At the end of 2025, Moore Threads soared 468% on its first day of trading, with its market value shooting straight toward 300 billion. The scene reminded veteran investors of PetroChina in 2007: issued at 16.7, opened directly at 48.6, with 70 billion in turnover that day—accounting for 40% of the entire A-share trading volume.

Those who entered the market back then have been riding the waves for 18 years, and are just about breaking even now.

Things are even livelier in Hong Kong stocks. In the first 11 months of this year, 91 companies rushed to go public, raising HKD 259.889 billion—a year-on-year surge of 228%, ranking first among global exchanges. But encountering Xiaomian on its first day poured cold water on the market—falling nearly 29% below the issue price. Those who got a lot said, "This is what it means to get a big bowl of noodles."

On the A-share side, there’s a focus on stabilizing volatility and supporting sci-tech innovation: Moore Threads was listed, Muxi started its IPO subscription, Unitree finished IPO counseling, Biren is in its fourth round of counseling, and Enflame reignited its listing plans... You drew Xiaomian in Hong Kong and saw a loss, I drew Moore Threads in A-shares—either way, it’s all good.

There’s a saying that hits home: “The most beautiful process in A-shares is going from insufficient capacity to overcapacity, turning industrial pearls into cabbages.”

Those not yet listed are busy with IPOs, those already listed are thinking about secondary offerings, those unlocked want to cut their holdings, institutions are clustering, quant funds are iterating, and retail investors just want to find a way to survive in the cracks. The market’s daily turnover has shrunk to 1.5 trillion, an eight-month low, but quant strategies are still harvesting excess returns through rapid rotation—of 389 products under billion-level private funds reaching new net value highs, 324 are quant funds, making up more than 80%.

The giant new stocks have siphoned off liquidity from the STAR Market. The domestic chip sector is still debating whether Moore Threads’ listing expands valuation space or reduces scarcity. But with optical chips dropping to their year line, non-bank financials stabilizing, and certain faint expectations emerging, some people have quietly picked the peaches.

From PetroChina to Moore Threads, from traditional manufacturing to emerging industries, capital and resources are being redistributed between the old and new economies. No one stands at the wind’s outlet forever, but there are always those who “peak at debut.”

Every generation has its own PetroChina.