A股年内首只百元新股迎申购，“肉签”定律遭遇高价考验

Core Viewpoint - The article discusses the IPO of Moer Thread, the first GPU company listed on the Sci-Tech Innovation Board, which has attracted significant market attention due to its high issuance price and the performance of newly listed stocks in 2023 [3][4]. Summary by Sections IPO Details - Moer Thread's IPO was launched on November 24, 2023, with an issuance price of 114.28 yuan per share, marking the highest issuance record in the A-share IPO market for the year [3][5]. - The public offering scale is 70 million shares, with a market value of approximately 53.715 billion yuan at listing, requiring an investment of about 57,100 yuan for one subscription [5]. Market Performance of New Stocks - As of November 24, 2023, 96 new stocks listed this year have an average first-day increase of 254.68%, with nearly 60% of them rising over 200% on their debut [3][6]. - In the Sci-Tech Innovation Board, 12 new stocks have an average first-day increase exceeding 200%, with some stocks rising over three times their issuance price [3][6]. Investor Interest - The initial inquiry phase saw 267 institutional investors submit valid bids, with a total effective subscription amount reaching 70.406 billion shares, resulting in a subscription multiple of approximately 1571.56 times, indicating strong interest from institutional investors [6][7]. - Public funds were the main participants in the subscription, with over 80 major fund companies involved, alongside more than 120 private equity funds [6]. Strategic Allocation - The China Insurance Investment Fund was the largest strategic investor, acquiring 4.3752 million shares, corresponding to an investment of 500 million yuan [7]. Profit Expectations - The article highlights the high profit expectations for investors who successfully subscribe to Moer Thread, with potential earnings calculated based on the average first-day performance of new stocks [9][11]. - Moer Thread's issuance price of 114.28 yuan suggests potential first-day closing prices of 291.05 yuan and 237.4 yuan based on average increases, leading to significant profits for investors [9][11]. Company Growth and Market Position - Moer Thread has shown rapid revenue growth, with projected revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan for 2022, 2023, and 2024 respectively, and 7.02 billion yuan for the first half of 2025 [11]. - Despite not yet being profitable, the company is recognized for its technological advancements and strategic positioning in the domestic GPU market, focusing on high-performance computing and AI applications [11].