Zhang Xiaoyu, head of equity capital markets at Morgan Stanley Asia Pacific, said that the Hong Kong Stock Exchange has promoted a series of institutional reforms in recent years, greatly increasing its appeal to overseas and startups. Zhang Xiaoyu said bluntly that the company's listing in Hong Kong has gone far beyond simply pursuing valuation and liquidity; it is more due to comprehensive considerations of connecting with international capital and global layout. As the Shanghai Science and Technology Innovation Board attracts many large technology companies to list and perform well, market attention will be diverted to technology companies. Zhang Xiaoyu believes that the mainland and Hong Kong markets each have advantages. Hong Kong stocks are more flexible in financing and subsequent issuance, can effectively connect with overseas investors, and help enterprises complete their overseas business layout. Currently, many companies choose “H first, then A”, and a large number of companies that have already been listed on A-shares have quickly completed the “A+H” listing. She stressed that both markets provide a high level of flexibility for startups, which ultimately depends on the stage of development of the enterprise itself. Zhang Xiaoyu also suggested that this round of Hong Kong stock IPO recovery is not a short-term rebound, but rather a structural restoration, mainly benefiting from the return of foreign capital and global capital to Hong Kong, healthy liquidity in the secondary market, and the increasing number of high-quality assets being listed in Hong Kong.

Zhang Xiaoyu, head of equity capital markets at Morgan Stanley Asia Pacific, said that the Hong Kong Stock Exchange has promoted a series of institutional reforms in recent years, greatly increasing its appeal to overseas and startups. Zhang Xiaoyu said bluntly that the company's listing in Hong Kong has gone far beyond simply pursuing valuation and liquidity; it is more due to comprehensive considerations of connecting with international capital and global layout. As the Shanghai Science and Technology Innovation Board attracts many large technology companies to list and perform well, market attention will be diverted to technology companies. Zhang Xiaoyu believes that the mainland and Hong Kong markets each have advantages. Hong Kong stocks are more flexible in financing and subsequent issuance, can effectively connect with overseas investors, and help enterprises complete their overseas business layout. Currently, many companies choose “H first, then A”, and a large number of companies that have already been listed on A-shares have quickly completed the “A+H” listing. She stressed that both markets provide a high level of flexibility for startups, which ultimately depends on the stage of development of the enterprise itself. Zhang Xiaoyu also suggested that this round of Hong Kong stock IPO recovery is not a short-term rebound, but rather a structural restoration, mainly benefiting from the return of foreign capital and global capital to Hong Kong, healthy liquidity in the secondary market, and the increasing number of high-quality assets being listed in Hong Kong.