Core Insights - The Hong Kong stock market has rapidly rebounded since 2025, with IPOs in the first three quarters reclaiming the top position globally in fundraising [2][3] - The new IPO pricing mechanism implemented on August 4 has led to improved first-day performance for new listings, with only one out of 19 new companies experiencing a drop in share price on debut [2][4] - The allocation of shares to retail investors has significantly decreased under the new rules, resulting in increased difficulty for retail investors to secure shares [3][5] IPO Market Performance - As of September 30, 2025, Hong Kong has nearly 300 IPO applications, a historical high, with 67 new listings raising HKD 182.9 billion, marking a 49% and 229% increase year-on-year respectively [3] - Despite the increase in IPO numbers and fundraising, the first-day failure rate remains notable, with 30.23% of new listings in the first half of 2025 experiencing price drops [3][4] Changes in Share Allocation - The new rules allow issuers to set the public offering allocation between 10% and 60%, with a minimum of 10% for retail investors, leading to a situation where 90% of shares are allocated to institutional investors [3][4] - Following the implementation of the new rules, the first-day failure rate for new stocks has decreased, with only one out of 19 new listings since August 4 experiencing a drop [4][5] Retail Investor Dynamics - The enthusiasm for IPOs among retail investors has surged, exemplified by the record-breaking subscription rate of 11,465 times for the listing of Golden Leaf International Group on October 10 [5][6] - The allocation for retail investors is now typically limited to 10%, resulting in a significant drop in the chances of winning shares, with some new stocks having a winning rate as low as 0.1% [5][6] Stock Performance Trends - Among the 19 new stocks listed after the new rules, 9 companies saw first-day gains exceeding 100%, indicating a strong performance trend [7] - The majority of high-performing new stocks are small-cap companies, with a notable preference among retail investors for larger, more stable companies despite lower initial gains [7][8] Investment Strategy Insights - New economy companies are outperforming traditional sectors, with small-cap and high-demand stocks showing strong initial performance but often weakening subsequently [8]

Market Overview - The market experienced significant declines, reminiscent of last year's National Day trends, with major indices like the Hang Seng Index and the ChiNext ETF dropping sharply following Trump's announcement of a 100% tariff on Chinese goods starting November 1 [1] - The current market sentiment differs from April, as many investors are motivated to take profits due to excessive gains in the tech sector, leading to a lack of bearish consensus [1] Foreign Investment Trends - Foreign capital shows hesitation, with Morgan Stanley reporting a net inflow of $6 billion this year, including $4.6 billion in September. However, this is primarily driven by passive funds, which saw a net inflow of $18 billion, while active funds experienced a net outflow of $12 billion [3] - The inflow of passive funds is a reaction to rising indices rather than proactive investment strategies, indicating a reliance on market performance rather than fundamental analysis [3] AI and Tech Developments - OpenAI and AMD have signed a multi-billion dollar chip agreement to build a second AI data center, with AMD allowing OpenAI to purchase shares at a significantly reduced price contingent on performance [4] - The expansion of U.S. debt, growing at an astonishing rate of $6 billion daily, is seen as a hidden fuel for the continuous highs in the stock market, with notable investments in companies like Alibaba and Baidu [4] IPO Market Insights - The Hong Kong IPO market has seen a significant increase in fundraising, with over HKD 182.3 billion raised in the first three quarters, a 228% increase from the previous year, and over 270 companies currently in the IPO queue [6] - Despite low initial returns on new stocks, consistent participation in IPOs can yield gradual gains for investors [6] Investment Strategies - Investors are advised to focus on established companies in the AI sector, such as Yunji Technology, which is recognized as a leader in AI services, while also considering the risk-reward balance in their investment choices [5] - The experience of trading new stocks can vary greatly, with some stocks experiencing dramatic price increases shortly after listing, highlighting the volatility and potential rewards in the market [7]

Core Insights - The Hong Kong IPO market has seen significant activity in 2023, with 69 new listings and an average first-day return of approximately 38%, indicating a robust market environment [1][3] - The total amount raised through IPOs in Hong Kong reached HKD 187.24 billion, a year-on-year increase of 227.72%, reflecting a diverse industry structure and strong investor interest [3][4] Group 1: Market Performance - Over 70% of new stocks listed this year experienced a first-day price increase, with a notable 23% of new stocks facing a price drop on their debut [1] - The average return for new stocks has significantly improved compared to the same period last year, with cumulative earnings for full participation in IPOs reaching HKD 123,700 [1] Group 2: Investor Participation - Nearly 7.45 million individuals participated in IPOs this year, with an average of 108,000 applicants per new stock, indicating high demand for quality listings [3] - The popular stock "Zijin Gold International" attracted 350,000 applicants, resulting in a low winning rate of 0.42% [3] Group 3: Structural Changes - Recent regulatory reforms, including a requirement for investors to prepay at least 10% of the subscription amount, have contributed to a more stable IPO environment [4] - The Hong Kong Stock Exchange has optimized the IPO pricing process, allowing for more flexible subscription mechanisms, which enhances pricing efficiency [4] Group 4: Global Capital Trends - The surge in IPO activity reflects a broader trend of global capital increasing its allocation to Chinese assets, with Hong Kong serving as a key link between mainland China and international markets [5] - The ongoing reforms in the Hong Kong IPO system, including lowering market capitalization thresholds for tech companies, have created a favorable environment for long-term investments [5]

Core Insights - King Leaf International Group achieved a record-breaking oversubscription of over 11,500 times during its public offering, becoming the first "ten-thousand times subscribed stock" in Hong Kong history [1][3] - The company listed at an issue price of HKD 0.5, with its stock price soaring by 330% to HKD 2.15 on the first day of trading, resulting in a trading volume of HKD 130 million [1][3] Summary by Sections IPO Performance - King Leaf International is the first company to list on the Hong Kong Growth Enterprise Market (GEM) this year, raising only HKD 50 million, with a net amount of HKD 31.3 million after listing expenses [3] - The public offering accounted for only 10% of the total shares, with a retail subscription amount limited to HKD 5 million, leading to a low winning rate of 0.5% for retail investors [3] - The oversubscription reflects a strong market enthusiasm for new listings, with 69 new stocks listed in Hong Kong this year, 46 of which were oversubscribed by over 100 times, and 18 by over 1,000 times [3][4] Market Trends - The overall IPO market in Hong Kong has seen a significant increase in performance, with only 16 out of 69 new stocks experiencing a decline in share price, resulting in a record low of 23.18% for the failure rate [4] - The average first-day increase for new listings is 37.63%, with King Leaf International achieving the highest first-day performance of 330% [4] - The market structure has improved, with the proportion of new stocks oversubscribed by over 1,000 times rising to 26% in the first ten months of this year, compared to only 5 stocks (7%) in the entirety of 2024 [3][4] Support Factors - The favorable "high return, low risk" environment is attributed to supportive policies, capital influx, and industry dynamics [4] - The Hong Kong Stock Exchange has been optimizing its systems, with upcoming changes to streamline approval processes and pricing mechanisms [4] - Global capital flows into emerging markets have been bolstered by the Federal Reserve's interest rate cuts, with average daily trading volume in the Hong Kong stock market exceeding HKD 200 billion [4] - The IPO market is driven by a dual focus on technology and consumer sectors, with high-growth companies and those with core technological advantages attracting significant interest [4] Investor Behavior - The participation of cornerstone investors in Hong Kong IPOs has increased, with 57 new stocks involving cornerstone investors this year, accounting for 86.4% of new listings [5] - The total amount subscribed by cornerstone investors reached HKD 74.2 billion, representing over 40% of total IPO fundraising [5] - There is a noticeable trend of capital concentrating on high-quality leading enterprises, while smaller IPO projects attract relatively less interest from cornerstone investors [5]

作为今年首支登陆香港创业板(GEM)的公司，金叶国际的募资规模极为迷你，这为造就惊人的认购倍数提供了条件。截至当日收盘，股价报收2.15港元，较 0.5港元的发行价飙涨330%，成交额达1.3亿港元，显示出强大的市场关注度。 港股IPO市场正不断以新面目示人，认购倍数更是不断刷新认知。 10月10日，金叶国际集团(08549)以超过1.15万倍的公开发售超额认购倍数，成为港股史上首只"万倍认购股"，将打新热情推至前所未有的高度。 金叶国际仅是年内港股IPO火爆现象的冰山一角。一个更为深刻的趋势是，截至目前，年内超千倍认购的新股已多达18只。与此同时，新股首日破发率骤降 至23.18%，创下近九年新低。 赚钱效应的强势回归，并非无源之水。中信证券研究分析指出，其背后是制度、资金与产业的三重坚实支撑，港交所持续的制度优化吸引了更多企业；充裕 的市场流动性为打新提供了弹药；而新经济公司比重的增加，则重塑了市场的产业逻辑。 在这一派火热景象之下，作为港股IPO"定盘星"的基石投资者，其布局逻辑的演变同样揭示了市场深层的理性选择。纵观今年市场，一个鲜明的特征是资金 正愈发向优质龙头企业集中。龙头企业凭借清晰的商业模式和 ...

Core Viewpoint - The Hong Kong IPO market is experiencing unprecedented enthusiasm, highlighted by the record-breaking subscription multiples, with the recent listing of Golden Leaf International Group achieving over 11,500 times subscription, marking a new era in the market [2][5]. Group 1: IPO Market Dynamics - Golden Leaf International Group became the first stock in Hong Kong history to achieve over 11,500 times subscription, reflecting a surge in market interest [2][5]. - As of October 10, 2025, there have been 18 new stocks with subscription multiples exceeding 1,000 times, and the first-day drop rate for new stocks has decreased to 23.18%, the lowest in nearly nine years [4][8]. - The strong return of profit-making effects is supported by three pillars: institutional improvements, abundant market liquidity, and an increasing proportion of new economy companies [4][9]. Group 2: Subscription Trends - The year 2025 has seen a significant increase in the number of new stocks with subscription multiples exceeding 1,000 times, rising from 7% in 2024 to 26% in 2025 [7]. - The average first-day increase for newly listed stocks is 37.63%, with 46 out of 69 new stocks experiencing price increases on their debut [8][9]. - The highest first-day increase recorded was 330% for Golden Leaf International Group, showcasing the market's strong performance [8]. Group 3: Supportive Factors - Policy support includes continuous institutional innovations by the Hong Kong Stock Exchange, which have simplified approval processes and optimized pricing mechanisms [9]. - Global liquidity has been bolstered by the Federal Reserve's interest rate cuts, leading to increased capital flow into emerging markets, including Hong Kong [9]. - The IPO market is diversifying, driven by technology and consumer sectors, with new stocks generally focusing on high-growth areas such as pharmaceuticals, durable consumer goods, and renewable energy [9]. Group 4: Cornerstone Investors - In 2025, 57 new stocks had cornerstone investors participating, accounting for 86.4% of the total, with an average of 5.7 cornerstone investors per stock [10]. - The total amount subscribed by cornerstone investors reached 742 million HKD, representing over 40% of the total IPO fundraising [10]. - Major projects like Ningde Times and Zijin Mining attracted significant cornerstone investments, highlighting the preference for high-barrier, large-cap projects [12].

近期，港股打新市场沸腾。10月9日，港股新股金叶国际集团暗盘一度涨超800%。金叶国际集团此次公 开发售部分获超额认购逾9030倍，成为港股史上超额认购倍数最高的新股。 金叶国际集团的火爆申购是今年港股打新的一个缩影。截至10月9日，港股市场年内共有69只新股上 市，其中大行科工、长风药业、布鲁可、银诺医药-B、蜜雪集团5只新股网上发行认购倍数均超过5000 倍。同一时期内，港股新股首日破发率降至24%以下，创下九年来新低。 多位接受采访的人士表示，新经济明星股的集聚效应与市场流动性的显著改善，共同推动了本轮港股打 新市场的活跃。此外，8月4日，港交所关于优化首次公开招股市场定价及公开市场规定的新规正式生 效。这一规则也对平衡投资者结构、提升新股定价效率有一定作用。 新经济公司IPO频现千倍认购 无论是从新股供给数量还是从市场投资热情来看，今年港股IPO市场的活跃度和热度都远高于去年同 期。 杜先杰认为，金叶国际集团最终选择了10%的公开发售比例，这一结构在当前市场环境下尤为值得关 注。一方面，公司本次集资规模相对有限；另一方面，港股打新市场资金极为充裕，较低比例的公开发 售份额面对庞大的申购需求，客观上加剧 ...

张大伟 制图 ◎记者 唐燕飞 近期，港股打新市场沸腾。10月9日，港股新股金叶国际集团暗盘一度涨超800%。金叶国际集团此次公 开发售部分获超额认购逾9030倍，成为港股史上超额认购倍数最高的新股。 金叶国际集团的火爆申购是今年港股打新的一个缩影。截至10月9日，港股市场年内共有69只新股上 市，其中大行科工、长风药业、布鲁可、银诺医药-B、蜜雪集团5只新股网上发行认购倍数均超过5000 倍。同一时期内，港股新股首日破发率降至24%以下，创下九年来新低。 多位接受采访的人士表示，新经济明星股的集聚效应与市场流动性的显著改善，共同推动了本轮港股打 新市场的活跃。此外，8月4日，港交所关于优化首次公开招股市场定价及公开市场规定的新规正式生 效。这一规则也对平衡投资者结构、提升新股定价效率有一定作用。 新经济公司IPO频现千倍认购 无论是从新股供给数量还是从市场投资热情来看，今年港股IPO市场的活跃度和热度都远高于去年同 期。 杜先杰认为，金叶国际集团最终选择了10%的公开发售比例，这一结构在当前市场环境下尤为值得关 注。一方面，公司本次集资规模相对有限；另一方面，港股打新市场资金极为充裕，较低比例的公开发 售份额 ...

Core Insights - The Hong Kong IPO market experienced significant growth in the first three quarters of 2025, leading globally with 68 new listings and total fundraising of HKD 182.45 billion, representing increases of 51% and 227% year-on-year respectively [1][2] - The market saw a high level of oversubscription, with 98% of new stocks receiving excess subscriptions and 86% of these having oversubscription multiples exceeding 20 times, doubling from the previous year [1][4] - The decline in the first-day drop rate to 24% marks a nine-year low, with an average first-day return rate of 28%, significantly higher than the previous year's 10.82% [6][7] Market Activity - The number of new stocks with oversubscription multiples exceeding 1,000 reached 15, accounting for nearly 23% of the total, with the highest being Daheng Technology at 7558.40 times [2][3] - The pharmaceutical and durable consumer goods sectors were particularly favored, with several companies in these industries achieving high subscription rates [2][8] Regulatory Environment - The increase in market activity occurred in a post-regulatory environment, following the Hong Kong Securities and Futures Commission's new rules that ended the era of "high leverage" in IPO subscriptions [4][5] - The new regulations aimed to address issues of excessive leverage and chaotic funding practices, resulting in a healthier market structure [5][6] Investment Performance - The significant improvement in the profitability of new stocks is attributed to a combination of policy benefits, ample liquidity, and industry upgrades [7][8] - The performance of large new listings, such as Ningde Times, which saw a first-day increase of 16% and a cumulative rise of over 87% by September 30, highlights the strong market sentiment [6][7] Market Dynamics - The IPO market is driven by a dual engine of technology and consumer sectors, with the medical and pharmaceutical industries leading in the number of listings, while manufacturing accounted for over 30% of fundraising [8] - The diverse industry distribution enhances market resilience and attractiveness, moving away from reliance on a single sector [8]

Core Insights - The Hong Kong IPO market experienced significant growth in the first three quarters of 2025, leading globally with 68 new listings and total fundraising of HKD 182.45 billion, representing a 51% and 227% increase year-on-year respectively [1][4] - The high demand for new shares is evident, with 98% of new stocks being oversubscribed and 86% having oversubscription multiples exceeding 20 times, doubling from the previous year [2][4] - The current market activity is characterized by healthy growth following regulatory changes that ended the era of high-leverage IPO subscriptions, shifting the focus to intrinsic value recognition and natural capital inflow [4][8] New Share Subscription Trends - In the first three quarters of 2025, 15 new stocks had oversubscription multiples exceeding 1,000 times, accounting for nearly 23% of new listings, with the highest being Daheng Technology at 7,558.40 times [2][3] - The pharmaceutical and durable consumer goods sectors saw the most interest, with several biotech firms achieving significant oversubscription rates, indicating strong investor confidence in innovative drug companies [2][3] Market Performance Metrics - The first-day IPO failure rate dropped to 24%, the lowest in nine years, with an average first-day return of 28%, a substantial increase from 10.82% in the previous year [5][6] - Notably, large IPOs performed exceptionally well, with companies like Ningde Times seeing a first-day increase of 16% and cumulative gains exceeding 87% by September 30 [7] Policy and Market Dynamics - The surge in the IPO market is attributed to a combination of policy benefits, ample liquidity, and industry upgrades, with regulatory measures simplifying the listing process and enhancing market attractiveness [8][9] - The Hong Kong Stock Exchange has received 348 listing applications as of October 5, 2025, with ongoing efforts to optimize regulations and attract more overseas companies [8][9] Industry Structure and Appeal - The IPO landscape in Hong Kong is driven by a dual focus on technology and consumer sectors, with the medical and pharmaceutical industries leading in the number of listings, while manufacturing accounted for over 30% of fundraising [9]