Mengjinyuan (02585.HK) is playing tricks again with clawback, and the grey market first dropped -20%——New share placement situation

$MOKINGRAN(02585.HK) The public offering was oversubscribed by 20.58 times, while the international offering was only 0.98 times. Another round of clawback trickery is here. The grey market first fell then rose. After the baptism of Jiuyuan Gene's massive loss, many retail investors have become panicked about upcoming IPOs. Even with Mengkeum Jewellery's clawback trick, the grey market still plummeted at opening. Phillip's grey market dropped 19% in the first five minutes, Futu's fell 17%, and Bright Smart's plunged 22%! This is a stock with a clawback trick—such a steep drop is clearly irrational, indicating a complete breakdown in investor psychology.

Fortunately, another independent grey market actually rose 2%. Those who got three tail-end lots in Mengkeum Jewellery sold at the 2% rise, completing a round of arbitrage. Too bad they didn't buy back on Phillip's grey market. By the close of the grey market, the stock had rebounded from a 20% drop to nearly break even.

Let's look at Mengkeum Jewellery (02585.HK)'s grey market performance:

Mengkeum Jewellery (02585.HK) opened high at HKD 12.24 on Phillip's grey market, immediately dropped to a low of HKD 9.20, then rebounded and fluctuated around HKD 12.00 before closing at HKD 12.54. The peak was HKD 12.80, up 4.50% with a 30.00% swing. Buyer 950 jumped in again, with turnover hitting HKD 175,700.

On its debut, it opened high and surged to HKD 13.20 within seven minutes, up 10.00%.

Among this year's clawback-trick stocks, Mengkeum Jewellery suffered the worst grey-market slaughter.

Check out Mengkeum Jewellery (02585.HK)'s allocation details!

Mengkeum Jewellery (02585.HK) priced at HKD 12.00, the bottom of its HKD 12.00-14.40 range, raising HKD 527 million with a total market cap of HKD 3.276 billion. The H-share float is HKD 819 million, representing 16.10% of shares. Allocation stats: 8,591 subscribers, public offering 20.58x oversubscribed (very hot). Since it exceeded 15x, the clawback ratio was 20.00% (should've been 30.00%). The international offering was 0.98x. The lottery success rate was 7.66%, requiring 15 lots for one guaranteed allotment. The B-group had 38 applicants, including 3 top-bidder subscriptions, with allocation rates of 15.19%-15.27%!

Mengkeum Jewellery (02585.HK)'s B-group official allotment list shows: 10 got 61,000 shares, 7 got 61,200, 1 got 76,200, 5 got 76,400, 3 got 91,600, 1 got 137,400, 2 got 152,400, 3 got 152,600, 1 got 190,600, 1 got 228,200, 1 got 304,000, and 3 top-bidders got 333,800 shares. The B-group total allotment was 4.3956 million shares, worth HKD 52.7472 million.

Here's the public B-group allotment list:

14019*** 61,000

22010*******25133* 61,000

31022*******14383* 61,000

31011*******27581* 61,000

36250*******08081* 61,000

36252*******16301* 61,000

50010*******31213* 61,000

70599*** 61,000

P4818*** 61,000

R7313*** 61,000

31011*******29162* 61,200

31011*******15542* 61,200

31011*******14562* 61,200

P8450*** 61,200

Z2843*** 61,200

Z1903*** 61,200

Z3602*** 61,20031011*******15542*61,20

22010*******05822* 76,200

18632*** 76,400

31010*******25001* 76,400

32011*******13001* 76,400

36050*******12132* 76,400

C2492*** 76,400

20903*** 91,600

23010*******15044* 91,600

M8024*** 91,600

F4421*** 137,400

61012*******27708* 152,400

M4353*** 152,400

42010*******14084* 152,600

OF75*** 152,600

Z2877*** 152,600

18632*** 190,600

M9076*** 228,200

M0898*** 304,000

20100*** 333,800

31010*******02682* 333,800

32378*** 333,800

Now let's check the international offering:

Mengkeum Jewellery (02585.HK)'s international offering had 112 subscribers, 0.98x oversubscribed.

Mengkeum Jewellery (02585.HK)'s international offering is widely dispersed—the top 25 holders post-listing own 16.53% of total shares. The stabilizer is CLSA, with no greenshoe. CLSA-sponsored IPOs have been solid this year.