北交所打新“卷”出新高度：丹娜生物正股门槛突破850万元创纪录

Core Viewpoint - The IPO of Danna Biotech on the Beijing Stock Exchange has set a record with a subscription threshold of 8.5141 million yuan, reflecting the increasing popularity and competitiveness of new stock offerings in the market [1][2]. Subscription Details - Danna Biotech's issue price is 17.1 yuan per share, with a total issuance of 8 million shares, of which 720,000 shares are for online issuance and 800,000 shares for strategic placement [2]. - The effective subscription amount reached 35.849 billion shares, with 553,200 accounts participating, resulting in an online subscription multiple of 4,979.02 times [2]. - The total frozen funds for the online subscription amounted to 613.017 billion yuan, indicating high investor interest [2]. Subscription Thresholds - The minimum subscription amount required to secure 100 shares is 8.5141 million yuan, which is the highest threshold recorded on the Beijing Stock Exchange [2][4]. - The maximum subscription amount allowed is 360,000 shares, translating to a top subscription amount of 6.156 million yuan, which is lower than the required threshold [2][4]. Allocation Process - Only the top 13% of accounts by subscription amount (approximately 72,000 out of 553,200) will receive the full allocation of 100 shares, while the remaining 87% will not receive any shares [3][6]. - The allocation will follow a principle of prioritizing accounts based on the amount of funds, with equal amounts being prioritized by time of application [3]. Strategic Placement - Danna Biotech's executives and core employees secured 85% of the strategic placement shares, totaling 680,000 shares, through a special asset management plan [5]. - The strategic placement also includes 120,000 shares allocated to the other strategic investor, China Merchants Securities, which is the lead underwriter for this issuance [5]. Market Implications - The high subscription threshold and competitive nature of the IPO suggest that retail investors with lower capital may find it increasingly difficult to participate in future offerings [5][6]. - The trend of rising subscription thresholds indicates a growing demand for new stocks on the Beijing Stock Exchange, which may continue to evolve as more companies seek to go public [4][5].