炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 港股IPO的高破发现象再度抬头。 12月22日，南华期货股份、明基医院、华芢生物、印象大红袍这4家公司正式登陆港股市场。不过，令 人极为意外的是，在今年港股IPO热潮下，4家公司竟然全部破发，最高跌幅甚至接近腰斩。具体来 看，上述4家公司分别下跌超24%、49%、29%以及35%。 | 序号 | 证券代码 | | - 上市日期 上市首日涨跌幅 * | [単位] % | | --- | --- | --- | --- | --- | | 1 | 2691.HK | 南华期货股份 | 2025-12-22 | -24.1667 | | 2 | 2581.HK | 明基医院 | 2025-12-22 | -49.4647 | | ന | 2396.HK | 华产生物-B | 2025-12-22 | -29.3194 | | ব | 2695.HK | 印象大红袍 | 2025-12-22 | -35.2778 | 值得注意的是，今年11月以来，港股IPO的高破发现象再度抬头，"闭眼打新"的时代正在过去。 4只新股首日全部破发 根据招股书，本 ...

港股IPO的高破发现象再度抬头。 12月22日，南华期货股份、明基医院、华芢生物、印象大红袍这4家公司正式登陆港股市场。不过，令 人极为意外的是，在今年港股IPO热潮下，4家公司竟然全部破发，最高跌幅甚至接近腰斩。具体来 看，上述4家公司分别下跌超24%、49%、29%以及35%。 | 序号 | 证券代码 ■ 证券简称 | | > 上市日期 上市首日涨跌幅 * | [单位] % | | --- | --- | --- | --- | --- | | 1 | 2691.HK | 南华期货股份 | 2025-12-22 | -24.1667 | | 2 | 2581.HK | 明基医院 | 2025-12-22 | -49.4647 | | 3 | 2396.HK | 华产生物-B | 2025-12-22 | -29.3194 | | ব | 2695.HK | 印象大红袍 | 2025-12-22 | -35.2778 | 值得注意的是，今年11月以来，港股IPO的高破发现象再度抬头，"闭眼打新"的时代正在过去。 南华期货股份是一家A+H股公司，公司成立于1996年，其A股于2019年在上交所上市，根据弗若斯 ...

Core Viewpoint - The recent trend of IPOs in the Hong Kong market has seen a significant number of companies experiencing a decline in share prices on their debut, indicating a shift away from the previous "blindly investing" mentality in new listings [1][10]. Group 1: IPO Performance - On December 22, four companies—Nanhua Futures, Mingji Hospital, Huachang Biotech, and Impression Dahongpao—were listed on the Hong Kong stock market, all of which faced declines on their first trading day, with drops of over 24%, 49%, 29%, and 35% respectively [1][2]. - The phenomenon of high IPO failures has resurfaced since November, with the overall IPO failure rate in Hong Kong approaching 50% for newly listed companies [15][18]. Group 2: Company Profiles - Nanhua Futures, established in 1996, ranks eighth among all futures companies in China by total revenue for 2024, and first among non-financial related futures companies [4]. - Mingji Hospital is a private hospital group in mainland China, recognized as the largest private profit-making hospital group in East China, holding a market share of 1.0% [4]. - Huachang Biotech, founded in 2012, focuses on developing protein drugs for wound healing therapies, with two core products currently in clinical trials [5]. - Impression Dahongpao is a state-owned cultural tourism service enterprise, ranked eighth in the Chinese cultural tourism performance market by sales revenue for 2024 [6]. Group 3: Market Trends and Investor Sentiment - The recent IPOs have shown a stark contrast to the previous performance of biotech companies, which had been stable and successful in the latter half of the year, with many achieving over 100% gains on their debut [8]. - Subscription data for the four companies revealed that while Huachang Biotech and Impression Dahongpao had relatively good performance, Nanhua Futures and Mingji Hospital had low subscription multiples of 1.91 times and 6.28 times, respectively [10][11]. - The pricing strategy for these IPOs has shifted, with three companies pricing at the lower end of their offering range, indicating a need to attract investors [13][19]. Group 4: Future Outlook - The Hong Kong IPO market is expected to see a resurgence in 2026, potentially reclaiming its position as the leading global IPO market, despite the recent downturn in investor sentiment [16].

2025年是香港市场IPO大年，截至目前IPO总规模达2671亿港元，有望重新夺回全球IPO首位。在此背景 下，今年港股IPO打新热潮持续，尤其是8月港股新股定价机制改革后，港股IPO破发已较为罕见。但在 11月之后，港股IPO破发的现象却再度抬头。分析人士指出，港股IPO破发增多会令投资者打新热度降 温，也会更"挑票"。 Wind数据显示，2024年，港股新上市的70只新股中，有25只破发，破发率达到35.71%，同时当年还有9 只新股的首日涨幅在1%以下。而在2025年上半年，新上市的43只新股中有13只破发，破发率达到 30.23%，同时还有7只新股涨幅在1%以下。 值得注意的是，在今年8月港股新股定价机制改革后，允许新上市申请人选用机制A或机制B，作为首次 公开招股发售的分配机制。其中，机制A则基本按照原有分配方案，散户投资者可最高获配50%新股份 额，而机制B则赋予了发行人自主分配权，可设定公开配售比例在10%—60%区间自由浮动。 从当前的实际案例来看，自新规后，大部分新上市公司均选择了机制B的分配方式，且仅为散户分配 10%的新股份额，这也就意味着绝大部分份额分配给了机构投资者，机构投资者的定价 ...

证券时报记者 吴瞬 来源：证券时报 对此，汇生国际资本总裁黄立冲告诉证券时报记者，当前一级定价与二级真实风险偏好之间出现明显错 位，这意味着市场正在消化前期积压的"堆量发行"，但二级资金接盘意愿并未同步改善。"目前新股主 要靠南下资金，南下资金近两年成交占港股成交比重由20%—30%抬升至约30%上下，高峰时一度逼近 40%，持股市值约占港股总市值的13%左右，定价权在边际上明显增强，"A+H"和内地民企来港上市构 成了今年募资的大头，前十大IPO几乎被内地企业包揽，其中大部分配置也高度依赖南下长线机构与公 募产品的承接。" "在这种结构下，发行端容易依据内地估值和'南下打新'热度抬高定价，而国际长线资金与本地基金则 更为审慎，导致新股上市后买盘结构单一，一旦短期获利盘退出就容易集中破发。"黄立冲说。 同时，黄立冲认为，当前港股IPO定价仍有三大问题：一是发行估值锚点仍偏向A股或既往高点，港股 投资者更看现金流折现与股息回报；二是基石与长线配售占比高、锁定期长，导致流通盘偏小、易被短 线资金主导；三是招股价区间弹性有限，承销团队与发行人对下修估值的容忍度不够，一旦宏观情绪急 变，就只能由二级市场用破发来补跌。 ...

Core Viewpoint - The article discusses the phenomenon of high subscription rates for IPOs in the Hong Kong market, exemplified by the case of Saisir, which experienced a significant drop in share price on its first trading day despite a 133 times oversubscription, indicating a disconnect between market enthusiasm and actual stock performance [3][4][8]. Group 1: IPO Performance - Saisir's stock opened down 1.98% on its first day and hit a low of 118 HKD, ultimately closing at 131.5 HKD, equal to its issue price [3][7]. - In the first three quarters of the year, 98% of new Hong Kong IPOs were oversubscribed, but over 20% of these stocks experienced a drop on their first trading day [3][10]. - The overall IPO market in Hong Kong raised 182.45 billion HKD in the first three quarters, with 68 new stocks listed [10]. Group 2: Market Sentiment and Investor Behavior - High subscription rates reflect ample market liquidity and speculative sentiment, but do not necessarily correlate with the intrinsic value of the companies [4][8]. - Investors are increasingly facing uncertainty, as many are experiencing losses despite the high demand for new shares [11][12]. - The phenomenon of "leveraged IPO investing" is contributing to investor losses, as individuals incur costs regardless of whether they receive shares [13]. Group 3: Company-Specific Concerns - Saisir's revenue structure is heavily reliant on a single brand, with the "Wen Jie" series accounting for over 90% of total revenue, raising concerns about its business model [8]. - The company's financial performance showed a revenue of 110.53 billion CNY in the first three quarters, with a net profit increase of 31.56% to 5.31 billion CNY [7]. Group 4: Historical Context - The current IPO failure rate is at a historical low, with only 24% of new stocks experiencing a drop on their first day, the lowest since 2017 [13]. - Despite the high subscription rates, the market has seen a significant number of stocks drop below their issue price within 20 trading days [12][13].