This year's IPO giant - Midea Group's international placement reached 8.06 times oversubscription after listing, followed by another super popular China Resources Beverage with 24.47 times oversubscription. To be honest, I don't have much concept about this 24.47 times oversubscription, but such a high multiple is indeed rare in recent years. We haven't seen anything this high in the past three years.

China Resources Beverage's 24.47 times oversubscription is the highest for any new stock since Hong Kong stocks turned bearish in 2021. If we trace back to Helen's 25.58 times in September 2021, or even further to Angelalign's 114 times before that, Hong Kong stocks have been in a bear market ever since, affecting both secondary markets and IPOs.

Yesterday's gray market saw an increase of over 10%. We initially estimated 10-20% and went all-in on China Resources Beverage on the first day - we participated in both 50x Group B and 50x Group A-tail subscriptions. The one-account-per-person policy has indeed made things more complicated and reduced capital utilization efficiency for public placements.

The first day listing performance wasn't bad either, with strong institutional buying momentum showing clear one-minute chart patterns. Yesterday we heard many institutions' gray market and first-day purchase costs were around HK$16 or below.

The bluff was brilliant - showing weakness during the call auction isn't necessarily bad. This chart is worth saving: at 9:02 it showed a 38% drop, probably scaring many retail investors. Now everyone understands why call auctions work this way.

Citic-Prudential's iron army is always the fastest in call auctions - they're truly disciplined, always selling during new stock call auctions regardless of price movements. Their order speed suggests instructions were emailed the night before.

This mechanical strategy works well - selling during call auctions without emotional involvement. Looking back, these are smart people. For those unsure about new stocks, this simple strategy often proves most effective. Their stable long-term returns prove the value of this evaluated approach.

Let's examine China Resources Beverage (02460.HK)'s gray market performance:

China Resources Beverage (02460.HK) opened at HK$15.50 in Phillip's gray market. Yesterday's Yibao actually had a mediocre gray market opening with just a few points gain, but was pulled up forcefully. It surged to HK$16.00 before falling back to HK$15.24, then gradually climbed to HK$16.10 before closing at HK$16.00 - a 10.34% increase with 5.93% volatility!

In this gray market, institutional seat 0950 reappeared, buying HK$66 million worth, while 0866 (another veteran) bought HK$30 million. 9623BTIG is an institutional alias, as is 0945.

Now let's review China Resources Beverage (02460.HK)'s placement details!

China Resources Beverage (02460.HK) priced at HK$14.50 (upper limit of HK$13.50-HK$14.50 range), raising HK$5.043 billion with HK$34.043 billion market cap and 14.81% float. Placement details: 61,885 subscribers, 234.49x public placement oversubscription (extremely hot!). As it exceeded 90x, 40% was clawed back, with international placement at 24.47x. Retail lottery rate was 30% (7 applications guaranteed 1 allotment), while 5,739 Group B applicants (slightly fewer than Carote's 5,919) included 64 top bids with allocation rates of 0.52%-1.49%.

The 5,739 Group B applications confirm Hong Kong's limited pool of major investors. Yibao attracted only 60,000 total applicants, with HK$130 billion public placement funds (64 top bids accounted for HK$18 billion). The HK$109.838 billion international placement was the highest in three years, surpassing WuXi XDC's HK$64.8 billion and second only to Midea Group's HK$206.5 billion, while dwarfing Lao Feng Xiang's HK$8.4 billion and Carote's HK$5.3 billion.

Comparing with Carote's placement reveals how FINI policy eliminated multi-broker strategies, making Group B more competitive while benefiting Group A. Both stocks attracted about 60,000 applicants with 6,000 Group B participants and HK$130 billion public placement funds, but Group A-tail now has higher allocation rates than Group B-head.

Existing accounts are now extremely valuable as Chinese brokers have stopped mainland account openings completely. This policy has frozen the investor pool at 50,000-60,000, with fewer than 6,000 Group B participants (even fewer for China Resources than Carote). We should thank policies preventing Chinese brokers from operating in mainland China - investor accounts are now priceless.

The most dramatic aspect of China Resources Beverage's placement was the Group A-tail vs Group B-head allocation rates.

Group A-tail: 300,000 shares applied → 8,200 allocated

Group B-head: 400,000 shares applied → 5,800-6,000 allocated

Group A-tail clearly outperformed Group B-head. Fortunately, we converted several Group B-head applications to Group A-tail on day 3, ending with 5 Group A-tails, 2 Group B-heads, and the rest being large Group B applications.

China Resources Beverage (02460.HK)'s official Group B allocation list shows: 446 received 5,800 shares, 1,910 received 6,000 shares, 513 received 7,000 shares, 247 received 8,000 shares, 357 received 9,000 shares, 275 received 9,800 shares, 157 received 10,800 shares, 860 received 11,800 shares, 502 received 19,600 shares, 161 received 26,000 shares, 64 received 32,000 shares, 46 received 37,000 shares, 24 received 43,000 shares, 26 received 47,600 shares, 20 received 52,800 shares, 14 received 57,800 shares, 19 received 62,400 shares, 13 received 71,200 shares, 10 received 80,000 shares, 11 received 87,800 shares, and 64 top bids received 100,200 shares.

Even Group A-tail applicants received 8,200 shares - more than Group B-head's 6,000.

Now let's examine international placement:

China Resources Beverage (02460.HK)'s international placement attracted 129 investors with 24.47x oversubscription - double Lao Feng Xiang's 11.90x, demonstrating incredible popularity. The HK$109.838 billion international placement volume speaks volumes.

This international placement heavily favored long-term funds, allocating 40% to cornerstone investors (with UBS receiving the most). Even major shareholders are locked in for at least six months.

China Resources Beverage (02460.HK)'s international placement shares are widely distributed - top 25 holders own just 10.28% post-listing. With UBS Hong Kong as stabilizing agent and HK$757 million greenshoe (likely unnecessary), this stock is well-supported.

With China Resources' strong debut and positive market sentiment, Horizon's gray market opening higher this afternoon is almost certain. For Horizon, we mainly participated through international placement with minimal public placement.

Panda Securities' 50x Group A-tail and Xiaomi's dual-app system were crucial for China Resources public placement - allowing two Panda accounts per phone.

Panda Securities offered HK$50,000 interest-free margin for China Resources IPO, with 50x margin for both Group A and B, Phillip eIPO gray market, and EDDA instant settlement. New passport account openings are prioritized (use invitation code SP1V101L for 0.025% commission with no platform fee - official rates are higher).