随着2025年以来港股新股市场回暖，港股打新再度成为不少投资者追逐的热点。在此背景下，以"提高 中签率""收益平分""亏损兜底"为噱头的合作打新模式悄然兴起。 证券时报记者调查发现，一些推动合作打新的团队或自媒体活跃于社交平台，通过"打新攻略"持续引 流，甚至还提供灰色开户渠道等服务招揽客户。然而，这类合作打新模式暗藏多重风险，从合规漏洞到 资金安全，投资者稍有不慎便可能身陷亏损困境。 中签率过低引来"新生意" 2025年以来，港股IPO市场显著回暖，破发率大幅降低，新股赚钱效应凸显。与此同时，散户认购新股 的热情越来越高，但中签率也愈发低了。Wind数据显示，2025年以来有22只新股"申购一手的中签 率"在1%以下，比如热门的金叶国际集团上市首日涨幅达到330%，其"申购一手的中签率"仅有0.50%。 在此背景下，港股市场开始出现"合作打新"的新套路。据了解，合作打新的兴起，与港交所交易机制的 调整密切相关。2023年FINI（新股发行平台系统）上线后，单人多户打新的漏洞被有效封堵，新股认购 只能"一人一户"；而在2025年8月，港交所还正式实施了新股定价机制改革，选择机制B作为分配方式 的新股，散户的整 ...

随着2025年以来港股新股市场回暖，港股打新再度成为不少投资者追逐的热点。在此背景下，以"提高 中签率""收益平分""亏损兜底"为噱头的合作打新模式悄然兴起。 证券时报记者调查发现，一些推动合作打新的团队或自媒体活跃于社交平台，通过"打新攻略"持续引 流，甚至还提供灰色开户渠道等服务招揽客户。然而，这类合作打新模式暗藏多重风险，从合规漏洞到 资金安全，投资者稍有不慎便可能身陷亏损困境。 中签率过低引来"新生意" 2025年以来，港股IPO市场显著回暖，破发率大幅降低，新股赚钱效应凸显。与此同时，散户认购新股 的热情越来越高，但中签率也愈发低了。Wind数据显示，2025年以来有22只新股"申购一手的中签 率"在1%以下，比如热门的金叶国际集团上市首日涨幅达到330%，其"申购一手的中签率"仅有0.50%。 在此背景下，港股市场开始出现"合作打新"的新套路。据了解，合作打新的兴起，与港交所交易机制的 调整密切相关。2023年FINI（新股发行平台系统）上线后，单人多户打新的漏洞被有效封堵，新股认购 只能"一人一户"；而在2025年8月，港交所还正式实施了新股定价机制改革，选择机制B作为分配方式 的新股，散户的整 ...

Group 1: Hong Kong IPO Market - The recent performance of Hong Kong IPOs has been mixed, with some companies like Tianri, MINI, Ruibo, and Birun being sold a day early, leading to missed opportunities for investors [1] - The analyst highlights the significant difference in subscription rates between Naxinwei (25 times) and Zhuoyue Ruixin (4813 times), suggesting that Naxinwei may offer better profitability despite lower demand [1] - The current batch of IPOs is limited, with Dragon Flag Technology being the only notable option, but it is expected to be difficult to acquire shares due to a discount greater than 40% [1] Group 2: Ctrip's Market Position and Regulatory Challenges - Ctrip is recognized as a leader in the online travel market, with a 60% growth in international business last year and a dominant share in the domestic online travel agency market [4] - The company is currently under investigation for monopolistic practices, which has led to a significant drop in its stock price [4][6] - Despite the regulatory challenges, Ctrip's financial health remains strong, with substantial cash reserves that can absorb potential fines estimated at 4 billion RMB [6] Group 3: Market Sentiment and Investment Strategy - The A-share market has shown resilience with a record high in margin financing, indicating strong investor sentiment despite recent declines [3] - The experience from previous regulatory actions against companies like Alibaba and Meituan suggests that the stock price may experience a temporary drop of 20%-40% before stabilizing [6] - The importance of patience in investment is emphasized, as good opportunities often arise after periods of volatility and negative sentiment [6]

Group 1 - The role of sponsors in Hong Kong IPOs is crucial as they act as "guides" and "gatekeepers," leading due diligence, drafting prospectuses, communicating with regulators, and organizing underwriting [1] - The strength, experience, and market reputation of sponsors directly impact project quality, pricing, and initial market performance [1] Group 2 - Leading Chinese securities firms dominate the Hong Kong IPO sponsorship market, particularly in small to medium-sized projects and mainland enterprises going public [2] - The top ten sponsors from January to July 2025 are: 1. CICC with 16 projects and a participation rate of 30.8% 2. CITIC Securities with 11 projects and a participation rate of 21.2% 3. Huatai International with 10 projects and a participation rate of 19.2% 4. Morgan Stanley with 8 projects and a participation rate of 15.4% 5. China Merchants International with 7 projects and a participation rate of 13.5% 6. Goldman Sachs with 6 projects and a participation rate of 11.5% 7. UBS with 4 projects and a participation rate of 7.7% 8. Haitong International, CITIC JianTou, and Jianyin International each with 3 projects and a participation rate of 5.8% [3] Group 3 - International investment banks like Goldman Sachs, Morgan Stanley, Bank of America Securities, UBS, and Citigroup play key roles in large-scale, high-profile Hong Kong IPOs, leveraging their global distribution networks and institutional investor resources [4] - These international banks are often co-sponsors or global coordinators for the largest IPOs, which have seen significant fundraising amounts in recent years [4] - The ability of international banks to attract well-known cornerstone investors is a notable advantage, providing essential support for the issuance [4] - While the role of sponsors is an important factor in evaluating new stocks, it is not the sole criterion; investors must also consider the company's fundamentals, industry outlook, valuation, and overall market conditions [4]

Core Viewpoint - The recent tightening of account opening requirements by major internet brokers and banks in Hong Kong indicates a significant regulatory shift aimed at curbing illegal cross-border securities activities and addressing the rampant issues in the IPO subscription process [1][4][6]. Group 1: Changes in Account Opening Policies - Major internet brokers like Futu and Changqiao have halted the acceptance of "stockholding proof" for mainland users, now requiring proof of residence or work abroad, which raises the complexity of the application process [2][3]. - The new requirements include various documents such as utility bills, credit card statements, and government-issued documents, all needing to be recent and clearly displaying personal information [2][3]. - Other brokers and banks are following suit, tightening their review processes and rejecting applications from mainland investors, reflecting a broader industry trend [3][4]. Group 2: Market Dynamics and Regulatory Background - The Hong Kong IPO market has seen a surge, with an expected 40 companies going public in the first half of 2025, raising approximately HKD 108.7 billion, marking a 33% increase in IPO numbers and a 711% increase in fundraising compared to the previous year [4][5]. - The average oversubscription rate for new stocks has risen to 642 times, indicating heightened investor interest and participation in the IPO market [4]. - Regulatory scrutiny on cross-border securities activities has intensified since 2021, with the China Securities Regulatory Commission mandating corrective actions for brokers involved in illegal activities [6][7].

Core Viewpoint - The Hong Kong IPO market is experiencing a significant disparity between retail and institutional investors, with a trend towards "institutionalization" that poses potential risks [1][3] Group 1: Market Performance - The Hong Kong IPO market has shown a stark contrast, with some stocks like Lao Pu Gold achieving a cumulative return of 2163%, and 61% of the 77 newly listed stocks in the past year generating positive returns [1] - The first-day price increase ratio for new stocks reached 60%, attracting a large influx of investors [1] Group 2: Retail Investor Challenges - Retail investors are facing unprecedented challenges, with the subscription rate for popular new stocks generally falling below 10%, and in some cases, even below 5% [1] - The number of applicants for new stocks has surged, leading to intense competition; for instance, 24 stocks in 2025 had over 10,000 applicants, with NIO reaching an astonishing 310,800 applicants [2] Group 3: Institutional Shift - The ongoing institutional reforms in the Hong Kong market are shifting the allocation of new shares towards institutional investors, reducing the proportion available to retail investors [2] - Companies like NIO and Hengrui Medicine are applying for exemptions from the clawback mechanism to ensure a lower fixed allocation for retail investors, favoring institutional investors [2] Group 4: Market Dynamics - The concentration of shares among large investors may lead to unfairness for retail investors and could increase stock price volatility [3] - A market dominated solely by institutions is incomplete, and the ultimate goal of financial markets should be to allow investors of all sizes to share in economic growth [3] Group 5: Recommendations for Improvement - Suggestions for improving the IPO process include implementing a "universal" allocation mechanism similar to the U.S. model, which favors broader participation among retail investors [3] - Introducing a "retail investor intention solicitation" system could allow retail investors to submit non-binding bids before IPOs, enhancing price discovery [4]