In August 2025, the Hong Kong stock IPO market underwent structural changes against the background of the official implementation of the new regulations.Although only five companies successfully listed this month, judging from the popularity of subscriptions, performance on the first day, and overall market sentiment, the quality and density of this round of IPO boom are far higher than before.Especially with the support of the B mechanism, the performance of new shares on the first day of listing showed astonishing explosive power, and the certainty of new returns was greatly enhanced, which also attracted the market's attention to the effect of the new regulations.

According to data disclosed by the Hong Kong Stock Exchange, the subscription multiples of all new shares in August exceeded 2000 times. Among them, Yinnuo Pharmaceutical surpassed Mixue Group with an overpurchased record of 5,341.66 times, ranking second in the overpurchased list during the year.All new shares recorded significant gains on their first day of listing, with an average increase of 116%.Among them, Yinnuo Pharmaceutical surged 206.48% on its first day, making a first-hand profit of nearly HK$8000, becoming the king of returns this month; Jiaxin International Resources, which was just listed, followed closely, with an increase of 177.84%.These data intuitively reflect that a new market environment where "winning the lottery" is taking shape, and the new regulations are the key force in changing the structure of this capital feast.

August 2025 is the first full month for the implementation of new rules for the Hong Kong stock IPO market.The core of the reform of the new share issuance mechanism launched by the Hong Kong Stock Exchange lies in the parallel of the A/B dual mechanisms.Among them, mechanism A maintains a certain proportion of callback flexibility, while mechanism B completely cancels callback, pre-locking public subscriptions at 10%, and international placements accounting for 90%.Hot new stocks such as Yinnuo Pharmaceutical and Jiaxin International Resources all adopt the B mechanism, which not only effectively improves the pricing efficiency and listing stability of new stocks, but also greatly reduces the winning rate of retail investors.Yinnuo Pharmaceutical's first-hand winning rate was only 0.5%, while Shuangdeng's shares dropped to 0.06%, a record low.

In the early days of implementation of the new regulations, it once caused market controversy.Individual investors expressed strong dissatisfaction in the Hong Kong Stock Exchange consultation document, worried that institutions would "control the market" or lead to the concentration of high-quality assets in the hands of a few investors, causing risks such as "encirclement" and price manipulation.Chen Zhihua, president of the Hong Kong Securities and Futures Association, publicly pointed out that excessive bias towards institutions will dampen the enthusiasm of retail investors and affect the breadth and liquidity of the Hong Kong stock market in the long run.

However, from the perspective of institutional reform and market optimization, the implementation of the new regulations is not a "one-size-fits-all" approach to weakening retail participation.As the chairman of Danyang Investment pointed out, although the difficulty of winning under the B mechanism has increased sharply, the performance of high-quality new shares has become more stable, the break rate has been significantly reduced, and the "winning rate" in new games has increased significantly.This structural change has promoted the market to shift from "earning less from more" to "earning more from less", which has improved the overall certainty of new returns and is more in line with the IPO issuance logic of mature international markets.

In terms of income structure, the most dazzling performance this month is still the biomedicine sector.Among the top 10 new stocks that rose in Hong Kong stocks on the first day of this year, more than half came from the biomedicine sector, and Class B stocks became the main line of the market.Yingen Biotech, Yinnuo Pharmaceutical and Zhonghui Biotech all recorded extremely high first-day gains and new earnings. The former even earned more than 11,000 Hong Kong dollars in one hand, setting a new record for the year.At the policy level, the "Initial Price Mechanism for Newly Listed Drugs" recently released by the National Health Insurance Administration and the upcoming "Catalogue of Innovative Drugs for Commercial Insurance" have injected a strong policy catalyst into Hong Kong stock biomedical stocks.

CITIC Securities analyzed in its latest research report that innovative drugs have entered the harvest period and combined with medical insurance policy support, making the biomedicine sector one of the areas with the most potential for valuation restoration in the second half of 2025.AI empowerment, global industrial chain restructuring, and independent controllability have been strengthened, injecting medium-and long-term growth momentum into the sector.For funds keen on "seeking new opportunities", Class B biopharmaceutical stocks are no longer just short-term game tools, but structural opportunities with high flexibility and policy certainty.

It is worth noting that the implementation of the new IPO regulations has also changed the market's expectations for corporate pricing and issuance rhythm.Institutional funds have higher participation and voice under the B mechanism, which in turn forces issuers to improve the quality of information disclosure and listing preparation standards.Data showed that trading was generally active after the listing of new shares in August, and the volatility was lower than the level of the same period in previous years, indicating that the optimization of market structure has achieved initial results.

However, it should be noted that there are still hidden worries behind structural opportunities.The current global macro environment is complex, with tight liquidity margins and expectations of the Federal Reserve raising interest rates still disturbing market sentiment.Although Hong Kong stocks have valuation advantages and reform dividends, if the supply side of new shares is unbalanced or the popularity of new shares eases, the risk of short-term retracement cannot be ignored.Especially for retail investors, excessive pursuit of "high-power new opportunities" may face position mismatch and liquidity difficulties.Some high subscription multiples do not necessarily represent fundamental support, and investors need to keep their eyes open.

From a regulatory perspective, the Hong Kong Stock Exchange still needs to find a balance between institutional fairness and market efficiency in the future.On the one hand, we should ensure that institutional innovation does not hurt the enthusiasm of individual investors to participate and avoid excessive "institutionalization" of the market; on the other hand, we also need to continue to optimize the issuance process and improve market transparency and pricing efficiency.As reflected by the Singapore Exchange and the Nasdaq Market in the United States, the core of a healthy IPO ecosystem lies in "high-quality companies + reasonable systems + diverse participants."

Doo Financial's research team believes that the hot performance of the Hong Kong stock IPO market in August is the product of the resonance of multiple factors: the release of new regulations and dividends, policy-driven industrial logic, and undervaluation of Hong Kong stock assets jointly promoted this structural market.Against the background of the continuous implementation of new regulations, the certainty of new returns has been significantly improved. In the future, investors should pay more attention to core indicators such as issuer background, placement mechanism selection, and industry trends, and move from short-term game to long-term judgment.