Core Insights - The Hong Kong stock market has rapidly rebounded since 2025, with IPOs in the first three quarters reclaiming the top position globally in fundraising [2][3] - The new IPO pricing mechanism implemented on August 4 has led to improved first-day performance for new listings, with only one out of 19 new companies experiencing a drop in share price on debut [2][4] - The allocation of shares to retail investors has significantly decreased under the new rules, resulting in increased difficulty for retail investors to secure shares [3][5] IPO Market Performance - As of September 30, 2025, Hong Kong has nearly 300 IPO applications, a historical high, with 67 new listings raising HKD 182.9 billion, marking a 49% and 229% increase year-on-year respectively [3] - Despite the increase in IPO numbers and fundraising, the first-day failure rate remains notable, with 30.23% of new listings in the first half of 2025 experiencing price drops [3][4] Changes in Share Allocation - The new rules allow issuers to set the public offering allocation between 10% and 60%, with a minimum of 10% for retail investors, leading to a situation where 90% of shares are allocated to institutional investors [3][4] - Following the implementation of the new rules, the first-day failure rate for new stocks has decreased, with only one out of 19 new listings since August 4 experiencing a drop [4][5] Retail Investor Dynamics - The enthusiasm for IPOs among retail investors has surged, exemplified by the record-breaking subscription rate of 11,465 times for the listing of Golden Leaf International Group on October 10 [5][6] - The allocation for retail investors is now typically limited to 10%, resulting in a significant drop in the chances of winning shares, with some new stocks having a winning rate as low as 0.1% [5][6] Stock Performance Trends - Among the 19 new stocks listed after the new rules, 9 companies saw first-day gains exceeding 100%, indicating a strong performance trend [7] - The majority of high-performing new stocks are small-cap companies, with a notable preference among retail investors for larger, more stable companies despite lower initial gains [7][8] Investment Strategy Insights - New economy companies are outperforming traditional sectors, with small-cap and high-demand stocks showing strong initial performance but often weakening subsequently [8]
港股IPO定价新规后仅1家破发 新股涨幅猛散户中签难
Zheng Quan Shi Bao·2025-10-14 17:32