知情人士：宁德时代不希望太多散户参与IPO

Core Viewpoint - The sentiment of retail investors is not significant for Ningde Times, which prefers long-term institutional investors for its IPO [1][10][18]. Group 1: IPO Details - Ningde Times' IPO in Hong Kong has seen strong institutional interest, with total orders exceeding $50 billion, equivalent to approximately 390.3 billion HKD, and an oversubscription rate of 30 times after excluding cornerstone subscriptions [1][17]. - The IPO price was set at 263 HKD per share, with retail subscriptions exceeding 117 times, amounting to over 270 billion HKD [1][3]. - The company has applied for a waiver from the Hong Kong Stock Exchange, allowing it to limit retail participation to 7.5% of the total offering, regardless of oversubscription levels [7][10][21]. Group 2: Institutional vs Retail Interest - There is a notable disparity in the enthusiasm between institutional and retail investors, with retail subscriptions for Ningde Times being significantly lower compared to other recent IPOs like Mixue Ice Cream, which had a retail oversubscription of 5258.21 times [3][4]. - The preference for institutional investors is reflected in the IPO structure, which aims to attract long-term holders rather than short-term retail traders [5][20]. - The company has engaged over 20 cornerstone investors, including both foreign and domestic institutions, who are required to lock in their shares for at least six months [20][11]. Group 3: Market Dynamics and Future Implications - The trend indicates a gradual marginalization of retail investors in the Hong Kong market, with their participation in total trading volume dropping below 15% [14][19]. - The recent reforms proposed by the Hong Kong Stock Exchange aim to reduce the allocation of shares to retail investors, which could further diminish their role in future IPOs [21][23]. - The overall sentiment among institutional investors remains high, with expectations of significant price appreciation upon listing, potentially around 10% on the first day [18][22].