Shenwan Hongyuan Securities·2025-11-17 13:34Group 1: Market Trends - The pace of new listings has slowed, with 12 new private placement projects added in the last two weeks, a decrease of 10 projects compared to the previous period[2] - The number of terminated projects also decreased by 8, totaling 8 terminations in the same period[2] - The number of projects approved by the review committee increased by 5, totaling 12 approvals, while the number of projects registered by the CSRC decreased by 13, totaling 2 registrations[2] Group 2: Project Analysis - Fangzheng Technology plans to raise up to 1.98 billion CNY for an AI and high-density interconnect circuit board project, expected to generate an annual output value of approximately 2 billion CNY[2] - Deler Co. intends to acquire 100% of Aizhuo Technology and raise 0.83 billion CNY for smart upgrades, with the target company's valuation at 270 million CNY, reflecting a 203.33% increase[2][26] Group 3: Pricing and Discount Rates - The average base discount rate for the newly listed projects was approximately 14.34%, with a market price discount rate of 21.94% for the only competitive project listed in the last two weeks[30] - The average market price discount rate for two pricing projects was 48.99%[31] Group 4: Lock-up Period Returns - Among the three competitive projects that were unlocked, two had positive returns, with an average absolute return of 21.56% and an average excess return of -22.25%[42] - The average market price discount rate for these projects was 11.04%, indicating a slight increase from the previous period[42] Group 5: Risk Factors - Risks include slower-than-expected progress in private placement reviews, fluctuations in secondary market stock prices, and changes in the market environment for private placement pricing[49]