MiniMax, this wave of market movement, is essentially a battle of information asymmetry.

On the first day of the dark pool trading, market sentiment had already been shattered by the previous few newly listed stocks that broke their IPO prices. The stock only rose 20% at open, and seeing this, many investors were scared and immediately sold off. But here’s the problem—after the dark pool closed, a piece of news exploded: institutional placement was oversubscribed by 79 times, with major players like GIC, Middle Eastern funds, and Canadian pension funds frantically buying up shares, involving over 460 institutions. Ironically, by this point, many retail investors had already exited, watching others eat the big gains.

The real reversal happened on the second day. Overnight, public opinion fermented, and the stock opened sharply higher at 235 HKD. Although there was some shakeout later, large buy orders kept pushing the price higher. The resistance levels at 250, 290, and 310 HKD were successively broken, and the stock finally closed at 345 HKD—an increase of 109% from the dark pool low to the close. This is the so-called "the duck knows first when the spring river warms," meaning institutions get full first, and then retail investors get their turn.

To sum up, when participating in IPOs, you need to learn to watch for these signals: don’t be scared by individual cases of breaking the IPO price, which often leads to collective panic—this is the easiest time to miss out. More importantly, pay attention to the subscription multiples of the national placement and the list of cornerstone investors—these details often reveal the temperature of the subsequent market trend in advance. The biggest risk in investing is handing over your chips at critical moments, which often coincides with the greatest information gap.