China Bester (SH:603220) Shenwan Hongyuan Securities·2025-11-04 07:04Group 1: Market Dynamics - As of November 3, 2025, there were 22 new private placement projects in the last two weeks, a 4.76% increase from the previous period[6] - The number of terminated projects rose to 16, marking a 45.45% increase[6] - The approval rate for projects remained at 100%, with 7 projects approved by the review committee, a decrease of 12.5%[6] Group 2: Fundraising and Participation - The total fundraising amount for 13 projects listed in the last two weeks reached 22.271 billion yuan, a 96.18% increase[25] - The average bid discount rate for competitive projects was 10.51%, up 2.45 percentage points[25] - The average premium rate for bids was 12.59%, reflecting a 2.05 percentage point increase[35] Group 3: Performance Analysis - The average absolute return on newly unlocked competitive projects was 27.65%, with an excess return of -11.23%[38] - The average market price discount rate for these projects was 10.99%, an increase of 5.76 percentage points[38] - The average individual stock return during the "issue-unlock" period was 12.34%, down 18.14% from the previous period[38] Group 4: Risk Factors - Risks include slower-than-expected review progress, stock price volatility in the secondary market, and changes in the pricing environment for private placements[6]