HONG KONG’S hottest initial public offerings (IPOs) have produced the worst returns for investors this year, while the least popular deals have fared far better.

Ping An Healthcare and Technology Co., in which retail investors placed orders for 654 times the shares initially available, has tumbled 35 percent since it started trading in May. Biotechnology firm Ascletis Pharma Inc., whose retail book was covered 10 times, is down 44 percent from its IPO price, and Meituan Dianping, a food-delivery giant that attracted billionaire investors including Hong Kong’s richest man Li Ka-shing, has dropped 22 percent.

Redsun Properties Group Ltd., Zhenro Properties Group Ltd. and DaFa Properties Group Ltd. received individual orders filling just 0.8 times their retail books on average. Yet they’ve climbed an average 18 percent from their IPO prices, putting them among the top five performers from deals above US$100 million. Innovent Biologics Inc. is the best performer. It had a retail subscription ratio of only 1.1 times and has surged 38 percent.

The 10 most popular stocks by retail subscription ratio — from 36 offerings above US$100 million — have slumped 36 percent on average. The 10 deals with the lowest subscriptions average a drop of just 4.8 percent. The average performance of all 36 on the list is a 7.9 percent loss.

It’s been a tough year for mainland equities as a whole. The mainland stock market has lost US$2.7 trillion in value since late January. (SD-Agencies)