# HK IPO

HK IPO is a project for building a repeatable, auditable research workflow for Hong Kong new listing subscription decisions.

The project is designed around a feedback loop:

1. Archive IPO facts and source documents.
2. Freeze the analysis that was possible at each decision stage.
3. Compare predictions with post-listing outcomes.
4. Improve the scoring rules only from reviewed evidence.

## Goals

- Maintain a local, Git-tracked history of Hong Kong IPO data.
- Separate factual archiving from investment judgment.
- Keep every subscription decision tied to the information available at that time.
- Review actual IPO outcomes against prior predictions.
- Build a better IPO scoring process through structured error attribution.

## Workflow

Each IPO is evaluated by stage:

- `T0_prospectus`: prospectus and offer terms only.
- `T1_allotment`: allotment results, public subscription, placing, allocation, and final pricing.
- `T2_grey_market`: grey-market result and immediate pre-listing context.
- `D1`, `D5`, `D20`, `D60`: post-listing review checkpoints.

The key discipline is to avoid hindsight leakage. A T0 prediction should only use T0 information, even after the IPO has listed.

## Project Skills

This repository includes project-local Codex skills under `.codex/skills/`.

### `archivist`

Owns facts and source control:

- archive prospectuses, allotment results, listing facts, and market data;
- record source URLs, as-of timestamps, repo-relative paths, and file hashes;
- update the embedded SQLite database;
- export Git-friendly CSV snapshots.

It does not make investment recommendations.

### `analyst`

Owns IPO judgment and review:

- produce T0/T1/T2 prediction cards;
- score IPO candidates;
- compare multiple IPOs;
- write research memos and review cards;
- classify forecast errors;
- recommend scoring-rule updates.

It should use archived facts when available and keep prediction cards append-only.

## Storage Model

The project is intended to be self-contained and portable across machines. Durable paths should always be relative to the repository root.

Expected layout:

```text
data/
  hk_ipo.sqlite
  raw/
  snapshots/
memos/
reports/
rules/
schema/
scripts/
references/
```

Path rules:

- store paths like `data/raw/06658/prospectus.pdf`;
- do not store absolute paths;
- do not store paths with a leading `./`;
- use POSIX `/` separators;
- store file hashes for archived source documents when practical.

SQLite is the embedded source of structured facts. CSV snapshots provide readable Git diffs. Markdown memos preserve the reasoning at each decision point.

## PDF Text Extraction

Archived PDFs can be converted into searchable text files:

```bash
python3 -m venv .venv
.venv/bin/python -m pip install -r requirements.txt
.venv/bin/python scripts/extract_pdf_text.py
```

The extractor reads PDF paths from `data/hk_ipo.sqlite`, writes derived text files under `data/extracted_text/`, and exports `data/snapshots/extracted_text_manifest.csv` with page counts, text hashes, and extraction status.

## Recent IPO Target Refresh

Use HKEXnews annual new listing reports to seed recent subscription-relevant IPO targets:

```bash
.venv/bin/python scripts/update_recent_ipo_list.py --start-date 2023-06-15 --end-date 2026-06-15 --as-of 2026-06-15T07:30:00Z
```

The updater archives the HKEXnews XLSX reports under `data/raw/hkex_new_listing_reports/`, records report-backed source references, writes `new_listing_report_entries`, updates `ipo_master` and missing `offering_terms` fields, exports CSV snapshots, and refreshes `sync_tasks`.

Rows without an IPO offer price, such as transfers of listing, introductions, or de-SPAC transactions, are skipped by default because they are not ordinary public subscription targets.

## Incremental Archive Sync

The archivist keeps a per-ticker sync ledger so repeated updates can focus on missing stages:

```bash
python3 scripts/update_sync_state.py
```

This writes `ticker_sync_state` and `sync_tasks` into `data/hk_ipo.sqlite`, then exports `data/snapshots/ticker_sync_state.csv`, `data/snapshots/sync_tasks.csv`, and `data/snapshots/sync_runs.csv`.

Use `sync_tasks` as the next-sync queue. Tasks marked `open` are due now; tasks marked `waiting_until_due` are known future updates.

## Git Discipline

The repository uses automatic focused commits for completed project changes.

Before committing, check that unrelated dirty files are not included and that generated durable files use repo-relative paths.
