透视港股“合作打新”：“账户借出去，赚了平分，亏损有人兜底？”

Core Insights - The article discusses the rising trend of collaborative IPO investments in the Hong Kong stock market, highlighting the increasing attractiveness of IPOs due to improved returns and the declining success rate of individual applications [2][3]. Group 1: Market Trends - The Hong Kong IPO market is expected to recover by 2025, with IPO returns increasing significantly, averaging around 40% in 2025, while the failure rate has dropped to a historical low of 28% [3]. - Despite the rising returns, the average success rate for IPO applications has decreased to 20% in 2025, marking the lowest rate in nearly a decade [3][4]. Group 2: Regulatory Changes - The decline in success rates is closely linked to changes in the trading mechanisms and policies of the Hong Kong Stock Exchange, including the introduction of the FINI system to prevent multiple applications from a single individual [4]. - New regulations effective from August 2025 allow issuers to choose between two mechanisms for IPO distribution, which has made it more challenging for individual investors to secure shares [4]. Group 3: Legal Risks - Collaborative IPO investments carry significant legal risks, as informal agreements regarding profit-sharing and loss coverage may not be enforceable, leaving investors vulnerable [6][7]. - Lending personal stock accounts for collaborative trading violates compliance principles and exposes individuals to potential legal repercussions, including regulatory scrutiny and tax compliance issues [7][8]. Group 4: Alternative Investment Channels - Some financial institutions are offering lower-threshold international placement services for IPOs, targeting individual investors who face low success rates in traditional applications [9]. - These services require substantial initial investments, often around 10 million HKD, and may involve risks of investing in less popular stocks or potential scams [10].