IPO subscription for Hengrui Pharmaceuticals in HK stocks, earning hundreds of thousands a day!

The chart below shows the after-hours gains of two stocks today.

Hengrui Medicine closed up 33.6%, and MIRXES-B closed up 33.91%.

I previously recommended subscribing to both stocks.

As mentioned earlier, among this batch of new listings, CATL and Hengrui were the most certain bets. Hengrui was slightly less certain than CATL but still at a subscription level unlikely to break issue price. Everyone should try to allocate funds to Group B subscriptions.

The lottery rate for one lot of Hengrui was 10%, while Group B subscribers needed nearly 900,000 in capital to secure 5 lots. Capital utilization efficiency was relatively low.

Such high-certainty stocks are bound to be hot, with very low lottery rates. There are no subscription tricks—it all comes down to capital strength, and there’s no skill involved!

So, while I made a lot from CATL and Hengrui, there’s really nothing to boast or be proud of.

For gains above six figures, I never disclose specific numbers because everyone’s capital size differs. The key is to understand the attitude and logic—showing numbers is meaningless.

So, if some influencers are using high-certainty new listings like CATL and Hengrui to heavily promote their subscriptions, they really lack skill. And if they didn’t even subscribe to CATL or Hengrui... well...

Below are real-time updates after the after-hours session started. Pay attention to the timing of the updates.

I didn’t think Hengrui was strong enough to trade at a premium like CATL. During after-hours, I felt a 5% discount was reasonable. I acted accordingly, selling several lots, as seen in the holdings chart. I kept a round number, bringing my cost basis to around 35.

Tonight’s allocation results are out. Tomorrow, it might rise to parity with the A-share price, or even a premium due to FOMO. At that point, I’ll likely sell all my remaining positions.

Actually, two days ago, we used an options strategy with partial hedging to short CATL, which is already profitable. I won’t go into details here but will share the logic tomorrow if time permits.

I made dozens of times more from MIRXES-B in after-hours trading than from Hengrui. But I felt no sense of achievement from subscribing to Hengrui.

The real achievement was this letter stock—MIRXES-B!

Because the public subscription was only 25x oversubscribed, almost no influencers recommended it—at most, some speculated with one lot for fun!

I went straight for the tail of Group A, which clearly conveyed my stance.

Long-time followers know I prefer selling in batches, not aiming for the peak but settling for an average price.

For this letter stock, I shared right after after-hours started that I was looking to buy more—and I didn’t sell a single lot! That’s also a statement!

The allocation results for the letter stock show institutional subscriptions at only 0.98x, with a 12.6% clawback.

Let me briefly explain why it wasn’t the usual 20% clawback. The prospectus stated "no more than 20%," not a fixed 20%. The final decision lies with the sponsor and bookrunner.

The first-day gain could outperform after-hours, but the exact increase is uncertain—we’ll have to see the market action.

Below is some earlier analysis.

As an influencer, I can’t just avoid less certain new listings to protect my win rate, because most excess returns come from these divisive stocks.

The lottery rate for one lot of the letter stock was 95%, while Hengrui’s was only 10%—a world of difference in capital efficiency.

High-certainty stocks are often the hottest and most crowded. If small and medium-sized investors only subscribe to these, they’ll hardly win any lots—where’s the excess return?

Everyone has different risk appetites and priorities for win rates vs. payout ratios.

I try to chase excess alpha returns, but that lowers the win rate. Choose based on your risk tolerance. If mistakes happen, please be forgiving!

Finally, this article opens for tips, but I won’t keep a single cent—all donations go to Tencent Charity!

I thank every boss for your trust and companionship! The gains from this round of HK IPO subscriptions aren’t just numerical growth but an extension of intrinsic value. In our collective name, we’ll transform part of this wealth into hope through Tencent Charity! Even 1 yuan is hope!

Your every contribution will become books for mountain children, warmth for lonely elders, and light for struggling families...

On the investment journey, we chase the stars but also strive to be a lamp illuminating the world!

(The collective donation name isn’t decided yet—leave suggestions in the comments or DM me better donation channels. Rest assured, I won’t donate to shady organizations like certain "red crosses"! Every donation will be publicly disclosed later.)

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$CATL(03750.HK) $HENGRUI PHARMA(01276.HK) $MIRXES-B(02629.HK)