<p>In recent times, new stock listings have not been rising as they used to; there are quite a few new stocks that have fallen below their listing prices, with some experiencing significant declines. The reason is that many new stocks have been priced too high at their initial public offerings (IPOs), leading small investors to face losses and gradually lose enthusiasm for applying for new stocks. Currently, it seems that only biotechnology stocks are performing relatively well among new listings.</p>
<h2>Biotechnology Stocks are the Most Popular New Stocks</h2>
<p>In fact, biotechnology stocks are often companies that are still not profitable at the time of listing. These companies sell a vision, the hope that they will be able to make money in the future. Investors who subscribe to these stocks are essentially taking a gamble, betting that the company will be profitable down the line. Applying for these stocks carries risks similar to those of venture capital investments, with the hope of &#34;high risk, high return.&#34; Among biotechnology stocks that have been listed for many years, many have seen their prices double, thus making biotechnology stocks still the most popular new stocks.</p>
<h2>Hong Kong's Super Luxury Properties Remain Valuable</h2>
<p>In 2025, Hong Kong is expected to rank first in the world for IPO fundraising, and it is estimated that the Hong Kong Stock Exchange (388) will break its profit record this year. With record profits, when will stock prices reach new highs? Currently, many listed companies in Hong Kong have already achieved record profits, but their stock prices have not kept pace and have not reached new highs simultaneously. The reason is that the overall market sentiment remains poor, and patience is required.</p>
<p>Recently, Swire Properties (1972) sold a property on Deep Water Bay Road for HKD 2.2 billion, with a price per square foot of HKD 147,000. This indicates that super luxury properties in Hong Kong are still very valuable. The supply of super luxury properties remains limited. As long as there are sellers willing to sell, it is not difficult to find buyers.</p>
<h2>Hang Lung and Swire Properties Perform Better</h2>
<p>Next year's interest rate outlook is bearish, which is favorable for property prices. In fact, this year, many local real estate stocks have outperformed the Hang Seng Index, including Swire Properties, which sold the property on Deep Water Bay Road, as well as Hang Lung Group (010), Henderson Land Development (012), New World Development (017), Sun Hung Kai Properties (016), Sino Land (083), and Cheung Kong Holdings (1113).</p>
<p>It can be said that the stock prices of major local real estate developers have performed well, but unfortunately, their stock prices have not yet reached new highs. In comparison, this year, Hang Lung Group and Swire Properties have seen higher increases in their stock prices. These two real estate companies primarily focus on rental income, and the property on Deep Water Bay Road was also used for rental purposes before its sale.</p>
<p>As property prices continue to rise, real estate developers are launching new projects that are selling well, and this will certainly be the case next year as well. With a large influx of capital, stock prices will have the opportunity to reach new highs. Historically, the stock market often leads the property market; Hong Kong real estate stocks bottomed out and began to recover in March of last year, while Hong Kong property prices only bottomed out and began to recover in March of this year, a year apart. Therefore, it is certain that real estate stock prices will reach new highs before property prices do.</p>
<p>This year, PetroChina (857) has significantly outperformed Sinopec (386) in stock price performance. The reason is that PetroChina primarily focuses on oil extraction, while Sinopec does the opposite, focusing on oil refining. The price of oil extracted by PetroChina is consistent with international standards, but the price of gasoline refined by Sinopec is determined by the central government and cannot be arbitrarily increased. However, the central government's &#34;15th Five-Year Plan&#34; aims to promote a green economy and does not advocate the use of gasoline vehicles, which may gradually increase gasoline prices, benefiting Sinopec
<strong>Zeng Yuancang</strong></p>

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<p>Zeng Yuancang believes that real estate stocks are expected to reach new highs next year. Despite the recent poor performance of newly listed stocks, biotechnology stocks remain popular. Hong Kong's super luxury properties are still valuable, with SWIRE PROPERTIES and HANG LUNG GROUP performing better. Interest rates are expected to decline next year, which is favorable for rising property prices, and real estate stock prices are likely to reach new highs</p>

Real estate stocks are expected to hit new highs next year | Tsang Yuen Cheung