--- title: "【IPO Tracking】5 new stocks debut: High subscription does not equal a strong debut, is the pricing logic being reassessed?" type: "News" locale: "en" url: "https://longbridge.com/en/news/292005558.md" description: "On July 8, 2026, EACON and four other new stocks were listed on the Hong Kong stock market on the same day. Despite the strong subscription in the primary market, such as BASICSEMI exceeding 4,800 times, the performance in the secondary market was mixed: EACON, BAOGAI, and two other stocks saw slight increases, while MOMENTA-W and RECONOVA fell below the issue price. The average increase was only about 2.3%, indicating that high subscriptions did not translate into high premiums, and the pricing logic is being reassessed" datetime: "2026-07-08T03:00:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/292005558.md) - [en](https://longbridge.com/en/news/292005558.md) - [zh-HK](https://longbridge.com/zh-HK/news/292005558.md) --- # 【IPO Tracking】5 new stocks debut: High subscription does not equal a strong debut, is the pricing logic being reassessed? On July 8, 2026, the Hong Kong stock market welcomed five new stocks listed on the same day: EACON (07687.HK), MOMENTA-W (06880.HK), BASICSEMI (09971.HK), RECONOVA (07656.HK), and BAOGAI (08090.HK) simultaneously rang the listing gong at the Hong Kong Stock Exchange. A reporter from Caihua News witnessed the lively scene of the new stocks "five arrows shooting together." However, behind the lively gong sounds, the first-day performance showed significant differentiation. As of the current intraday data, among the five new stocks, three including EACON, BASICSEMI, and BAOGAI are still above their issue prices, while MOMENTA-W and RECONOVA have fallen below their issue prices; if calculated based on the price fluctuations from the issue price, the average fluctuation of the five stocks is only about 2.3%, which is significantly weaker than some investors' habitual expectation of "high subscription = high premium." Returning to the data on the subscription and allocation results, the first market enthusiasm for this batch of new stocks is actually quite considerable. The public offering subscription for BASICSEMI reached 4,812.72 times, RECONOVA reached 3,646.06 times, BAOGAI reached 3,015.69 times, MOMENTA-W reached 413.63 times, and EACON also reached 157.82 times. Looking at these numbers alone, it is easy to conclude that "the enthusiasm for new stocks is still high," but the feedback from the secondary market is more restrained. From the individual stock performance, EACON reported HKD 96.00, up 5.49% from the issue price of HKD 87.92, making it the strongest performer among the five new stocks; BAOGAI reported HKD 6.54, up 5.14% from the issue price of HKD 6.22; BASICSEMI reported HKD 34.88, up 2.23% from the issue price of HKD 31.62. On the other hand, MOMENTA-W reported HKD 297.80, down 1.06% from the issue price of HKD 295.60; RECONOVA reported HKD 18.30, down 15.51% from the issue price of HKD 21.66, becoming the weakest performer among the five new stocks. If we only look at the opening performance, market sentiment is actually not bad. The five new stocks averaged an opening increase of about 7.07% from their issue prices, but the problem is that most individual stocks failed to further amplify this premium and instead retraced to varying degrees during the day, indicating that buying interest did not significantly strengthen after listing. This is precisely what makes today's five new stocks noteworthy: there is a premium on the first day, but it is difficult to sustain; there is interest, but it is more short-term and trading-oriented. If we look at these five new stocks together, a clearer signal is emerging: the subscription enthusiasm in the primary market remains high, but the ability of this enthusiasm to smoothly transmit to the secondary market is weakening. In other words, the Hong Kong IPO market is not devoid of sentiment, but the pricing logic is shifting from "looking at subscription multiples" to "looking at acceptance capacity, liquidity structure, and subsequent verification space." Additionally, today, the five new stocks showed mixed performance, influenced by an objective factor — there are 15 new stocks listed this week, and the simultaneous listing of a large number of new stocks has caused a continuous diversion of market funds, significantly suppressing the attention and liquidity that a single stock can attract. Essentially, the reaction of the Hong Kong stock market for new stocks today is not a disappearance of sentiment, but rather a more cautious pricing approach by funds towards "heat." A high subscription multiple indicates more active funds on the subscription side; however, the secondary market support after listing depends on another set of logic, including whether the shares are stable, whether the circulation is appropriate, whether the theme is sufficiently scarce, and whether the market is willing to continue chasing prices in a short time. There are significant differences in themes and scales, but they all face the "first-day verification." From the perspective of industry attributes, the five new stocks listed today are not concentrated: EACON and MOMENTA-W represent assets related to autonomous driving, BASICSEMI enters the semiconductor track, RECONOVA has AI visual recognition characteristics, and BAOGAI belongs to the GEM small-cap stocks. Logically, such themes do not lack imaginative space in the current Hong Kong stock market. However, today's market also indicates that the theme labels alone are no longer sufficient. Taking autonomous driving as an example, although EACON and MOMENTA-W belong to the same popular track, their first-day performances are not consistent. EACON maintained an increase of about 5.49% during the day, while MOMENTA-W hovered on the edge of breaking below its issue price. Behind this difference are factors such as different fundraising volumes, different liquidity structures, and the market's varying requirements for short-term pricing elasticity of different assets. Looking at the semiconductor and AI visual direction, although BASICSEMI had the highest public offering subscription multiple today and showed an increase of over 10% on the first day, there was no emotional explosive surge; RECONOVA, on the other hand, despite a hot subscription, did not receive positive feedback from funds after listing and instead showed a state of breaking below its issue price. This may reflect that in the current environment for new stocks in the Hong Kong market, the market's attitude towards new stocks in the technology track has shifted from "first giving theme premiums" to "first looking at trading support and subsequent realization." Popular tracks can still attract subscriptions, but they may not be sufficient to support a continuous upward adjustment of pricing in the secondary market ### Related Stocks - [07687.HK](https://longbridge.com/en/quote/07687.HK.md) - [08090.HK](https://longbridge.com/en/quote/08090.HK.md) - [09971.HK](https://longbridge.com/en/quote/09971.HK.md) - [07656.HK](https://longbridge.com/en/quote/07656.HK.md) - [06880.HK](https://longbridge.com/en/quote/06880.HK.md) - [00388.HK](https://longbridge.com/en/quote/00388.HK.md) - [80388.HK](https://longbridge.com/en/quote/80388.HK.md) - [HKXCY.US](https://longbridge.com/en/quote/HKXCY.US.md) ## Related News & Research - [BASiC Semiconductor to Lift Select Product Prices Amid Surging AI and EV Demand](https://longbridge.com/en/news/292411185.md) - [EACON Lists on HKEX, Accelerating Global Autonomous Mining Growth](https://longbridge.com/en/news/291996549.md) - [Chinese robotaxi firm Momenta prices Hong Kong listing at top end, seeks to raise $751 million](https://longbridge.com/en/news/291957811.md) - [Buffett Called Airline Stocks a ‘Bottomless Pit’ But His Successor Is Proving Him Wrong With $789 Million Delta Win](https://longbridge.com/en/news/292530790.md) - [Seyond files HKEX next-day disclosure return reporting 15,020 new shares issued under incentive plan](https://longbridge.com/en/news/292486676.md)