“高认购+高波动”，港交所多只新股股价“过山车”

Core Insights - The year 2025 is characterized as a "profitable year" for IPOs in the Hong Kong stock market, with several new stocks experiencing first-day gains exceeding 100% [1][2] - However, a prevailing trend of "high open, low close" has emerged, where many stocks see significant initial gains but subsequently decline [1][2] - The phenomenon is attributed to high subscription enthusiasm and significant oversubscription, leading to a supply-demand imbalance that drives initial price surges [2][3] Group 1: IPO Performance - The IPO market in Hong Kong has shown strong performance in 2025, with many new stocks achieving substantial first-day price increases ranging from 20% to 330% [2][4] - Notable examples include Golden Leaf International Group, which had an oversubscription rate of over 11,500 times and a first-day closing gain of 330%, but has since fallen back to its issue price [1][2] - The median first-day return for new stocks is around 30%, but the distribution is uneven, with leading companies performing well while many smaller stocks face significant declines [6][7] Group 2: Market Dynamics - The high subscription rates and the resulting "one share hard to get" situation have led to a market environment where investors are eager to realize profits on the first day [3][4] - The introduction of new regulations by the Hong Kong Stock Exchange in August 2025 has altered the allocation mechanisms for IPOs, allowing for a higher percentage of shares to be allocated to institutional investors, which may reduce the chances for retail investors [3][7] - The trading environment encourages short-term behavior, with many investors aiming for quick profits on the first day due to the absence of price limits and the T+0 trading mechanism [6][7]