Where did this round of the Hong Kong stock IPO bull market start, and where is it now?

This round of Hong Kong stock IPO bull market began to sprout in May 2024, with 10 consecutive new listings rising on their debut day:

It is widely believed that $LAOPU GOLD(06181.HK) , with its 110,000 public offering lots, 72% closing gain, over 20,000 successful applicants, HKD 2,900 profit per lot, and everyone getting a share, which listed on June 28, 2024, was the key turning point of this Hong Kong stock IPO bull market:

However, the bull market didn't ignite immediately after Laopu Gold's listing. It can be seen that after 42,474 people subscribed for Laopu Gold, subsequent new listings returned to the desolation of only a few thousand subscribers:

The next listing that completely ignited the market was $MAO GEPING(01318.HK) , with 69,601 subscribers, 69,601 successful applicants, truly everyone got a share. The closing gain was 76.51%, with a profit of HKD 2,249 per lot. You should know, even for the tail-end large applications, you could get 11 lots, which completely ignited public attention on Hong Kong stock IPOs. This was on December 10, 2024:

From then on, it entered the year 2025, which saw a full-scale explosion of Hong Kong stock IPOs. Among the 115 new listings in 2025, 78 rose, 5 were flat, and 32 fell. The highest gainer in 2025 was Nuobikan, with a gain as high as 363%:

The new listings with the most successful applicants in 2025 were Sanhua Intelligent Controls, Zijin Gold International, Haitian Flavouring & Food, Lens Technology, and Hengrui Medicine. Among them, Zijin Gold International and Hengrui Medicine brought substantial profits to investors:

Although it's an IPO bull market, there were still quite a few that broke their issue price, and some fell quite sharply. Although the highest drop percentage seen is only 49%, which is incomparable to the 363% gain. However, this drop is actually very painful, because you can gain 363%, but you cannot drop 363%:

Strictly adhere to the basic principle of applying for IPOs without trading them. Sell all allocated shares on the grey market or the debut day, regardless of price movement. Although occasionally hitting a stock that breaks its issue price, the overall impact is minimal, and the overall experience is quite good.

Then came the even more exciting 2026, with frequent doubling of prices, continuing until today. As of today, a total of 55 new listings have been listed in 2026, with only 6 breaking their issue price, 2 flat, and 47 rising.

Among the 47 that rose, a surprising 20 doubled in price, which is indeed crazy. Therefore, recent expectations for allocated new shares have been very high:

Yesterday, the grey market trading for the new listings of $TOPNC(07688.HK) and UISEE Technology opened high and closed low, significantly below the recent expectation of doubling, leading to concerns about a cooling of this wave of Hong Kong stock IPO market. Today, the two new stocks officially listed. Top CNC, opening low and closing high, managed to hold up; UISEE Technology, due to mediocre fundamentals, broke its issue price by 4%.

I believe the market may become more rational going forward. Those with good fundamentals will be highly sought after, while those with poor fundamentals will be abandoned. We may no longer be able to apply for IPOs mindlessly. We need to analyze new listings before participating. I hold an optimistic view that the money-making effect of Hong Kong stock IPOs will continue in the second half of the year.

The above is the development context of this round of Hong Kong stock IPO market.

Content Creator: Dolphin Index Valuation