# Lock-up Expiration

Hong Kong’s IPO Frenzy Meets a Cold Reality: Why the Subscription Narrative is Shifting

Hong Kong's IPO market is experiencing a significant correction as high-volume listings fail to translate into share price gains. Despite a record-breaking first half of 2026, a surge in recent 'breaks' below IPO prices and a looming $274 billion lock-up expiry are forcing investors to prioritize earnings over hype.