上交所最新发布！银行理财、保险资管可以直接打新，定增也有新变化

Core Viewpoint - The recent revisions to the Shanghai Stock Exchange's issuance and underwriting rules aim to enhance the participation of long-term funds in new stock subscriptions and private placements, thereby optimizing the capital market ecosystem and encouraging long-term investments [2][4][10]. Group 1: Adjustments to Issuance and Underwriting Rules - The revisions primarily adjust three aspects: equal treatment for bank wealth management and insurance asset management with public funds in new stock subscriptions and private placements, deepening pilot programs for underwriting systems, and adapting rules to the new Company Law [2][3]. - The rules now allow wealth management companies to directly participate in new stock offline issuance, treating bank wealth management products and insurance asset management products as priority allocation objects alongside public funds [3][4]. Group 2: Encouragement of Long-term Capital Participation - The central financial authorities have issued guidelines to promote long-term funds entering the market, encouraging bank wealth management and other institutions to actively participate in the capital market [3]. - The rule changes are expected to facilitate more long-term funds' participation in stock issuance, providing additional capital to the market and fostering a more favorable investment environment for institutional investors [4][11]. Group 3: Optimization of IPO Allocation Mechanism - The revisions include a higher lock-up ratio and longer lock-up periods for offline investors in unprofitable companies on the Sci-Tech Innovation Board, which is part of the broader initiative to implement a registration-based IPO system [5][6]. - The introduction of a contractual lock-up model and differentiated allocation is designed to encourage long-term holding by investors, enhancing their participation in the pricing process of new stocks [8][11]. Group 4: Expected Positive Outcomes - The rule changes are anticipated to stimulate institutional investors' research and pricing capabilities, promoting the emergence of "patient capital" in the market [10][11]. - By guiding investors to quote based on the long-term value of new stocks, the revisions aim to reduce irrational speculation during the initial listing phase, thereby promoting reasonable pricing of new stocks [11].