近千亿元！A股询价转让“井喷”

Core Viewpoint - The article highlights the rise of inquiry transfer as a preferred method for shareholders to exit their investments in the context of a recovering market, with nearly 100 billion yuan in inquiry transfers this year, reshaping the A-share reduction ecosystem [1][3]. Group 1: Inquiry Transfer Overview - Inquiry transfer has become a market-oriented and standardized tool for orderly exits, with a cumulative amount of nearly 100 billion yuan this year [1][3]. - The inquiry transfer mechanism allows original shareholders to transfer shares to specific institutional investors through non-public inquiries, primarily used in the Sci-Tech Innovation Board and the Growth Enterprise Market [4][6]. - Since the pilot of the inquiry transfer system in August 2020, 223 companies have conducted 322 inquiry transfers, totaling over 170 billion yuan in market value [4]. Group 2: Market Participation and Demand - A total of 147 companies have conducted 162 inquiry transfers this year, with the largest being from Ningde Times, which alone accounted for approximately 17.2 billion yuan [3][4]. - The average number of institutions participating in inquiry transfers has increased to over 17 this year, indicating heightened interest from institutional investors [7]. - The average subscription multiple for inquiry transfers this year is around 2 times, with the highest reaching nearly 5 times [7]. Group 3: Impact on Market Dynamics - Inquiry transfers are designed to minimize the impact of large reductions on stock prices, with specific rules in place to protect secondary market investors [4][8]. - The average discount rate for inquiry transfers this year is 84%, which is lower than the previous years' averages of 88% and 90% [5]. - The inquiry transfer mechanism facilitates a smoother transition from early investors to long-term investors, thereby alleviating pressure on the secondary market and enhancing investor confidence [6][8].