Hong Kong's mom-and-pop investors squeeze funds as IPOs sizzle

This recent competition from individual investors has forced a growing number of funds to become "cornerstone" investors: they get priority before a deal launches but most hold the shares for at least six months.

Record participation by retail investors in a recent Hong Kong initial public offering and sky-high demand in some other IPOs has forced big investors to hold onto newly listed shares.

Under IPO rules in Hong Kong - which competes fiercely with New York and London to attract global listings - a deluge of orders from retail investors reduces the portion that fund managers can buy.