“现身”摩尔线程网下配售 银行理财子破局打新策略三道坎

Core Insights - The participation of bank wealth management subsidiaries in IPO subscriptions is gaining momentum, with notable involvement in the recent listing of domestic GPU company Moer Thread [1][2]. Group 1: Participation in IPOs - Two bank wealth management subsidiaries, Ningyin Wealth Management and Xingyin Wealth Management, successfully participated in the offline allocation for Moer Thread's IPO, with Ningyin receiving approximately 34,400 shares valued at about 3.93 million yuan and Xingyin receiving around 17,900 shares valued at about 2.04 million yuan [1]. - A total of 267 investors participated in the offline subscription for Moer Thread, setting a record for the highest number of participants in a new stock listing on the Sci-Tech Innovation Board this year [2]. Group 2: Factors for Successful Participation - The successful allocation for bank wealth management subsidiaries was attributed to three main factors: compliance with stock base value requirements, precise pricing by the research team, and efficient collaboration among compliance, risk control, and trading departments [2][7]. - The current number of bank wealth management subsidiaries actively engaging in IPO strategies is limited, with only three to four having successfully participated in offline allocations [3]. Group 3: Market Expectations and Challenges - Following the China Securities Regulatory Commission's decision to allow bank wealth management products to be prioritized in IPO allocations, there were high expectations for rapid adoption of A-share IPO strategies among these subsidiaries [4][5]. - Challenges faced by many bank wealth management subsidiaries include meeting stock base value requirements, insufficient research capabilities, and the lack of efficient operational mechanisms [5][6]. Group 4: Operational Mechanisms - Effective operational mechanisms are crucial for timely submission of subscription materials and pricing information within three trading days after the issuance of the prospectus [8]. - Only a few bank wealth management subsidiaries have established the necessary trading systems and operational processes, while most are still working to streamline inter-departmental workflows [8]. Group 5: Future Outlook - Many bank wealth management subsidiaries are accelerating the implementation of A-share IPO strategies, recognizing the potential for differentiation in product returns [9]. - There is an expectation that if these subsidiaries can maintain a high "inclusion rate" in offline allocations, their product yields could exceed the industry average by 1-2 percentage points [8][9].