香港——在中国企业上市需求强劲的推动下，香港的首次公开募股市场持续繁荣。然而，随着市场环境日益恶化，内地企业对于在该地上市的态度却愈发谨慎。
HONG KONG -- Hong Kong's initial public offering market is booming amid strong demand for listings from Chinese companies, but mainland players are increasingly cautious about listing on the city's bourse as market conditions worsen.
新上市企业数量仍在激增。德勤于9月下旬指出，2026年前九个月香港预计将迎来约116家新上市公司，这一数字较去年同期增长76%。这些企业预计可筹集3879亿港元（约合494亿美元），较去年同期实现翻倍增长。
Companies newly listing here are still surging in number. Deloitte said in late September that Hong Kong would conduct 116 or so new listings in the first nine months of 2026, up 76% from the year-earlier period. Their expected proceeds of 387.9 billion Hong Kong dollars ($49.4 billion) would mark just over a year-on-year doubling.
这一增长势头得益于中国内地人工智能及其他新兴技术产业的快速发展，从而催生了更为旺盛的融资需求。
The increase comes as the development of artificial intelligence and other new technologies gathers pace in mainland China, driving greater demand for funding.
德勤还称，目前还有三四家计划募资额均不低于100亿港元的大型企业正筹备在港上市。预计全年将有约160家企业在香港挂牌，募资总额有望突破4800亿港元，这一数字也将创下历史新高，超越2010年创下的纪录。
Another three or four "mega-listings" seeking to raise at least HK$10 billion each are still in the pipeline, Deloitte said. It expected around 160 companies to go public in Hong Kong for the full year, raising at least HK$480 billion. This would mark an all-time high, topping the record set in 2010.
与此同时，内地企业纷纷推迟赴港上市的计划，这一现象也引发了各方关注。
At the same time, moves by mainland Chinese companies to postpone Hong Kong listings are drawing scrutiny.
湖南骏信环保是一家从事垃圾焚烧发电等业务的中国企业。该公司于9月22日宣布，出于对当前市场环境的考量并为了维护广大投资者的利益，将重新评估其赴港上市计划。尽管此前已顺利通过审核，该公司最终还是决定推迟上市。
Hunan Junxin Environmental Protection, a Chinese company involved in waste-to-energy generation and other businesses, announced on Sept. 22 that it would reconsider its Hong Kong listing in light of current market conditions and to protect the interests of a broad range of investors. The company postponed its listing despite having passed its review.
湖南骏信环保并非个例。从事金融机构软件开发业务的深圳富瀚微电子也于9月17日宣布，受市场环境及其他因素影响，将推迟其香港IPO计划。该公司原定9月22日上市，却在最后时刻更改了日程安排。
Hunan Junxin is not alone. Shenzhen Forms Syntron Information, which develops software for financial institutions, said on Sept. 17 that it would postpone its Hong Kong IPO, also citing market conditions and other factors. The company had planned to list on Sept. 22 but changed its schedule at the last minute.
导致这一系列上市推迟现象的原因之一，便是新上市股票的市场表现疲软。
One factor behind the string of delays is the weak performance of newly listed stocks.
根据QUICK FactSet的数据，9月份新上市的12只股票中，仅有5只在首日收盘价高于发行价。
According to QUICK FactSet, of the 12 stocks that debuted in September, just five closed above their offer prices on their first day of trading.
不少股票的首日表现不佳。9月7日上市的医疗器械企业迈德凯普，其首日收盘价较发行价大幅下跌了42%。
Several stocks faced difficult debuts. Medcaptain Medical Technology, a medical device maker that listed on Sept. 7, ended its first trading day 42% below its offer price.
中国光大证券国际的证券策略师吴卓宏指出，计划在香港上市的企业都希望获得尽可能高的估值。因此，这些企业自然会选择市场环境有利的时机来上市。
Companies planning to list in Hong Kong want to obtain the best possible valuation, said Kenny Ng, securities strategist at China Everbright Securities International. Naturally, they'll choose a time when market conditions are favorable, he said.
多位观察人士认为，新上市股票表现疲软的部分原因在于香港市场的IPO项目已趋于饱和。大量新股集中上市也导致可用于IPO投资的资金被分散到更多公司身上，投资者在挑选投资标的时也会变得更加挑剔。
Newly listed stocks are struggling partly because the Hong Kong market is saturated with IPOs, according to many observers. The surge in new listings also means that capital available for IPO investment is being spread across more companies. Investors are also likely to become more selective about which IPOs they buy.
目前仍有大量企业计划赴港上市。据香港交易及结算所有限公司统计，截至9月底，共有577份主板上市申请正处于审核阶段。
Many more companies still plan to list in Hong Kong. According to Hong Kong Exchanges and Clearing, 577 applications were undergoing listing reviews for the main board at the end of September.
中国监管部门正积极支持内地企业赴港上市，而香港交易所也出台了多项举措以提升上市公司质量。
Chinese authorities are supporting Hong Kong listings by mainland companies, while the Hong Kong exchange has laid out plans to improve the quality of listed companies.
随着市场压力逐渐显现，投资者正密切关注香港的IPO热潮能否持续下去。
With signs of strain starting to emerge, investors are watching whether Hong Kong's IPO boom can maintain momentum.