4只新股全部破发！港股IPO高破发现象抬头，什么情况？

Core Viewpoint - The recent trend of IPOs in the Hong Kong market has seen a significant number of companies experiencing a decline in share prices on their debut, indicating a shift away from the previous "blindly investing" mentality in new listings [1][10]. Group 1: IPO Performance - On December 22, four companies—Nanhua Futures, Mingji Hospital, Huachang Biotech, and Impression Dahongpao—were listed on the Hong Kong stock market, all of which faced declines on their first trading day, with drops of over 24%, 49%, 29%, and 35% respectively [1][2]. - The phenomenon of high IPO failures has resurfaced since November, with the overall IPO failure rate in Hong Kong approaching 50% for newly listed companies [15][18]. Group 2: Company Profiles - Nanhua Futures, established in 1996, ranks eighth among all futures companies in China by total revenue for 2024, and first among non-financial related futures companies [4]. - Mingji Hospital is a private hospital group in mainland China, recognized as the largest private profit-making hospital group in East China, holding a market share of 1.0% [4]. - Huachang Biotech, founded in 2012, focuses on developing protein drugs for wound healing therapies, with two core products currently in clinical trials [5]. - Impression Dahongpao is a state-owned cultural tourism service enterprise, ranked eighth in the Chinese cultural tourism performance market by sales revenue for 2024 [6]. Group 3: Market Trends and Investor Sentiment - The recent IPOs have shown a stark contrast to the previous performance of biotech companies, which had been stable and successful in the latter half of the year, with many achieving over 100% gains on their debut [8]. - Subscription data for the four companies revealed that while Huachang Biotech and Impression Dahongpao had relatively good performance, Nanhua Futures and Mingji Hospital had low subscription multiples of 1.91 times and 6.28 times, respectively [10][11]. - The pricing strategy for these IPOs has shifted, with three companies pricing at the lower end of their offering range, indicating a need to attract investors [13][19]. Group 4: Future Outlook - The Hong Kong IPO market is expected to see a resurgence in 2026, potentially reclaiming its position as the leading global IPO market, despite the recent downturn in investor sentiment [16].