According to Bloomberg data, Hong Kong's IPO market is losing momentum, with 7 out of 12 IPOs in September falling on their first day, bringing the total number of first-day drops in Q3 to 15 out of 31 IPOs. Among them, Medcaptain Medical Technology plunged 43% on its debut, and fast-fashion giant Shein's stock price also fell by 10% at one point. In contrast, only 14 out of 77 IPOs in the first half of the year experienced first-day declines.