Group 1: IPO Market Overview - The number of new IPOs in Hong Kong increased by 7 from the previous year, with total fundraising exceeding 710 million HKD in the first five months of 2025[3] - A+H shares accounted for over 70% of the total fundraising in 2025, with 5 A+H IPOs contributing 503 million HKD[45] - The average first-day premium for new listings rose to 10.8% in 2025, compared to 8.6% in 2024, while the first-day break rate decreased to 29%[64] Group 2: Investor Participation and Trends - Public subscription enthusiasm has increased, with 70% of projects triggering a reallocation mechanism in 2025[62] - The average effective subscription multiple for public offerings reached 688 times in 2025, indicating strong demand[62] - The allocation for cornerstone investors has remained above 40% since 2022, while the share for anchor investors has decreased to around 40%[32] Group 3: Valuation and Performance - The average initial valuation for new listings dropped from 27 times in 2024 to 19 times in 2025, marking a significant decline[3] - A+H new shares have generally been issued at a discount compared to their A-share counterparts, although the discount rate has narrowed recently[54] - The average first-day return for A+H shares in 2025 was notably strong, with no instances of breakage among the five listings[66]

Group 1 - The core viewpoint of the article highlights the strong market position and growth potential of Haitian Flavor Industry Co., Ltd. as it prepares for its H-share IPO, emphasizing its dominance in the condiment market and strategic plans for expansion [1][2][3] Group 2 - Haitian holds a 13.2% share of the global soy sauce market, ranking first, and a 4.8% share in the overall Chinese condiment market, ranking fifth, showcasing its market leadership [2] - The company has an annual production capacity exceeding 5.1 million tons and nearly 20% market share in the Chinese soy sauce segment, supported by a diverse product matrix with seven core products generating over 1 billion yuan in sales [2] - The IPO plans to issue approximately 710 million H-shares, aiming to raise between 1 billion to 1.5 billion USD (approximately 7.8 billion to 11.7 billion HKD), with a pricing strategy that offers a 15%-20% discount compared to its A-share price [3] - The majority of the raised funds (about 55%) will be allocated to overseas capacity expansion, particularly for the second phase of the factory in Indonesia, while 30% will focus on R&D for healthier product lines [3]

Core Viewpoint - The Hong Kong IPO market has seen a significant revival in 2023, with total fundraising reaching HKD 77.36 billion as of June 3, 2025, driven by strong demand for new listings and favorable market conditions [1] Group 1: IPO Performance - CATL (宁德时代) leads the fundraising with HKD 41 billion, accounting for 53% of the total IPO amount this year [1] - A total of 28 new stocks have been listed this year, with a first-day failure rate of 53.57%, while the median first-day gain is 13.3%, significantly higher than that of Hong Kong Stock Connect companies [1] - The first-day performance of A-share companies listed in Hong Kong has been strong, with CATL rising 16.43%, and other companies like Hengrui Medicine and Jihong shares also showing notable gains [3] Group 2: Subscription Trends - The IPO market has experienced high oversubscription rates, with CATL's public offering seeing over 120 times subscription and Hengrui Medicine achieving 454.85 times [2] - The new tea drink brand Mixue Group achieved an extraordinary subscription rate of 5,324 times, indicating strong investor interest [2] - Ten new stocks have seen first-day gains exceeding 20%, with notable performances from companies like Yingen Biotechnology and Mixue Group [2] Group 3: Market Environment and Regulations - The Hong Kong Stock Exchange has implemented the FINI platform to shorten the time from pricing to trading from five business days to two, enhancing the IPO process [4][5] - The participation of retail investors remains high, but their success rate in winning allocations is generally below 10%, while institutional investors have a higher success rate [5][6] - Recent regulatory changes have shifted the allocation of shares, favoring institutional investors in the pricing process, which may lead to more efficient pricing and reduced volatility post-listing [6][7]

Group 1 - The core viewpoint of the article highlights the significant changes in the Hong Kong IPO market, particularly the declining success rate for retail investors in new share subscriptions despite a strong overall market performance [2][12][18] - Over the past year, more than 60% of new stocks listed in Hong Kong have seen price increases on their first trading day, with some stocks achieving returns exceeding 2000% [3][5] - The increase in the number of retail investors participating in IPOs has led to a noticeable drop in the subscription success rate for these investors, with many popular new stocks having a success rate below 10% [2][8][12] Group 2 - Data shows that in 2025, 28 new stocks were listed, with several popular stocks having a subscription success rate of 10% or lower, indicating a highly competitive environment for retail investors [10][12] - The article notes that the IPO market is undergoing reforms aimed at reducing the allocation of shares to retail investors, thereby stabilizing stock price fluctuations [12][13][16] - Institutional investors are increasingly favored in the IPO process, with companies applying for exemptions from mechanisms that would typically allocate shares to retail investors, further diminishing retail investors' chances [12][13][16] Group 3 - The article discusses the implications of these trends, suggesting that the shift towards institutional investors may lead to a decrease in market liquidity and activity from retail investors, who have traditionally been a significant source of market dynamism [18] - The concentration of shares among large investors could result in pricing inefficiencies and increased volatility in stock prices, raising concerns about fairness in the market [18]

新股表现向好，也促使散户积极参与港股打新。5月份以来，过半IPO项目的认购倍数超过50倍，宁德时代、 蜜雪集团等热门股甚至在百倍乃至千倍以上。投资者小林告诉券商中国记者，随着2024年港股IPO项目多起 来，且上市公司质地不错，她又开始频繁参与港股打新，但"中签率明显降低了"。2025年，小林共参与9只新 股申购，但只中签了绿茶集团和古茗，哪怕融资10倍认购也最终与宁德时代失之交臂。 港股行情提振，新股表现亮眼，打新又热了。 Wind显示，2025年港股已迎来27只新股，其中仅7只上市首日收盘价低于发行价，破发率为26%。而去年同期 有19家公司在港股上市，破发率为32%。同时，27只新股中有10只上市首日涨幅超过20%，"大肉签"之首映恩 生物甚至收涨116.7%，不计手续费，中签一手可赚超一万元人民币。 数据显示，今年港股打新中签难度确实较上年有所提升。年内27只新股，刨除借壳SPAC上市的找钢集团，有9 只新股申购一手中签率在10%及以下。在此背景下，宁德时代港股IPO的特殊招股架构引发了一轮有关"散户失 权"的讨论。 排版：刘珺宇 校对：祝甜婷 百万用户都在看 在港股，由于回拨机制的存在，通常大热新股 ...

Group 1 - In 2025, 27 new stocks debuted in the Hong Kong market, with a 26% initial closing price drop rate, which is an improvement from the previous year's 32% [1] - The performance of new stocks showed significant divergence, with 10 stocks rising over 20% on their first day, and Ming En Bio leading with a 116.7% increase [1] - Retail investors are increasingly participating in Hong Kong IPOs, with over half of the IPO projects since May having subscription multiples exceeding 50 times [3] Group 2 - The difficulty of winning allocations in new stock subscriptions has increased, with only 10% or lower allocation rates for 9 new stocks, excluding SPAC listings [3] - The special IPO structure of Ningde Times has sparked discussions about "retail investor disenfranchisement," as it limits retail participation to 7.5% while institutional investors receive over 90% of allocations [3] - The Hong Kong Stock Exchange is systematically reducing the influence of retail investors in new stock offerings, as indicated by the CEO's comments on increasing the proportion of institutional allocations [3][4] Group 3 - Industry experts agree that a high public offering ratio for new stocks may create selling pressure in the market, while institutional investors can provide stability [4] - There is a growing trend towards an institutional-led issuance model, as companies seek to minimize the impact of retail investors on their stock prices [4] - Concerns have been raised about the concentration of shares among large investors, which may lead to mispricing and increased volatility, suggesting a need for a balance between institutional stability and retail investor interests [4]

瑞银全球投资银行部亚洲区副主席朱正芹对这一观点表示赞同。在她看来，新股面向公众的配售比例过 高，可能会对后市表现形成卖压，小盘股承压相对更加明显。而机构投资者相对更成熟、持股更长期， 可发挥稳定器的作用，减小新股的后市波动。 安永大中华区上市服务主管合伙人何兆烽亦提到，机构投资者提供的稳定且较大规模的资金支持，与企 业的融资需求和战略规划更为契合。一些企业为了避免上市过程中受到过多散户投资者的影响，也会倾 向于选择机构主导的发行模式。 据他判断，港股市场中机构投资者本身占比较大，港交所的相关政策调整会一定程度上加剧市场结构向 机构倾斜。而散户目前仍是市场活跃度和流动性的主要来源之一，当这部分投资者参与度降低，或许会 对市场活跃度带来潜在不利影响。 Wind数据显示，2025年港股已迎来27只新股，其中7只上市首日收盘价低于发行价，破发率为26%。而 去年同期，有19家公司在港股上市，破发率则为32%。同时，前述27只新股中有10只上市首日涨幅超过 20%，"大肉签"之首映恩生物甚至收涨116.7%，不计手续费，中签一手可赚超一万元人民币。 新股表现向好，也吸引着散户积极参与港股打新。5月以来，过半IPO项目的 ...

Core Viewpoint - Sany Heavy Industry, known as the "dividend king" in A-shares, is set to debut on the Hong Kong stock market, sparking excitement in the IPO community regarding potential investment opportunities [1] Group 1: Company Overview - Sany Heavy Industry was established in 1989 and has evolved from a welding materials factory into a leading global engineering machinery enterprise, focusing on the R&D, manufacturing, sales, and service of a full range of construction machinery products [2] Group 2: Core Advantages - Brand Influence: Sany Heavy Industry is the third largest globally and the largest in China in the engineering machinery sector, consistently ranking first in global sales for excavators and concrete machinery [3] - New Energy Transition and Technological Innovation: The company has made significant strides in the new energy sector, with its electric mixer trucks and electric dump trucks holding the largest market share in China as of 2024 [4] - Global Strategic Layout: Sany's products are available in over 150 countries and regions, and its international brand influence is expected to grow with the Hong Kong listing, enhancing its global market expansion efforts [5] Group 3: Performance Growth Potential - By 2025, Sany Heavy Industry is projected to see a strong rebound in performance, with overseas revenue accounting for 62.3% of total revenue in 2024, and the gross profit margin for overseas main business at 31.57%, surpassing the domestic margin of 23.03% [7] Group 4: Industry Position - According to Frost & Sullivan, Sany Heavy Industry ranks as the third largest globally and the largest in China by cumulative revenue from core engineering machinery from 2020 to 2024, holding the top position in excavators and concrete machinery [8] Group 5: Valuation and Investment Opportunities - The market response to Sany Heavy Industry's listing plan on the Hong Kong stock market has been positive, with expectations that its valuation will be reasonably reflected in the market despite existing valuation differences between A-shares and Hong Kong stocks [8]

恒瑞医药（600276.SH）将于明日正式在港交所上市，成为又一"A+H"两地上市的国内大药企。 5月22日，恒瑞医药（01276.HK）正在暗盘交易中，截至16时36分，股价涨超27%，报56.15港元/股， 不计手续费，中签一手（200股）赚超2400港元，最新总市值超3700亿港元。 据悉，暗盘交易又称为场外交易，指不通过港交所交易系统撮合，而直接在某些大型券商内部交易系统 实现报价撮合的交易，为港股市场特有的一种交易方式。 > 招股书显示，恒瑞医药本次拟全球发售约2.25亿股，香港公开发售占比 5.5%，国际发售占比 94.5%，上 市发行定价为 44.05 港元/股。 此次恒瑞医药H股发行获得国际资本青睐，基石投资者涵盖新加坡政府投资公司（GIC）、景顺 （Invesco）、瑞银全球资产管理集团（UBS-GAM）、高瓴资本、博裕资本等知名机构。 国证国际证券此前发布的研报指出，恒瑞医药此次IPO发行价为41.45—44.05港元，较A股股价有24%— 28%的折价，对应2024年PE为40x—42.4x。公司研发实力雄厚，定价相较A股有较大折扣，且近期港股 市场打新热情较为高涨，综合考虑给予IPO专 ...

2024年港股医药新股首日平均涨幅11.8%，宁德时代等标杆IPO带动打新热潮。恒瑞作为稀缺性龙头，叠加港股国际投 资者偏好研发管线价值的逻辑，上市后或吸引长线资金配置。 如何配置资金，怎么打？ 2025年5月，中国创新药龙头恒瑞医药正式启动港股全球招股，计划募资最高130.8亿港元，成为近五年港股医药板块 规模最大IPO。发行价区间41.45-44.05港元，较A股近十日均价折价19.3%，此次IPO募资75%用于研发（GLP-1、ADC 等管线）、20%建设海外基地，加速突破FDA审批瓶颈，市场情绪普遍看好。 如何在恒瑞医药港股打新中把握机遇？本文将深度解析恒瑞医药的核心竞争力、风险点及战略价值。 业绩逆势增长，创新药成核心引擎。2024年，恒瑞医药营收279.85亿元（+22.63%），净利润63.37亿元（+47.28%）， 业绩回升至2020年水平。核心驱动力来自创新药：19款1类新药已上市，2024年创新药收入138.92亿元（+30.6%）， 占总营收46.3%；仿制药占比则从60.3%降至42%。GLP-1、HER2 ADC等潜力管线加速推进，未来三年预计47项创新 成果获批。 研发投入全球领 ...