Sou Hu Cai Jing·2025-12-23 09:59Core Insights - The A-share market has been significantly impacted by the recent IPOs of two GPU companies, Moore Threads and Muxi Co., which have set new records for profitability among new stocks in a short period [2] - The underwriting and sponsorship roles of securities firms have become increasingly important in this IPO frenzy, with major firms like CITIC Securities and Huatai United Securities benefiting substantially from these listings [2][5] Group 1: IPO Performance - Moore Threads' stock price surged to a peak of 688 CNY per share on its first trading day, resulting in a profit of up to 286,800 CNY for investors who received shares [2] - Muxi Co. subsequently raised this profit potential to 395,200 CNY, establishing a new record for A-share IPOs [2] - CITIC Securities, as the lead underwriter for Moore Threads, is estimated to earn around 1 billion CNY from underwriting fees and additional profits from stock holdings [5] Group 2: Underwriting and Sponsorship Earnings - The underwriting fees for Moore Threads included a sponsorship fee of 3 million CNY and a total underwriting fee of approximately 38.898 million CNY, with CITIC Securities expected to receive a significant portion [4][5] - Huatai United Securities, the lead underwriter for Muxi Co., is projected to earn about 267 million CNY in underwriting fees, alongside substantial profits from strategic placements [6][7] - Both firms have engaged in strategic placements and balance underwriting, which have contributed to their financial gains from these IPOs [6][8] Group 3: Market Trends and Regulatory Changes - The role of securities firms in the IPO process is evolving, with a shift towards competition for high-quality projects rather than merely the quantity of projects [7] - Recent regulatory changes by the China Securities Regulatory Commission aim to enhance the market-oriented issuance and underwriting mechanisms for the Sci-Tech Innovation Board [8] - As of December 23, several securities firms have participated in strategic placements, with total floating profits exceeding 4.5 billion CNY, indicating a trend towards concentrated resources among leading investment banks [8]