$XIAOMI-W(01810.HK)It has been 7 years since Xiaomi's IPO. Today, I checked the performance of the 7 golden stocks in the US market after 7 years of listing, with gains ranging from 400% to 3000%. Among the top 10 tech companies listed in Hong Kong for 7 years, except for Tencent's 4000%, most others were within 100%, and some even dropped by 50%. The gap would be even more exaggerated if we look from the IPO date. Besides the differences in the stock markets, it also proves that the IPO pricing in Hong Kong is significantly overvalued, with severe 'harvesting retail investors' behavior. After reviewing tech and pharmaceutical stocks in Hong Kong, 90% of them peaked at IPO and then declined for years, with many halving in value. Conclusion: Hong Kong stocks are indeed not suitable for long-term investment.