UROP Proceedings 2021-22

School of Business and Management Department of Finance 185 Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: LAN Qing / QFIN Course: UROP1100, Spring Were the existing shareholders really generous to offer a treat for new joiners? The answer was clearly no given its post-IPO stock price performance. Nevertheless, there are several interesting questions to explore. Why were retail investors so passionate about it back then? How could they avoid falling into the similar trap again? Are there any signals or red flags to watch for? This case study examined the above questions from five aspects, namely pre-IPO dividend policy, change in senior management, the role of cornerstone investor in the IPO process, media and sell-side coverage, postIPO financial performance. The study was based on information and data collected from prospectus, past interviews with the CEO done by media, discussions on online investment forums such as Xueqiu, news coverage, Baidu Index, and industry reports. Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: LEE Ho Ching / ECOF TAN Xinyue / FINA Course: UROP1100, Fall UROP1100, Fall This study sought out to find whether there are individual variables that can explain the short-term and longterm stock returns regarding companies listed on the Main Board of Hong Kong Stock Exchange. This paper takes a sample of 1,046 companies that listed on the Main Board of Hong Kong Stock Exchange during 2002 to 2020, excluding firms that were listed by introduction, and runs predictive regression analysis between 10 independent variables and 12 dependent return variables. The results show that no individual variables explain the return patter of the stocks significantly well. Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: QIAO Yanyang / QFIN Course: UROP1100, Spring In 2018, HKEX officially announced Chapter 18A, allowing biomedical companies without revenue or profit to be listed. The new policy affects IPOmarket, investment banks and boosted biotech industry substantially. By the end of 2021, 48 companies were listed under Chapter 18A, and more than 20 companies had filed the application forms. To better understand this kind of companies’ performance, stock price and its impact after listing, this report analyzes a typical biotech company-Brii Biosciences Limited, and focuses on its IPO process, post-IPO performance and impact.