Group 1 - The core viewpoint of the article highlights the significant changes in the Hong Kong IPO market, particularly the declining success rate for retail investors in new share subscriptions despite a strong overall market performance [2][12][18] - Over the past year, more than 60% of new stocks listed in Hong Kong have seen price increases on their first trading day, with some stocks achieving returns exceeding 2000% [3][5] - The increase in the number of retail investors participating in IPOs has led to a noticeable drop in the subscription success rate for these investors, with many popular new stocks having a success rate below 10% [2][8][12] Group 2 - Data shows that in 2025, 28 new stocks were listed, with several popular stocks having a subscription success rate of 10% or lower, indicating a highly competitive environment for retail investors [10][12] - The article notes that the IPO market is undergoing reforms aimed at reducing the allocation of shares to retail investors, thereby stabilizing stock price fluctuations [12][13][16] - Institutional investors are increasingly favored in the IPO process, with companies applying for exemptions from mechanisms that would typically allocate shares to retail investors, further diminishing retail investors' chances [12][13][16] Group 3 - The article discusses the implications of these trends, suggesting that the shift towards institutional investors may lead to a decrease in market liquidity and activity from retail investors, who have traditionally been a significant source of market dynamism [18] - The concentration of shares among large investors could result in pricing inefficiencies and increased volatility in stock prices, raising concerns about fairness in the market [18]