Venture(US:VEMLY) Sou Hu Cai Jing·2025-11-10 23:14Core Viewpoint - The company, Southern Power Grid Digital Grid Research Institute Co., Ltd., has received approval for its initial public offering (IPO) of A-shares and will be listed on the ChiNext board, with a total issuance of 476.947534 million shares priced at RMB 5.69 per share [2][3]. Group 1: Issuance Details - The final issuance will combine strategic placement, offline inquiries, and online public offerings, with strategic placement accounting for 50% of the initial offering [2][3]. - The initial strategic placement was set at 238.473767 million shares, later adjusted to 226.713529 million shares, representing 47.53% of the total issuance [3][10]. - The offline issuance was initially 202.539505 million shares, which is 80.94% of the remaining shares after strategic placement [3][4]. Group 2: Subscription and Allocation - The offline subscription received a total of 61,760,630 valid applications, with a subscription multiple of 5,654.48830 times, leading to a decision to activate the allocation mechanism [4][11]. - After the allocation, the final offline issuance quantity was 152.492505 million shares, accounting for 60.94% of the total post-strategic placement issuance [4][12]. - The final online issuance quantity was 97.741500 million shares, representing 39.06% of the total post-strategic placement issuance [4]. Group 3: Investor Participation - Various institutional investors participated in the strategic placement, including large enterprises and investment funds, with different lock-up periods ranging from 18 to 36 months [10][11]. - The company has established a clear payment timeline for investors, requiring timely payment by November 11, 2025, to validate their subscriptions [5][6]. - The company has outlined penalties for non-compliance with payment obligations, including potential disqualification from future offerings [8][9].