Venture(US:VEMLY) Shang Hai Zheng Quan Bao·2025-10-29 21:14Core Viewpoint - The company, Southern Power Grid Digital Grid Research Institute Co., Ltd., is organizing its initial public offering (IPO) on the ChiNext board, following various regulatory guidelines and procedures set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [2][3]. Group 1: IPO Process and Structure - The IPO will involve a combination of strategic placements, offline inquiries, and online offerings to public investors holding non-restricted A-shares and depository receipts [3][4]. - The lead underwriter, China Merchants Securities Co., Ltd., is responsible for organizing the initial inquiry and offline issuance through the Shenzhen Stock Exchange's electronic platform [3][4]. - The initial inquiry period is set for November 4, 2025, during which qualified offline investors can submit their proposed purchase prices and quantities [6][10]. Group 2: Investor Requirements and Restrictions - Offline investors must meet specific asset scale requirements, with a minimum average market value of 1 million yuan for certain funds and 6 million yuan for other investors over the 20 trading days prior to the inquiry [21]. - Each offline investor can submit up to three different price quotes, with the highest quote not exceeding 120% of the lowest quote [7][8]. - Investors must provide asset proof materials by November 3, 2025, to participate in the offline issuance [9][10]. Group 3: Pricing and Allocation Mechanism - The pricing will be determined based on the results of the initial inquiry, with a maximum of 3% of the highest quotes being excluded from the final allocation [15][16]. - The final issuance price will consider various factors, including the median and weighted average of the remaining quotes after exclusions, as well as market conditions and the issuer's funding needs [16][17]. - The allocation of shares will include a 10% lock-up period for offline investors, lasting six months from the date of listing [17][18]. Group 4: Compliance and Risk Management - The company emphasizes the importance of compliance with industry regulations and the need for investors to accurately report their asset scales to avoid invalid bids [11][12]. - The lead underwriter will conduct thorough checks on the qualifications of participating investors and the validity of their bids [16][17]. - A risk announcement will be issued if the determined issuance price exceeds certain thresholds compared to industry averages [17].