GigaDevice(SH:603986) Jin Rong Jie·2026-02-05 01:17Core Insights - The cornerstone investment market in Hong Kong has seen a significant increase in activity since the beginning of 2026, with strong interest from long-term capital [1] - In 2025, a record 89 IPO companies in Hong Kong attracted cornerstone investors, with a total investment amount of approximately HKD 1,066 billion [1] - In January 2026, all 13 newly listed stocks in Hong Kong attracted cornerstone investors, with total investments reaching HKD 185.21 billion, marking a substantial year-on-year increase of 1,233% [1] Investment Composition - The investor composition includes insurance funds, foreign institutions, leading private equity firms, and industrial capital, all actively participating in cornerstone investments [2] - Insurance funds have shown a notable increase in participation, engaging in cornerstone subscriptions for 10 IPOs in Hong Kong, totaling HKD 15.58 billion [1][2] - In 2025, insurance funds participated in 12 cornerstone subscriptions, amounting to HKD 26.20 billion [1] Market Dynamics - Recent policies have encouraged long-term capital to enter the market, optimizing the investment environment and extending assessment periods, which supports insurance funds in diversifying their investment channels [1] - The increase in IPO activity and the availability of quality investment targets, combined with the pressure on traditional fixed-income asset returns, have driven insurance funds to explore cornerstone investments [1] Focus on New Economy Leaders - New economy leaders have become a focal point for cornerstone investment, with significant amounts raised by companies such as Zhizhu, Biran Technology, and others in January 2026 [2] - Zhizhu, an AI model company, attracted a total of HKD 29.84 billion from multiple institutions, while Biran Technology garnered HKD 28.99 billion, accounting for 63.96% of its global offering [2] - Other companies like MINIMAX-WP, Zhaoyi Innovation, and Haowei Group also saw substantial participation, with each attracting no less than HKD 20 billion from at least 10 institutions [2]