港股打新亏钱！4只新股集体破发，明基医院跌近50%创纪录

Core Viewpoint - The recent performance of new stocks in the Hong Kong market has been notably poor, with four new listings experiencing significant declines on their first trading day, marking a rare occurrence of collective price drops among new stocks [1][2]. Group 1: New Stock Performance - Four new stocks listed on December 22, 2025, saw substantial declines: Ming Kee Hospital down 49.46%, Impression Da Hong Pao down 35.28%, Huazai Biotechnology down 29.32%, and Nanhua Futures down 24.17% [1][3]. - This trend of new stocks underperforming is not isolated; over half of the 17 new stocks listed in December 2025 have experienced price drops on their first day [2]. Group 2: Market Conditions - The overall liquidity environment in the Hong Kong market has tightened, with daily trading volumes falling below HKD 2 trillion, and southbound capital inflows significantly reduced [1][4]. - Southbound capital net inflows for December 2025 were only HKD 21.91 billion, a stark contrast to previous months where inflows often exceeded HKD 100 billion [5][6]. Group 3: Factors Influencing Performance - The decline in new stock performance is attributed to multiple factors, including tightening liquidity and high valuations not aligning with fundamental performance [1][7]. - Specific to Ming Kee Hospital, its price-to-earnings (PE) ratio was approximately 29.8 times, significantly higher than the average PE of 17 times for the private hospital sector in Hong Kong [8][10]. - The company's revenue for the first half of 2025 was reported at HKD 1.312 billion, a decline of 1.34% year-on-year, with net profit also decreasing by 23.18% [8]. Group 4: IPO Mechanisms - The introduction of "Mechanism B" for IPOs allows issuers to set a lower limit on the public offering portion, which can lead to smaller trading volumes and potentially lower the risk of price drops [9][10]. - However, this mechanism can also backfire for companies with high valuations and weak demand, as it lacks a mechanism to adjust allocations to retail investors [10].