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Add A/H overlay to HK IPO analyst skill

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Request:
- Make the HK IPO analyst skill explicitly call out candidates that already have Mainland A shares, such as 03661 and 01688.
- Require special treatment because A/H dual-listed IPOs have a different pricing setup from pure first-time HK IPOs.

Changes:
- Added A/H dual-listed valuation overlays to the hk-ipo-analyst skill description.
- Added a Latest Candidate Report guardrail requiring broad reports to include the A/H overlay whenever current or recently closed candidates have A shares or another onshore listed class.
- Added an A/H Dual-Listed IPO Overlay section covering detection cues, required A-share/H-share valuation fields, fungibility guardrails, and short-exit interpretation.

Verification:
- Ran python3 /root/.codex/skills/.system/skill-creator/scripts/quick_validate.py .agents/skills/hk-ipo-analyst.
- Ran git diff --cached --check.
- Confirmed Codex CLI parses in this repo with codex --search -s danger-full-access -a never exec -C /root/projects/hk-ipo --help.

Next useful context:
- 03661 SG Micro is tied to 300661.SZ and 01688 Lingyi iTech is tied to 002600.SZ.
- The overlay should distinguish valuation support from trading demand because A shares and H shares are generally not fungible.
This commit is contained in:
geometrybase
2026-06-23 07:15:35 +00:00
parent a7dcc09927
commit 4c4830a32c
1 changed files with 23 additions and 2 deletions
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.agents/skills/hk-ipo-analyst/SKILL.md
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@@ -3,8 +3,9 @@ name: hk-ipo-analyst
description: >-
Use for Hong Kong IPO subscription analysis in this project: T0/T1/T2
prediction cards, scoring, cross-IPO comparison, research reports,
post-listing reviews, error attribution, and rule-update recommendations.
Use archived facts when available and keep predictions append-only.
A/H dual-listed valuation overlays, post-listing reviews, error attribution,
and rule-update recommendations. Use archived facts when available and keep
predictions append-only.
---
# HK IPO Analyst
@@ -96,6 +97,8 @@ For scheduled runs, latest IPO list refreshes, and broad candidate reports, firs
Refresh the report content as a complete current snapshot, not as a partial patch. The dated report should be written to `reports/{date}_latest_ipo_candidates_analysis.md` and should update all relevant sections: actionable ranking, fundamentals, break-probability/risk-reward, capital efficiency, per-IPO notes, closed/waiting names, recent 30-day listed-IPO review, data gaps, and sources.
If any current or recently closed candidate already has A Shares or another onshore-listed share class, the latest report must include the A/H dual-listed overlay described below. Do not leave this only implicit in the fundamentals section.
Market heat and subscription multiples must remain stage-safe:
- Unofficial live subscription or margin multiples belong in archived `ipo_market_heat` rows with provider, `observed_at`, stage, and source path.
@@ -105,6 +108,24 @@ Market heat and subscription multiples must remain stage-safe:
After writing the dated latest report, copy the same final Markdown content to `reports/README.md`. This README is an overwriteable mirror of the latest broad candidate report so opening the `reports/` directory surfaces the current report first; the dated report remains the durable historical copy.
## A/H Dual-Listed IPO Overlay
When an issuer already has Mainland A Shares or another onshore listed share class, explicitly mark it as an A/H or dual-listed valuation case in every broad report, single-ticker report, and relevant prediction card. Treat this as a different pricing setup from a pure first-time HK IPO.
Detection cues include prospectus language such as existing `A Shares`, `Shenzhen Stock Exchange`, `Shanghai Stock Exchange`, `ChiNext`, `STAR Market`, an A-share stock code such as `300661.SZ` or `002600.SZ`, or HKEX waiver/pricing text that references the A-share closing price.
The report should include a compact A/H note or table covering:
- A-share ticker, exchange, and whether it is the same issuer, parent, subsidiary, or only a comparable/affiliate.
- A-share latest close and recent 5/20-day trend as of `data_as_of`, with source and timestamp.
- H-share maximum/final offer price, exchange-rate assumption, and implied H/A premium or discount.
- A-share market capitalization/liquidity and the H-share offer size/free-float context.
- Whether the prospectus says the H-share offer price references the A-share closing price or sets a maximum price linked to A-share trading.
- A/H fungibility guardrail: A Shares and H Shares are usually not interchangeable or fungible, and there is no direct arbitrage unless the issuer has a documented full-circulation or conversion mechanism.
- Analyst conclusion on how the A-share anchor changes D1/T2 logic: valuation support, premium/discount risk, A-share momentum spillover, HK liquidity gap, and whether hot A-share pricing is already embedded.
Do not mechanically treat an H-share discount to A shares as a guaranteed upside. Separate valuation anchor from trading demand: an A-share reference can reduce valuation uncertainty, but T0.95/T1 heat, Hong Kong float, cornerstone lockup, and market-window quality still drive short-exit IPO payoff.
## Single-Ticker Markdown Report
When the user gives a single IPO ticker and asks for an analyst report, use the report generator after archived facts and the analysis dataset are current: