Recently, the head of UBS's Global Investment Banking Division in China, Zhu Zhengqin, stated that despite the lackluster performance of the IPO markets in China's Hong Kong and the United States in 2023, there are still many promising projects for 2024. It is expected that in 2024, with more high-quality mainland Chinese companies entering overseas markets, the IPO market will see a resurgence. Zhu Zhengqin pointed out that in 2023, there were significant differences in the overall performance of global stock markets. Against the backdrop of interest rate hikes in the United States, the US economy still showed resilience and further absorbed the impact of the Russia-Ukraine war. While major stock markets around the world performed well, the stock indices in Hong Kong and mainland China were slightly under pressure. This was mainly due to the high economic expectations post-pandemic era not meeting expectations, resulting in some pressure on the Hang Seng Index and the Shanghai Composite Index. In terms of new listings, although the secondary market was relatively active, the pace of global IPOs saw a slight decline. Zhu Zhengqin mentioned that the fundraising scale in the Hong Kong IPO market last year was only $5.9 billion, a decrease of over 50% compared to 2022. However, the decline in the number of new listings was smaller, reflecting the lack of large projects in the market last year. She believes that the smaller fundraising scale for IPOs last year was not related to market attractiveness. For example, she cited the $1.5 billion fundraising for Anta Sports (02020) through a secondary offering in April last year, which saw enthusiastic investor response. She emphasized that the recognition of high-quality companies overseas remains high. She noted that the current market is discussing when the US will cut interest rates, and the stability of the US dollar interest rates trending downward will bring positive signals for the development of emerging economies. It is expected that the overall market performance this year will be better than in 2023.