, Columnist
How to Lose $20,000 in Hong Kong's IPO Slot Machine
Making a killing on day one is far from guaranteed.
Retail investors can afford to wait for the next hot thing.
Photographer: Anthony Kwan/Bloomberg
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Any stock market is a dead pool without IPOs. But too many share sales can give investors indigestion.
Take Ping An Healthcare & Technology Co., or Good Doctor. It struggled on its first day on Friday, despite being 653 times oversubscribed. Its performance is in sharp contrast to Tencent Holdings Ltd. spinoff China Literature Ltd., which soared 86 percent when it debuted in November.