Core Viewpoint - Minglue Technology (2718.HK) debuted on the Hong Kong Stock Exchange with a closing increase of 106.1%, reaching a market capitalization of HKD 41.956 billion, indicating strong market demand with an oversubscription of 4452.86 times in the public offering and 13.93 times in the international offering [1] Group 1: Lock-up Periods for Shareholders - The cornerstone investors of Minglue Technology have a lock-up period of 270 days, which is 50% longer than the standard 180 days for cornerstone investors in Hong Kong, aimed at stabilizing stock prices before inclusion in the Stock Connect program [2] - The controlling shareholder has a lock-up period of 12 months, consistent with the standard rules for the main board in Hong Kong, which prohibits any share sales for the first 6 months and restricts sales in the following 6 months to maintain control [3][5] - Non-controlling shareholders have a lock-up period of 270 days, which is approximately 26% shorter than the customary 365 days, to balance liquidity and stability given the small float of the company [6][7] Group 2: Special Arrangements - The extended lock-up for cornerstone investors is designed to prevent share sales that could negatively impact stock prices during a critical period before the company qualifies for Stock Connect [2] - The controlling shareholder's additional commitment to a 12-month lock-up for B shares is an extra constraint rather than a regulatory requirement, maintaining alignment with standard practices [5] - The overall lock-up arrangements reflect a targeted adjustment strategy, extending the lock-up for cornerstone investors while aligning other shareholders with standard practices or shortening their periods to ensure liquidity [8]