The subscription for Zhuozheng Medical's new stock is ridiculously hot, with margin ratios of 700x or even 1000x. The enthusiasm for fundraising is the king of involution. But looking at the market, the cornerstone investors are all in, and when it's my turn, it's purely luck—just getting a little to share the joy. Now, the valuation of Hong Kong IPOs is uncertain, and after listing, you still need to keep your eyes open to avoid becoming cannon fodder.