Who is Participating in Hong Kong Stock IPO (Part 1)? An In-Depth Look at the Players in Hong Kong Stock IPO

This year, the IPO subscription market in Hong Kong stocks is booming, with oversubscription rates often reaching hundreds or even thousands of times. Who is actively subscribing?

The lottery results reveal the truth—Mainland China's 'human wave tactics' clash with Hong Kong's 'firepower of capital,' exposing the generational wealth gap on the IPO battlefield.

This article will deeply analyze the 'player profiles' of Hong Kong IPO subscriptions, revealing the investment logic and behavioral differences among different groups. Taking Hengrui Medicine as an example, based on backtested data from lottery announcement documents.

454 times oversubscribed, 203,800 subscribers, only 92,400 winners,a 10% winning rate for one lot is comparable to a hot property lottery.

The distribution of Group A and Group B subscribers can be seen in the chart below:

Subscriptions over HKD 5M are Group B, otherwise Group A. Group A and Group B equally split the public offering. It can be seen that Group A subscribers far outnumber Group B, with Group B accounting for only 4.64%. For Hengrui Medicine, Group B requires at least HKD 890K in capital with tenfold leverage,showing that players with 'money power' are still a minority.

II. Regional Distribution of Hong Kong IPO Participants

Mainland winners: 62,500 (68%);

Hong Kong winners: 27,300 (29.74%);

Other regions: ~2,000 (2.2%).

This shows Mainland investors are more enthusiastic about Hong Kong IPOs～

Mainland allocated shares: 26.37M (54.68%);

Hong Kong allocated shares: 19M (39.55%);

Other regions: 2.78M (5.77%).

Mainland vs. Hong Kong: Human Wave Tactics vs. Money Power

Mainland: 68% winners → only 54.7% shares (low per capita holdings)
Hong Kong: 29.7% winners → swept 39.6% shares (high per capita investment)
Mysterious third force: 2.2% from other regions took 5.8% shares (3x Mainland's per capita holdings!)Interpretation: Suspected as a hub for international 'monkey accounts.'

Group B subscribers: Mainland (49.99%), Hong Kong (46.22%), other regions (3.79%).

Earlier speculation that Hong Kong subscribers may have higher per capita allocations is now supported by data:

Mainland Group B participants: 7.54% of Mainland winners; Hong Kong Group B participants: 15.95% of Hong Kong winners.

III. Provincial Distribution of Mainland Winners

Guangdong has the most participants, followed by Zhejiang, Jiangsu, Hubei, Henan, and Hunan.

Guangdong makes sense due to its geographical advantage.

But Zhejiang and Jiangsu ranking so high is surprising, given the high cost of flying to Hong Kong to open an account! This suggests strong IPO wealth effects and the financial strength of Zhejiang and Jiangsu residents.

Hubei, Henan, and Hunan ranking so high is baffling—did entire villages join the IPO gold rush?

Shanghai, the so-called financial hub, is unexpectedly cold, ranking 10th with only 4.56%.

IV. Age Distribution of Mainland Winners

Post-80s and post-90s are the main forces, accounting for 68.68% combined.

Retirees over 65 (born before 1960) account for 3.59% (~2,248 people), while post-00s account for only 5.59% (~3,500). Elders, please be kind—leave some opportunities for the young!!!

Post-80s dominate Group B. While post-90s and post-80s have similar winning numbers, post-90s Group B participants (968) are just over half of post-80s (1,796).

Even post-70s Group B participants outnumber post-90s by 26.

Post-00s Group B participants: only 76, still saving for entry fees.

The gap between post-90s and post-00s is stark.

Wealth accumulation takes time.

V. Conclusion

These data paint a brutal picture of the IPO feast.

Mainland wins by numbers, Hong Kong by capital, post-80s dominate, post-00s struggle to save for entry.

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