Hong Kong’s secondary new stocks have emerged as the market’s top performers, with consumer and gold-related plays leading the charge. Bubble tea chain Mixue Group has surged 165% since its March IPO, while cosmetics brand Mao Geping skyrocketed 277% from its offering price. Gold retailer Laopu Gold became the standout performer, briefly breaking above HK$1,000 per share amid soaring bullion prices.
The rally reflects pent-up demand for growth stocks after a quiet 2023, combined with strong sector-specific tailwinds. Consumer stocks benefit from China’s premiumization trend, while gold plays capitalize on safe-haven demand. However, valuations appear stretched – Mao Geping now trades at 65x earnings, nearly triple the Hang Seng Index average.
While these gains demonstrate renewed market vitality, investors should remain selective. The coming earnings season will test whether fundamentals justify current valuations, particularly for gold stocks exposed to commodity volatility. Market momentum may persist, but differentiation between quality growth and speculative plays will become crucial.
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