"An increase in listings from Chinese and international issuers propelled Hong Kong back to its position as the world's number one IPO venue" in the first half of 2025, it said. Funds raised from 44 ...

However, we still do not believe the new product will generate any near-term demand, given that average revenue per user declined to CNY 104 from CNY 118 in the first half of 2025, compared with the ...