Core Viewpoint - The new IPO rules in Hong Kong have led to a significant increase in the number of new stocks listed, with a notable performance on their first trading day, particularly for those utilizing the new "option" mechanism for public offerings [1][2] Group 1: New IPO Rules and Mechanisms - The new IPO rules effective from August 2023 introduced a "two-option" mechanism for public offerings, allowing for a maximum allocation adjustment from 20% to 35% under mechanism A, while mechanism B allows issuers to set a fixed public offering percentage between 10% and 60% without adjustment [1] - As of now, 25 new stocks have adopted these rules, with 3 using mechanism A and 22 using mechanism B, indicating a preference for the latter due to its stability in capital structure [1][2] Group 2: Market Performance and Investor Behavior - Among the 22 stocks that adopted mechanism B, 21 saw price increases on their first trading day, with the only exception being Guanghetong, which fell by 11.72% on its debut [2] - The performance of new stocks has shown that high demand can lead to significant oversubscription, creating strong buying momentum on the first day, although this can also lead to volatility if market sentiment shifts [2][3] Group 3: Institutional Support and Market Dynamics - Guanghetong secured substantial backing from cornerstone investors, which provided stability amid market fluctuations, highlighting the importance of institutional support in the IPO process [3] - The recent trend indicates a shift in the market from speculative trading to a focus on fundamental value, as seen in the case of Jinye International Group, which experienced a dramatic price drop after an initial surge [3] Group 4: Future Outlook - The Hong Kong Stock Exchange aims to enhance the robustness of new stock pricing and allocation mechanisms, fostering a balanced environment for various investors and promoting a healthy, mature IPO market [4]

格隆汇8月25日丨濠江机电(01408.HK)公告，截至2025年6月30日止6个月未经审核中期业绩，澳门大部 分产业仍处于缓慢复苏状态，加上全球经济的不确定性，导致澳门机电工程服务需求疲软。疫情过后， 澳门的私营和公共部门均开展更多项目招标。然而，机电项目已被分拆成规模相对较小的分包服务。因 此，集团于本期间的收益同比减少29.3%至4039.6万澳门元。随着澳门旅游业逐渐复苏，集团抱持谨慎 乐观态度，认为包括机电业在内的澳门其他产业亦会稳定改善。集团于本期间录得亏损净额约20万澳门 元，而于2024年同期录得约430万澳门元亏损净额。有关减少乃主要由于集团采取严格的项目成本管理 所致。 来源：格隆汇APP ...