2 month, China AI The model usage surged, exceeding that of the United States for the first time. Chinese model manufacturers are occupying the global market with rapid iteration and cost advantages, and domestic computing power demand is experiencing exponential growth. token The call cost is generally lower than that abroad. What are the reasons behind this? Has the decrease in power costs or lower technical costs enabled Chinese large models to have stronger market competitiveness? AI   token What will the future profit-making model look like? AI   token Fee model and legacy SaaS What is the biggest difference between the charging models? With technological progress, AI Will the pricing of services gradually move towards high customization and flexibility? Frost & Sullivan frost Sullivan, hereinafter referred to as Li Qing, China director of Frost & Sullivan, was interviewed by NBD to discuss the development of large language models in China token The technical root cause and commercial evolution path of cost advantages. Q Chinese Large Model token The call cost is generally lower than that in foreign markets. What are the reasons behind this? Top Chinese Models DeepSeek General Meaning of a Thousand Questions 3.5-Plus Sparse Hybrid Expert ( MoE )”architecture. Although this design has a huge total number of parameters, only a small number are activated during actual inference. This directly reduces memory usage. 60% , reasoning throughput improved 19 times, reducing computing power waste at the source. At the same time, with Alibaba's “Tongyi - cloud - Taking the 'core' system as an example, algorithms, infrastructure, and chips work in deep collaboration. This vertical integration solves the pain point of model-hardware adaptation by maximizing resource utilization through extreme computing power scheduling, significantly reducing the cost of underlying computing power. Q Does the reduction in electricity costs or lower technology costs enable Chinese large models to have stronger market competitiveness? The cost advantage is translating into absolute market competitiveness, but this is not just about electricity costs. token The cost core is indeed computing power GPU Depreciation) and electricity (data center operations). Although China has certain advantages in electricity costs, its greater advantage comes from technical efficiency and the adaptation of domestic computing power. Q : AI token What will the future profit-making model look like? SaaS What is sold is the 'right to use the tool', and AI   token What is sold is 'fuel to solve problems'. The core difference is whether it sells directly application results or services, or underlying computing resources. Q With the progress of technology, AI Will the pricing of services gradually move towards high customization and flexibility? This is an inevitable trend. agent With the advent of the era, a single pricing model will no longer be able to cover complex business needs. Pricing will evolve towards multi-dimensional dynamic pricing. High-cost operations such as computing consumption, call frequency, task complexity (for example, whether it involves multi-step reasoning, planning, reflection, etc.) will all affect the pricing model. * This interview has been published in the Daily Economic News, with reporter Song Xinyue. The original title was: 2 Moonlit well eruption! China AI The usage volume has exceeded that of the United States for the first time, with four large models ranking among the top five globally. The demand for domestic computing power is experiencing exponential growth.      

On February 26, 2026, against the backdrop of preparations for the Dutch biomedical delegation's visit to China by the Dutch Embassy and Consulates in China to conduct exchanges, an online seminar focusing on the development of China's biomedical industry was successfully held. As an important pre-departure exchange session before the delegation's arrival in China, the seminar aimed to help Dutch biomedical enterprises and related institutions gain a deeper understanding of the development trends, industrial structure, and investment environment of China's innovative drug market. Members of the Dutch delegation, representatives of the Dutch Embassy and Consulates in China, and relevant industry professionals participated in this exchange. Frost & Sullivan (Frost  & Jiang Tengfei, Executive Director of Life Sciences Consulting at Frost & Sullivan's Healthcare Business Unit in China (hereinafter referred to as 'Frost & Sullivan'), was invited as a keynote speaker and shared a special presentation on the development stage and market opportunities of China's biotechnology industry. Jiang Tengfei introduced in his sharing that China's innovative drug industry is undergoing an important phase from capital adjustment to structural recovery, and global business expansion Cooperation with BD) is gradually becoming the core driving force behind industry growth. Frost & Sullivan data shows that in 2025, the number of outbound licensing transactions by Chinese Biotech companies increased from 94 in 2024 to 157, a year-on-year increase of 67%; the total disclosed transaction amount rose from $519 billion to $1357 billion, an increase of 161%, with the average size of a single transaction rising to about $820 million. At the same time, the proportion of upfront payments in total transaction amounts decreased from 7.8% to 5.2%, reflecting that global pharmaceutical companies are paying more attention to risk control and long-term value realization while expanding cooperation scale. In terms of transaction structure, among the cumulative 340 outbound licensing transactions from 2023 to 2025, about three-quarters were contributed by Biotech companies, indicating that Chinese innovative companies have become an important source of global innovation supply. However, capital and cooperation opportunities are further concentrating on companies with differentiated technologies and clinical certainty. From the perspective of capital source structure, the development model of China's innovative drug industry is also undergoing transformation. In 2025, in China's biopharmaceutical financing, upfront payments for license-outs accounted for 52% of the total financing sources, surpassing equity investment and IPO financing for the first time to become the industry's primary source of funds. This marks a shift from 'funding-driven growth' to a new stage of 'global cooperation-driven development' for Chinese Biotech. At the same time, the value hierarchy among different types of enterprises continues to expand: In 2025, the average upfront payment ratio for innovative drug license-outs by Chinese Biopharma companies reached 10.4%, while for Biotech companies it was only 4.2%. The market is re-pricing a large number of early-stage or homogeneous projects, and the real drivers for capital market recovery are blockbuster deals represented by multi-billion-dollar cross-border collaborations (such as San Sheng Pharmaceutical's 3SBio and Pfizer ——PD-1/VEGF bispecific antibody SSGJ-707, Innovent and Takeda ——PD-1/IL-2α-biased fusion protein IBI363, etc.). In 2025, the Hong Kong stock market's innovative drug sector clearly warmed up, with the Hang Seng Innovative Drug Index (normalized based on the first day of 2025) achieving a phased growth of about 2.7 times, indicating that international capital's confidence in China's long-term innovative drug development potential is gradually recovering. Overall, China's biopharmaceutical industry is entering a new development stage centered on globalization cooperation capabilities, asset quality, and commercial certainty, providing new cooperation windows for international enterprises to participate in the Chinese market. As global pharmaceutical companies continuously raise asset screening standards, the innovative drug market is entering a more rational evaluation phase. Valuations of homogeneous projects are under pressure, and long-tail transaction risks are gradually clearing up. The quality of clinical data and global development potential have become the core criteria for cooperation and investment. Jiang Tengfei stated that China's innovative drug industry is entering a new stage of global competition, with corporate competitiveness shifting from mere R&D efficiency to With BD capabilities and global collaborative development, capital has further concentrated on high-quality assets with platformization and internationalization potential. Against the backdrop of capital returning to rationality and continuous deepening of cross-border cooperation, Chinese Biotech is gradually integrating into the global innovation system, and the industry as a whole is accelerating its transition from 'transaction-driven growth' to a new stage of 'quality-driven growth'.

According to the Hong Kong Stock Exchange, 2025 year 12 month to 2026 year 1 months, a total of 12 The AI Value Chain Company has listed on the Hong Kong stock market. Why has the AI Value Chain Company chosen the Hong Kong market, and why are there a cluster of companies listing there? Currently, global capital investment in Chinese assets has increased, and recently, there has been a rush to list in Hong Kong IPO listing Among AI companies (such as Zhipu, MINIMAX ), with many international long-term funds, well-known industrial capitals, and investment institutions becoming cornerstone investors. Why is global capital targeting Hong Kong stocks? IPO listing Target? Why do we prefer AI companies? Frost & Sullivan frost  & Sullivan Lu Jing, China Business Partner and Managing Director of Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Shanghai Securities News to discuss the capital logic and industrial motivations behind artificial intelligence companies flocking to Hong Kong for listing. Q According to the Hong Kong Stock Exchange, 2025 year 12 month to 2026 year 1 months, a total of 12 The AI Value Chain Company has listed on the Hong Kong stock market. Why has the AI Value Chain Company chosen the Hong Kong market, and why are there so many companies flocking to list there? The core lies in the resonance between the institutional window and the industrial cycle. The Hong Kong Stock Exchange has launched “ 18C Zhang is specifically designed for technology-intensive enterprises, clearly covering cutting-edge fields such as artificial intelligence. It provides institutional channels for unprofitable companies with high R&D investment and growth potential, significantly enhancing the predictability of listing. Hong Kong stocks are more flexible in terms of valuation elasticity, review pace, and company structure compatibility. On the other hand, AI Value chain enterprises are experiencing a concentrated outbreak in computing power, models, and application layers, with strong financing needs. Clustered listings can help form sectoral effects and industry valuation anchors. Hong Kong, as a hub connecting the mainland's industries with international capital, has become AI A preferred market for enterprises to achieve international financing and brand endorsement. Q At present, the enthusiasm of global capital to invest in Chinese assets has increased, with recent flows to Hong Kong IPO listing Among AI companies (such as Zhipu, MINIMAX ), with many international long-term funds, well-known industrial capitals, and investment institutions becoming cornerstone investors. Why is global capital targeting Hong Kong stocks? IPO listing Target? Why do we prefer AI companies? From the perspective of configuration logic, global funds are gradually increasing their weight on China's core technology assets. Hong Kong stocks, with their international liquidity and Chinese asset attributes, serve as an efficient entry point for increasing allocations to the Chinese technology sector. Artificial intelligence is at the forefront of global technology investment, characterized by platformization and infrastructure features, with a longer growth curve and stronger spillover effects. For international long-term funds and industrial capital, participating in Hong Kong stocks as cornerstone investors is crucial. AI company IPO listing On the one hand, it can lock in scarce technology assets and share in technological dividends. On the other hand, it helps with global AI Companies that have strategically positioned themselves at key nodes in the competitive landscape are strengthening their strategic position in the future industrial chain. *This interview was published in 'Shanghai Securities News', with reporters Lin Mingqin and Kong Lingyi. The original title was: Artificial Intelligence Tracklist Goes Public with Hot Interest 20 Enterprises sprint to list on the Hong Kong stock market IPO listing  

Against the backdrop of a continuous deepening of the new round of technological revolution and industrial transformation, discerning trends and driving structural progress in industries are becoming an important yardstick for the value of leaders and innovators. The 2026 Forbes China Industry Development Leaders Selection, jointly initiated by Forbes China and the globally renowned growth consulting firm Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan'), is dedicated to identifying enterprises, brands, and individuals with forward-looking judgment, innovative practice capabilities, and sustained influence in key areas such as AI, mass consumption, healthcare, new energy, manufacturing, and services.   This selection includes a main evaluation and several sub-evaluations, focusing on the candidates' performance in areas such as industry empowerment, business operations, and innovative practices. It also examines whether they have constructed sustainable development paths in uncertain environments and provided industry benchmarks.   Currently, the selection and registration process is underway and will close on February 25, 2026. We look forward to the active participation of both leading companies in niche segments and innovative forces that achieve breakthroughs in new technologies, models, and business formats.   It is worth mentioning that this selection is another collaboration between Forbes China and Frost & Sullivan following their 2025 evaluation. The two parties will pool their professional resources and teams in the fields of industry research and media communication to ensure the fairness and impartiality of the selection results and help build a more influential industry exchange platform.   (Long press the QR code to sign up now)     Eligibility Details     Award Settings   Main selection Forbes China Industry Development Pioneer   Sub-selection Forbes China's Leading Companies in Industry Development Forbes China's List of Innovative Brands in Industry Development Forbes China's Industry-leading ESG Benchmarking Forbes' Benchmark of AI Enterprise Services in China's Industry Development Forbes China's Emerging Industry Analyst     Main selection Forbes China Industry Development Pioneer   1 Selection criteria Candidates should be from key sectors such as AI technology, mass consumption, healthcare, new energy, manufacturing, and services; Candidates should be industry pioneers with a good reputation and high visibility across various industries, including but not limited to corporate executives, founders/co-founders, analysts, experts, and scholars; The candidate's career achievements must meet one of the following four conditions: The market value/valuation of the candidate's company is at the level of 3 billion RMB or above, and it must have been operating continuously and stably for more than three years; The candidates have been recognized by top international or domestic scientific research institutions and have made outstanding contributions to leading industry innovation; The candidate has led the enterprise to achieve the first market share in the industry and has the sustainable growth capability to maintain its industry position (*An industry research report issued by an authoritative institution and an industry position ranking table are required to be submitted). 2 Selection dimension   Self-growth trajectory Industry Empowerment and Leadership Enterprise operational capability Innovative response capabilities Future Vision and Planning   Sub-selection Forbes China's Leading Companies in Industry Development Forbes China's Innovative Brands in Industry Development Forbes China Industry Development ESG Benchmark Forbes' Benchmark of AI Enterprise Services in China's Industry Development     1 Selection criteria Candidates should be from key sectors such as AI technology, mass consumption, healthcare, new energy, manufacturing, and services; Candidates should be industry pioneers with a good reputation and high visibility across various industries, including but not limited to corporate executives, founders/co-founders, analysts, experts, and scholars; The candidate's career achievements must meet one of the following four conditions: The market value/valuation of the candidate's company is at the level of 3 billion RMB or above, and it must have been operating continuously and stably for more than three years; The candidates have been recognized by top international or domestic scientific research institutions and have made outstanding contributions to leading industry innovation; The candidate has led the enterprise to achieve the first market share in the industry and has the sustainable growth capability to maintain its industry position (*An industry research report issued by an authoritative institution and an industry position ranking table are required to be submitted).   2 Selection dimension National strategic response Innovation performance Business growth potential sustainable development capacity Industry influence       Sub-selection Forbes China Emerging Industry Analyst   1 Selection criteria 01. Basic evaluation criteria (All must be met)   Focus on industry areas: The research or content output of candidates should concentrate on one of the key areas such as AI technology, mass consumption, healthcare, new energy, manufacturing, or services. Public Influence: It is necessary to have publicly verifiable research achievements or content publishing channels (such as media columns, industry platforms, research reports, video accounts, official accounts, Zhihu, X, LinkedIn, etc.). Good reputation: The candidate has no academic misconduct, data fraud, or negative business reports in the past year.   02. Achievement Metrics (Match any 2 of the following conditions)   Industry influence The cumulative number of views (reads) for industry analysis content (reports, articles, videos) published within the past year has reached 100,000 or more. Or reposted, cited by mainstream media/institutions > 3 times; Or have given keynote speeches/talking rounds at well-known conferences/forums.   Social influence Have ≥10,000 followers on any content platform;   The academic, technology or industry community leads with over 500 members actively operating the community; Organized or presided over industry-themed sharing events at the university level and above.   Innovation of research results Has published original industry models, data analysis methods, and prediction frameworks; Or drive a topic into the mainstream of industry discussions through original research (such as ESG, AI-native, new consumer trends, etc.). As a core member, participated in innovative projects (such as participating in national business competitions, including but not limited to industry research competitions, innovation and entrepreneurship competitions, etc.), scientific research mentor projects or related research topics; Has proposed original analytical models, research methods, or solutions in projects and received recognition from instructors or institutions; Possess a portfolio of personal project works related to the field (such as data analysis reports, business plans, product prototypes, in-depth evaluations, etc.).   Professional recognition Obtain citations, collaborations, or certifications from leading institutions (consulting firms, investment banks, media, research institutions); Has won industry media awards, research competitions, or honors for young scholars.   Growth potential and social impact Have a continuous output plan (such as series analysis or research columns); Or there may be practical impacts that drive the industry's youth group to learn/share (such as communities, open courses, podcasts, etc.).   The candidate enterprises must meet the following requirements: The company's operating income for the previous fiscal year must have come from Mainland China, accounting for 51% or more; The corporate headquarters must be located in the Chinese mainland; The enterprise has been operating stably for more than 3 years; The enterprise had no major labor disputes or safety accidents in the previous year;   2 Selection dimension Industry development perspective Logical framework construction capability Multi-source data integration capability Forward-looking analysis of transformation capabilities   To apply for the selection, scan the QR code below: Consultation email: PR@frostchina.com   About Forbes China   Forbes was founded in New York in 1917, with the slogan 'Entrepreneurship, a tool for creating wealth', and has become a leader in the industry with its entrepreneurial spirit and innovative awareness. The lists produced by Forbes are known as the 'barometer of the economy' and the 'wind vane of wealth'. In 2003, Forbes officially entered the Chinese market.   As a business media brand centered on innovation, Forbes China adheres to the DNA of 'entrepreneurship, innovation, and wealth creation.' Leveraging its long-term observation and research in high-net-worth individuals, entrepreneurs, technology, investment, health, lifestyle, and other fields, it has launched a series of lists and content that have had a significant impact on the economy and society. The fairness and impartiality of Forbes China's lists make it a benchmark in various fields, and its insightful content provides readers with multi-dimensional information references, thereby inspiring entrepreneurs and business elites to create more wealth and business value. At the same time, Forbes China is committed to building an enterprising interactive community for high-end clients, providing a forward-looking and shared environment, and constructing an information ecosystem for entrepreneurship and innovation.   About Frost & Sullivan (Frost & Sullivan)   Frost & Sullivan (Frost & Sullivan, abbreviated as 'Frost & Sullivan') integrates 65 years of global consulting experience. Over the past 28 years, it has dedicated itself to serving the booming Chinese market with a global perspective. It helps over 10,000 clients accelerate their business growth, assist them in achieving growth, innovation, and leading benchmarks within their industries, and realize capital operation goals such as financing and listing.   Frost & Sullivan is deeply involved in global capital markets and corporate consulting services. By innovatively introducing 'Total Investment Management (TIM)', it provides comprehensive investment and financing as well as various other professional consulting services for enterprises, including investment and financing CDD, valuation services, technology consulting, financial consulting, ESG, fundraising feasibility studies, bond issuance industry advisory, industry advisory, assessment services, award services, industry white papers, strategic and management consulting, planning consulting, technical insights, etc.   Frost & Sullivan's investment and financing business in China has achieved full industry coverage of the Chinese national economy, including a high level of attention to all economic hotspots such as new economies and new infrastructure. It covers digital infrastructure, consumer electronics, dual-carbon new energy, healthcare and life sciences, catering and new retail, semiconductors and integrated circuits, smart homes, automotive and mobility, wellness services, food and beverages, information and communication technology, fintech, real estate and property management, mining and smelting, beauty and fashion, big data and artificial intelligence, logistics and supply chain, construction technology and decoration, special new materials, culture and entertainment, enterprise-level services, cross-border e-commerce trade, infrastructure construction, environmental protection and energy-saving technology, education and training, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services for corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong and overseas stock markets, making it a leading enterprise in the field of investment and financing strategy consulting in China. Over the past decade, Frost & Sullivan has continuously ranked first in the market share for professional industry consultants providing advice on corporate listings in Hong Kong and overseas for Chinese companies; moreover, in recent years, Frost & Sullivan reports have been widely cited in the prospectuses of leading A-share and STAR Market companies, as well as primary and secondary market research reports and other capital market announcements.   For over 65 years, Frost & Sullivan has helped a large number of clients (including Fortune Global 1,000 companies, top domestic and international financial institutions, and various leading enterprises) achieve strategic goals through its nearly 50 offices around the world. Leveraging a powerful database and expert library, rich professional knowledge, and consulting tools, Frost & Sullivan has completed work including but not limited to due diligence, valuation analysis, and third-party assessments. It has established a series of market position research tools and methodologies and innovatively proposed the 'FSBVFrost & Sullivan Brand Value Model'. The firm has provided market position research and brand value assessment services to over 1,000 enterprises, continuously helping many Chinese brands achieve growth strategies both domestically and internationally.

2026 xRNA Nucleic Acid Drug Development and Innovation Forum   The 2026 xRNA Nucleic Acid Drug Development and Innovation Forum (4th xRNA Therapeutics Development and Innovation Forum) was held at the Hilton Suzhou Yinshan Hotel from January 20th to 21st. The forum focused on hot topics such as new-generation mRNA/circRNA vaccines and drugs, advanced mRNA/circRNA therapies and innovative applications, oligonucleotide drug design and early research and development, preclinical development and translational research, new nucleic acid delivery technologies, artificial intelligence and R&D innovation platforms, nucleic acid drug and vaccine process development, production and quality control, industrial investment and financing. Li Qian, Executive Director of Frost & Sullivan's Healthcare Business Unit in China, was invited to attend and deliver a speech. Li Qian, Executive Director of Frost & Sullivan's Healthcare Business Unit in China   Li Qian pointed out that the synergistic effect between AI algorithms and GalNAc delivery systems is pushing siRNA and ASO drugs from the early concept verification stage to the large-scale commercialization stage. China is expected to become the world's second-largest oligonucleotide drug market by 2029, with a compound annual growth rate of 44.4% from 2024 to 2029.   Frost & Sullivan data shows that the global small nucleic acid drug market size has increased from $3 billion in 2020 to $5.7 billion in 2024, with a compound annual growth rate of 17.7%. Under the triple resonance of AI-assisted sequence design, breakthroughs in GalNAc trivalent conjugation technology, and the liberalization of medical insurance access, the market will exceed $200 billion for the first time in 2029 and further expand to $600 billion by 2035. Among them, the small nucleic acid drug market size in China reached $100 million in 2024; by 2029, it is expected to increase to $900 million at an annual compound growth rate of 44.4%, and further reach $42 billion at an annual compound growth rate of 30.6% by 2035. "If we regard 2020-2024 as the 'technology validation period', then 2025-2029 is the 'commercial volume expansion period', and 2029-2035 will enter the 'ecological maturity period'." Li Qian summarized the track rhythm with the 'three-stage leap' in his speech.   Li Qian introduced that from 2021 to 2024, the number of First-In-Class pipelines in China's innovative biopharmaceutical field increased from 162 to 383, among which nucleic acid drugs doubled from 15 to 31, accounting for about 10%. Through the Hong Kong '18A' listing channel, the nucleic acid drug track is completing a role shift from an 'edge technology sector' to a 'core investment main line': among the 78 biotech companies listed from 2018 to 2025, there is only one nucleic acid drug company, accounting for 1.3%; among the companies that have submitted their reports in 2025, the proportion of nucleic acid drug companies has jumped to 10.0%, exceeding tracks such as peptides and immune cell therapies, indicating that the window for capital and policies is tilting towards the small nucleic acid field.   Looking at the performance of listed drugs, Spinraza's sales reached $1.741 billion in 2023, with the annual treatment cost of several drugs ranging from $420,000 to $1.586 million; among siRNA drugs, Leqvio's sales reached $558 million, with an annual treatment cost of about $50,000, and the treatment costs of other drugs were in the range of $322,000 to $795,000.   In terms of the Chinese market, currently, four imported nucleic acid drugs have been approved, including Spinraza, Leqvio, QALSODY, and Redemplo, with no domestic products on the market. Overall, nucleic acid drugs show strong momentum in terms of transaction activity, capital support, and clinical value, especially showing significant growth potential in the Chinese market.   Looking ahead, the continuous integration of technologies such as AI sequence design, optimization of GalNAc trivalent conjugation technology, microfluidic continuous production, and multi-omics feedback is driving the R&D process of oligonucleotide drugs to continue accelerating and promoting the development of new directions such as extrahepatic delivery and ultra-long-acting modification. At the policy level, Leqvio's inclusion in the national medical insurance negotiation catalog reflects the gradual acceptance of high-value nucleic acid drugs by the payment system. In terms of the supply chain, an industrial base with large-scale production capacity has been formed domestically, and technological progress has driven continuous cost reduction. As of April 2025, nearly 60 nucleic acid drugs in China have entered the clinical stage, among which about 16.7% are in Phase III, and it is expected that many projects will enter the market application stage in the next few years. Some leading varieties have been deployed for both Chinese and US applications, promoting the steady progress of China's nucleic acid drug industry towards a higher development stage.

Frost & Sullivan   With the deep penetration of AI and large models, the way brands interact with consumers is undergoing fundamental changes. To ensure the authenticity of digital marketing information and maintain the purity and security of the Chinese corpus ecosystem, the China Advertising Association, IAB China The joint report, "Digital Marketing in China: Insights from the IAB China Innovation & Entrepreneurship Summit 2026", was officially released at the event on January 16, 2026, in Beijing, at the same time as the "IAB China Innovation & Entrepreneurship Summit 2026" hosted by Frost & Sullivan and other nearly 30 industry platforms, enterprises, institutions, and media. Trusted Content Source "The Joint Initiative on High-Quality Development" (hereinafter referred to as the 'Initiative').     Huo Yan, Deputy Secretary-General of the China Advertising Association   Huo Yan, Deputy Secretary-General of the China Advertising Association It is stated that with the accelerated penetration of AI and large models, digital marketing is undergoing profound changes, with content becoming the core carrier connecting brands with consumers. However, while the industry is developing rapidly, issues such as false information and low-quality content still affect consumer trust and the industry ecosystem. Huo Yan pointed out that 'trustworthiness' is the foundation for digital marketing to stand firm, and 'high quality' is the key to sustainable industry development. To ensure the authenticity of digital marketing information and maintain content ecosystem security, the China Advertising Association, in collaboration with IAB China, Frost & Sullivan, Peking University, Renmin University, and other institutions, has jointly initiated the 'Joint Initiative on 'Trusted Content Sources' and High-Quality Development in the Digital Marketing Industry' to promote ecological co-construction through industry self-discipline. She emphasized that building a trusted content ecosystem is not the sole responsibility of one institution but a shared responsibility of the entire industry. It is hoped that starting from this initiative, industry consensus can be gathered to promote the emergence of high-quality content and help the digital marketing industry achieve high-quality development under the new wave of technology.   Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan China, Co-founder and President of LeadLeo   Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan China, Co-founder and President of LeadLeo When interpreting the "Initiative," it was pointed out that if the keyword for the past decade has been "traffic," then there is only one keyword for the next decade, which is "trust." He stated that in the face of the content explosion brought about by AI, brands are experiencing a shift from "traffic competition" to " Cognitive competition The profound transformation of 'Frost & Sullivan' has made content authenticity its lifeline. Wang Chenhui called on the entire industry to go beyond commercial competition and focus on 'industry infrastructure'. Together, they aim to establish 'new standards' and 'new ethics' for digital marketing in the AI era. He stated that Frost & Sullivan and LeadLeo's research institute are willing to take the lead in producing over 10,000 research findings covering more than 1,000 sub-industries, actively incorporating them into the source of digital content to enhance the symmetry of credible information. 'We believe that only an ecosystem built on openness, collaboration, and sustainable evolution can truly drive the high-quality development of China's digital marketing industry in the new round of technological revolution.'   The Initiative advocates that practitioners and stakeholders in China's digital marketing industry follow the following six development norms:   (i) Establishing the marketing principle of 'research-based, practical approach'   We advocate that all digital marketing activities (including intelligent search and recommendation, marketing content creation, effectiveness evaluation, etc.) should be based on solid research. Any key information conveyed by brands to the public should be traceable to publicly available research or verifiable internal data from authoritative institutions, national statistical departments, or formal academic bodies. We firmly oppose the release of unfounded and fabricated data and conclusions on any digital touchpoint.   (II) Uphold the true bottom line, strengthen the main responsibility and manual review   We commit to strictly adhering to the Advertising Law of the People's Republic of China and the Anti-Unfair Competition Law of the People's Republic of China, as well as other relevant legal norms, in all digital content disseminated to the public or fed to AI systems. For marketing content generated by AI technology, we emphasize the principle of 'technology-assisted, human review'. The initiating units and practitioners should earnestly fulfill their main responsibilities as producers and service platforms for online information content: strengthen information security management, establish a strict content review mechanism, manually verify key data generated by AI and cited factual sources. Once illegal or false information is discovered, timely measures such as stopping generation, transmission, and elimination should be taken. We do not use or connive at the generative characteristics of AI technology to fabricate false facts, forge scientific research results, or engage in unfair competition. We strive to ensure that the information ultimately reaching consumers or included in models is true, accurate, and traceable, effectively safeguarding consumers' right to know and trust.   (III) Implement AI-generated content annotation to ensure content traceability   We propose that when using AI technology to generate and publicly disseminate marketing content, clear markings should be made in a reasonable location and in a prominent manner, indicating that the content was generated or assisted in generating by AI technology, thereby enhancing the transparency of AI-generated content, helping consumers discern the nature of information, and providing a basis for subsequent content traceability and verification.   (IV) Structured Quality Improvement, Rejecting Corpus Pollution   We are committed to improving the quality and signal-to-noise ratio of digital content on the Chinese internet. We advocate that marketing service providers and other marketing activity entities, especially when optimizing and disseminating content, adopt structured and valuable knowledge-based content. We strictly prohibit the mass production of false, low-quality, repetitive, or misleading information to avoid polluting the digital ecosystem.   (V) Fair competition, advocating 'Sunshine Cooperation'   We firmly oppose any behavior that damages the business reputation of other operators. It is strictly prohibited to use AI tools or any digital channels to maliciously evaluate competitors, fabricate false rankings, or otherwise create or spread false or misleading information about competitors. Competition should be based on the brand's own strengths and real data.   (vi) Jointly build an 'Trusted Content Source' foundation to achieve ecological co-governance   We call on the entire digital marketing industry to jointly promote the establishment of an 'Industry Authority Knowledge Base and Publicity System'. We encourage service providers, brand owners, and research institutions to collaborate, actively incorporating high-quality and authoritative industry research findings into the source of digital content, enhancing the symmetry of credible information, alleviating adverse selection, and jointly building a real, authoritative, and trustworthy digital marketing ecosystem.     ●The initiator of this initiative is:     China Advertising Association, IAB China   ● The list of the first batch of co-initiating units (in no particular order) includes:   Frost & Sullivan, Peking University, Renmin University, Taihe Tai Law Firm, LeadLeo Research Institute, Hongmeng Media China, Alibaba Cloud Intelligence, China Business News Daily, Every Economy Technology, Procter & Gamble, Guangzhou Wanglaoji Dajiankang Industry Co., Ltd., Oaks Air-conditioning Co., Ltd., Shanghai Mercury Home Textiles Co., Ltd., TATA Wood Doors, Roadshow Middle, Xibop School Minglue Technology New List, Shenyan Intelligence, Shanghai Bayantu Information Technology Co., Ltd., Beijing Zhiyuai Technology Co., Ltd., Shanghai Zhihuo Information Technology Co., Ltd., Beijing Wisdom Starlight Information Technology Co., Ltd., Zhiding Hall (Shanghai) Technology Co., Ltd., Xincheng Shijie Technology Co., Ltd., Shanghai Queue Technology Co., Ltd., etc.     Huo Yan, Deputy Secretary-General of the Chinese Advertising Association; Wang Chenhui, Partner and President of Frost & Sullivan China, Co-founder and President of LeadLeo; Wang Tianfu, Doctoral Supervisor at Peking University, Director of the Modern Advertising Research Institute, Researcher at the School of Journalism and Communication, Standing Committee Member of the Academic and Educational Working Committee of the Chinese Advertising Association, and IAB China Think Tank Expert; Wang Fei, Professor at the School of Journalism at Renmin University of China, Director of the Modern Advertising Research Center; Yue Qi, Chief Product Officer of Every Economy Technology; Ji Meixu, Head of Promotion for the Beijing-Tianjin Region at Wanglaoji; Tian Tao, Founder/President of Beijing Zhijingchi Technology Co., Ltd.; Jiao Yizhen, Founder of Shanghai Zhihuo Information Technology Co., Ltd.; Cai Ying, Brand Manager of Xibodu Academy, etc., jointly witnessed the live release of this initiative.      

  Frost & Sullivan   On January 14, 2026, Shanghai —— At the beginning of the "15th Five-Year Plan" period, China's exhibition industry is stepping into a deep-water area of transformation from "scale growth" to "high-quality development." Against this backdrop, Global Growth Consulting Company Frost & Sullivan (Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan') and a one-stop digital exhibition platform Meeting No. 31 Official signature Strategic Cooperation Agreement of "Industry-Affinity R&D Program" Both parties announced that they will leverage their deep expertise in digital platforms and professional market research to jointly empower 100 exhibition organizers to conduct vertical industry studies and release a hundred white papers. They aim to jointly explore new paths for branding, specialization, and digital intelligence in the exhibition industry. Signing Ceremony Venue   A trade exhibition is not only a platform for business matchmaking but also an incubator, connector, and indicator of industry development trends. A professional annual industry report is not only a panoramic scan of the current state of the industry but also a forward-looking assessment of future trends.   However, for a long time, many exhibition organizers have been constrained by research resources and professional capabilities, making it difficult to systematically produce authoritative research findings. As a result, the leading value of exhibitions has not been fully realized. Frost & Sullivan agrees with the 31st Conference that elevating the strategic level of exhibitions from 'physical space providers' to 'industrial thought hubs' is an inevitable trend in industry development.     Joint Empowerment Start “ Industry-Research Collaboration Program " Based on the long-term development considerations for the industry, this collaboration will focus on empowering 'event organizers':   Resource sinking, precise research Frost & Sullivan, with its 65 years of global consulting experience and strong research capabilities, will provide professional research support to the exhibition organizers participating in the program.   Empowered by AI, leading innovation The 31st Conference will leverage its years of deep cultivation in the exhibition industry AI + Digital Exhibition Technology And industry insight capabilities, enhancing management and service efficiency as well as participant experience.   Zero R&D cost, strategic upgrade Through this initiative, the organizers can jointly release authoritative industry insights with top international consulting firms without incurring additional research costs.   Multi-dimensional value co-construction In addition to the white paper, both parties will explore in-depth collaboration in areas such as vertical industry rankings, selection projects, and brand value management in the AI era, aiming to comprehensively enhance the industry voice and brand credibility of the exhibition organizers.   Vision and Outlook Professional strength drives industries upwards The purpose of this collaboration is to help organizers of exhibitions, conferences, festivals, competitions, etc., establish industry discourse power and enhance brand influence through the strong alliance of professional research institutions and digital platforms. It also aims to provide exhibitors, sponsors, and upstream and downstream industries with higher-value information services and brand empowerment. Signing Ceremony Venue   Frost & Sullivan sincerely invites organizers from various sub-sectors to join this initiative at the 31st Conference We believe that when professional insights are deeply integrated with digital technology, and when every exhibition becomes an outlet for industry ideas, China's exhibition industry will not only be a stage for economic exchange but also an intellectual force leading industrial transformation. Let us join hands, illuminate the path forward for industry exhibitions in all sectors with the light of research, and jointly write a new chapter in the high-quality development of China's exhibition industry.     About Frost & Sullivan   Frost & Sullivan, a global growth consulting firm, integrates 65 years of consulting experience. Over the past 28 years, it has dedicated itself to serving the booming Chinese market with a global perspective. It helps over 10,000 clients accelerate their business growth, achieve benchmark positions in industry growth, innovation, and leadership, and realize capital operation goals such as financing and listing. Frost & Sullivan's investment and financing business in China has achieved full industry coverage of China's national economy, including a high level of attention to all economic hotspots such as the new economy and new infrastructure. Regarding Meeting 31   The 31 Conference was established in 2011 and is headquartered in Shanghai. It is a leading one-stop digital exhibition platform. By leveraging technologies such as big data and artificial intelligence, the company is committed to solving efficiency, experience, and marketing issues in the process of organizing conferences and exhibitions. China Exhibition An important force for industrial upgrading.  

China Orthopaedic Digital Intelligence Alliance Summit   The China Orthopaedic Digital Intelligence Alliance Summit was held at the Beijing Boya Hotel on January 10th, aiming to create a new chapter in digital orthopaedics, empower high-quality industrial development, and contribute Chinese wisdom. Zhang Chenyang, consulting director of Frost & Sullivan's Healthcare Business Unit in China, was invited to attend and deliver a speech. Zhang Chenyang, consulting director of Frost & Sullivan's Healthcare Business Unit in China   According to Zhang Chenyang, AI-enabled surgical robots have become the core focus for the "digitalization" upgrade of orthopaedics and even the entire surgical field. Whether they are multinational giants or domestic startups, they are viewing "AI + robots" as the next competitive high ground. Thanks to the many benefits brought by surgical robots to doctors and patients during clinical treatment, as well as the commercialization of surgical robots applied in different treatment areas, the historical market scale of surgical robots has shown a high-speed growth trend. From 2020 to 2024, the global and Chinese surgical robot market compound annual growth rates reached 26.3% and 23.8%, respectively; in the future, with more innovative robot categories being approved and policy-level encouragement and support, the proportion of the Chinese surgical robot market in the global market will continue to increase.   Zhang Chenyang pointed out that the industrial prospects of surgical robots are shaped by four major driving forces: policy, technology, prognostic advantages, and the expansion of applicable disease areas:   At the policy level, the "14th Five-Year Plan" for the development of medical equipment industries proposed in December 2021 to accelerate breakthroughs in key technologies such as high-precision positioning and improve the performance level of surgical robots such as laparoscopic orthopaedic and dental digital implants; in January 2023, the "Robot + Application Action Implementation Plan" encouraged hospitals with conditions and needs to use robots for precise minimally invasive surgeries; in June 2025, the "Announcement on Issuing Measures to Optimize the Whole Lifecycle Supervision and Support for the Innovative Development of High-end Medical Devices" formulated classification guidance principles for surgical robots, rehabilitation robots, etc., and carried out research on the management attributes of artificial intelligence medical devices; in December 2025, the "Guidelines for Project Approval of Medical Service Price Items for Surgical and Therapeutic Assisted Operations" unified the project approval for "surgical robots" and "remote surgeries," promoting precise medicine to better serve patients and creating a continuous favorable environment. At the technical level, domestic manufacturers have continuously overcome research and development difficulties such as the stability of core components, the intelligent level of control systems, positioning accuracy, and intelligent interaction through structural improvements, image fusion, optimization of AI-assisted algorithms, and collaborative efforts among industry, academia, research institutions, and hospitals, breaking international patent barriers at relatively lower prices, achieving wide penetration in the domestic market, and planning global commercial layouts.   At the prognostic advantage level, robot-assisted surgery can complete operations in a precise and minimally invasive manner, significantly reducing patient blood loss, lowering the risk of postoperative complications, and accelerating recovery.   At the applicable disease area level, laparoscopic surgical robots, as the most mature sector, have been widely used in minimally invasive surgery of the thoracic and abdominal cavities. Orthopaedic surgical robots have gradually expanded from initial hip and knee joint replacements to sub-sectors such as spine, shoulder joint, and sports medicine, and emerging applications in neurosurgery, dentistry, etc. are also becoming increasingly popular.   Zhang Chenyang introduced that driven by the triple drivers of expanding clinical demand, technological iteration such as AI/3D printing, and continuous favorable policies and price project approval guidelines during the "14th Five-Year Plan" period, the Chinese orthopaedic surgical robot market will increase from 800 million yuan in 2024 to 6.4 billion yuan in 2030, with a compound growth rate as high as 41.6% from 2024 to 2030; although the current penetration rate of robot-assisted knee/hip joint replacement is only about 0.1%, significantly lower than the US's 11.7% and 10.5%, with the acceleration of aging, the expansion of doctor gaps, the relaxation of medical insurance access, and product performance improvement, the penetration rates of knee and hip joint robots are expected to jump to 12.5% and 12.1% respectively in 2030, leaving huge room for domestic substitution.   AI, 3D printing, Optical navigation The multi-technology integration of intraoperative force control will compress preoperative planning from 2 - 3 weeks to 3 - 5 minutes and promote surgery to leap towards precision, intelligence, and individualization; driven by this, the penetration rate of joint robots in China is expected to first jump from 0.1% in 2021 to 4.0% in 2025, and then reach 12.3% in 2030, corresponding to a compound growth rate of 147.8% from 2021 to 2025 and still maintaining 25.0% from 2025 to 2030. At the same time, robots standardize and visualize high-difficulty surgical procedures, significantly shortening the learning curve for grass-roots doctors. Manufacturers have accordingly launched a full-process digital orthopaedic solution covering "preoperative intelligent diagnosis - intraoperative precise navigation - postoperative rehabilitation follow-up," thereby simultaneously achieving an increase in penetration rate, accelerating doctor training, and reshaping the industry pattern.   Finally, Zhang Chenyang stated that Frost & Sullivan has served many benchmark enterprises such as minimally invasive robots Jingfeng, Shurui, Changmu Valley, and Huaruibo, covering Hong Kong stock market/Sci-tech innovation board IPOs, industrial mergers and acquisitions, overseas strategies, and valuation modeling. Looking ahead, Frost & Sullivan will continue to output industry insights, hoping to join hands with the industry to promote the globalization of Chinese "intelligent" orthopaedic robots.

  On January 8, the Hong Kong capital market welcomed three companies listing on the same day. The exclusive industry advisor Frost & Sullivan extends its warmest congratulations. Zhipu Huazhang (2513.HK) , Dayshi Smartchip (9903.HK) , Jingfeng Medical (2675.HK) Successfully listed on the Hong Kong Stock Exchange!   All three companies have chosen Frost & Sullivan (Frost & Sullivan, abbreviated as Frost & Sullivan) as their trusted partner, providing them with exclusive industry advisory services! We cherish and are grateful for the choices and trust of our customers, and we will live up to our commitments, continuing to accompany more companies in achieving higher-quality development in the capital market with our professional services!   Frost & Sullivan (Frost & Sullivan) has always been a leader in helping companies go public in Hong Kong, boasting rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations. According to LiveReport's big data, from January to December 2025, as well as over a 36-month statistical period, Frost & Sullivan provided listing industry advisory services to 83 (accounting for 72% of the market share) and 180 (accounting for 71% of the market share) successful Hong Kong IPO companies, ranking first in terms of number.   Recommended Reading     The Hong Kong Stock Exchange witnessed another round of simultaneous gongs ringing. Our exclusive industry advisor, Frost & Sullivan, serves 5 clients, taking a commanding lead!   Winning it all! This week, 4 Hong Kong-listed companies were featured, with industry advisor Frost & Sullivan providing 100% coverage.   Industry consultants Frost & Sullivan are 100% involved, and there was another spectacular scene of four companies ringing the gong at the Hong Kong Stock Exchange on the same day   Deeply involved in the gold industry track, Frost & Sullivan has won unanimous industry favor with its professional industry advisory services   78% of leading 'A+H' companies choose Frost & Sullivan's advisory services for their listings in Hong Kong.   Industry consultants Frost & Sullivan are 100% involved, and Hong Kong's stock market witnessed a 'major event' of eight companies going public over a week   Beijing Zhipu Huazhang Technology Co., Ltd. (Stock Code: 2513.HK)   Beijing Zhipu Huazhang Technology Co., Ltd. A Chinese AI company dedicated to developing general-purpose large models, with its core business being model-as-a-service development MaaS ) products, as well as a commercial platform for developing large model services to provide to customers.   Shanghai Daysight Semiconductor Co., Ltd. (Stock Code: 9903.HK)   Shanghai days Semiconductor Co., Ltd. It is the first in China to mass-produce training general-purpose GPU chips and achieve inference. Universal GPU chip Mass-produced, and it is the first chip design company to achieve this milestone using the advanced 7-nanometer process.   Jingfeng Medical Technology Co., Ltd. (Stock Code: 2675.HK)   Jingfeng Medical Technology Co., Ltd. It is an innovative medical device company focusing on advanced surgical robots, dedicated to providing systematic solutions for minimally invasive and non-invasive surgeries through self-developed products such as porous endoscopes, single-port endoscopes, and natural orifice surgical robots. The company aims to promote the application and popularization of surgical robots in multidisciplinary clinical scenarios.   During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.   Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong stock market and domestically and internationally, making it a leading enterprise in the field of domestic investment and financing strategy consulting. Frost & Sullivan has long cooperated closely with globally renowned investment banks, accounting firms, law firms, investment institutions, and industry-leading companies, establishing an efficient domestic platform for matching investment and financing needs, and is capable of quickly forming comprehensive advisory service teams. Over the past decade, Frost & Sullivan has consistently ranked first in the market share of professional industry advisory services for Chinese companies listing on the Hong Kong stock market and overseas; in recent years, Frost & Sullivan reports have also been widely cited in the prospectuses, primary and secondary market research reports, and other capital market disclosure documents of leading A-share and STAR Market companies in the industry.    

  1. The company firmly holds the global crown with 285.8 billion yuan for the whole year, with 'A+H' accounting for half of the business. Throughout 2025, a total of 114 new shares were listed on the Hong Kong stock market, a year-on-year increase of 62.9%; the total raised funds amounted to HK$2858 billion, a year-on-year increase of 224.9%. Overall, the fundraising scale of Hong Kong IPOs in 2025 firmly ranked first globally, 'A+H'. 18A Listing activities such as 18C, Chinese concept stocks returning to Hong Kong, and others continue to be hot.   Froost Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') has assisted a total of 82 companies in listing on the Hong Kong Stock Exchange. In terms of project volume, Frost & Sullivan accounts for 72% of the Hong Kong IPO market share in 2025 (excluding conversions, reverse acquisitions, and listings under an introduction scheme), making it a leader in assisting companies with listing on the Hong Kong Stock Exchange. Among them, there were a total of 20 'A + H' listed companies on the Hong Kong Stock Exchange in 2025, and Frost & Sullivan served 1 There are 8; a total of 16 listed companies on the 18A segment, with Frost & Sullivan serving 13 of them. From 2014 to 2025, Frost & Sullivan has maintained its leading position in the market share of industry research consultants for Chinese companies listing in Hong Kong. During the same period, 215 new stocks went public on the US stock market, a year-on-year increase of 21.5%; the total fundraising amounted to $45 billion, a year-on-year increase of 42.5%. US IPOs in 2025 will continue to recover, and with the preparation for listing by super-large unicorns such as SpaceX, OpenAI, and Anthropic, 2026 may see a historic period of intense activity from giants.   Frost & Sullivan has assisted a total of 24 companies in going public in the US, covering both the NASDAQ and the New York Stock Exchange. The listing forms include traditional IPOs. SPAC . The A-share market saw the listing of 116 new shares on IPO, a year-on-year increase of 16%; the total fundraising amounted to 1318 billion RMB, a year-on-year increase of 95.6%. The IPO market in the A-share sector is gradually warming up and has significantly concentrated towards strategic emerging industries. Many semiconductor star companies have made their debut one after another, and enterprises in the commercial aerospace field are also expected to see an IPO boom in 2026.   In 2025, Frost & Sullivan's research reports were used in the prospectuses of more than a dozen listed companies including Moore Thread. In December 2025, 25 new stocks were listed intensively on the Hong Kong stock market, setting a new high for the number of IPOs in a single month since 2019. Throughout the year, a total of 19 'A+H' stocks were listed in Hong Kong, raising approximately HK$141.9 billion, accounting for nearly 50%, becoming the main force in the Hong Kong IPO market in 2025. In addition, there were also 16 18A and 5 18C Three Chinese concept stocks returned to the Hong Kong market. In terms of fundraising amounts, Hong Kong-listed IPOs worth tens of billions are almost exclusively taken up by large 'A+H' companies in 2025. CATL, Sany Heavy Industry, Sailis, Hengrui Medicine, Sanhua Intelligent Control, and Haitian Flavor Group all rank among the top seven in terms of fundraising amounts. In addition, Zijin Gold International, Chery Automobile, and Pony.ai rank second, eighth, and ninth respectively. II. Cornerstone Investment The cumulative turnover has exceeded 100 billion yuan, with over 14 million people participating in new share subscriptions Throughout 2025, a total of 89 new stocks on the Hong Kong stock market introduced cornerstone investors, accounting for 78%, a significant increase compared to 2024. The cumulative number of cornerstone investors participating in subscriptions reached 582 (without double counting), with a total cornerstone investment amounting to HK$1066 billion, accounting for 37.5% of the annual Hong Kong IPO fundraising. Among them, the cornerstone subscription scale of 20 new stocks reached over HK$1 billion, mainly consisting of 'A+H' stocks and large-cap new issues. The cornerstone scales of star enterprises such as CATL, Zijin Gold International, Solaris, Sany Heavy Industry, Haitian Flavorings, Chery Automobile, Sany Smart Control, and Hengrui Medicine all exceeded HK$4 billion. Since August 2025, the new rules for Hong Kong stock IPOs have been implemented. In the following four months, a total of 62 new shares adopted these new issuance rules, with the vast majority of them mechanism B Issuance. Among them, except for the 5 newly listed stocks on the 18C market, only 2 were issued under Mechanism A, while the remaining 55 were issued under Mechanism B. In terms of the number of subscribers, in 2025, the number of new share subscriptions in Hong Kong exceeded 14 million, with an average of 123,000 people subscribing to each new share. Since the implementation of the new regulations, IPO subscriptions in Hong Kong have been exceptionally hot, with nearly half of the new shares receiving more than 100,000 public subscriptions. In terms of subscription multiples, after the new regulations, many new shares have received over a thousand times more public subscriptions. However, in November and December, there were more new share issuances, and under the 'water pumping effect,' the risk of underpricing increased, leading to a cooling in public subscription enthusiasm. Nevertheless, due to the company's quality and advantages in the market segment, some domestic institutional investors are still highly enthusiastic about participating in the end-of-year new share offerings. III. The performance of new shares throughout the year was remarkable, with the market trend at the end of the year shifting from general upward movement to differentiation In terms of market performance, the Hong Kong stock market for new listings in 2025 was impressive. The intraday performance of 114 new shares showed 74 rises, 37 falls, and 3 flattens, with an upward probability of 65% and an average increase of 41%. The first-day performance was 77 rises, 32 falls, and 5 flattens, with an upward probability of 67.5% and an average increase of about 37%. Specifically, in 2025, a total of 18 new stocks saw their first-day gains exceed one fold, with 16 of them emerging after the new IPO regulations. Among the 21 new stocks that fell by more than 10% on their first day, about half were before and half after the new regulations. In addition to the issuance structure, the quality of the company, theme, and valuation level are also important factors affecting the performance of new stock listings. However, with the increase in the number of new shares and the rise in valuation, there is some pressure on market liquidity, and the performance of new shares at the end of the year has cooled down. In November and December, there has been an increase in the phenomenon of new shares breaking below their issue price. The 'Mechanism B' euphoria has gradually faded and turned into differentiation, with some companies including those listed on the 18A board experiencing first-day underpricing. Looking at the whole year, the returns from subscribing to Hong Kong stock new share offerings have still been quite substantial. If sold at the opening price on the first day, the cumulative book profit (excluding handling fees) from winning a subscription to a Hong Kong stock new share offering in 2025 could reach HK$226,000, with an average profit of nearly HK$2,000 per new share. However, although the yield is higher after the new regulations, the difficulty of winning a subscription has also increased significantly. IV. It is expected to continue to be strong in 2026, with fundraising reaching up to 350 billion Entering 2026, the Hong Kong stock market IPO market will continue to maintain a state of intensive issuance. GPU leaders such as Bitmain and days, AI giant companies like Zhipu and MiniMax, as well as semiconductor giants like Megvii and HiSilicon Group, which are part of the 'A+H' category, are on the horizon. According to the Hong Kong Stock Exchange data, as of the end of December 2025, the Hong Kong Stock Exchange processed a total of 560 applications for listing on the Main Board and GEM. Among them, 120 applications have been listed, 24 applications have been approved and are awaiting listing, and there are still 320 applications queuing up for processing. On the basis of sufficient IPO reserves, the Hong Kong stock market is expected to continue its strong upward trend in the coming year. According to PricewaterhouseCoopers Hong Kong's forecast, the Hong Kong IPO market will continue its growth trend in 2026, with about 150 companies expected to successfully list in Hong Kong, raising funds of HK$320 billion to HK$350 billion.