On July 23, the Hong Kong Stock Exchange released a review of Hong Kong's equity financing market in the first half of 2025. In the first half of 2025, a total of 8 A-share companies were listed in Hong Kong, with a total fundraising amount of US$10.1 billion. The purpose of these companies to list in Hong Kong is mostly to expand their international layout. After listing, the discount of these companies' H shares relative to A shares is generally small, and CATL's H shares even have a premium over A shares, reflecting the strong demand of international investors. At the same time, the interest of international issuers in listing in Hong Kong has also increased significantly. Three international companies, IFBH, Mi Rui Group and Nanshan Aluminum, successfully landed on the Hong Kong stock market in the first half of this year, further enhancing Hong Kong's attractiveness and competitiveness as an international financing center.