港股IPO破发悄然抬头 定价三难题待解

Group 1 - The Hong Kong IPO market is expected to be robust in 2025, with a total IPO scale reaching 267.1 billion HKD, potentially reclaiming the top position globally for IPOs [1] - After the reform of the Hong Kong IPO pricing mechanism in August, the occurrence of IPOs breaking below their issue price has become rare, but this trend has reversed since November [1][2] - In 2024, 25 out of 70 newly listed stocks broke below their issue price, resulting in a break rate of 35.71%, while in the first half of 2025, 13 out of 43 new stocks broke below their issue price, with a break rate of 30.23% [1][2] Group 2 - Most new listings since the reform have opted for Mechanism B, allocating only 10% of new shares to retail investors, significantly increasing the pricing power of institutional investors [2] - From August 4 to the end of October, only 2 out of 28 new stocks broke below their issue price, leading to a break rate of 7.14% [2] - However, from November onwards, 8 out of 19 new stocks have broken below their issue price, resulting in a break rate of 42.10%, which is significantly higher than previous rates [2] Group 3 - Current issues in Hong Kong IPO pricing include reliance on A-share valuations, high proportions of cornerstone and long-term placements leading to smaller tradable shares, and limited flexibility in offering price ranges [3] - The Hong Kong IPO market is expected to remain active in 2026 due to stricter regulations in the U.S. market, ongoing policy benefits, improved liquidity conditions, and continued interest from mainland companies in listing in Hong Kong [3]