Behind the high IPO breaking price of Hong Kong stocks: high pricing and packaging are always inseparable.

In recent years, the Hong Kong stock market, with its international positioning, flexible listing rules, and tolerance for new economy companies, has continued to be an important financing platform for mainland and global enterprises. However, while the size and number of IPOs are increasing, the phenomenon of high breakage also cannot be ignored, with many investors frequently getting trapped. Analysts point out that behind the high breakage of Hong Kong IPOs, there are objective factors such as market liquidity, but at the same time, there are also certain issues of "high pricing" and "high packaging" during the offering stage, leading to overpricing and excessive packaging, ultimately relying on secondary market breakages to digest valuation.