Core Viewpoint - The article discusses the rising trend of collaborative IPO investments in the Hong Kong stock market, highlighting the associated risks and legal implications of such practices, especially in light of the declining success rates for individual investors in IPO allocations [1][2][3]. Group 1: Market Trends - The Hong Kong IPO market is expected to recover by 2025, with increased returns on new stock investments, yet the success rate for individual investors is decreasing [1][2]. - The average return rate for Hong Kong IPOs in 2025 is projected to be around 40%, with the failure rate dropping to a historical low of 28%, significantly lower than the average since 2018 [2]. - The average success rate for IPO allocations has fallen to 20% in 2025, marking the lowest level in nearly a decade [2][3]. Group 2: Regulatory Changes - The introduction of the FINI system by the Hong Kong Stock Exchange in 2023 has effectively eliminated the practice of multiple account applications for IPOs, thereby reducing the chances of individual investors winning allocations [3]. - New regulations effective from August 2025 allow IPO applicants to choose between two mechanisms for share distribution, which has made it more challenging for individual investors to secure allocations [3]. Group 3: Collaborative Investment Risks - Collaborative IPO investment schemes, where individuals pool resources under the promise of shared profits and guaranteed losses, pose significant legal risks, including potential violations of securities regulations [5][6]. - The legality of informal agreements in collaborative investments is uncertain, and such arrangements may not hold up in court, especially if they involve unlicensed asset management activities [7]. - Individuals who lend their accounts for IPO participation may face legal repercussions if the accounts are used for illicit activities, and they could also incur tax liabilities due to cross-border financial transactions [6][7]. Group 4: International Placement Services - Some financial institutions in Hong Kong are offering international placement services to individual investors, claiming to provide access to popular IPO shares with lower investment thresholds [8][9]. - The investment threshold for these international placements is set at $100,000, with the potential for allocation rates ranging from 10% to 40% depending on the specific IPO [9]. - However, there are concerns that these offerings may involve less desirable stocks or even fraudulent schemes, necessitating caution from investors [9][10].

2025年，港股IPO市场回暖，打新收益走高，但中签率却越来 越低。于是，就有人以"亏了兜底、赚了平分"为诱饵招募合作 打新，以提升港股中签概率。当然，这种看似诱人的合作打新 背后也暗藏多重法律风险。 作者：老盈盈 封图：图虫创意 最近，小海一位有多年股票投资经验的大学同学问她，是否有兴趣一起合作港股打新。经这位同学 介绍，小海才了解到有些人会通过操作多账户申购的方式进行港股打新，从而提高中签率。而她的 这位同学手里就有十几个账户在同时操作，所以才想拉小海一起，让小海开通香港证券账户并出 资，由这位同学来实际操作，并约定如果中签盈利了就和小海对半分，如果出现了亏损则由这位朋 友兜底。 但小海本身不炒股票，平时只买些指数基金，也没接触过港股打新，且认为上述过程会涉及个人隐 私信息，就没有答应。但小海也了解到，她的这位同学已经找过不少昔日的同学希望合作，大部分 人也都没有答应，而其手头上掌握的这些账户，都是身边的亲戚朋友帮忙开立的。 2025年以来，港股IPO市场显著回暖，破发率大幅降低。华泰证券的相关研报数据显示，港股IPO 打新收益率明显上升，2025年港股IPO开盘的平均收益率约40%，破发率降至28%的历 ...

经济观察报 记者 老盈盈 最近，小海一位有多年股票投资经验的大学同学问她，是否有兴趣一起合作港股打新。经这位同学介绍，小海才了解到有些人会通过操作多账户申购的方式 进行港股打新，从而提高中签率。而她的这位同学手里就有十几个账户在同时操作，所以才想拉小海一起，让小海开通香港证券账户并出资，由这位同学来 实际操作，并约定如果中签盈利了就和小海对半分，如果出现了亏损则由这位朋友兜底。 "合作打新" "钱放你账户，我来操作就好，如果中途需要急用钱跟我说，转回来即可。"小海的这位同学劝她说，现在港股打新的破发率已经大幅降低，当下市场情况稳 定，可以参与。而且这位同学给出的"亏了由其承担、赚了五五分"的条件，比外面很多合作方式都要好，只要操作得当，一年下来的收益肯定能超过银行存 款利息，比很多理财方式都划算。 但小海本身不炒股票，平时只买些指数基金，也没接触过港股打新，且认为上述过程会涉及个人隐私信息，就没有答应。但小海也了解到，她的这位同学已 经找过不少昔日的同学希望合作，大部分人也都没有答应，而其手头上掌握的这些账户，都是身边的亲戚朋友帮忙开立的。 2025年以来，港股IPO市场显著回暖，破发率大幅降低。华泰证券的相 ...