longbridge-hkipo-analysis
Prompt-only HK IPO subscription analysis. Given a new stock code or company name, output three-tier ratings: "Recommend Subscription / Neutral Watch / Suggest Avoidance" + four-dimensional scoring details + prospectus highlights + risk warnings + reference for subscription lot size; or output a 4-week upcoming IPO schedule + rating overview in calendar mode. The report must end with a fixed "Data Source Details" appendix, where each line specifies the source (Longbridge CLI subcommand / MCP tool / WebSearch URL), capture time, and data period.
Response language: detect the user's input language (Simplified Chinese / Traditional Chinese / English) and render the
entire report — section headings, table labels, narrative, dimension scoring, prospectus digest, risk bullets, action frame, data-source appendix, and disclaimer — in that one language. Do not mix languages within a single output. The output template in
is written in English for reference; translate it as a whole using the label-translation lookup before emitting. The error / data-source tables inside
this SKILL.md remain 3-column because they document what the skill says under each language — that form is for the skill's reference docs, not for the user-facing report.
Independence statement (mandatory): this skill is an independent IPO subscription analysis framework. It is not affiliated with the issuer, the sponsoring underwriters, the HKEx, or any cornerstone investor. The rating is model-derived and never a buy / sell recommendation; arrange margin financing (孖展) only after independently understanding the leverage risk.
When to use
- "XX 公司值得打新吗" / "XX 公司值得打新嗎" / "is XX IPO worth subscribing"
- "帮我看下最近港股有什么新股" / "幫我看下最近港股有什麼新股" / "what HK IPOs are upcoming"
- "XX 招股了，要不要申购" / "XX 招股了，要不要申購" / "XX is open for subscription, should I apply"
- "XX 发行价合理吗" / "XX 發行價合理嗎" / "is XX's offer price fair"
- "XX 打新风险大吗" / "XX 打新風險大嗎" / "how risky is XX's IPO"
- "XX 没打中，现在追合适吗" / "XX 沒打中，現在追合適嗎" / "missed XX IPO — chase now or wait"
- "港股 IPO 日历" / "港股 IPO 日曆" / "HK IPO calendar"
- "XX 应该打几手" / "XX 應該打幾手" / "how many lots of XX should I apply for"
For US / A-share IPOs → defer to
(lifecycle hub) + an equity analysis skill. For account-level IPO subscription orders / profit and loss → defer to
/
. For purely post-listing fundamentals →
or
longbridge-stock-research
.
Cognitive frame (do not skip)
The key difference between HK IPO subscription analysis and secondary market analysis is that the available data window is very narrow (subscription period is usually 3–5 working days), and the analysis targets are "not yet listed" or "just listed" securities, with no K-line or historical financial report trends to reference. Three things must be clarified in every output:
- Ratings are decision anchors for retail investors, not predictions. "Recommend / Neutral / Avoid" is a current judgment based on four-dimensional scoring, and does not predict first-day price changes. Any wording like "expected first-day +XX%" violates guardrails.
- Disclose missing data, do not fabricate. Items not disclosed in the prospectus (such as unannounced claw-back ratios, undetermined cornerstone lists) must be explicitly marked as "Not disclosed in prospectus / To be announced", and the corresponding dimension should be downgraded as "Insufficient information" instead of using industry averages as placeholders.
- Margin financing (孖展) must be separately prompted. Once the user asks "how many lots" or "borrow to subscribe", the output must include a line of leverage risk warning, and must not default to recommending margin financing solutions.
Four scenarios must be distinguished:
- During subscription period + complete data → proceed with single-stock full analysis (Scenario 1), output four-dimensional scoring + prospectus highlights + subscription references.
- No specific target, only asking "recent" → proceed with calendar mode (Scenario 2), output 4-week upcoming IPO schedule + one-sentence rating per stock.
- Listed ≤ 30 days, user asks "whether to chase after missing subscription" → proceed with newly listed stock chase mode (Scenario 4), add grey market / first-day actual performance / deviation of current price from offer price, reference target price range, and do not issue "chase / do not chase" instructions.
- Listed > 30 days → decline to handle, suggest using
longbridge-stock-research
Workflow
- Identify mode. Determine whether to proceed with the "single-stock", "calendar", or "newly listed stock" branch based on user input. Ask for clarification if ambiguous or multiple companies are matched; try to automatically resolve pure company names to , and list options for user confirmation if multiple matches exist.
- Market legitimacy check. This skill only accepts Hong Kong Main Board / GEM targets. If input is / / / , directly decline and suggest using + market-specific analysis skill.
- Tool discovery (mandatory). Before each execution, first run to get the list of currently available subcommands, then select specific subcommands according to the "data requirement → semantic keyword" mapping in §CLI. Do not hard-code subcommand names / flag names into conversations, as CLI evolves with versions.
- Parallel data fetching. Fetch required items according to the current mode (see §CLI for details). If CLI commands are missing → use §MCP fallback; if MCP tools are also unavailable → use §WebSearch fallback; if still unavailable → mark "Data unavailable" in the corresponding dimension, do not downgrade to industry averages or guess.
- Data consistency check. Perform the following lightweight checks before scoring:
- Ensure the prospectus offer price range, subscription period, and listing date are consistent with fields; if inconsistent, take the latest one and note the conflict in the appendix.
- If cornerstone ratio, oversubscription multiple, and claw-back tiers come from different sources, must display their respective source lines.
- Currency: All amounts are displayed in the original currency of the prospectus (default HKD); if the user's holding currency is different, add a note on the exchange rate conversion basis instead of silently converting.
- Four-dimensional scoring. Score according to the indicator cards, thresholds, and weights in (full score 10 points); total weight is 120%, normalize the output. Hard thresholds for three-tier ratings are in §Pass/reject matrix. If ≥2 key data items are missing (offer price, cornerstone ratio, oversubscription multiple), do not issue a rating, only output "Insufficient data, unable to rate".
- Prospectus highlights extraction (standard mode = detailed output). Extract TAM / three-year financial trends / fundraising use / growth drivers / management background / risk factors from the prospectus according to the chapter priority in §Prospectus extraction. All figures must be traceable to the original chapter.
- Risk and subscription references. 3 specific risks (empty phrases like "market risk" are not allowed; must be linked to specific business / financial / regulatory facts) + subscription lot size references divided into conservative / aggressive tiers, with aggressive tier explicitly marked with leverage-amplified losses.
- Output report. Render according to the corresponding template in (single-stock / calendar / newly listed stock / decline / insufficient data), must end with "Data Source Details" appendix, followed by disclaimer.
CLI
Tool discovery first: run
to view currently available subcommands; check parameters with
longbridge <subcommand> --help
before constructing calls.
The subcommands listed below are "semantic examples", subject to output.
Classified by data requirements (semantic keywords → example subcommands):
| Data Requirement | Semantic Keywords | Example Subcommands |
|---|
| HK IPO Calendar | + / / / | longbridge ipo calendar --format json
longbridge ipo subscriptions --format json
longbridge ipo wait-listing --format json
longbridge ipo listed --format json
|
| Single new stock prospectus summary, offer price, timeline, cornerstone, oversubscription multiple | + | longbridge ipo detail <SYMBOL> --format json
|
| Chapter-level prospectus data (financial summary / fundraising use / risk factors / management / lock-up period) | First run to see if subcommand family can cover; typically has expanded main chapter fields | → select appropriate subcommand → longbridge ipo <sub> <SYMBOL> --format json
|
| Peer listed company valuation (PE / PS / PB average and median) | / / | longbridge peer-comparison <SYMBOL> --format json
longbridge valuation <SYMBOL> --format json
|
| Recent HK new stock first-day performance (used to calculate 3-month break rate) | + + | longbridge ipo listed --format json
|
| Hang Seng Index recent monthly market data (market timing dimension) | / + HSI | longbridge index-quote HSI.HK --format json
longbridge kline HSI.HK --period day --count 60 --format json
|
| Recent monthly average price change of same industry sector | / | longbridge sector-monitor --format json
longbridge industry-overview <SECTOR> --format json
|
| Cornerstone investor announcement / IPO-related public opinion | / | longbridge news <SYMBOL> --format json
longbridge topic <SYMBOL> --format json
|
| Company basic information (industry affiliation / registration location) | / | longbridge basicinfo <SYMBOL> --format json
longbridge company-profile <SYMBOL> --format json
|
| Newly listed stock mode: post-listing actual market data + grey market related data | / / / + | longbridge quote <SYMBOL> --format json
longbridge kline <SYMBOL> --period day --count 60 --format json
|
Parallel calls: After mode is determined, single-stock / newly listed stock mode defaults to parallel fetching of
,
,
(break rate),
,
,
; if deeper prospectus chapters are missing, select specific subcommands according to
to fetch supplementary data, if still missing, use WebSearch HKEXnews. Calendar mode only fetches
+
+
(calculate recent break rate as market timing anchor).
WebSearch fallback — only for data Longbridge does not provide
WebSearch is a last resort,
not the default path. Only use when both Longbridge CLI + MCP cannot obtain data, and must explicitly mark
[WebSearch — <publisher>, <date>, <url>]
in the appendix; forging sources is prohibited.
| Missing Data | WebSearch Query Mode | Acceptable Authoritative Sources |
|---|
| HKEXnews prospectus original link | "<company name>" prospectus site:hkexnews.hk
| HKEXnews (Disclosure易) |
| Industry TAM / growth rate | "<industry name>" market size 2030
"<industry>" market size 2030 Frost Sullivan
| Institutions cited in prospectus (Frost & Sullivan / CIC / iResearch), Gartner, IDC |
| Lead underwriter's HK IPO underwriting ranking in recent 3 years | "<investment bank name>" Hong Kong IPO underwriting ranking 2024
"HK IPO league table" 2024 sponsor
| Dealogic, Refinitiv, HKEx Annual Report |
| Original cornerstone investor announcement / historical investment records | "<cornerstone investor name>" "<company name>" cornerstone
| HKEX disclosure, Bloomberg, Reuters, company press releases |
| Grey market transaction price / quote (newly listed stock mode) | "<company name>" grey market quote
| Public grey market platform quotes from Futu, Phillip, Yao Cai,华盛, etc. (note platform and timestamp) |
| 3-month HK new stock break rate (when CLI data is insufficient) | "HK new stock" "break rate" 2025
"HK IPO first-day return" YTD
| Zhitong Finance, China Renaissance, HKEx Monthly Report |
| Regulatory / policy risks (specific industries) | "<sector>" Hong Kong regulation 2025
| SFC, HKEx, FT, Reuters |
Each WebSearch reference must specify publisher + report / article name + date + URL + capture time in the appendix; any figure with "unverifiable source" must be treated as "Data unavailable".
Output
Output is driven by templates in
, translated as a whole according to user input language before being sent. Three main report types + two exception report types:
- Scenario A — In-depth analysis of a single new stock (during subscription period or just started): Rating bar → core data card → four-dimensional scoring details → prospectus highlights (industry space / business model / three-year financial table / fundraising use / growth drivers / management) → 3 specific risks → subscription lot size reference (conservative / aggressive, with margin financing prompt) → extended query entry → Data Source Details appendix → disclaimer.
- Scenario B — IPO subscription calendar: 4-week upcoming schedule (company name / deadline / listing date / fundraising size / rating) → 1–2 key focuses + one-sentence reason → overall IPO subscription market environment assessment (based on 3-month break rate) → Data Source Details appendix → disclaimer.
- Scenario C — Chase newly listed stocks: First-day actual performance (opening / closing / amplitude / deviation of current price from offer price) → simplified four-dimensional analysis (emphasize "market timing" and "fundamental outlook") → reference target price range (derived from peer valuation, explicitly marked as "range" not "target point") → 3 specific risks (emphasize chasing high prices and liquidity) → Data Source Details appendix → disclaimer.
- Exception D — Insufficient data, unable to rate: List key fields that were attempted to fetch but missing → guide user to wait for afternoon of subscription deadline (oversubscription multiple announcement) or refresh data source → Data Source Details appendix (still print successfully obtained parts) → disclaimer.
- Exception E — Decline to handle: Non-Hong Kong IPO / listed > 30 days / introduction listing / SPAC, etc., give reasons and alternative skill recommendations, no further analysis.
Word count constraints: Scenario A quick mode (only rating + core data + four-dimensional scoring + risks + subscription reference) ≤ 400 words; detailed mode (including complete prospectus highlights) ≤ 2000 words. Scenario B / C / D / E ≤ 800 words.
Data Source Details appendix is mandatory output. Regardless of rating, calendar, chase, insufficient data, or decline to handle branch, must end with "Data Source Details", where each line includes: field category / source (CLI subcommand / MCP tool / WebSearch URL) / capture time (YYYY-MM-DD HH:MM) / data period. WebSearch lines must additionally provide publisher + report name + article date. Any missing data items must be marked as
or
[Not disclosed — awaiting announcement]
in the appendix.
Error handling
| Situation | Simplified Chinese Reply | Traditional Chinese Reply | English Reply |
|---|
command not found: longbridge
| 回退到 MCP；若 MCP 也不可用，请安装 longbridge-terminal。 | 回退到 MCP；若 MCP 也不可用，請安裝 longbridge-terminal。 | Fall back to MCP; if MCP unavailable install longbridge-terminal. |
| stderr / | 本 Skill 公开数据无需登录；若是 / 等账户接口，请运行 并选择 Trade 权限。 | 本 Skill 公開數據無需登入；若是 / 等帳戶接口，請執行 並選擇 Trade 權限。 | Public data needs no login; for / run with Trade scope. |
| Non-Hong Kong IPO input | 本 Skill 仅覆盖港股主板与 GEM，美股 / A 股请用 + 对应市场的分析 Skill。 | 本 Skill 僅覆蓋港股主板與 GEM，美股 / A 股請用 + 對應市場的分析 Skill。 | This skill covers HK Main Board + GEM only; for US / A-share IPOs use + a market-specific analysis skill. |
| Target listed > 30 days | 本 Skill 已不覆盖，请改用 longbridge-stock-research
| 本 Skill 已不覆蓋，請改用 longbridge-stock-research
| Out of scope; switch to longbridge-stock-research
|
| Introduction listing / SPAC / bond listing | 本 Skill 仅评估有募资的常规 IPO，不分析介绍上市 / SPAC / 债券。 | 本 Skill 僅評估有募資的常規 IPO，不分析介紹上市 / SPAC / 債券。 | Listings without fundraising (介绍上市 / SPAC / bond listing) are out of scope. |
| ≥2 key data items missing (offer price, cornerstone, oversubscription multiple) | 不出评级，仅出「数据不足，无法评级」并在附录列出缺失项。 | 不出評級，僅出「資料不足，無法評級」並在附錄列出缺失項。 | Do not emit a rating; emit "Insufficient data — no rating" and list missing fields in the appendix. |
| Oversubscription multiple not yet announced (subscription period not ended) | 在「发行质量」维度标「等待招股截止日下午公告」，不强行评分。 | 在「發行質量」維度標「等待招股截止日下午公告」，不強行評分。 | Tag the "Issue quality" dimension "awaiting close-of-book disclosure"; do not force-score. |
| WebSearch cannot find reference source | 该数据点附录写 ，对应章节给定性描述而非编造数字。 | 該數據點附錄寫 ，對應章節給定性描述而非編造數字。 | Tag the row ; qualitative discussion only — never fabricate. |
| User asks about specific margin financing products | 本 Skill 不推荐具体孖展产品；提示杠杆风险并引导至客服或 Longbridge 孖展页面。 | 本 Skill 不推薦具體孖展產品；提示槓桿風險並引導至客服或 Longbridge 孖展頁面。 | This skill does not recommend specific margin products; surface leverage risk and redirect to support / Longbridge margin page. |
| Other stderr | 原样透传错误，不静默重试。 | 原樣透傳錯誤，不靜默重試。 | Surface stderr verbatim; never silently retry. |
MCP fallback
When the
CLI binary is missing, fall back to the Longbridge MCP server (
claude mcp add --transport http longbridge https://openapi.longbridge.com/mcp
). Discover available tools at runtime from the MCP tool list — do
not hard-code tool names in this skill, they evolve with the server.
Map data needs to MCP capabilities by semantic match (same keywords as the
§CLI table). If a needed capability is not exposed by the MCP server either, drop to WebSearch (prospectus / cornerstone / industry TAM / grey market) and tag the appendix row accordingly. If even WebSearch cannot resolve it, mark the field
and degrade the dependent dimension.
Related skills
| Skill | Relationship |
|---|
| IPO lifecycle hub (calendar / details / account orders / profit and loss), this skill adds four-dimensional scoring and prospectus highlights on top of it |
longbridge-peer-comparison
| Peer valuation horizontal comparison, data source for pricing rationality dimension |
| Single target valuation metrics (PE / PS / PB), used for comparing issue PE with peers |
longbridge-industry-overview
| Industry space and sector prosperity, data source for market timing and fundamental outlook dimensions |
longbridge-sector-monitor
| Recent monthly performance of same industry |
| Recent monthly market data of Hang Seng Index (market timing dimension) |
| Cornerstone announcements, IPO-related public opinion |
longbridge-stock-research
| Transfer targets listed > 30 days to this skill |
File layout
longbridge-hkipo-analysis/
├── SKILL.md
└── references/
├── scoring.md # Four-dimensional indicator cards + thresholds + weights + decision matrix + prospectus chapter extraction rules + rejection reasons
└── output.md # Five types of output templates (single-stock / calendar / newly listed stock / insufficient data / rejection) + label translation table + data source details appendix paradigm + disclaimer