证券时报·2025-06-17 00:44Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with a continued profit-making effect from "new share subscriptions" [1] Group 1: IPO Market Performance - Since 2025, 31 new stocks have been listed in Hong Kong, with only 9 experiencing a decline on their first day, resulting in a 29.03% failure rate. In the first half of 2024, 70 new stocks were listed, with 25 failing, leading to a 35.71% failure rate [1] - The performance of new stocks on their debut is characterized by four main features [3] Group 2: Characteristics of Successful IPOs - Feature One: Popular Industries and Leading Companies The IPOs in Hong Kong this year are driven by "technology + consumption," with significant participation from emerging consumption sectors and advanced technology fields. Notable companies include Ying'en Biotech, which saw a 116.70% increase, and Mixue Group, with a rise of 43.21% [3][4] - Feature Two: A-Share Companies Listing in Hong Kong A-share companies have played a significant role in the current IPO wave, with notable fundraising amounts. For instance, Ningde Times raised 41 billion HKD [4] - Feature Three: Quality of Cornerstone Investors The cornerstone investor system in Hong Kong is crucial, as these investors are typically large and reputable, providing a "backing" for the new stocks. The presence of high-profile cornerstone investors significantly influences the performance of new listings [5] - Feature Four: High Subscription Multiples The IPOs often see extremely high subscription multiples, indicating strong market interest. For example, Mixue Group's subscription exceeded 1.83 trillion HKD, with a subscription multiple over 5000 times [6]