Core Viewpoint - The liquidity of Chinese concept stocks returning to Hong Kong has shown significant differentiation, with larger companies facing liquidity challenges despite their market capitalization [1][2]. Group 1: Liquidity Challenges - As of mid-2025, among 31 Chinese concept stocks returning to Hong Kong, 12 have been included in the Hong Kong Stock Connect, leading to a more balanced trading level between US and Hong Kong stocks [1]. - BOSS Zhipin, despite a market capitalization of nearly 65 billion HKD, has faced persistent liquidity issues since its introduction to the Hong Kong market in December 2022 without raising funds [2][3]. - The average daily trading volume for BOSS Zhipin in Hong Kong was only 1.24 million HKD, with a turnover rate of 0.002%, compared to 5.6 billion HKD in the US market, highlighting a stark contrast in trading activity [2]. Group 2: Public Offering to Improve Liquidity - To address its liquidity issues, BOSS Zhipin launched a public offering on June 25, 2025, issuing 34.5 million shares at a price of 66.0 HKD per share, raising a net amount of 2.2 billion HKD [3][4]. - The public offering allowed participation from retail investors, which is expected to enhance liquidity by diversifying the shareholder base and increasing daily trading activity [3][4]. - Following the public offering, BOSS Zhipin's average daily trading volume surged to 35.2 million HKD, an increase of approximately 28.4 times, and the turnover rate rose to 0.05%, a 23.7-fold increase [5][6]. Group 3: Challenges in Meeting Stock Connect Requirements - Despite improvements in liquidity, BOSS Zhipin faces challenges in meeting the Stock Connect eligibility criteria, which require an average market capitalization of at least 20 billion HKD and total trading volume of 6 billion HKD over 183 trading days [6][7]. - As of September 16, 2025, BOSS Zhipin had only achieved 31% of the required total trading volume, indicating significant hurdles in reaching the necessary thresholds for inclusion in the Stock Connect [6][7]. Group 4: Executive Selling and Market Sentiment - Following the public offering, BOSS Zhipin's CTO sold shares in the US market, raising concerns about potential negative market sentiment among retail investors [7][9]. - The executive's selling activity could be interpreted as a cautious signal regarding the company's short-term outlook, which may affect trading enthusiasm among newly attracted retail investors [9]. - The company needs to maintain market confidence through positive operational disclosures and effective shareholder communication to balance shareholder returns and market stability [9].
BOSS直聘公开发售破局流动性 港股成交额虽翻28倍 但入港股通日均成交额需稳超5300万港元