$LINGYI ITECH(01688.HK), $SG MICRO(03661.HK), and $MERDEKAGOLD-DRS(06228.HK) — these several Hong Kong stock IPOs have not officially started trading yet; they are still in the pre-listing state. The first two are secondary listings from the A-share market: one makes precision components for the Apple supply chain + AI hardware, and the other makes analog chips. The remaining one is an Indonesian gold mine. Is applying for an IPO really worth participating in? I would differentiate between them — for secondary listings with an A-share pricing anchor and solid fundamentals, the first-day premium is usually more restrained. On the other hand, resource-based new stocks without a comparable anchor have greater pricing elasticity driven by sentiment, but also carry greater risks.