【Introduction en bourse】Mise en œuvre de la nouvelle politique de rappel depuis six mois : Tiger Securities affirme que la stratégie des investisseurs débutants est inefficace, les fonds se tournent vers la catégorie B, 90 % des utilisateurs utilisent le levier pour participer à la souscription

Hong Kong Stock Exchange IPO Allocation Mechanism Reform has been in effect for over half a year. Under the new system, the mandatory allotment back mechanism for public offerings is no longer permanent. Tiger Securities (Hong Kong) analyzed market data and found that among the top 10 IPOs with the highest first-day gains since the implementation, 9 adopted the non-mandatory “Mechanism B,” with the highest first-day stock price rising up to 3.6 times, sparking a city-wide “New Stock Lottery” craze.

Tiger Securities states that since the new system’s implementation, 63 IPOs chose “Mechanism B,” overwhelmingly surpassing the 10 IPOs that triggered back (2 chose “Mechanism A,” 8 chose 18C). However, the allotment rate for IPOs under “Mechanism B” has plummeted sharply to about 1%.

Tiger Securities’ margin lottery IPO subscription ratio soars to 90%, setting a record

Data from Tiger Securities shows that since the new system’s implementation, by the end of February this year, over 90% of Tiger Securities’ margin financing users subscribed to new stocks, a significant increase from about 70% before the reform. This has driven Tiger International’s total margin financing for 2025 to surpass HKD 1 trillion for the first time, setting a historical record.

Tiger Securities states that compared to the year before the new rules, when no IPO triggered back, the median allotment rate was as high as 50%, with a median first-day price change of 4.2%, averaging a 53.6% increase. For IPOs that triggered back, the median allotment rate was 17.5%, with a median oversubscription multiple of 194 times, and an average first-day increase of about 10.5%.

“Mechanism B” becomes extreme: low allotment rate, high profit opportunity

However, after the new rules, the data for 63 “Mechanism B” companies without back shows extreme oversubscription: median oversubscription multiple skyrocketed to 1,091 times, causing the median one-lot allotment rate to plummet to 1%. Meanwhile, the median first-day price change for “Mechanism B” IPOs reached 24%, with an average increase of 53.6%. For the 8 companies that triggered back under 18C, with oversubscription exceeding 1,000 times, the median allotment rate was also suppressed to 5%.

Tiger Securities believes that the data reflects a certain correlation between the new IPO back mechanism and first-day stock performance, with “Mechanism B” IPOs now viewed by the market as “low allotment rate, high profit opportunity” investments.

In the past half-year since the new system’s implementation, the top 10 IPOs with the highest first-day gains almost all adopted “Mechanism B.” For example, the IPO with the highest first-day increase, Nobi Kan (02635), rose 363.8% on the first day, with an allotment rate of only 0.85%. The most competitive, with the lowest allotment rate, the major tech company (02543), also adopted “Mechanism B,” with oversubscription exceeding 7,500 times, and a one-lot allotment rate as low as 0.02%. However, a lower allotment rate does not necessarily mean a higher first-day increase; this stock’s first-day rise was about 14.9%.

“One-lot” strategy becomes ineffective; funds shift to “Group B”

Tiger Securities points out that as the IPO mechanism changes, the allotment rate drops sharply to near zero. The once popular “one-lot” strategy—small investors betting big with cash—has become ineffective. Data shows that over 90% of users participating in IPO lotteries now use margin financing, a significant increase from about 70% before the new system.

Further data indicates a strong positive correlation between oversubscription multiples and customers applying for “Group B” (subscribing over HKD 5 million), reflecting that the more popular the IPO, the higher the enthusiasm for “Group B” applications. Especially in the second half of last year, when Hong Kong IPO first-day gains were substantial, the profit effect was clear, prompting investors to concentrate funds and seek higher subscription quantities to improve their chances of winning.

Brokerages promote zero-commission offers

Tiger Securities (Hong Kong) Chief Operating Officer Wang Shan stated that after the new system’s implementation, extremely low allotment rates have become the norm. As the success rate of traditional cash-only one-lot subscriptions has greatly decreased, investors are now following the trend and more inclined to use margin financing to concentrate funds on “Group B.” To meet market demand, Tiger Securities offers “zero commission” for both cash and margin subscriptions. With competitive rates and strong financing support, they aim to help investors maximize their chances of successful applications. The platform will continue to provide quality subscription experiences and share professional market information to meet diverse client investment needs.