Since the beginning of this year, rare first-day "zero break" has occurred in the listing of new stocks in Hong Kong.

Data shows that 22 new stocks have been listed on the Hong Kong stock market so far this year, and none of them have experienced a first-day decline. In sharp contrast, in December 2025, out of 25 newly listed stocks, 10 of them closed below their issue price on the first day of trading. Many interviewees have analyzed that the reason behind the "zero first-day decline" in the Hong Kong stock market for new stocks this year is the result of multiple factors such as short-term market sentiment, pricing strategies, and policy factors. In terms of short-term market sentiment, investors have a positive attitude, injecting vitality into the market; issuing parties have been cautious and realistic in pricing, leaving room for the performance of new stocks after listing; cornerstone investors have also played a key role in stabilizing stock prices.