昨日，明略科技（2718.HK）在港交所挂牌，最终以翻倍涨幅106.1%收盘，市值达419.56亿港元。观察其认购 数据可以发现，明略香港公开发售获惊人的4452.86倍超额认购，国际发售认购倍数13.93倍，市场对其追捧可 见一斑。 而值得关注的是，明略科技对股东及基石投资者的禁售期进行了"针对性调整"，基石投资者明显延长禁 售期、非控股股东缩短了禁售期，这是为什么呢？ 一、基石投资者：270天禁售期，超港股6个月标准 2.明略科技的特殊安排 明略科技的7家基石投资者（含腾讯旗下Huang River Investment等）禁售期为270天，较常规180天延长 50%，是港股市场中较少见的"超长期基石禁售"。 延长原因明确：一方面是为避免基石在"港股通纳入前"减持——同股不同权公司需上市满"6个月+20个 交易日"（约210天）才具备入通申请资格，270天禁售可覆盖入通关键期，防止减持冲击股价；另一方 面是公司流通盘本身极小，延长禁售可进一步锁定筹码、稳定流动性。 二、控股股东：12个月禁售期，与港股主板常规规则一致 1.港股常规规则 •上市后前6个月：完全不得出售股份； 1.港股常规规则 根据港交所指引 ...

Core Viewpoint - The report from GF Securities highlights the significant stock price increase of Horizon Robotics (09660) by 11.4% after being included in the Hong Kong Stock Connect, suggesting a potential timing opportunity based on capital flow [1] Group 1: Market Behavior Post Inclusion - After being included in the Stock Connect, leading companies often experience immediate capital inflow, resulting in stock price increases, with the steepest inflow observed in the initial days [2] - However, the short-term price increase is not universally applicable to all companies, indicating that this is not a straightforward quantitative timing strategy [2] - This strategy is more effective for high-quality leading companies that have been thoroughly researched and recognized by active funds, which are likely to buy quickly after inclusion [2] Group 2: Future Inclusion Candidates - There are two fixed "inclusion" periods each year: the first week of March and September, with the next inclusion effective the following Monday, primarily based on the company's inclusion in the Hang Seng Composite Index [3] - Additionally, there are quarterly rapid inclusions for newly listed companies, which are subject to specific criteria such as average market capitalization [3][4] - Potential companies for future inclusion include: - June 6: Bruker, Mixue Group, and Gu Ming [5][6] - Late June: CATL and Hengrui Medicine [5][6] - September 5: Companies like Conant Optical and others [5][6]