天域半导体、遇见小面双双破发！11月港股IPO近半数破发

Core Viewpoint - The newly listed stocks Tianyu Semiconductor and Yujian Xiaomian both experienced significant declines on their debut, indicating a trend of new stocks underperforming in the Hong Kong market [1][10]. Group 1: Stock Performance - Tianyu Semiconductor (2658) dropped by 24.97%, closing at 43.52 HKD with a market capitalization of 171 billion HKD and a price-to-earnings ratio of -32 [2]. - Yujian Xiaomian (2408) fell by 27.27%, closing at 5.12 HKD with a market capitalization of 36 billion HKD and a price-to-earnings ratio of 42.6 [3]. - Both stocks had poor performance in the dark market prior to their official listing, with declines exceeding 14% [3]. Group 2: Subscription and Demand - Yujian Xiaomian had an oversubscription rate of 425.97 times, while Tianyu Semiconductor had a lower rate of 60.63 times, indicating weaker demand for the latter [4][6]. - The allocation for retail investors was limited to 10% for both companies, which theoretically supports stock price stability [8]. Group 3: Investor Backing - Tianyu Semiconductor is backed by prominent investors including Huawei and BYD, while Yujian Xiaomian has a diverse group of investors including industry players like Country Garden and Jiumaojiu [4][9]. - Both companies attracted cornerstone investors, with Tianyu Semiconductor raising 1.2 billion RMB and 30 million HKD from two cornerstone investors, while Yujian Xiaomian secured 2.2 million USD from six cornerstone investors [8][9]. Group 4: Fundraising and Market Trends - Tianyu Semiconductor raised a net amount of 1.673 billion HKD, while Yujian Xiaomian raised 617 million HKD [10]. - The trend of new stocks breaking below their issue price is increasing, with 7 out of 15 newly listed stocks since November experiencing this fate, indicating a nearly 50% breakage rate [10].