IPO配售是该向机构倾斜还是向中小投资者倾斜？

Group 1 - The core viewpoint of the report is to suggest that IPO allocations should favor institutional investors to enhance the pricing power and value discovery in the Hong Kong market [1] - The report emphasizes that institutional investors, such as funds, insurance companies, and QFIIs, should be considered core investors due to their strong research capabilities and long-term capital [1][2] - The current A-share market is predominantly composed of retail investors, with over 240 million individual accounts, making it distinct from the Hong Kong market, which is more institutionally driven [2][4] Group 2 - The existing rules for A-share IPO allocations already favor institutional investors, with a minimum offline issuance ratio of 60% to 80% depending on the total share capital and profitability of the issuer [4] - The report argues that the suggestion to further tilt IPO allocations towards institutional investors is inappropriate, as it does not align with the characteristics of the A-share market [4][5] - Allocating more shares to retail investors could help mitigate the phenomenon of excessive speculation in new stocks, as it would reduce the concentration of shares in the hands of institutional investors [5] Group 3 - Recommendations for improving the allocation process include issuing shares entirely online for companies with less than 1 billion shares and limiting offline allocations for larger issuances [5]