Core Viewpoint - The education technology company,卓越睿新 (02687), made a remarkable debut on the Hong Kong Stock Exchange, closing its first day with an impressive 87% increase and continuing to rise, reaching a peak of 152 HKD, which represents a cumulative increase of over 125% from its issue price of 67.5 HKD, with a market capitalization nearing 10 billion HKD [1] Group 1: Market Performance - The stock exhibited a high volatility of 83.73% over the first two trading days, with a cumulative increase of 75.36%, contrasting with typical new stock performances characterized by intense market fluctuations [2] - The trading data indicated a significant clustering of large orders, suggesting strategic accumulation by institutional investors, with a high concentration of trading volume during specific periods [3] Group 2: Trading Dynamics - Despite a seemingly moderate turnover rate of 3.225%, the actual liquidity was limited due to a large portion of shares being locked up, indicating efficient turnover of available shares with a total trading volume of 2.14 billion HKD over two days [4] - The trading structure revealed a clear capital strategy aimed at rapidly meeting the market capitalization and liquidity thresholds required for inclusion in the Hong Kong Stock Connect [4] Group 3: Strategic Intent - The stock price surge is interpreted as a strategic move to meet the HK Stock Connect inclusion criteria, with a market capitalization threshold of 9.3 billion HKD that needs to be achieved by December 31 [5] - The strategy involves rapidly increasing the market capitalization to create a safety margin for the average market value, ensuring compliance with the necessary thresholds even if the stock price experiences a natural decline [5] Group 4: Liquidity and Market Signals - The high trading volume and turnover in the initial days are crucial for meeting liquidity requirements, signaling active trading to attract institutional investors [6] - The company has set a target price of 152.1 HKD and a review date of December 31, which serves as a clear benchmark for market participants, fostering consensus and attracting trend-following and event-driven funds [6] Group 5: Future Considerations - While the initial capital strategy has successfully met key price and market capitalization targets, the future stability of the stock price will depend on the influx of southbound capital and the company's ability to demonstrate growth performance [7]

Group 1 - The core viewpoint of the article highlights the remarkable stock performance of the education technology company,卓越睿新, which saw an 87% increase on its first trading day and continued to rise, reaching a total market capitalization close to 10 billion HKD [1] - The trading data indicates a "fund-driven" pricing model, with a significant price fluctuation of 83.73% over two days, showcasing strong control and determination from leading funds to elevate the stock price and market capitalization quickly [2][4] - The trading volume was concentrated in large orders, suggesting strategic accumulation by institutional investors, with a total transaction amount of 2.14 billion HKD over two days, indicating a high efficiency in turnover despite a seemingly low turnover rate of 3.225% [3][4] Group 2 - The stock price surge is interpreted as a strategic move to meet the market capitalization threshold for inclusion in the Hong Kong Stock Connect, which requires a market value of 9.3 billion HKD [5] - The company aims to rapidly elevate its market capitalization to create a safety margin for the average market value required for the upcoming review date on December 31, with a target stock price of 152.1 HKD [5][6] - The high trading volume and turnover in the initial days serve to signal liquidity and attract institutional investors, while the company has set a clear price target to align market expectations with its strategic goals [6][7] Group 3 - The immediate challenge post-target achievement will be to maintain stock price equilibrium, dependent on the influx of southbound capital and the company's ability to demonstrate growth performance that justifies the elevated valuation [7]