Taiwan's hottest new listing has drawn record demand, which is great for the company and its backers but leaves almost every retail applicant empty-handed.

• Han Test, a semiconductor test equipment and probe card maker riding the AI boom, closed a three-day public subscription with over 384,000 applications for about 1,000 lots — odds of winning are roughly one in 370.
• The draw is essentially free money: the offer price is less than half the current grey-market price, so a single winning lot is worth about NT$2.7 million on day one.
• Demand froze a record NT$865.6 billion in cash across the market — more than a full day of trading on the entire Taiwan exchange.
• Applications actually rose on the final day, breaking the usual pattern where interest fades at the deadline.
• The business backs up the hype: first-half revenue more than doubled and profit nearly quintupled from a year earlier.

Outlook: The computer draw runs Wednesday morning with refunds to losers the next day, and the stock is set to list in late September with a big opening pop widely expected.