2025年“双创板”询价转让持续走热 179批股东合计成交超880亿元

Core Viewpoint - The introduction and growth of the inquiry transfer system in the ChiNext and Sci-Tech Innovation Board have significantly enhanced the liquidity and efficiency of the A-share market, allowing shareholders to reduce their holdings in a structured manner while minimizing market impact [1][3][6]. Group 1: Inquiry Transfer System Overview - In January 2025, Shenzhen Biyimi Microelectronics disclosed a shareholder inquiry transfer, marking the first inquiry transfer in A-shares for 2026, with a 5.69% stake being transferred [1]. - The inquiry transfer system was officially introduced in May 2024 for the ChiNext, with the first transaction occurring in April 2025, involving Shenzhen Anpeilong Technology [2]. - In 2025, a total of 158 companies from the dual innovation boards completed 179 inquiry transfers, with a total transaction amount of 884.81 billion yuan, reflecting a year-on-year growth of 420.75% [2]. Group 2: Market Dynamics and Institutional Participation - The average number of institutions participating in inquiry transfers increased to 18.43 in 2025, a 30.06% rise from 2024 [4]. - The average transfer price was 84% of the closing price on the pricing day, indicating a decrease in the discount from 88% in 2024, suggesting a more market-driven pricing mechanism [4]. - The increase in inquiry transfer activity is attributed to the alignment of institutional demand and regulatory adaptations, facilitating a smoother transition for shareholders [5]. Group 3: Benefits and Future Prospects - The inquiry transfer system is seen as a win-win arrangement, allowing shareholders to exit with minimal market disruption while improving corporate governance by attracting long-term institutional investors [3][6]. - The system's success in the ChiNext and Sci-Tech Innovation Board suggests potential for broader implementation across other market segments, although careful consideration of efficiency and fairness is necessary [6]. - Future expansions of the inquiry transfer system should be cautious, ensuring that it aligns with the unique characteristics of different market segments and maintains a focus on value investment [6].