港股惊现“合作打新”：“账户借出去，赚了平分，亏损有人兜底？”

Core Viewpoint - The Hong Kong IPO market is recovering in 2025, with increased returns from new share subscriptions, but the probability of winning a subscription has significantly decreased, leading to risky collaborative subscription schemes that pose legal risks [1][2]. Group 1: Market Conditions - In 2025, the average return from Hong Kong IPOs is approximately 40%, with the rate of shares that fail to debut (破发率) dropping to 28%, a historical low compared to the average since 2018 [4]. - The average winning rate for new share subscriptions has fallen to 20%, the lowest in nearly a decade [4]. Group 2: Collaborative Subscription Schemes - Some individuals are attempting to increase their chances of winning subscriptions by operating multiple accounts, with offers of profit-sharing and loss coverage as incentives [2][4]. - A common arrangement involves one party managing multiple accounts while the other provides capital, with promises of profit sharing and loss coverage, which are often informal and lack legal backing [8]. Group 3: Legal Risks - Lending personal accounts for trading violates compliance principles and exposes individuals to various legal risks, including potential criminal liability and regulatory scrutiny [9][10]. - The practice of account lending may contravene Hong Kong's Securities and Futures Ordinance, leading to account restrictions or legal consequences for the account holder [9][10]. Group 4: International Placement Services - Some financial institutions are offering lower investment thresholds for international placements, which may involve risks of investing in less popular stocks or potential scams [12][14]. - The investment threshold for participating in international placements is typically set at $100,000, with varying allocation rates depending on the specific stock [13].