[PwC Capital Markets Managing Partner Huang Huangqian: The good momentum of Hong Kong’s IPO market is expected to continue next year] November 11th. Recently, during the 9th China International Import Expo, PricewaterhouseCoopers Capital Market Services Managing Partner Huang Huangqian accepted an exclusive interview with Jiemian News to interpret the hot trend of Hong Kong’s cross-border IPO market since 2026. He said that the continued active market activity in this round is not driven by a single market sentiment, but the result of the superposition of three factors: industrial cycle, global capital allocation and the continued optimization of Hong Kong’s listing system. The positive momentum of the Hong Kong IPO market in 2027 is expected to be continued. He said that first of all, the current industry cycle has entered the growth acceleration and financing stage. AI infrastructure, semiconductor, high-end manufacturing and robotics companies are shifting from R&D investment to production capacity expansion and commercialization. Therefore, the scale of financing is larger and more Chinese and international investors are required to participate. Secondly, international capital still attaches great importance to the Chinese market and continues to seek opportunities to invest in China’s high-quality AI and technology industries. Investors are not simply chasing technology concepts, but are more concerned about the implementation and commercialization of technology, orders on hand, gross profit margin, cash flow, and whether the company has global customers and supply chain capabilities. China's artificial intelligence infrastructure, huge digital economic database, and strong hardware supply chain manufacturing capabilities still have unique appeal to global investors. In addition, the system of the Hong Kong IPO market continues to be optimized, such as the launch of the 18C listing chapter in 2023 to cover specialized technology companies and the establishment of a dedicated hotline for technology enterprises in 2025 to improve the efficiency of reporting communication. In addition, the Hong Kong market also accepts the A+H route, allowing leading technology industry leaders in the mainland to obtain international capital through the Hong Kong IPO market.