2025年“双创板”询价转让持续走热

Core Insights - The article discusses the increasing activity of the inquiry transfer system in the A-share market, particularly in the ChiNext and Sci-Tech Innovation Board, highlighting its role in providing diversified exit channels for shareholders before IPOs [1][2][3]. Group 1: Inquiry Transfer System Overview - In 2025, the inquiry transfer system became more active, with 158 companies completing 179 batches of transfers, totaling 884.81 billion yuan, a year-on-year increase of 420.75% [2]. - The first inquiry transfer in the ChiNext occurred in April 2025, with Shenzhen Anpeilong Technology Co., Ltd. being the first to utilize this system [2]. - The inquiry transfer system allows shareholders to exit in an orderly manner, reducing the impact on the secondary market and optimizing the investor structure of companies [1][3]. Group 2: Market Dynamics and Institutional Participation - The average number of institutions participating in inquiry transfers rose to 18.43 in 2025, a 30.06% increase from 2024 [4]. - The average transfer price was 84% of the closing price on the pricing day, indicating a decrease in pricing compared to 2024 [4][5]. - The increase in institutional participation and the reduction in pricing reflect a deeper market-oriented negotiation process, enhancing pricing efficiency [5]. Group 3: Implications for Market Structure - The inquiry transfer system is seen as a key element in the transition of the A-share market from retail to institutional investment, facilitating a "soft landing" of share transfers [3][5]. - It is viewed as a win-win arrangement, benefiting shareholders, listed companies, and the capital market by reducing market volatility and encouraging long-term investment [3][5]. - The system's successful implementation in the ChiNext and Sci-Tech Innovation Board suggests potential for broader application across other market segments, aligning with the direction of comprehensive registration system reforms [6].