Group 1 - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 15, becoming the first company to utilize the new allocation mechanism under the recent IPO regulations [1] - On its first trading day, Yinnuo's stock price surged over 280%, with approximately 260,000 subscriptions leading to an oversubscription of 5,364 times, making it the second highest oversubscription this year [1] - The new IPO mechanism allows for a pre-locked public subscription ratio of 10% and an international placement ratio of 90%, with no mechanism for reallocation, ensuring institutional investors receive a stable allocation [1][3] Group 2 - The Hong Kong Stock Exchange's new IPO pricing mechanism, effective from August 4, is considered the most comprehensive adjustment in 27 years, aimed at balancing the interests of institutional and retail investors [3][4] - The minimum allocation for institutional investors has been reduced from 50% to 40%, and a dual-track allocation mechanism has been introduced, allowing issuers to choose between traditional reallocation or a pre-locked allocation [3][4] - Mechanism B, which is being increasingly favored by issuers, allows for a public subscription ratio between 10% and 60%, with no reallocation, enhancing flexibility for issuers [4] Group 3 - The reform aims to improve pricing efficiency by enhancing the role of professional institutional investors in the pricing process, which was previously dominated by retail investors [6][7] - The new rules are expected to reduce pricing bubbles caused by excessive retail subscriptions and mitigate the risk of post-listing price drops [6][7] - The market is witnessing a shift where high-quality projects are increasingly leaning towards institutional investors, as seen in recent IPOs like Ningde Times and Heng Rui Pharmaceutical [4][10] Group 4 - The Hong Kong IPO market has shown strong performance, with 53 new listings and a total fundraising amount of approximately HKD 127 billion in the first seven months of the year, a year-on-year increase of over six times [10] - Approximately two-thirds of the recent IPO investors are from foreign capital, indicating a growing interest from international long-term investors [10][12] - The previous allocation mechanism often left institutional investors struggling to secure adequate shares, leading to increased competition and the need to purchase shares in the secondary market [10][12] Group 5 - Retail investors are expressing concerns about their reduced chances of obtaining shares in IPOs due to the new allocation mechanisms, particularly with the public subscription ratio being locked at a low level [14][15] - The new rules may lead to a decrease in retail participation, as many retail investors feel that their chances of winning allocations are diminishing [15][17] - Despite the challenges for retail investors, the reforms aim to enhance overall market stability and reduce the risk of price drops post-listing, potentially benefiting all investors in the long run [16][17]

Core Viewpoint - The article discusses the recent IPO of Guangzhou Yinnuo Pharmaceutical Group, which became the first company to utilize the new allocation mechanism under the Hong Kong Stock Exchange's (HKEX) revised IPO rules, highlighting a shift towards favoring institutional investors over retail investors in the IPO process [1][6][16]. Summary by Sections IPO Mechanism Reform - The HKEX's new IPO pricing mechanism, effective from August 4, is considered the most comprehensive reform in 27 years, aimed at balancing the interests of institutional and retail investors [6][7]. - The new rules lower the minimum allocation for institutional investors from 50% to 40% and introduce a dual-track allocation mechanism, allowing issuers to choose between a traditional mechanism with a flexible allocation or a fixed allocation with no reallocation [6][9]. Impact on Institutional Investors - The reform is expected to enhance the participation of institutional investors, who have historically faced challenges in securing adequate allocations due to the previous reallocation mechanisms favoring retail investors [12][13]. - Notable IPOs like CATL and Heng Rui Pharmaceutical have already shown a trend of favoring institutional investors, with CATL locking in a low public offering ratio of 7.5% to ensure a larger share for institutions [7][12]. Retail Investor Concerns - Retail investors are increasingly concerned about their reduced chances of obtaining shares in IPOs, as seen in the case of Yinnuo Pharmaceutical, which had a public offering oversubscription of 5,364 times, leading to a lottery system for allocations [1][16]. - The new rules may lead to a perception of unfairness among retail investors, as they may find it more difficult to participate in IPOs, potentially diminishing their enthusiasm for the market [16][17]. Market Dynamics and Pricing Efficiency - The reform aims to improve pricing efficiency by allowing more informed institutional investors to participate in the pricing process, which could reduce the risk of inflated IPO prices and subsequent poor performance [9][10]. - However, the initial performance of Yinnuo Pharmaceutical, which saw its stock price surge over 200% on the first day, raises questions about the effectiveness of the new pricing mechanism in stabilizing stock prices [10][11]. Future Outlook - The HKEX has acknowledged the concerns of retail investors and made some adjustments to the proposed reforms, but the overall trend appears to favor institutional investors, which may lead to a more rational market environment in the long term [18][19]. - The ongoing transition period may result in volatility in the IPO market as both institutional and retail investors adjust to the new rules [10][19].

本报记者 毛艺融 截至2025年6月3日收盘，今年以来港股IPO首发募资总额已达773.61亿港元。其中，宁德时代以410亿港元成为年内新股募 资王，占总额的53%。 从市场表现来看，港股打新赚钱效应显著回升。从新股数量与破发率来看，年内累计上市新股28只。其中，有15只在上市 首日破发，破发率53.57%。首日涨幅中位数13.3%，显著高于港股通公司。 港股打新赚钱效应的回升，是市场环境改善、优质企业供给、政策支持、投资者结构优化等多重因素的加持。香港交易所 在5月份推出"科企专线"，鼓励优质科技企业赴港上市。随着宁德时代、恒瑞医药等A股龙头企业陆续赴港二次上市，"A+H"公 司愈发获得机构投资者青睐，国际长线基金成为基石投资者的热情不断提升，散户对参与打新的兴趣也愈发浓厚。 IPO超额认购不断涌现 今年以来，港股打新高潮迭起。例如，5月15日，宁德时代港股公开发售结束，融资认购倍数超120倍，认购金额突破2800 亿港元，位居近半年港股新股冻资榜第三。5月19日，恒瑞医药提前截止认购，香港公开发售获得454.85倍认购，国际发售获得 17.09倍认购，孖展认购逾2200亿港元，在近半年港股新股冻资榜紧跟在 ...