u30d7\u30bf\u30fc<\/strong>18C<\/strong>\uff1a\u5c02\u9580\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u4f01\u696d\u3002<\/strong>\u30c1\u30e3\u30d7\u30bf\u30fc18A\u306e\u6210\u529f\u3092\u53d7\u3051\u3001\u30c1\u30e3\u30d7\u30bf\u30fc18C\u306e\u5c02\u9580\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u4f01\u696d\u5236\u5ea6\uff082023\u5e74\uff13\u6708\u5c0e\u5165\uff09\u306f\u3001AI\u3001\u30ed\u30dc\u30c6\u30a3\u30af\u30b9\u3001\u534a\u5c0e\u4f53\u3001\u30af\u30ea\u30fc\u30f3\u30a8\u30cd\u30eb\u30ae\u30fc\u3068\u3044\u3063\u305f\u5206\u91ce\u306b\u304a\u3051\u308b\u9ad8\u6210\u9577\u4f01\u696d\u306e\u5e02\u5834\u3078\u306e\u30a2\u30af\u30bb\u30b9\u3092\u62e1\u5927\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u3053\u308c\u3089\u306e\u52d5\u304d\u3092\u8e0f\u307e\u3048\u3001HKEX\u306f2025\u5e74\u306bHKEX\u30c6\u30c3\u30af100\u6307\u6570\u3092\u958b\u59cb\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u9999\u6e2f\u306e\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u5206\u91ce\u306b\u7279\u5316\u3057\u305f\u540c\u30b0\u30eb\u30fc\u30d7\u3068\u3057\u3066\u521d\u306e\u682a\u5f0f\u6307\u6570\u3067\u3001\uff16\u3064\u306e\u9769\u65b0\u7684\u7523\u696d\u306b\u307e\u305f\u304c\u308b\u4e3b\u8981\u306a\u5927\u578b\u682a\u304a\u3088\u3073\u4e2d\u578b\u682a100\u793e\u306e\u52d5\u5411\u3092\u8ffd\u8de1\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u9999\u6e2f\u306eTECH\u4e0a\u5834\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0<\/strong><\/span><\/h2>\n

2025\u5e74\uff15\u6708\u3001HKEX\u3068SFC\u306fTechnology Enterprises Channel\uff08TECH\uff09\u3092\u958b\u59cb\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u5c02\u7528\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306f\u3001\u30c1\u30e3\u30d7\u30bf\u30fc18A\u304a\u3088\u307318C\u306b\u57fa\u3065\u304f\u5c02\u9580\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u4f01\u696d\u3068\u30d0\u30a4\u30aa\u30c6\u30c3\u30af\u4f01\u696d\u306e\u4e0a\u5834\u7533\u8acb\u3092\u652f\u63f4\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n

TECH\u306b\u306f\u3001\u7533\u8acb\u8005\u304c\u6b63\u5f0f\u306a\u7533\u8acb\u524d\u306b\u4e0a\u5834\u9069\u683c\u6027\u306b\u95a2\u3059\u308b\u4e88\u5099\u7684\u306a\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3001\u65e9\u671f\u5354\u8b70\u306e\u6a5f\u4f1a\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5be9\u67fb\u30d7\u30ed\u30bb\u30b9\u4e2d\u306b\u5c02\u6709\u60c5\u5831\u304a\u3088\u3073\u55b6\u696d\u79d8\u5bc6\u3092\u4fdd\u8b77\u3059\u308b\u3001\u6a5f\u5bc6\u7533\u8acb\u30aa\u30d7\u30b7\u30e7\u30f3\u3082\u5099\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6226\u7565\u7684\u306a\u53d6\u308a\u7d44\u307f\u306b\u3088\u308a\u3001\u9769\u65b0\u7684\u4f01\u696d\u306f\u3088\u308a\u52b9\u7387\u7684\u306b\u8cc7\u672c\u3078\u306e\u30a2\u30af\u30bb\u30b9\u3092\u5b9f\u73fe\u3057\u3001\u9999\u6e2f\u306e\u91d1\u878d\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5185\u3067\u306e\u6210\u9577\u304c\u52a0\u901f\u3057\u307e\u3059\u3002<\/p>\n

\u9999\u6e2f\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u62e1\u5927\u306b\u5411\u3051\u305f\u53d6\u308a\u7d44\u307f\u3068\u6226\u7565\u7684\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7<\/strong><\/span><\/h2>\n

HKEX\u306f2025\u5e74\u306b\u56fd\u969b\u7684\u306a\u9023\u643a\u3092\u62e1\u5927\u3057\u3001\u591a\u69d8\u306a\u5730\u57df\u304b\u3089\u767a\u884c\u4f53\u3092\u8a98\u81f4\u3057\u307e\u3057\u305f\u3002\u30ab\u30b6\u30d5\u30b9\u30bf\u30f3\u3001\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u3001\u30bf\u30a4\u3001UAE\u306a\u3069\u306e\u5e02\u5834\u306e\u767a\u5149\u4f53\u306b\u3088\u308b\u4e0a\u5834\u3092\u6b53\u8fce\u3057\u307e\u3057\u305f\u3002\u4e3b\u8981\u306a\u6226\u7565\u7684\u5c55\u958b\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n

    \n
  1. \n
      \n
    1. \n
        \n
      1. \u4e2d\u6771\u3078\u306e\u62e1\u5927\uff1a<\/strong>\u30ea\u30e4\u30c9\u4e8b\u52d9\u6240\u306e\u958b\u8a2d\u3068\u3001\u6e7e\u5cb8\u5730\u57df\u306b\u304a\u3051\u308b\u30d7\u30ec\u30bc\u30f3\u30b9\u3092\u5f37\u5316\u3059\u308b\u305f\u3081\u3001\u30c9\u30d0\u30a4\u3092\u62e0\u70b9\u3068\u3059\u308b\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u4fa1\u683c\u8a2d\u5b9a\u5b50\u4f1a\u793e\uff08Commodity Pricing and Analysis\uff09\u306e\u767a\u8868\u3002<\/li>\n
      2. \u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\uff1a<\/strong>\u30bf\u30a4\u8a3c\u5238\u53d6\u5f15\u6240\u3092\u8a8d\u5b9a\u53d6\u5f15\u6240\u3068\u3057\u3066\u6307\u5b9a\u3059\u308b\u3068\u3068\u3082\u306b\u3001\u30a2\u30d6\u30c0\u30d3\u8a3c\u5238\u53d6\u5f15\u6240\u3068\u306e\u9593\u3067\u57fa\u672c\u5408\u610f\u66f8\u3092\u7de0\u7d50\u3002<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

        \u9999\u6e2f\u306eIPO\u898f\u5236\u6539\u9769\u3068\u5e02\u5834\u52d5\u5411<\/strong><\/span><\/h2>\n

        IPO<\/strong>\u306e\u4fa1\u683c\u767a\u898b\u306e\u6700\u9069\u5316<\/strong>\uff1a2025\u5e74\uff18\u6708\u3001HKEX\u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u3092\u5f15\u304d\u4e0b\u3052\u3001\u3088\u308a\u52b9\u7387\u7684\u306a\u4fa1\u683c\u767a\u898b\u3092\u53ef\u80fd\u306b\u3059\u308b\u305f\u3081\u3001\u6700\u5c0f\u30b9\u30d7\u30ec\u30c3\u30c9\u5e45\u306e\u7e2e\u5c0f\u306e\u7b2c\uff11\u30d5\u30a7\u30fc\u30ba\u3092\u5b9f\u65bd\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u300cIPO\u306e\u4fa1\u683c\u767a\u898b\u304a\u3088\u3073\u516c\u958b\u5e02\u5834\u8981\u4ef6\u306e\u6700\u9069\u5316\u306b\u95a2\u3059\u308b\u5354\u8b70\u7d50\u679c\u5831\u544a\uff08Consultation Conclusions on Optimising IPO Price Discovery and Open Market Requirements\uff09\u300d\u3092\u53d7\u3051\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n

        \u4e3b\u8981\u306a\u6539\u9769\u306b\u306f\u3001\u56fa\u5b9a\u3055\u308c\u305f\u30d1\u30d6\u30ea\u30c3\u30af\u30fb\u30d5\u30ed\u30fc\u30c8\u95be\u5024\u3092\u6642\u4fa1\u7dcf\u984d\u306b\u9023\u52d5\u3057\u305f\u968e\u5c64\u69cb\u9020\u306b\u7f6e\u304d\u63db\u3048\u308b\u3053\u3068\u3001\u5373\u6642\u306e\u6d41\u52d5\u6027\u3092\u78ba\u4fdd\u3059\u308b\u305f\u3081\u306e\u30d5\u30ea\u30fc\u30d5\u30ed\u30fc\u30c8\u8981\u4ef6\u3092\u5c0e\u5165\u3059\u308b\u3053\u3068\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u4f4e\u6e1b\u3059\u308b\u305f\u3081\u306b\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3068\u500b\u4eba\u6295\u8cc7\u5bb6\u306e\u9593\u306e\u914d\u5206\u3092\u8abf\u6574\u3059\u308b\u3053\u3068\u304c\u542b\u307e\u308c\u307e\u3057\u305f\u3002<\/p>\n

        \u6c7a\u6e08\u6539\u9769<\/strong>\uff1a\u6d41\u52d5\u6027\u3092\u3055\u3089\u306b\u9ad8\u3081\u308b\u305f\u3081\u3001HKEX\u306f\u73fe\u7269\u5e02\u5834\u306b\u304a\u3051\u308b\u6c7a\u6e08\u306e\u52a0\u901f\u5316\u306e\u65b9\u6cd5\u3092\u691c\u8a0e\u3059\u308b\u30c7\u30a3\u30b9\u30ab\u30c3\u30b7\u30e7\u30f3\u30fb\u30da\u30fc\u30d1\u30fc\u3092\u516c\u8868\u3057\u307e\u3057\u305f\u3002\u52a0\u3048\u3066\u3001\u682a\u5f0f\u6c7a\u6e08\u306e\u624b\u6570\u6599\u4f53\u7cfb\u306f\u3001\u6700\u4f4e\u624b\u6570\u6599\u3068\u6700\u9ad8\u624b\u6570\u6599\u306e\u4e0a\u9650\u304c\u64a4\u5ec3\u3055\u308c\u3001\u5f93\u4fa1\u7387\u306f0.42 bps\u306b\u8abf\u6574\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n

        \u4eca\u5f8c\u306e\u53d6\u308a\u7d44\u307f\uff1a<\/strong>2026\u5e74\u306b\u5411\u3051\u3066\u4e88\u5b9a\u3055\u308c\u3066\u3044\u308b\u53d6\u308a\u7d44\u307f\u306b\u306f\u3001\u6709\u4fa1\u8a3c\u5238\u53d6\u5f15\u306b\u304a\u3051\u308b\u58f2\u8cb7\u5358\u4f4d\u3092\uff18\u3064\u306e\u9078\u629e\u80a2\u306b\u6a19\u6e96\u5316\u3059\u308b\u63d0\u6848\u3001\u7121\u5238\u9762\u8a3c\u5238\u5e02\u5834\u306e\u5c0e\u5165\u304c\u542b\u307e\u308c\u307e\u3059\u3002<\/p>\n

        \u7d50\u8ad6\uff1aIPO\u4e3b\u5c0e\u306e\u9999\u6e2f\u306e\u8cc7\u672c\u56de\u5e30<\/strong><\/span><\/h2>\n

        2025\u5e74\u306f\u52e2\u3044\u306e\u3042\u308b\u5e74\u3067\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u6295\u8cc7\u5bb6\u304c\u78ba\u4fe1\u3092\u6301\u3063\u3066\u56de\u5e30\u3057\u307e\u3057\u305f\u3002HKEX\u304c\u4e16\u754c\u30c8\u30c3\u30d7\u306eIPO\u62e0\u70b9\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u3001106\u4ef6\u306e\u65b0\u898f\u4e0a\u5834\u304b\u30892746\u5104\u9999\u6e2f\u30c9\u30eb\u3092\u8abf\u9054\u3057\u305f\u3053\u3068\u3067\u3001\u5e02\u5834\u306f\u8cea\u306e\u9ad8\u3044\u767a\u884c\u4f53\u3068\u5206\u91ce\u306e\u591a\u69d8\u5316\u3092\u4e2d\u5fc3\u3068\u3059\u308b\u518d\u8d77\u306e\u6bb5\u968e\u306b\u5165\u308a\u307e\u3057\u305f\u3002<\/p>\n

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        \n

        \"\"JINGTIAN & GONGCHENG<\/strong>
        \nSuites 3203-3207, 32\/F, Edinburgh Tower
        \nThe Landmark, 15 Queen\u2019s Road,
        \nCentral Hong Kong, Hong Kong SAR
        \nTel: +852 2926 9300
        \nEmail: jingtianhk@jingtian.com<\/a>
        \n        www.jingtian.com<\/a><\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

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