--- title: "[HK IPO] Five out of six new stocks break issue price, today's grey market price and strategy review" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/42510620.md" description: "There were six new stocks today, and as of now, five have broken their issue price. As of writing, the price movements are as follows. Our initial strategy was to apply for Qiyunshan, but these AH (A-share/H-share) stocks are all quite mediocre, and Luoshi is even worse than Yuejiang. However, as mentioned above, we can watch the AH stocks for another day and adjust the strategy based on the situation. This adjustment caused trouble. After calculating, although Sanhuan fell, there was still room, so I later added Sanhuan as well. The result was that there was a 10-15% potential at the time, but it couldn't withstand another 8% drop after the market closed. The funniest part is that I didn't get any allocation for Qiyunshan's top-tier, but I applied with cash for ten lots of Sanhuan and was only allocated one lot..." datetime: "2026-07-08T10:09:49.000Z" locales: - [en](https://longbridge.com/en/topics/42510620.md) - [zh-CN](https://longbridge.com/zh-CN/topics/42510620.md) - [zh-HK](https://longbridge.com/zh-HK/topics/42510620.md) author: "[每天打个新](https://longbridge.com/en/profiles/16231871.md)" --- # [HK IPO] Five out of six new stocks break issue price, today's grey market price and strategy review Today, six new stocks were listed, and as of now, five have broken their issue price. As of writing, the price movements are as follows. ![Image](https://pub.pbkrs.com/uploads/2026/02e18184fb3c82884ac2d5b8d5472987?x-oss-process=style/lg) Our first strategy was to apply for Qiyunshan. These AH (A+H) shares are all pretty mediocre, and Luoshi is even worse than Yuejiang. ![Image](https://pub.pbkrs.com/uploads/2026/7c874fa5210a776da5080e5fc58347fc?x-oss-process=style/lg) ![Image](https://pub.pbkrs.com/uploads/2026/45adc4feecc1b49b1a3e34814d3a32fa?x-oss-process=style/lg) But as mentioned above, we could watch the AH shares for another day and adjust the strategy based on the situation. This adjustment caused trouble. When I calculated, although Sanhuan had dropped, there was still room. So I later added Sanhuan as well. ![Image](https://pub.pbkrs.com/uploads/2026/93f6ec9e9e6f7a0626f6c356c68b2af0?x-oss-process=style/lg) As a result, there was a 10-15% room at the time, but it couldn't withstand another 8% drop after the market closed. The funniest part is that I didn't get any allocation for the top-tier Qiyunshan shares. I applied for ten lots of Sanhuan with cash, and they only gave me one lot. Thanks a lot. ![Image](https://pub.pbkrs.com/uploads/2026/5d12bdd6e5528c3fd4836ea89728a3d8?x-oss-process=style/lg) Sold at 97 at the open, lost 300. Haven't lost money on an IPO application in a long time, feels a bit strange. The pre-grey market expectations for today are as follows, which roughly match the current situation (Qiyunshan opened low and went high, which was unexpected). ![Image](https://pub.pbkrs.com/uploads/2026/0abad2d3fb8b65d635f31a1d58caf5cd?x-oss-process=style/lg) ![Image](https://pub.pbkrs.com/uploads/2026/d2c935596b6f369e1e64547ec234fbbf?x-oss-process=style/lg) Yesterday's title mentioned a 'stinking chicken rib.' The answer is revealed today: it's not Puyuan Jingdian, which had the biggest drop, but Luxshare Precision. Why? Take the second-tier allocation as an example. Look at the chart below (0-1 lot is calculated as 1 lot; for intervals above 1 lot, the lower value of the interval is taken). ![Image](https://pub.pbkrs.com/uploads/2026/6ead263fb0b72ff92c15a7c664819a78?x-oss-process=style/lg) Although there were losses for each, the biggest loser, Puyuan Jingdian, only lost a little over five thousand. But Luxshare Precision lost a full ninety-eight thousand, with a loss ratio as high as 19.3%. ![Image](https://pub.pbkrs.com/uploads/2026/2011455c930c5b635bc1822dff37a46f?x-oss-process=style/lg) Of the two we applied for, Qiyunshan surged, and Sanhuan lost the least. It's like picking the tallest among the short and the king of the dwarfs. ![Image](https://pub.pbkrs.com/uploads/2026/d0cd04f91f9d81a85ed28efff3ccb1aa?x-oss-process=style/lg) This batch of AH shares collectively broke their issue price. I hope the subsequent AH shares learn their lesson, show sincerity, and price reasonably. If the A-share market falls after you close, then price it a bit lower so at least people don't lose money. If you pull this kind of stuff, investors will vote with their feet, and the market will teach you a lesson. Alright, that's it for the review. As for BinHua shares, I applied with cash because the margin financing period had passed. Just saw some good news, the results are out, I didn't get any allocation, happy~ However, BinHua's pricing at 3.48 is slightly below the upper limit, which is a tiny, tiny, tiny, tiny positive. ### Related Stocks - [00537.HK](https://longbridge.com/en/quote/00537.HK.md) - [002475.CN](https://longbridge.com/en/quote/002475.CN.md) - [02475.HK](https://longbridge.com/en/quote/02475.HK.md) - [688337.CN](https://longbridge.com/en/quote/688337.CN.md) ## Comments (1) *1 comments available on the platform.*