--- title: "[HK IPO Review] Recap of the two batches of new listings in the first week of July: Sanhuan Dingtai was mistakenly affected by A-share sentiment, Southern Jujube Cake doubled amid the chaos, how did the one you got perform?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/42510546.md" description: "First, let's review yesterday's grey market performance of the first six new stocks, which was particularly thrilling with its ups and downs: Dongfang Kemo once surged to HKD 148, with an intraday increase of up to 88%, but it plunged directly in the final session, closing up only 3.45%; Basic Semiconductor rose 17.33%, previously ignoring it was truly a slap in the face, at least we can make a little money; Yikong Zhijia opened directly 19% lower, then strongly pulled up, closing up 8.96% instead; Ruwei Technology fell sharply by 11.73%, directly breaking the issue price; Baogai New Materials surged up to 79% at its intraday peak..." datetime: "2026-07-08T10:05:34.000Z" locales: - [en](https://longbridge.com/en/topics/42510546.md) - [zh-CN](https://longbridge.com/zh-CN/topics/42510546.md) - [zh-HK](https://longbridge.com/zh-HK/topics/42510546.md) author: "[新股资本](https://longbridge.com/en/profiles/2064959292688433152.md)" --- # [HK IPO Review] Recap of the two batches of new listings in the first week of July: Sanhuan Dingtai was mistakenly affected by A-share sentiment, Southern Jujube Cake doubled amid the chaos, how did the one you got perform? First, let's review yesterday's grey market performance of the first six new stocks. The wild swings were particularly thrilling: Oriental Science & Technology once surged to HKD 148, with an intraday gain of up to 88%, before plummeting sharply in the final session, closing up only 3.45% in the end. Basic Semiconductor rose 17.33%. I previously ignored it, which was a real slap in the face, but at least I made a little money. Easy Control Intelligent Driving opened directly 19% lower, then staged a strong rally, closing up 8.96% instead. Ruiwei Technology plunged 11.73%, breaking its issue price directly. Baogai New Materials soared as much as 79% intraday, finishing up 6.27%. MOMENTA had a flat performance, rising slightly by 1.15%. The overall market was still quite lively, with more profitable stocks than losing ones. In my own trading, I exited Easy Control Intelligent Driving when it surged and turned red. I decisively cut my losses on Ruiwei Technology at the open, at least making a small profit and getting a taste of the action. If yesterday's IPO market was just overcast, today brought a direct storm, with five of the six new stocks in the green and one in the red. The declines in the key stocks I was watching, Sanhuan and Dingtai, weren't exaggerated, mainly dragged down by the broader A-share market. The extent of the small pullback is still within my tolerance range. Today's biggest dark horse was undoubtedly the sour jujube cake stock. I previously complained it wasn't in the LLM sector, thinking it had little hope, but unexpectedly, the less it was favored, the more it performed. 01 Qiyunshan Food The exact words said at the time were that it sells southern sour jujube cakes, just a cash lottery ticket for one lot, don't take it seriously—if you got allocated, congratulations on getting the biggest payout of the day tonight. This is the logic of a small-cap, manipulated stock: precisely because the fundamentals are poor, there are no institutions, and the float is tiny, the manipulator can operate without any scruples. Of course, this is a result heavily dependent on luck. With only 5,000 lots available, very few people could get allocated in the first place. The next time you encounter a similar stock, the logic remains the same—cash lottery ticket, don't go heavy, getting allocated is a win, not getting allocated is no regret. But Xiao Xin certainly wishes all my followers could get allocated. 02 Dingtai High-Tech Although the PCB sector has seen a slight pullback these past two days, the grey market couldn't hold up today. Breaking issue price isn't because this company has a problem—it's still the global leader in PCB drill bits, with Q1 2026 net profit up 259% year-on-year. The fundamentals haven't changed at all. The decline is purely due to a market-wide tech sector valuation compression, dragged down by the industry's beta, not a problem with the individual stock's logic. No greenshoe means the expectation of inclusion in Stock Connect on the first day is still there, which is a support for the medium-term logic. If this round of tech sector adjustment in A-shares is temporary, Dingtai's discount repair is just a matter of time. Breaking issue price in the grey market doesn't mean the subscription was wrong, but it's truly painful tonight. 03 Sanhuan Group Like the one above, it's one of my main picks for this batch, but I mainly recommended Sanhuan because the value for money is a bit higher (quietly defending myself: even if I lose on Sanhuan today, I lose less). Their logic is the same, so I won't elaborate. In short, it's very frustrating. However, I don't plan to sell these two immediately. If tech still can't stop falling tomorrow and the day after, then I'll have to make a run for it. 04 Luxshare Precision, Puyuan Jingdian For these two, our judgment at the time was relatively cautious: for Luxshare, we said the discount was only 16%, more suitable for long-term institutions than IPO subscribers; For Puyuan, we said the two consecutive years of declining net profit was a real concern, and if allocated, we didn't recommend holding or subscribing for it. But many influencers gave relatively positive suggestions and strategies. 05 Luoshi Robot We said participation was possible, but having only 580,000 cash on the books is real pressure, don't bet heavily—the result today is breaking issue price, but the extent isn't the worst. Sentiment in the collaborative robot sector itself is still there, just dragged down by the broader environment. This one can be watched further, looking for any greenshoe support action after the official listing. Xiao Xin's Closing Remarks Frankly speaking, my main picks broke issue price slightly tonight, which is a bit sad. But Xiao Xin also needs to make one thing clear: this isn't a problem with the analytical framework. It's that today's sentiment in the A-share tech sector directly smashed through the prerequisite for the A-H share discount repair. Dingtai High-Tech is still the global leader in PCB drill bits, Sanhuan still has the highest global market share in electronic ceramics. These fundamentals haven't changed one bit. The biggest winner tonight is the person who got allocated one lot of Qiyunshan Food. The friends who subscribed to this batch of new stocks happened to hit the worst possible timing. I don't know if it's you guys who are unlucky or the IPO subscribers in general. 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