I Subscribed to Hong Kong IPOs for 8 Months — What Actually Made Money

I started subscribing to Hong Kong IPOs last August with HKD 50,000 in a brokerage account and a spreadsheet. Eight months and 12 IPO applications later, I've made a net profit of about HKD 8,200 — roughly 16.4% return. That sounds decent until you realize three of those twelve lost money, four brok