GigaDevice(SH:603986) 证券时报·2026-02-05 04:47Core Viewpoint - The article highlights the increasing trend of cornerstone investments in Hong Kong IPOs, indicating a strong interest from long-term capital, particularly in new economy enterprises, which is seen as a vote of confidence in the market's future potential [1][14]. Group 1: Cornerstone Investment Trends - Cornerstone investors are crucial in Hong Kong IPOs, committing to purchase large amounts of shares at the issue price and agreeing to lock up their shares for a certain period, typically at least six months [3]. - In 2025, 89 IPO companies are expected to introduce cornerstone investors, with total investments reaching approximately 1,066 billion HKD, marking a historical high [3][5]. - In January 2026, all 13 new IPOs in Hong Kong included cornerstone investors, with total investments amounting to 185.21 billion HKD, a significant increase of 13.3 times compared to the previous year [3][5]. Group 2: Investor Composition - The composition of cornerstone investors includes insurance funds, foreign institutions, and leading private equity firms, with notable participants such as Taikang Life, Temasek, BlackRock, and Morgan Stanley [1][7][8]. - Insurance funds have shown a marked increase in participation, with 15.58 billion HKD in cornerstone subscriptions across 10 IPOs this year, compared to 26.20 billion HKD across 12 IPOs in 2025 [7]. Group 3: Sector Preferences - Long-term capital, including insurance funds and sovereign wealth funds, tends to favor large IPOs and industry leaders, particularly in sectors like artificial intelligence, high-end manufacturing, semiconductors, and biomedicine [10][12]. - New economy leaders are particularly attractive to capital, with significant investments in companies like Zhiyuan, Biran Technology, and others, reflecting a strong interest in sectors aligned with national strategic directions [10][11]. Group 4: Market Dynamics - The active participation of long-term capital in cornerstone investments is viewed as a confidence vote in the ongoing economic transformation and upgrading in China [14]. - The Hong Kong market is becoming a vital window for global capital to allocate Chinese assets, with improved investment quality and market mechanisms attracting significant foreign investment [15].