首次出现！A股打新市场，又有新变化！

Core Viewpoint - The introduction of the agreed lock-up method for the first three new stocks in the growth tier of the Sci-Tech Innovation Board marks a significant change in the A-share market, allowing for more flexible arrangements for unprofitable companies in terms of lock-up periods and ratios [1][5]. Group 1: New Issuance Mechanism - The first three new stocks on the Sci-Tech Innovation Board are adopting an agreed lock-up method for offline subscription, which is a first in the A-share market [1][2]. - This new method is part of the implementation of the "Eight Measures" aimed at enhancing the issuance and underwriting system for unprofitable companies [5][6]. Group 2: Lock-up Periods and Ratios - The agreed lock-up method includes three tiers of lock-up periods and ratios for investors: - Tier 1: 60% lock-up for 9 months - Tier 2: 45% lock-up for 6 months - Tier 3: 25% lock-up for 6 months [3][4]. - A-class investors can choose from different lock-up tiers, while B-class investors are limited to the lowest tier [3][4]. Group 3: Implications for Investors - The new rules require that the allocation ratio for offline investors with higher lock-up ratios and longer periods must not be lower than that of other investors [4][6]. - The changes are expected to lead to a higher allocation ratio for A-class investors, particularly if they predominantly choose Tier 2 during the inquiry process [4].