最新变化：港股IPO破发悄然抬头，什么原因？

Core Viewpoint - The Hong Kong IPO market is expected to be robust in 2025, with a total IPO scale reaching HKD 267.1 billion, potentially reclaiming the top position globally in IPOs. However, the phenomenon of IPOs trading below their offering price has resurfaced since November, raising concerns about investor enthusiasm for new listings [1][2]. Group 1: IPO Performance - In 2024, out of 70 newly listed stocks, 25 experienced a decline in share price post-IPO, resulting in a 35.71% failure rate. In the first half of 2025, 13 out of 43 new listings also broke below their offering price, with a failure rate of 30.23% [1]. - Following the reform of the IPO pricing mechanism in August, the initial months saw a significant reduction in the IPO failure rate, with only 2 out of 28 new stocks breaking below their offering price, translating to a failure rate of 7.14% [2]. Group 2: Pricing Mechanism and Market Dynamics - The new IPO pricing mechanism allows issuers to choose between two distribution methods, with many opting for Method B, which allocates only 10% of shares to retail investors, significantly increasing the pricing power of institutional investors [2]. - Since November, the IPO failure rate has surged to 42.10% among 19 new listings, indicating a disconnect between primary pricing and secondary market risk appetite [2]. Group 3: Future Outlook - The Hong Kong IPO market is anticipated to remain active in 2026 due to several factors, including 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].