School of Business and Management Department of Finance 208 Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: WANG Yiran / QFIN ZHAO Xuehan / QFIN Course: UROP1100, Summer UROP1100, Summer The research aims to find out a model that describes the IPO price in the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong as a function of the information variables known at the time of the offer. We investigated the factors that help investors determine the IPO price at the time of the offer and analyzed how strong each of the relationships is. We used financial ratios, indices, market size indicators, and industry classification variables of each company and applied these variables into three model selection methods. The result shows that the stepwise selection model gives the best performance. And based on this model, we provided a reasonable explanation for each of the factors involved. Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: WONG Shing Bun / QFIN Course: UROP1100, Spring The purpose of this study is to discover and quantify the offer price-setting behaviors of Investment banks engaged in the Hong Kong IPOmarket in terms of fundamental, technical, market, and psychological aspects. From the linear regression model built during the study, I discovered that financial data 2 years before the IPO especially data involving asset usage efficiency, as well as the timing of the IPO plays a significant role in determining its offer price. It may be attributed to the mechanism of fair value changes of convertible preferred shares and possible net income manipulation concerns from the underwriters and investors. Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: SHEN Yue / IS Course: UROP2100, Spring The research focuses on the Hong Kong IPO listed between 2002 to 2020. Through the statis analysis of the market to book ratio of the Hong Kong IPO, it shows that the companies with higher market to book ratio has common attributes. They have relatively lower fund raised, higher gross spread, higher placing share proportion and higher net income of the year of listing.
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