Workflow
港股打新神话归来？仅1家破发！涨幅猛但散户“一签难求”
Zheng Quan Shi Bao Wang·2025-10-15 02:43

Core Insights - The Hong Kong stock market has rapidly rebounded since 2025, with IPOs leading global fundraising in the first three quarters [1][2] - The new IPO pricing mechanism implemented on August 4 has significantly improved the first-day performance of new listings, with only one out of 19 new companies experiencing a drop in share price on debut [1][3] - The allocation of shares to retail investors has decreased significantly under the new rules, leading to increased difficulty for retail investors to secure shares [2][4] 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 [2] - Despite the increase in listings and fundraising, the first-day failure rate for new stocks was 30.23% in the first half of 2025 [2] - Following the new rules, the first-day failure rate has decreased, with only one company out of 19 listed since August 4 experiencing a drop, while the highest gain reached 330% [3] Changes in Share Allocation - The new rules allow issuers to set a public subscription ratio between 10% and 60%, often resulting in only 10% being allocated to retail investors, which has led to a significant reduction in their share of new listings [2][3] - The allocation changes have resulted in a "monk more porridge less" situation, making it increasingly difficult for retail investors to win shares, with some new stocks having a winning rate as low as 0.1% [4][5] Investor Behavior and Market Trends - The enthusiasm for IPOs among retail investors has surged, exemplified by the record-breaking subscription rate of 11,465 times for Golden Leaf International Group [4] - The majority of new stocks listed since August 4 have seen a first-day increase of over 100%, with small-cap companies showing particularly high gains [6] - Retail investors tend to favor large-cap companies for their stability, although small-cap stocks have shown greater price increases [6][7]