In the first three quarters of this year, Hong Kong stock IPOs ushered in a supply-side peak, but the valuation temperature difference in the primary and secondary markets widened. According to Wind data, the listing date is statistical. The amount of capital raised by Hong Kong stock IPOs in the first three quarters exceeded HK$380 billion, of which the Cornerstone subscription exceeded HK$150 billion, accounting for about 40%. Recently, however, Cornerstone investors' enthusiasm for subscription has cooled down. The share of Cornerstone subscriptions fell back to 31.18% in September, hitting a new low in a single month during the year. At the same time, the frequency of exposure for a number of investment institutions that were active in the primary market in the past to participate in the cornerstone of IPOs is also declining. A number of industry insiders interviewed said that as the probability of a Hong Kong stock IPO breakout continues to rise, the investment that once served as the cornerstone for IPO issuance has cooled down. The market is getting rid of the inertial mentality of “a must-have for new” and is instead strictly screening the texture, profit certainty, and scarcity of racetracks.

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