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$TRIP.COM-S (09961.HK)$ First: Since this year, many Hong Ko...

$TRIP.COM-S(09961.HK)$ First: Since this year, many Hong Kong stock IPOs, especially those focused on the biotech, artificial intelligence, and SaaS marketing sectors, the valuations in the primary and secondary markets have been reversed. Instead, the capital raised during the IPO did not have much pre-listing financing. We discovered that the Hong Kong Stock Exchange gave full authorization to these companies with a market capitalization of 5 billion or more during the IPO issuance stage. This highlights that the Hong Kong Stock Exchange's 18A listing rules have a major drawback compared to the A-share Science and Technology Innovation Board — the Science and Technology Innovation Board's approval of well-funded biotech IPOs has become stricter, and there will be no such phenomenon as “death from drought, death from flooding” such as Hong Kong stocks. Second: First, many companies paid high sales commissions during IPOs, thus successfully transferring the selling pressure to the seller, so that the seller had to make a hard sale to the customer. Second, with the full cooperation of intermediaries and financial investors before listing, Bio Tech's project took an average of only half a year from filing an A1 listing application to being approved at the hearing, so for major intermediaries, from sponsors to lawyers, Bio Tech is a very cost-effective project. More importantly, due to its abundant capital, Biotech generally does not delay payment, and Party B is very happy.
The only losers were customers who paid out of their own pockets to buy bread in the secondary market. Third, if pre-listing investors not only cost more than the IPO issuance price, but they also ban all sales, they can look higher on the front line. Yunkang Group and Zhongkang Holdings also meet this standard.
It can be seen from this that companies that meet the above three standards are probably the few companies with IPO investment value that can enter the eyes of investors. When it comes to hard sales by brokerage firms, or even projects that claim that the company has market value management arrangements outside of the body, it is best for investors to retreat. $MEITUAN-W(03690.HK)$ $TENCENT(00700.HK)$
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