Sou Hu Cai Jing·2025-10-29 23:13Core Viewpoint - The company is set to issue 47,694,753.34 shares of A-shares, representing approximately 15% of the total share capital post-issuance, through a combination of strategic placement and public offering methods [1]. Summary by Sections Issuance Details - The issuance will consist of 47,694,753.34 shares of RMB ordinary shares (A-shares) with a par value of RMB 1.00 [1]. - The issuance method includes strategic placement to qualified investors and a public offering to the general public [1]. - The issuance date is scheduled for November 7, 2025, with specific arrangements detailed in the preliminary pricing and promotion announcement [1]. Investor Eligibility - Qualified investors for the strategic placement include institutional investors and individuals who have opened trading accounts in accordance with relevant regulations [1]. - For offline investors, the proposed subscription amount must not exceed the lower of total assets on the fifth trading day before the inquiry date or the total assets at the time of inquiry [2][3]. Pricing and Allocation - The pricing will be determined based on the median and weighted average of bids after excluding the highest bids, with a maximum bid exclusion ratio of 3% [3][4]. - The final pricing and allocation will consider various factors, including market conditions and the company's funding needs [4][5]. Lock-up Periods - For offline investors, 10% of the allocated shares will have a lock-up period of 6 months, while 90% will be tradable immediately upon listing [7]. - Strategic placement investors will have a lock-up period of no less than 18 months [7]. Market Value Requirements - Offline investors must meet a minimum average market value of RMB 10 million for specific funds and RMB 60 million for other investors over the 20 trading days prior to the inquiry date [8]. - Online investors must hold at least RMB 10,000 in non-restricted A-shares to participate in the subscription [9][10]. Subscription Process - Investors must express their subscription intentions independently and cannot delegate this to securities firms [10]. - A mechanism for adjusting the allocation between offline and online subscriptions will be implemented based on demand [10]. Payment Obligations - Offline investors are required to pay for their allocated shares by November 11, 2025, and must ensure sufficient funds in their accounts [11][12]. - Any shares not subscribed due to forfeiture will be underwritten by the lead underwriter [12]. Compliance and Legal Obligations - Investors who fail to comply with the subscription requirements may face penalties, including being barred from future offerings [13][14].