In May 2025, the Hong Kong stock IPO market witnessed a fund-raising amount of HK$55.8 billion, marking a four-year high. Cumulatively, the market raised over HK$77.4 billion within the year, nearing 90% of the total fund-raising achieved in the entire previous year. The combined market value of the consumption and technology sectors surpassed half of the market, with the circulating market value of 10 technology giants accounting for nearly 30%. This dynamic has fueled a virtuous cycle, enhancing the liquidity and valuation of high-quality assets.