4只新股全部破发！港股IPO高破发现象抬头，什么情况？

Group 1 - The core phenomenon observed is the resurgence of high IPO failures in the Hong Kong market, with four companies listed on December 22, 2025, all experiencing significant declines on their first trading day, with drops of over 24%, 49%, 29%, and 35% respectively [1][2][17] - The four companies that went public are Nanhua Futures, Mingji Hospital, Huachang Biopharmaceutical, and Impression Dahongpao, each with distinct characteristics and market positions [3][4][18] - Nanhua Futures ranks eighth among all futures companies in China by total revenue for 2024, while Mingji Hospital is the largest private hospital group in East China, holding a 1.0% market share [3][4][18] Group 2 - Huachang Biopharmaceutical, a biotech company, faced unexpected failure despite the sector's strong performance in the second half of the year, where many biotech firms achieved over 100% first-day gains [6][21] - The subscription data for the four companies showed mixed results, with Impression Dahongpao achieving an impressive oversubscription of over 3,397 times, while Nanhua Futures and Mingji Hospital had much lower oversubscription rates of 1.91 times and 6.28 times respectively [8][23] - The recent trend indicates that the IPO pricing mechanism reform in August 2025 has led to a significant increase in IPO failures, with a failure rate of nearly 50% for new listings since November 2025 [12][27] Group 3 - The pricing strategy for the recent IPOs involved setting prices at the lower end of the range to attract investors, which is a shift from the previous trend of pricing at the upper end for popular stocks [10][25] - The overall market sentiment has shifted, with a notable increase in the proportion of IPOs failing to maintain their initial pricing, reflecting a disconnect between primary market valuations and secondary market risk appetites [13][28][29] - Analysts have identified three main issues with current IPO pricing: reliance on A-share valuations, high proportions of cornerstone and long-term placements leading to smaller float sizes, and limited flexibility in the pricing range [29]