Lately, I've been watching Hong Kong stock IPOs, and my biggest feeling isn't that the enthusiasm has faded, but that making money is becoming more difficult.

As of May 20, 2026, market enthusiasm is actually still there:
> Toppu CNC dark pool once traded 47.8% above the IPO price
> Yushiji Technology dark pool was 1.2% below the listing price
> Danno Pharmaceuticals-B was oversubscribed by over 9,000 times in the public offering
> Yunyinggu Technology, Shenyuan Intelligence, Huaxida are still raising funds.
On the surface, the new stock market is still very hot
But looking at all these together, my clear feeling is:
It's not that there’s no money anymore,
but that the market is starting to be more selective.
Those who can get high premiums are usually still those few types:
The sector has scarcity
The story is clear enough
The shareholding structure is more appealing
So, in 2026, Hong Kong IPOs are shifting from just being hot to only being pursued when there's clear differentiation.
In one sentence:
Hong Kong IPOs haven't cooled off,
but the phase of making money blindly has basically passed.
#HongKongIPO