香港热火朝天的首次公开拍卖（IPO）市场上，基石投资者的热情似乎正在消退，这迫使一些原本希望本月上市的发行人推迟了它们的拍卖。
Exuberance among cornerstone investors in Hong Kong’s booming initial public offering (IPO) market seems to be fading, forcing some issuers that had hoped to list this month to postpone their offerings.
据知情人士称，第三季度超过60%的新上市公司目前交易低于发行价，担任基石投资者的投资者——他们通常以持有六个月的股票作为交换获得保证的配额——正在重新考虑是否参与即将到来的交易。
With more than 60 per cent of new listings in the third quarter now trading below their issue prices, cornerstone investors – who typically receive guaranteed allocations in exchange for holding shares for six months – are reconsidering whether to to coming deals, according to people familiar with the matter.
他们表示，至少有一笔最初计划在10月进行的IPO不得不推迟到下个月或更晚，因为一些机构投资者退出了作为基石支持者的口头协议。
At least one IPO originally planned for October had to be delayed until next month at the earliest after some institutional investors pulled out of verbal agreements to be cornerstone backers, they said.
“银行现在正急于寻找替代者，”这些人说，他们要求匿名，因为他们未获授权公开发言。
“Bankers are now scrambling to find replacements,” said the people, who asked not to be identified because they were not authorised to speak publicly.
这一减速跟今年该城市最大的上市表现不佳有关。在前三个季度筹集超过10亿美元的九家香港上市公司中，有六家目前交易亏损。
The slowdown follows a weak showing among the city’s largest debuts this year. Out of the nine Hong Kong listings that raised more than US$1 billion in the first three quarters, six are now trading in the red.
例如，中国能量饮料制造商东罗饮料自2月份上市以来，股价已下跌超过60%。
For example, Chinese energy-drink maker Eastroc Beverage has plummeted more than 60 per cent from its issue price since its debut in February.
“即使他们没有完全退出，有些人表示他们想减少投资规模或通过他们的内部投资委员会重新审议，”这些人补充道。“具有高估值和不明盈利的发行人尤其受到影响。”中国德勤会计师事务所大中华区董事总经理欧崇恒表示，这种上市后的疲软严重动摇了长期投资者的信心，尤其是在市场波动持续的背景下。
“Even if they don’t exit entirely, some say they want to reduce their investment size or go back through their internal investment committee,” the people added. “Issuers with high valuations and unclear earnings are especially affected.”This post-IPO weakness had severely undermined long-term investor confidence, particularly amid ongoing market volatility, said Edward Au Chung-hing, southern region managing partner at accounting firm Deloitte China.
根据伦交所集团数据与分析（LSEG Data & Analytics）的数据，2026年前九个月通过香港IPO筹集的资金达到484亿美元，为1980年记录开始以来同期最高水平。
Funds raised through Hong Kong IPOs reached US$48.4 billion in the first nine months of 2026, marking the highest level for this period since records began in 1980, according to LSEG Data & Analytics.
然而，截至9月30日，在第三季度上市的31家公司中，有20家——超过60%——的股价跌破了发行价。
However, as of September 30, out of 31 companies that listed in the city during the third quarter, 20 – more than 60 per cent – fell below their offer prices.
其中，电子测试设备制造商锐歌科技、医疗器械制造商美康医疗科技、中国自动驾驶公司Momenta以及北京同仁堂医疗投资等公司的股价均已从发行价回落一半。
Among them, electronic test equipment manufacturer Rigol Technologies, medical device maker Medcaptain Medical Technology, Chinese autonomous driving firm Momenta and Beijing Tong Ren Tang Healthcare Investment have all seen their share prices halved from their offer prices.
该季度推出的几次备受关注的IPO也表现欠佳。只有Innolight的股票仍然保持在发行价以上，而Shein和Luxshare目前分别以低于发行价27%和20%的价格交易。
Blockbuster IPOs launched during the quarter also performed poorly. Only Innolight’s shares remain above its issue price, while Shein and Luxshare are currently trading 27 per cent and 20 per cent below their issue prices, respectively.
新加坡主权财富基金GIC、Hillhouse以及Temasek等私募股权投资公司积极参与香港IPO市场，但大多数公司目前面临浮亏。
Sovereign wealth funds and private equity firms such as GIC, Hillhouse and Temasek actively took part in Hong Kong’s IPO market, but most have recorded paper losses.
Temasek在Chaozhou Chaozhou Three圆、Eastroc Beverage、Luxshare和Innolight等公司中共计投资超过5亿美元的股票，但其中三笔投资目前已处于亏损状态。
Temasekd to a total of more than US$500 million worth of shares across Chaozhou Chaozhou Three-Circle, Eastroc Beverage, Luxshare, and Innolight, but three of these investments are now sitting on losses.
近年来，香港IPO中国际基石投资者的数量逐步恢复，并于今年达到近年高点。香港交易所及清算有限公司行政总裁陈一婷博士上个月表示，除了传统的亚洲投资者外，中东、欧洲、北美和亚太地区的长期基金继续增加了参与力度。
Over the past few years, the number of international cornerstone investors in Hong Kong IPOs has steadily recovered, reaching a recent high this year. Beyond traditional Asian investors, long-term funds from the Middle East, Europe, North America and the Asia-Pacific region have continued to increase their participation, said Bonnie Chan Yiting, CEO of bourse operator Hong Kong Exchanges and Clearing (HKEX), last month.
在今年前十大最大IPO中，有七次的基石配售占其总募资的近50%，这些多为上半年上市的公司。
Among the top 10 largest IPOs this year, seven had cornerstone allocations account for nearly 50 per cent of their total fundraising – mostly for companies listed in the first half of the year.
相比之下，第三季度上市的Shein的基石配售仅占22%。对于像RoboTechnik Intelligent Technology和Shenzhen Longsys Electronics这样的小型上市公司，其基石参与率分别为35%和18%。
In contrast, Shein, which listed in the third quarter, had a cornerstone allocation of only 22 per cent. For smaller listings like RoboTechnik Intelligent Technology and Shenzhen Longsys Electronics, cornerstone participation stood at 35 per cent and 18 per cent, respectively.
“投资者将变得更加挑剔和谨慎，投资金额可能会减少，但这不会阻挡公司在香港上市的雄心，”欧说。
“Investors will become more selective and cautious, and investment amounts may decrease, but this will not deter companies’ ambition to list in Hong Kong,” Au said.