$Sheng Hong Technology.HK's Hong Kong stock debut exploded by 60%. This matter can't be judged solely by the price increase—it's about the narrative turning point of the second wave of NVIDIA's supply chain returning to the Hong Kong stock market. You need to look at two things simultaneously: First, Sheng Hong is a PCB supplier for NVIDIA—the usage of high-end HDI/SLP in AI servers has skyrocketed; second, this year's largest IPO in Hong Kong closed +46% on its first day, indicating the market isn't short of money, but rather lacks targets with "hard tech + AI infrastructure + genuine supply chain relationships." The issue price was 209.88 HKD, closing at 306.80 HKD. A single-day 46% means institutions that won the allotment directly earned half a year's salary. But what I care about isn't yesterday; it's how this stock will move tomorrow. There are two camps: The bullish logic: AI PCB is a necessity-driven sector, Sheng Hong's verified relationship with NVIDIA is solid, Hong Kong stock liquidity is recovering + northbound capital flowing south. A typical script is a surge on the second day, a pullback, and then a new high. The bearish logic: The first day's 46% has already consumed the entire next quarter's expectations. Institutions will have lock-up expirations and outflows. The 306 where retail investors took over is an "absolute price anchor" but not a "valuation anchor"—valuation is already overstretched. My judgment: The first 3 trading days for this kind of stock are about emotional games, not value games. Chasing highs to buy is unwise, but completely avoiding it also means missing a new representative target. Observe the trading volume and northbound capital inflow data over the next two days. If the volume shrinks for 3 consecutive days but the stock price stabilizes above 280, that's a signal of completed institutional turnover. That's when it's the entry window for retail investors. For comparison: ALAB is the US stock market's "first AI interconnect stock," Sheng Hong is the Hong Kong stock market's "first AI PCB stock"—if you already have deep confidence in the AI supply chain, both targets deserve a place in your Hong Kong-US stock portfolio, but don't jump in on the first day.