独角兽IPO催生“影子股”盛宴

Core Insights - The article discusses the recent surge in A-share market driven by the IPO of Moore Threads, highlighting the phenomenon of "shadow stocks" where companies with minimal direct investment in the IPO are experiencing significant stock price increases [1][2][11] - It emphasizes that many companies are indirectly holding shares in Moore Threads through private equity funds, leading to a lack of substantial backing for the stock price increases [2][10] Group 1: Moore Threads IPO and Market Reaction - Moore Threads set a record with 63 working days for its IPO approval, prompting a frenzy among A-share companies to clarify their holdings in the company [1] - At least 16 A-share listed companies have responded regarding their stake in Moore Threads, with some companies like Xiamen Guomao and Crystal Electric clarifying their positions on September 25 alone [1] - The stock of Heertai surged significantly following the news of Moore Threads' IPO, reaching a peak of 60.71 CNY per share before dropping over 20% to 48.18 CNY by September 26 [3][4] Group 2: Indirect Holdings and Shadow Stocks - Many companies that have seen stock price increases related to Moore Threads have only minimal indirect holdings, often through private equity funds, such as Heertai holding approximately 1.02% directly [3][4] - Other companies like Zhongke Lanyun and Yingqu Technology hold about 0.34% each, with similar stock price volatility observed [4] - The article notes that around 70 private equity funds have participated in financing Moore Threads, with various A-share companies holding stakes through these funds [7] Group 3: Investment Trends and Market Dynamics - The trend of companies participating as limited partners (LPs) in private equity funds is common, with 195 companies investing over 21.6 billion CNY in 175 funds this year alone [9] - Historical data shows that since October 2013, 1,882 companies have invested a total of 443.41 billion CNY in 3,084 funds, with notable peaks in 2017, 2021, and 2022 [9] - The article suggests that the current "shadow stock" phenomenon is not new, as similar trends have been observed in previous market cycles, indicating a recurring pattern in A-share market behavior [11][12]