Venture(US:VEMLY) Zheng Quan Zhi Xing·2025-09-04 13:19Core Points - Jiangxi Aifenda HVAC Technology Co., Ltd. has received approval for its initial public offering (IPO) of no more than 21.67 million shares on the ChiNext board, with a determined price of RMB 27.69 per share [1][2][3] - The IPO will utilize a combination of strategic placement, offline issuance, and online issuance methods, with strategic placement accounting for 20% of the total issuance [1][2] - The final strategic placement quantity is 4,261,464 shares, which is 19.67% of the total issuance, with a portion allocated to senior management and core employees [2][4] Strategic Placement - The initial strategic placement was set at 4,334,000 shares, but the final number was adjusted to 4,261,464 shares due to a reallocation of 72,536 shares to offline issuance [2][4] - Senior management and core employees participated in the strategic placement through a special asset management plan, receiving 2,094,618 shares, which is 9.67% of the total issuance [2][4] - Other investors in the strategic placement received a total of 2,166,846 shares, accounting for 10% of the total issuance [2][4] Issuance Mechanism - The issuance price is determined based on the median and weighted average of bids from qualified investors, excluding the highest bid [1][3] - The initial offline issuance quantity was 5,200,500 shares, which is 29.87% of the total issuance after deducting the final strategic placement quantity [2][3] - A mechanism was activated to reallocate 20% of the total issuance from offline to online due to a high subscription rate of 10,974.57 times, resulting in an online issuance of 8,682,500 shares [3][4] Subscription and Payment - The subscription and payment process for the new shares concluded on September 3, 2025, with a final online subscription rate of 0.0152% and an effective subscription multiple of 6,573.37 times [3][4] - The offline portion of the issuance has a six-month lock-up period for 877,463 shares, which is approximately 10.06% of the offline total [5][6] Underwriting and Fees - The lead underwriter, Zheshang Securities Co., Ltd., will underwrite all shares that were not subscribed by online investors, totaling 56,097 shares [5][6] - The total issuance costs amount to RMB 54.54 million, excluding value-added tax [6]