In 2025, the Hong Kong stock market has entered an unprecedented IPO frenzy, with multiple historical records being shattered in rapid succession. Following the GEM-listed Jinye International Group’s staggering 11,500-times oversubscription—which made it the most oversubscribed IPO in Hong Kong history—the main board IPO of Quantgroup has now set a new main board record with an astonishing 9,365.28-times oversubscription, instantly becoming the focus of the market.
Behind this IPO boom lies a combination of factors: ongoing regulatory improvements, the significant post-listing gains seen in many new issues, and strong capital inflows targeting small-cap companies in popular sectors. However, investors should remain cautious—high oversubscription ratios do not necessarily translate into long-term investment value. Historically, many once-celebrated “oversubscription champions” have seen sharp declines in market value after listing, reflecting a potential disconnect between short-term hype and underlying fundamentals.
Quantgroup was listed on the Hong Kong Stock Exchange main board on November 27, and its share price surged 88.78% on debut. Notably, the company voluntarily canceled its planned gong-striking ceremony due to a severe Level-5 fire that occurred the same day at Hong Fu Court in Tai Po, demonstrating its sense of social responsibility. Founded in 2014 as an online marketplace operator, Quantgroup launched its consumer e-commerce platform “Yangxiaomie” in 2020 and expanded into the automotive retail O2O sector in 2022 with its “Consumer Map” offering. In the first five months of 2025, the company delivered strong results, recording revenue of RMB 414 million, up 38.12% year-on-year, and a period profit of RMB 126 million, representing a remarkable 262% increase. The IPO raised net proceeds of HKD 12.37 million, of which 55% is earmarked for technology R&D and infrastructure upgrades and 45% for business expansion.
In terms of shareholding structure, founder Zhou Hao and his spouse hold a combined 33.03% stake after listing, maintaining stability in corporate governance. Among institutional investors, Sunshine Life Insurance holds 15.02%, making it the largest institutional shareholder, while Fosun International and Gaorong Capital hold 9.68% and 5.61% respectively.
Since 2025 began, oversubscription records in Hong Kong’s IPO market have been refreshed almost monthly. In September, China Great Wall Tech oversubscribed 7,558 times; in October, DeepTech set a new main board record with 7,569.83 times; and now Quantgroup has taken the crown as the new main board “oversubscription king.” As of November 28, 26 main board IPOs this year have exceeded 1,000-times oversubscription—nearly 30% of all such listings—with seven surpassing 5,000 times, including Changfeng Pharma, Bloks, and Mixue Group.
The most sought-after IPOs are generally concentrated in popular sectors such as new consumption, biopharma, and technology. These companies typically have small market capitalizations—mostly below HKD 20 billion—meaning even relatively modest inflows of capital can drive oversubscription levels sharply higher. Despite the sustained short-term enthusiasm, investors must remain aware of the associated risks. For example, the 2018 oversubscription champion Maoji Kailong once saw its share price spike to HKD 11.76 after listing, but it has since collapsed into penny-stock territory, now trading more than 37% below its IPO price. Other once-popular names, such as Peach Kid Group, likewise failed to escape steep post-listing corrections.
Industry experts caution that investors participating in IPO subscriptions should comprehensively assess a company’s business model, profitability, industry outlook, and valuation rather than blindly chasing market hotspots. CITIC Securities also warns that while policy catalysts, active trading, and foreign capital inflows have collectively fueled the current boom in Hong Kong IPO subscriptions, short-term returns are closely tied to liquidity and subscription momentum. Mid- to long-term performance, however, depends far more on a company’s growth potential, cash-flow strength, and shareholder-return capability. In the midst of the lively IPO festivities, maintaining rational judgment and proper risk control remains the key to long-term success.
