港股打新中签难度有所提升 引发“散户失权”讨论

Core Viewpoint - The difficulty of obtaining shares in Hong Kong IPOs has increased compared to the previous year, with a notable discussion surrounding the "loss of rights" for retail investors due to the special offering structure of Ningde Times' IPO [1] Group 1: IPO Market Dynamics - Among 27 new stocks, excluding the SPAC listing of Zhaogang Group, 9 stocks had a subscription success rate of 10% or lower [1] - Ningde Times applied for an exemption from the allocation mechanism, ensuring that retail investors receive a fixed portion of 7.5%, while institutional investors secured over 90% of the shares [1] Group 2: Regulatory Changes - The Hong Kong Stock Exchange is systematically reducing the influence of retail investors in the IPO process [1] - In February, the CEO of Hong Kong Stock Exchange, Charles Li, mentioned that increasing the proportion of new shares allocated to book-building would allow for better negotiation between buyers and sellers, aiming to reflect market demand more accurately and minimize post-listing price volatility [1]