Winnie

HKUST undergraduate exploring public markets and sharing my observations along the way. Aspiring buy-side analyst.

[Winnie @Winnie88834]

This may be because cornerstone participation reflects committed demand at the offer price, while first-day returns depend more directly on whether additional demand above that price exceeds the shares available for trading.

[Winnie @Winnie88834]

One counterintuitive observation from looking at Hong Kong IPOs: if the goal is to capture short-term IPO gains, the cornerstone lineup should not be treated as a strong standalone signal.

[Winnie @Winnie88834]

Momenta, for example, attracted a star-studded group of cornerstone investors, yet finished its first trading day flat. Conversely, many companies without big-name cornerstone investors have still delivered strong debuts.

[Winnie @Winnie88834]

But after reviewing more deals, I have not found a strong relationship between how prestigious the cornerstone investor lineup looks and first-day returns.

[Winnie @Winnie88834]

I used to see headlines about a well-known institution backing an IPO and instinctively assume that the stock would perform strongly after listing.

[Winnie @Winnie88834]

I am still exploring what is driving this IPO wave, whether it can last and what it means for financial institutions. I would be glad to exchange views with others following Hong Kong’s capital markets.

[Winnie @Winnie88834]

The Hong Kong IPO market has been particularly active recently: 24 companies listed in June, followed by another 16 in the first half of July. So, what types of companies are actually driving this IPO wave?

[Winnie @Winnie88834]

Second, it provides a financing channel for unprofitable companies. Hong Kong’s Chapter 18A and 18C regimes create a viable listing pathway for loss-making biotech and technology companies, many of which would struggle to meet the requirements of the A-share market.

[Winnie @Winnie88834]

@hoidya_ @victalk6886 谢谢推荐，正愁找不到合适的视频资料

[Winnie @Winnie88834]

@hoidya_ Prediction market 有希望在中国市场打开局面吗？你觉得会有什么策略？链上数据标准化可行吗？