Abstract: We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available. We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range. We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.
MINIMAX-WP, CH SOFT POWER, XIZHI TECH-P, SANHUA, NOVOSENSE, SOFTCARE, HAIZHI TECH GP, XUNCE, JIAXIN INTL RES, HASHKEY HLDGS, GIGADEVICE, WUXI LEAD, JST, SERES, EASTROC
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