[Hong Kong stock IPO cornerstone subscriptions cooled down, and the proportion of subscriptions fell back to 31.18% in September] October 14th, in the first three quarters of this year, Hong Kong stock IPOs ushered in a supply-side peak, but the valuation temperature gap between the primary and secondary markets widened. Wind data shows that based on the listing date, the amount of funds raised by Hong Kong stock IPOs in the first three quarters exceeded HK$380 billion, of which cornerstone subscriptions exceeded HK$150 billion, accounting for about 40%. However, the subscription enthusiasm of cornerstone investors has cooled down recently. In September, the proportion of cornerstone subscriptions has dropped to 31.18%, setting a new low in a single month during the year. At the same time, the exposure frequency of a group of investment institutions that were active in the primary market in the cornerstone investment in new stocks is also declining. Many industry insiders interviewed said that as the probability of IPO breaks continues to rise, the cornerstone investment that once served as the "ballast stone" for IPOs has cooled down. The market is getting rid of the inertial thinking of "everything is new" and is instead strictly screening the quality of the target, the certainty of profit and the scarcity of the track. (Securities Times)