China Bester (SH:603220) Shenwan Hongyuan Securities·2025-11-04 06:15Group 1: Market Dynamics - As of November 3, 2025, there were 22 new private placement projects added, a 4.76% increase from the previous period, with 16 projects terminated, marking a 45.45% increase[5] - The approval rate for projects was 100%, with 7 projects approved by the review committee, a decrease of 12.5% from the previous period[16] - There are currently 622 projects in the normal review stage, with 57 projects having received approval and registration, remaining unchanged[5] Group 2: Fundraising and Participation - In the last two weeks, 13 private placement projects were listed, raising a total of 22.271 billion yuan, a 96.18% increase from the previous period[25] - The average bid discount rate for competitive projects rose to 10.51%, an increase of 2.45 percentage points[25] - The average application premium rate for competitive projects was 12.59%, up by 2.05 percentage points, with an average of 23 institutions participating in bids[36] Group 3: Unlocking Gains - Among the 5 competitive projects that were unlocked, the average absolute return was 27.65%, while the average excess return was -11.23%, both showing a decline from the previous period[39] - The average market price discount rate for unlocked projects was 10.99%, an increase of 5.76 percentage points[39] - The average industry beta contribution during the "issue-unlock" period was 29.81%, with the electronics sector seeing gains exceeding 50%[39] Group 4: Risk Factors - Risks include slower-than-expected review progress for private placements, fluctuations in secondary market stock prices, and changes in the pricing environment for private placements[2]