Core Insights - The core viewpoint of the articles is the significant shift in the Hong Kong IPO market, where cornerstone investments have surged from being overlooked to highly sought after, driven by substantial returns on investment [1][10]. Group 1: Market Dynamics - The planned subscription amount for cornerstone investors was initially set at 40% of the IPO issuance, but demand has exceeded this by over three times, indicating a strong interest in cornerstone investments [1][3]. - Since 2025, the participation of cornerstone investors in Hong Kong IPOs has increased dramatically, with an average of 5.35 cornerstone investors per company, up nearly 290% from 1.37 last year [1][2]. - Major IPOs, such as that of Ningde Times, attracted up to 23 cornerstone investors, highlighting the trend of large-scale capital inflow into significant projects [2]. Group 2: Investor Composition - The number of cornerstone investors has risen to 289 this year, with a notable increase from professional investment institutions and listed companies [4][8]. - In 2025, 93 investment institutions contributed a total of 302.06 million HKD, accounting for approximately 66.82% of the cornerstone investment total, marking them as the dominant force in the market [5][8]. - Foreign capital has played a crucial role, with foreign investors accounting for over 210 million HKD in cornerstone investments, representing half of the total [8]. Group 3: Investment Returns - Over 77% of cornerstone investors are currently in profit, with some projects yielding returns exceeding ten times the initial investment [1][10]. - Notable examples include the investment in Lao Pu Gold, which saw a price increase of 166% from the IPO price, resulting in a paper profit of over 4.5 billion HKD for Tencent [10]. - The highest returns have been observed in innovative pharmaceutical companies, with some stocks increasing over tenfold since their IPO [11][12]. Group 4: Sector Performance - The pharmaceutical sector has shown the highest returns, with companies like Yaojie Ankang-B seeing a price increase of over 1155.51% [11][12]. - Other sectors, including technology and consumer goods, have also performed well, with companies like Mixue Group and Gu Ming seeing stock prices rise over 100% [11][12].