谁拿走了沐曦股份最多的筹码？

Core Viewpoint - The article highlights the competitive nature of the offline subscription for Muxi Co., with significant interest from institutional investors, indicating a strong demand for shares in the technology sector [1][2]. Group 1: Subscription and Allocation Details - Muxi Co. had a total of 401 million shares issued at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan, with a total offline subscription amounting to 571.69 million shares [1]. - The offline allocation structure shows that 269 institutional investors participated, with public funds, insurance asset management, and securities asset management dominating the allocation [3][4]. - A total of 85.83% of the offline subscription volume came from A-class investors, who received 98.04% of the total offline allocation, indicating a strong preference for long-term holding [3][4]. Group 2: Institutional Participation - Major public funds accounted for over half of the total allocation, with 94 public funds participating and receiving 1.339 million shares, amounting to approximately 1.402 billion yuan [4][5]. - Notable public funds such as E Fund, Southern Fund, and ICBC Credit Suisse were among the top participants, with significant allocations [4][5][6]. - Insurance funds also played a crucial role, collectively acquiring about 404.70 million shares, with an average of 5,000 shares per product, indicating a strategic long-term investment approach [7][8]. Group 3: Private Fund Participation - Private funds, particularly quantitative funds, adopted a strategy of broad participation with smaller allocations, resulting in limited but widespread involvement [10][12]. - A total of 110 private funds participated, acquiring approximately 367,500 shares, which accounted for a small portion of the total allocation [12][13]. - The article notes a trend where larger private funds dominate the allocation, while smaller funds tend to participate in a more fragmented manner [12][13]. Group 4: Market Implications - The allocation structure reflects a growing trend in the technology IPO market, where long-term institutional investors are complemented by more agile private funds, creating a balanced investment ecosystem [13]. - The combination of long-term capital from public and insurance funds with the liquidity provided by private funds is seen as a stabilizing factor for stock prices post-IPO [9][13].