港股打新，迎千倍认购时代

Core Insights - The Hong Kong IPO market experienced significant growth in the first three quarters of 2025, leading globally with 68 new listings and total fundraising of HKD 182.45 billion, representing increases of 51% and 227% year-on-year respectively [1][2] - The market saw a high level of oversubscription, with 98% of new stocks receiving excess subscriptions and 86% of these having oversubscription multiples exceeding 20 times, doubling from the previous year [1][4] - The decline in the first-day drop rate to 24% marks a nine-year low, with an average first-day return rate of 28%, significantly higher than the previous year's 10.82% [6][7] Market Activity - The number of new stocks with oversubscription multiples exceeding 1,000 reached 15, accounting for nearly 23% of the total, with the highest being Daheng Technology at 7558.40 times [2][3] - The pharmaceutical and durable consumer goods sectors were particularly favored, with several companies in these industries achieving high subscription rates [2][8] Regulatory Environment - The increase in market activity occurred in a post-regulatory environment, following the Hong Kong Securities and Futures Commission's new rules that ended the era of "high leverage" in IPO subscriptions [4][5] - The new regulations aimed to address issues of excessive leverage and chaotic funding practices, resulting in a healthier market structure [5][6] Investment Performance - The significant improvement in the profitability of new stocks is attributed to a combination of policy benefits, ample liquidity, and industry upgrades [7][8] - The performance of large new listings, such as Ningde Times, which saw a first-day increase of 16% and a cumulative rise of over 87% by September 30, highlights the strong market sentiment [6][7] Market Dynamics - The IPO market is driven by a dual engine of technology and consumer sectors, with the medical and pharmaceutical industries leading in the number of listings, while manufacturing accounted for over 30% of fundraising [8] - The diverse industry distribution enhances market resilience and attractiveness, moving away from reliance on a single sector [8]