禾赛科技回港上市首日冲高后跌近20% 高比例低折扣发行埋雷 破发期间稳市商中金未使用绿鞋资金稳市

Core Viewpoint - Hesai Technology's IPO on the Hong Kong Stock Exchange marks the reopening of the channel for Chinese concept stocks to return to Hong Kong, but the stock has seen a nearly 20% decline from its issue price by October 23, indicating underlying risks despite initial high demand [1][2]. Group 1: IPO Details - The IPO was highly sought after, with a subscription rate of 14.09 times for international placements and 168.65 times for the Hong Kong public offering, leading to a total fundraising of HKD 47.8 billion (approximately USD 5.3 billion) [2][4]. - The issuance ratio of 14.4% is the second highest in history for Chinese concept stocks returning to Hong Kong, significantly above the average of 3.6% since 2022 [2][4]. Group 2: Pricing Strategy - The pricing strategy was controversial, with a minimal discount of only 1.6% compared to the previous trading day’s closing price, which deviates from industry norms and raises concerns about future performance [6][7]. - Historical data shows that higher issuance ratios typically require larger discounts to attract investors, yet Hesai opted for a near "par" pricing strategy, neglecting market demands for safety margins [6][7]. Group 3: Market Performance - On the first day of trading, the stock peaked at HKD 240.80, but subsequently entered a downward trend, falling below the issue price by October 8, and closing at HKD 171.40 on October 23, representing a 19.5% decline [8][10]. - The decline has resulted in significant losses for cornerstone investors, with Hillhouse Capital facing a loss of approximately HKD 110 million [11]. Group 4: Stabilization Mechanism - The green shoe mechanism, intended to stabilize the stock price, was ineffective as the designated stabilizing agent, CICC, did not engage in any buyback activities during the critical period after the stock price fell below the issue price [10][12]. - This lack of action suggests a prioritization of maximizing fundraising over maintaining market confidence, undermining the intended purpose of the stabilization mechanism [10].