Xin Lang Zheng Quan·2025-07-25 04:49Group 1 - The core viewpoint of the article highlights the significant role of the Sci-Tech Innovation Board (STAR Market) in optimizing the A-share market structure and serving as a platform for key technological advancements since its launch on July 22, 2019 [1] - As of July 22, 2025, a total of 591 companies have been listed on the STAR Market, raising a cumulative amount of 927.156 billion yuan, with a total market capitalization exceeding 7 trillion yuan [1] - Among the 591 companies, 65 securities firms provided underwriting and sponsorship services, with Guotai Junan and Haitong Securities combined leading in both the number of IPOs and underwriting amounts [1][2] Group 2 - Guotai Junan and Haitong Securities ranked first in underwriting amount with 213.777 billion yuan from 112 IPOs, followed by CITIC Securities with 167.069 billion yuan from 99 IPOs [2][3] - The article notes that 31 out of 93 companies sponsored by Guotai Junan are currently trading below their IPO price, representing over 33% of their sponsored projects, the highest among all underwriters [5][7] - ST Pawa, one of the companies sponsored by Haitong Securities, has seen its stock price drop by 76.35% from its IPO price, raising concerns about the underwriting firm's diligence [5][6] Group 3 - A notable characteristic of the IPOs sponsored by Guotai Junan is the high proportion of companies that exceeded their fundraising targets, with 63 out of 93 companies raising more than initially expected, accounting for over 67% [8][9] - Among these, SMIC raised 53.23 billion yuan, exceeding its target by 32.516 billion yuan, while Dayun Technology had the highest overfunding ratio at 238.3% [9][10] - The high fundraising ratios are attributed to "high price" issuances, with Dayun Technology's IPO priced at 152.38 yuan per share, significantly above the industry average, leading to a substantial drop in its stock price post-IPO [10][11]