Hong Kong's Three Major Indices Plunge Over 3%! Phillip Hk Newly Listed Equities Index Etf (02835.HK) Tumbles 9.62% in Afternoon Trade

NewTimeSpace News:On March 23, Hong Kong's three major indices opened lower and extended declines. As of the midday close, the Hang Seng Index fell3.46%, while the Hang Seng Tech Index dropped3.10%. The Phillip Hk Newly Listed Equities Index Etf(02835.HK)saw its losses widen to9.62%in afternoon trading.

According to Hong Kong Exchange (HKEX) data, the fund tracks theSolactive Hong Kong Newly Listed Equities Index, which specifically covers newly listed and recent IPO stocks on the Hong Kong Stock Exchange, providing investors withbeta exposureto the early-stage performance of the Hong Kong IPO market. The fund's holdings concentrate on technology and new economy leaders listed in recent years, exhibiting distinct high-growth, high-volatility characteristics.

Notably, in Q1 2026, the listing-day "breaking" rate (falling below IPO price) among new Hong Kong listings increased. Among27 newly listed stocks,2 broke their issue prices on debut day, with maximum declines exceeding40%. Within five trading days post-listing,10 stocks fell below their offer prices, accounting for37%of the total.

On the other hand,southbound capitalhas emerged as a significant force in Hong Kong IPO pricing. In 2025, southbound trading turnover via Stock Connect saw substantial growth, with mainland investors' participation continuing to rise. In IPO offerings, southbound subscription levels directly impact issue pricing and oversubscription multiples, with their pricing power increasingly strengthening.

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