韩国散户投资者向 Elice Inc. 的首次公开募股（IPO）投入了数千万美元，押注能从预期的首日涨幅中获得丰厚回报。结果，他们却遭遇了该国有记录以来最惨烈的上市首日表现之一。
Korean retail investors poured tens of millions of dollars into Elice Inc.’s initial public offering, betting they would make a bumper return from its expected first-day pop. Instead, they got one of the country’s worst debuts on record.
据彭博汇编的数据显示，这家人工智能基础设施公司的股价在上市首日下跌 32%，创下韩国募资规模在 1 亿美元或以上 IPO 中最大的首日跌幅。尽管该发行的散户配售部分超额认购高达 400 倍，股价仍然崩盘。
Shares in the artificial-intelligence infrastructure firm slid 32% on its trading debut, the largest ever opening-day decline for a Korean IPO, according to data compiled by Bloomberg for sales of $100 million or more. The collapse was despite the fact that the retail tranche of the offering was oversubscribed by a massive 400 times.
Toss Securities Co. 股票交易应用上 Elice 投资者的在线论坛周二挤满了哀叹股票表现惨淡的帖子。
An online forum for Elice investors on the share-trading app of Toss Securities Co. was filled with posts Tuesday lamenting the stock’s dismal performance.
“我说别去仙境，”一条帖子写道，指的是该公司的韩文名发音与刘易斯·卡罗尔经典著作《爱丽丝梦游仙境》主角的名字发音相似。
“I told you not to go to the Wonderland,” one post read, referring to the fact that the company’s Korean name is pronounced similarly to that of the main character in Lewis Carroll’s classic .
“所有蚂蚁都死光了，”另一条帖子称，影射韩国散户投资者“蚂蚁”的昵称，并配了一张虚构的爱丽丝用超大号大锤砸死一群蚂蚁的插图。
“All ants are dying,” another post said, alluding to the nickname used for Korean retail investors, and sharing an illustration of the fictional Alice bludgeoning a group of ants with an oversized sledgehammer.
首尔 Iroom Investment Advisors 投资部门经理赵贤旭（Jo Hyunik，音译）表示：“散户投资者可能盲目相信 IPO 股票永远会上涨。”不过他补充说，虽然参与认购的投资者正在亏损，但大多数散户投资者在发行中根本分不到多少股份。
“Retail investors may have blindly believed that IPO stocks would always go up,” said Jo Hyunik, an investment division manager at Iroom Investment Advisors in Seoul. Still, while those who subscribed in the IPO are suffering losses, most retail investors were unable to get many shares in the offering, he said.
一名散户投资者在 X 上发布截图，显示其持仓 68,255 韩元（约合 51.44 美元）首日下跌 24.75%，并写道：“这是我第一次在 IPO 上亏钱。”另一名投资者称该 IPO“毁了”韩国股市和加密货币市场。
One retail investor posted a screenshot on X of a 68,255 won ($51.44) position that has fallen 24.75% on the first day, adding, “this is the first time I’ve lost money on an IPO.”Another investor said the IPO has “ruined” Korean stocks and cryptocurrency markets.
散户投资者获配了发行总量 222 万股中的 25%，价值约 503 亿韩元，而 Elice 此次募资总额为 2010 亿韩元。按收盘价计算，个人投资者首日亏损约 1200 万美元。
Retail investors were allocated 25% of the 2.22 million shares on offer, worth about 50.3 billion won of the total 201 billion won Elice raised. Based on the closing price, individual investors suffered a loss of about $12 million on the day.
Elice股价的下跌，对于近期本已因本地股市大跌而受挫的韩国散户投资者来说，只是最新的一次挫折。基准韩国综合股价指数（Kospi Index）自6月的高点已暴跌39%。
The slide in Elice shares is just the latest setback for Korean retail investors, already bruised by the local stock market’s recent tumble. The benchmark Kospi Index has slumped 39% from its June high.
“再见Elice，你去仙境吧，”另一名散户投资者在Toss证券论坛上说。
“Bye-bye Elice, off to Wonderland you go,” another retail investor said on the Toss Securities forum.