In 2024, the Hong Kong stock market's IPO sector has shown strong signs of recovery, attracting numerous mainland companies to actively list in Hong Kong. Against this backdrop, dark market trading has become a focal point for investors. Many new stocks have performed impressively on their debut trading days, particularly star companies like Hong Kong Jockey Club and Maogeping, which have sparked market discussions with their remarkable gains and subscription enthusiasm. With the optimization of policies by the Hong Kong Stock Exchange and the restoration of market confidence, the IPO market is expected to remain active, bringing new opportunities for investors.

Hong Kong Jockey Club (02535.HK) ranks first with a 168% dark market gain, achieving approximately 70.48 times subscription during the public offering phase, with a final allocation of 10 million shares, accounting for about 20% of the total offering. A total of 6,323 valid applications were received, with an allocation ratio of approximately 2.57% for each hand subscribed.

Maogeping (01318.HK) recorded a dark market gain of 50.67%, with a subscription rate of 100%. Priced at an upper limit of 29.8 HKD, it received nearly 920 times subscription, resulting in a dark market profit of 1,555 HKD per hand. The public offering phase had a subscription multiple of 919.18 times, with a final offering of 39,211,700 shares, accounting for about 50% of the total offering. Maogeping's IPO subscription total became this year's "frozen capital king," with its subscription amount through Futu reaching 90.5 billion HKD, ranking first in Hong Kong.

In terms of subscription numbers, SF Holding (06936.HK) has received over 80,000 subscriptions this year, while both Maogeping and China Resources Beverages (02460.HK) have exceeded 60,000 subscriptions, with Carrot (02549.HK) and Laopuhuangjin following closely with 56,800 and 44,700 subscriptions, respectively.

As of December 20, 25 IPOs this year have achieved a 100% allocation rate. In terms of subscription multiples, Caohiji Group (02593.HK) has become the subscription king with over 6,000 times subscription, while Youbo Holdings (08529.HK) achieved a subscription multiple of 2,503.03 times, and Yuanzhu Technology (08637.HK) and Carrot also showed impressive thousand-fold subscription performance.

Looking ahead to 2025, the Hong Kong IPO market is expected to see significant recovery. A report by KPMG indicates that the total fundraising amount for the Hong Kong Stock Exchange this year is 10.4 billion USD (approximately 82.9 billion HKD), ranking fourth globally, representing an increase of over 70% compared to the same period last year. Additionally, there are plans for Middle Eastern companies to conduct secondary listings in Hong Kong, with approximately five new stocks expected to raise around 5 billion HKD, and possibly one or two heavyweight IPOs with financing amounts of about 10 billion HKD.

You can subscribe to the new Hong Kong IPO through uSMART HK.

The uSMART HK app features a dedicated IPO center, offering exclusive promotions for customers to subscribe to public offerings in real time. After logging in the uSMART HK APP, select the transaction at the bottom right, click "IPO Subscription", select the IPO you want to subscribe, click "Public Subscription", fill in the subscription number and send the order.

（Source: uSMART HK）