Group 1 - In 2024, a total of 70 companies listed on the Hong Kong Stock Exchange, with an average oversubscription rate of 354.91 times, significantly higher than the average of less than 13 times in 2023 [2] - Five companies achieved oversubscription rates exceeding 1,000 times, including Caohua Group (6,083.63 times), Jinko Electronics (5,677.83 times), Youbo Holdings (2,503.03 times), Yuanxu Technology (2,480.61 times), and Carrot (1,347.27 times) [2][3] - Three companies had oversubscription rates below 1 time, namely Chabaidao (0.50 times), Suteng Juchuang (0.58 times), and Ruqi Travel (0.60 times) [2] Group 2 - Caohua Group, established in 1999, is a diversified supplier of health and beauty products, leveraging the celebrity effect of its founder, Guo Jinan, to rapidly capture market share [4] - From 2021 to 2023, Caohua Group reported revenues of 154 million, 186 million, and 228 million, with an average annual growth rate of 24.03%, and net profits of 19 million, 25 million, and 36 million, with an average annual growth rate close to 45% [4] - However, after its listing, Caohua Group's stock price only increased by 10.40% on the first day and has since faced a decline, with a closing price of 1.95 HKD per share, down over 60% from its peak [4][5] Group 3 - The company's 2024 annual report indicated a revenue of 227 million, a year-on-year decline of 2.28%, and a net profit of 12 million, a decrease of nearly 70% [5] - The significant drop in performance raises questions about the company's ability to reverse its fortunes and whether its operational strategy will change in light of declining earnings [5]