Valuation & Fundamentals
Market-wide valuation and fundamentals: sub-industry profitability, new-IPO market-cap percentile, and post-listing growth.
Median ROE by sub-industry across the full market. Tile size = number of stocks, colour = median ROE.
Where each new IPO sits within its industry by market cap. X = percentile vs listed peers (100 = largest), Y = IPO market cap (HK$100m).
Latest vs prior annual YoY growth. Quadrant: top-right = both growing, bottom-left = both shrinking.
Do smaller IPOs deliver bigger first-day pops? Analyzing the relationship between market capitalization at IPO, first-day returns, and oversubscription. Testing the small-cap effect in HK IPOs.
| Market Cap Range | Count | Avg Return | Median | Win Rate | Std Dev | Avg Oversub |
|---|---|---|---|---|---|---|
| Small (<2B) | 19 | 67.01% | 7.61% | 73.7% | 127.7% | 4813.0x |
| Mid (2-10B) | 99 | 77.13% | 86.7% | 79.8% | 88.18% | 3314.5x |
| Large (10-50B) | 93 | 39.98% | 9.3% | 71.0% | 78.35% | 1393.2x |
| Mega (>50B) | 35 | 30.72% | 13.26% | 80.0% | 37.52% | 530.8x |
Market cap = offer price x total post-IPO shares per prospectus. A clear small-cap effect exists in HK IPO first-day returns: smaller floats offer greater upside potential due to limited float, high retail participation, and wider pricing uncertainty. Mega-cap IPOs have higher win rates but limited upside due to fuller pricing and institutional dominance. Past patterns do not guarantee future outcomes.
This page compares the Hong Kong market through valuation and fundamentals: sub-industry profitability (ROE / net margin), new-IPO market cap percentile within peers, and post-listing revenue and profit growth. Data comes from HKEX display documents and disclosure-of-interest financials.
