Since the beginning of this year, signs of recovery in Hong Kong stock IPOs have emerged: the Hong Kong Capital Markets has welcomed a wave of strong "listing tide in Hong Kong", from Horizon and other new Technology elites to $MIDEA GROUP (00300.HK)$ 、 $SF HOLDING (06936.HK)$ 、$LAOPU GOLD (06181.HK)$、$MAO GEPING (01318.HK)$Many industry giants and numerous mainland enterprises are turning their attention to Hong Kong.

This year, the Hong Kong Stock Exchange has not only lowered the market value threshold for listing specialized technology companies but also optimized theSPACmergers and acquisitions.According to trading rules, it is expected that three companies have already gone public through Chapter 18C from the beginning of the year to now. The "A+H" stock IPO cases are also increasing, and according to publicly available market data, since December alone, five A-share companies have updated their progress in listing in Hong Kong.

As of the time of writing, there have been 70 new stocks listed on the Hong Kong Stock Exchange in the past year, with an average number of subscribers exceeding 0.015 million. The range of high-return IPO subscription multiples is between 15-30 times.

In this year, which "meaty" IPOs in the Hong Kong stock market have performed well? Let's take a look back together!

Top list of IPOs on the first day

$Jingwei Tiandi (02477.HK)$ Ranked at the top of the IPO first-day rise, with a first-day increase of 164%, and a maximum profit of 6,560 Hong Kong dollars for one lot. The company is a provider of network support and information and communication technology (ICT) integration services for CHINA TELECOM, as well as a software developer. The company's revenues for the fiscal years 2020, 2021, 2022, and the first six months of 2023 were approximately 0.196 billion yuan, 0.203 billion yuan, 0.227 billion yuan, and 0.114 billion yuan respectively.

$LAOPU GOLD (06181.HK)$ Ranked second in terms of rise in percentage, at that time the IPO pricing was 40.5 Hong Kong dollars, and the first-day profit for one lot was 2,950 Hong Kong dollars. As of the time of writing, $LAOPU GOLD (06181.HK)$ the stock price has surpassed the 200 Hong Kong dollar mark, setting a new all-time high. On September 23, the company announced another price adjustment, its traditional Gold series has already increased in price twice this year, with an average increase of about 9%.

J.P. Morgan believes that Laopu Gold has the potential to develop into a rare Luxury Goods stock in China, expecting an average compound annual growth rate of 55% in sales and 65% in net profit between 2024 and 2026, initially giving it a 'Shareholding' rating and ranking it as the industry's preferred choice.

J.P. Morgan previously released a Research Report stating that Laopu Gold's business exposure is entirely based on ancient gold craftsmanship, which has a first-mover advantage and continues to lead in product innovation cycles. This is a unique emerging Luxury Goods stock in China. Even though its stock price has cumulatively risen about four times since its listing in June, the valuation, corresponding to a projected PE of 19 times for the next year, is still considered not high.

$MAO GEPING (01318.HK)$ Aiming for the championship of the "Futubull IPO Billion Club," Futu's subscription of 90.5 billion ranks NO.1 in Hong Kong! The stock surged over 90% at its debut, yielding a profit of 2,280 HKD per share. CSC released a research report stating that the offline membership ecosystem of Mao Geping is well-established, with outstanding capabilities in creating high-quality online content, and the high-end positioning is designed for both the makeup and skincare tracks, providing ample space for product category expansion.

In the first half of this year, the cosmetics business has generated revenue of 1.09 billion yuan, and it is expected to exceed 2 billion yuan for the entire year; meanwhile, the skincare business reached 0.81 billion yuan in the first half, with a projected total of 1.5 billion yuan for the year. Last year, the GMV of Maogeping cosmetics was 2.059 billion yuan, and the expected GMV of China's highest-end cosmetics is about 2.5 times that of Maogeping, which still has room for growth.

The GMV of Maogeping skincare is expected to be 1.5 billion yuan, still in the early rapid growth phase of the skincare category, far from reaching a ceiling. As the company's scale expands, the expansion of the skincare category will be imperative.

On the list,$CAROTE LTD (02549.HK)$On the first day, the profit for one lot was 1,685 Hong Kong dollars, with a public offering subscription rate of 1,347.27 times;$APT ELECTRONICS (02551.HK)$On the first day, the profit for one lot was 1,720 Hong Kong dollars;$EDA GROUP HLDGS (02505.HK)$The profit on the first day was 1,920 Hong Kong dollars.

Top List of Pre-market Gains

$WK GROUP (02535.HK)$With a 168% pre-market increase, it ranks first, receiving about 70.48 times subscription during the public offering phase, with the final number of shares allocated to the public offering being 0.1 billion shares, accounting for about 20% of the total offered shares. A total of 6,323 valid applications were received, and the approximate percentage of allocation of H shares for one lot compared to the total number applied for is 2.57%.

$MAO GEPING (01318.HK)$The dark market rose by 50.67%, with a 100% allocation rate for winning bids! Priced at the upper limit of 29.8 Hong Kong dollars, it received nearly 920 times subscription, with a profit of 1,555 Hong Kong dollars for a single lot on Futu's dark market. During the public offering phase, there was a subscription of 919.18 times, and the final number of shares offered for the public offering was 39.2117 million shares, accounting for approximately 50% of the total shares offered.

According to the new stock margin data from the Futubull APP, the total subscription amount for the Mao Ge Ping IPO in the All Market has made it this year's 'Frozen Capital King'. Among them, the subscription amount for Futu ranks No. 1 in Hong Kong, reaching 90.5 billion HKD.

In terms of the number of IPO subscriptions, this year,$SF HOLDING (06936.HK)$over 0.08 million people have subscribed, with Mao Ge Ping,$China Resources Beverage (02460.HK)$having the highest number of subscriptions, receiving over 0.06 million subscriptions.$Carrot (02549.HK)$and Lao Pu Gold closely follow, with subscription numbers of 0.0568 million and 0.0447 million respectively.

Regarding the allocation rate, as of December 20, 25 IPOs this year have achieved a 100% allocation rate. In terms of subscription multiples,$HERBS GROUP (02593.HK)$With over 6000 times subscription, becoming the "subscription king" of new stocks this year;$UBO Holdings (08529.HK)$Received a public subscription multiple of 2503.03 times;$Metasurface (08637.HK)$and$Carrot (02549.HK)$ The IPO sale also had a thousand times subscription.

Looking ahead to 2025.

According to the KPMG report, as of December 8, the Hong Kong Stock Exchange raised a total of $10.4 billion (approximately HK$82.9 billion) this year, ranking fourth in the world. Compared to the same period last year, the total fundraising amount by the Hong Kong Stock Exchange has increased by over 70%, reaching more than HK$80 billion. After the lowest IPO fundraising in a decade in 2023, there has been a 'bottom rebound' this year.

KPMG also predicts that in the future, some Middle Eastern companies will come to Hong Kong for secondary listings. Ernst & Young also estimates that Hong Kong is expected to return to fourth place in global IPO fundraising this year and aims to return to the top three globally by 2025.

Bonnie Chan Yi-ting, the CEO of the Hong Kong Stock Exchange, expressed optimism in an interview, stating that the Hong Kong IPO market will see a noticeable recovery in 2025.

Li Zhen-guo, Vice Chairman of Global Investment Banking at UBS Group, also stated that the primary market for Hong Kong stocks will remain active in the fourth quarter, driven by large IPO projects, and the annual IPO fundraising amount is likely to return to the top three globally.

Liu Dachang, a partner at KPMG China Capital Markets, believes that as the Hong Kong IPO market continues to improve and investor confidence strengthens, Hong Kong's attractiveness as a listing destination is increasing daily.

A report from Ernst & Young also analyzes that multiple factors are currently supporting the recovery of the Hong Kong IPO market in 2025. For example, the decline in US interest rates is bullish for non-US dollar regions, including market liquidity. Currently, due to the tightening of IPOs in mainland China, a significant number of companies opting to list in Hong Kong will also go public next year.

Deloitte predicts that the number of new stock issuances and financing amounts on the Hong Kong Stock Exchange will significantly increase next year, indicating a growing confidence among international investors in the Hong Kong stock market.

Market news predicts that about five new stocks with a financing scale of 5 billion HKD will launch in Hong Kong in 2025, with one to two major new stocks expected to raise approximately 10 billion HKD.

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Editor/Danial