Core Viewpoint - Tiger Brokers is under scrutiny for allegedly using fraudulent methods to illegally expand its client base in mainland China, despite being previously identified by the China Securities Regulatory Commission (CSRC) as operating illegally since 2022 [2][9]. Group 1: Allegations and Responses - Reports indicate that Tiger Brokers has been accused of helping ineligible mainland clients open accounts by forging documents [2][9]. - In response to the allegations, Tiger Brokers claimed that the information is severely misleading and constitutes malicious defamation [2]. - Numerous individuals claiming to be channel managers for Tiger Brokers are reportedly offering "account opening strategies" on social media, including the provision of forged documents [3][9]. Group 2: Account Opening Process - A journalist's investigation revealed that the account opening process at Tiger Brokers can be completed in under half an hour, with the use of forged documents [8][9]. - The journalist was able to receive a successful account opening notification after submitting a fabricated proof of account from a foreign broker [8][9]. - Allegedly, the channel manager assured that many mainland clients have successfully opened accounts using similar methods, indicating a potential systemic issue within the company's compliance checks [9][10]. Group 3: Regulatory Context and Market Dynamics - Since December 31, 2022, Tiger Brokers has been prohibited from accepting new account applications from mainland clients, yet loopholes exist allowing some clients to open accounts using forged documents [9][12]. - The surge in Hong Kong's IPO market, with total fundraising exceeding HKD 776 billion, has intensified interest in accessing the market, leading some investors to seek alternative routes through cross-border brokers [12][13]. - Despite the regulatory crackdown, Tiger Brokers reported strong financial performance, with a 77.3% year-on-year revenue increase to USD 1.24 billion in Q4 2024, and a significant rise in new account openings [13][14].

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]

恒瑞医药暗盘涨了32%+。暗盘前，有朋友问我啥策略，老实说没啥策略。有点像《功夫熊猫2》中，悍娇虎：你的作战计划是什么？阿宝：第一步是救你 们。悍娇虎：那第二步呢？阿宝：老实说，我还没想那么远。 其次是收益率。假如你的对冲盈利了，恭喜。你的空单是用购买力上的还是用现金上的，收益率会差一倍。逻辑很简单，同样赚10元，你是用了100元去赚这10元，还 是用了200元去赚这10元？最后就是时间成本了，做空要给利息的，大约是每个月0.8%，所以笔者的想法是，一个月内解决战斗。盈亏都认了。截止上周五收盘，宁 德时代的溢价缩窄至10%+。 有个好朋友周末来问我，接下来研究啥？我，说人话就是，打新应该学狮子，用大部分的时间思考（乘凉，打盹，嬉戏，甩尾巴）只用小部分的时间在屏息 凝神，靠近猎物，全速奔跑，奋力一搏。有些新股，我PASS了，不是看好，也不是看淡，就单纯没看。 坏消息是：新股太多，无法一一研究清楚。好消息是：这都无所谓。笔者复盘今年以来的港股打新，如果赚了100元，其中85元来自恒瑞医药+宁德时代+蜜 雪冰城+映恩生物，以至于绿茶集团，博雷顿，古茗，霸王茶姬，布鲁可等赚的或亏的都无所谓了。重点不是对了或错了，而是 ...