Hong Kong stocks are following the same path as A-shares.

The current H-share IPO review committee treats the IPO issuance volume as a means to boost the market and impact global rankings (reaching fourth globally in 2023, and the relevant departments seemed quite excited when showcasing this achievement). They believe this can revitalize the market and economy (can it? Mature investors know the truth). They frequently 'bleed' the market. Previously, under pressure from investors and public opinion, they had to lower fees, but now they want to make up for it by issuing more IPOs. But is frequent 'bleeding' of the market really good? Can losses inside the dike really be compensated outside it?! Will international and domestic investors really buy it? The A-share market hovering around 3,000 points for over 20 years seems to provide an answer. Whether the H-share market will hover around 20,000 points for a long time, time will tell. Hopefully, my pessimistic prediction won’t come true, haha.

In this regard, the stock markets of the UK, France, Germany, the US, and Japan seem more mature. Their relevant departments do not treat 'pursuing the highest annual IPO financing ranking' as their political achievement or goal, which is definitely good for the market.