发行结构埋下伏笔：HASHKEY HLDGS（03887）首日净流出超8000万港元背后

Core Viewpoint - HASHKEY HLDGS experienced a volatile first trading day on the Hong Kong Stock Exchange, opening with a 6.6% gain but closing down 3.3% from its issue price, reflecting market caution regarding its valuation and future prospects [1][9]. Trading Performance - The stock opened at 6.68 HKD, peaked at a 6.6% increase, but faced significant selling pressure, leading to a closing price of 6.46 HKD, with a total market capitalization of approximately 17.86 billion HKD [1]. - The trading pattern exhibited a "high open, low close" scenario, indicating a shift from initial enthusiasm to a more rational assessment of the stock's value [2][4]. Market Dynamics - A notable net outflow of over 79.66 million HKD occurred, with institutional investors significantly reducing their holdings while retail investors showed a contrary trend by buying during the price decline [5][6]. - The outflow was characterized by large orders, with over 99% of the net outflow attributed to institutional selling, indicating a cautious stance from larger investors [5][6]. Issuance and Subscription Details - HASHKEY HLDGS issued approximately 241 million shares, with only 10% allocated for public offering, raising a net amount of about 1.48 billion HKD [7]. - The public offering was oversubscribed by approximately 394 times, but this was relatively modest compared to other recent IPOs, suggesting a more measured enthusiasm from retail investors [7]. Investor Sentiment and Future Outlook - The presence of notable cornerstone investors like UBS Asset Management and Fidelity provided initial credibility, but the high concentration of shares among a few major shareholders limits liquidity in the secondary market [8]. - The stock's performance on its first day reflects a transition from emotional trading to rational pricing, with the potential for increased volatility due to the shift in ownership from institutional to retail investors [9].