Bank wealth management enters IPO subscription trend, "Fixed Income + IPO Subscription" strategy gradually becomes mainstream

Since the beginning of this year, the Hong Kong stock market has experienced a wave of new stock listings, with many “hard technology” companies going public, attracting numerous institutional investors. Recently, several wealth management companies such as China Post Wealth Management and ICBC Wealth Management announced their participation as cornerstone investors in the IPOs of Zhaoyi Innovation, Biran Technology, MiniMax, and Zhipu on the Hong Kong stock exchange, generally achieving significant returns. In the context of a prolonged low-interest-rate environment suppressing traditional fixed-income asset yields, bank wealth management firms are accelerating their expansion into equity investments. Since March 2025, at least six wealth management companies have participated in offline allotments of A-share IPOs or cornerstone investments in Hong Kong IPOs. Currently, “fixed income + IPO subscription” has become one of the key strategies for steadily increasing product returns.