HONG KONG (Reuters Breakingviews) - Bankers have for years told investors and corporate clients not to expect big first-day gains in Hong Kong like those New York is renowned for. This is no longer true after a series of eye-popping debuts including e-cigarette maker Smoore International’s 150% gain and this week, a 56% bump for JD Health International, now valued at $45 billion. There’s a changing dynamic in the local market beyond a general rally. Hong Kong debutants have enjoyed a 29% average first-day gain this year, according to Dealogic, compared to 19% in Manhattan. Over the past decade, the Asian financial hub’s average has been less than half its rival’s 15%. Some of the change has to do with a buoyant market, but much can be put down to the sorts of companies now going public. Nine of Hong Kong’s 10 biggest pops in the past five years are 2020 vintage. Of those, three are biotechnology- or healthcare-related, three are technology stocks including JD Health and three are China consumer companies. That’s a big change from the previous parade of stolid Chinese state-owned enterprises and regional banks. Hong Kong changed its rules two years ago to lure more startups and new-economy stocks, and it is working. New stocks in Hong Kong are finally generating buzz, however, just as New York financiers debate whether initial public offerings are the best way to sell shares to the public. Direct listings, where only existing shares are sold, and special purpose acquisition companies, which can provide a quick backdoor listing, are both on the rise. Debut surges may not be a good look for everyone. JD Health’s, after its $3.5 billion offering, implies its bankers could have raised another $1.8 billion for the company’s coffers if they’d asked for a higher price. Nor are they a good guide to future performance, though Hong Kong’s often abysmal secondary market performance has improved. Even so, the city has watched for years as tightly controlled listings in Shanghai and Shenzhen bourses routinely popped by their 44% limit while New York attracted the most glamourous listings. At least Hong Kong now has a few success stories of its own.