2024年5月份，深交所创业板引入了询价转让制度。2025年4月份，创业板首单询价转让落地，深圳安培 龙科技股份有限公司成为创业板首家"尝鲜"的公司。该公司股东宁波长盈粤富投资有限公司询价转让 98.41万股股份，转让价格为70.89元/股，交易金额为6976.28万元。 1月8日晚间，深圳市必易微电子股份有限公司披露股东询价转让定价情况，公司持股5.69%的股东苑成 军拟转让69.84万股股份，获机构踊跃认购，这是2026年A股首单询价转让。 2025年，伴随创业板询价转让落地，A股询价转让市场活跃度持续提升。据Wind数据统计，2025年， 158家科创板和创业板（以下简称"双创板"）公司的179批股东完成询价转让，合计成交金额884.81亿 元。 询价转让为科创板、创业板公司首发前股东提供了多元化的减持渠道，实现股东与长期投资者有序接 力，减缓对二级市场影响，同时优化公司投资者结构。 "2025年询价转让走热的核心原因是制度适配与市场需求共振。"创金合信基金首席经济学家魏凤春在接 受《证券日报》记者采访时表示，一方面，创业板询价转让正式落地，制度覆盖面扩容带来了增量空 间；另一方面，减持新规下，询价转让 ...

南网科技公告称，持股12.75%的股东南网能创股权投资基金（广州）合伙企业（有限合伙），拟询价 转让847.05万股，占公司总股本的1.5%，转让原因为自身资金需求。本次询价转让不通过集中竞价或大 宗交易方式进行，受让方为具备相应定价能力和风险承受能力的机构投资者，受让股份6个月内不得转 让。转让价格下限不低于1月9日前20个交易日公司股票交易均价的70%。此外，本次询价转让存在因股 份被司法冻结、市场环境变化等中止实施的风险。 ...

欧圣电气于2022年4月22日在深交所创业板上市，发行股份数量4565.20万股，占发行后公司总股本的 25%，发行价格为21.33元/股。公司上市由中泰证券（600918）股份有限公司担任保荐机构(主承销 商)，保荐代表人为周扣山、孙晓刚，联席主承销商为民生证券股份有限公司。 欧圣电气上市发行募集资金总额为97,375.72万元，扣除发行费用后募集资金净额为89,331.02万元，公司 最终募集资金净额比原计划多63229.70万元。欧圣电气2022年4月15日披露的招股说明书显示，公司拟 募集资金26,101.32万元，用于年产空压机145万台生产技术改造项目、研发中心改建生产技术改造项 目。 欧圣电气上市发行费用总额为8044.70万元，中泰证券股份有限公司和民生证券股份有限公司获得保荐 及承销费6042.54万元。 本次询价转让的出让方之一WEIDONGLU(美国国籍)直接持有欧圣电气3.56%的股份，并通过SANTA BARBARA INVESTMENT LLC间接持有欧圣电气67.69%的股份，系欧圣电气的实际控制人、董事长、 总经理及代财务负责人。苏州市熙坤投资中心(有限合伙)和苏州腾恒投资中心 ...

Market Overview - As of November 27, 2025, the number of projects in China's inquiry transfer market reached 163, a 140% increase compared to the entire year of 2024[4] - The transfer scale reached 84.445 billion yuan, which is 380% higher than the total for 2024[4] - The average discount rate for inquiry transfers in 2025 is approximately 84.34%, significantly lower than the 87.2% for private placements[15] Supply and Demand Dynamics - The inquiry transfer mechanism was officially implemented on the ChiNext board in May 2024, leading to a surge in transfer announcements, with 69 recorded in 2025, accounting for 42.33% of the total[4][24] - The inquiry transfer market has seen a compound annual growth rate (CAGR) of 100.74% in project numbers from 2020 to 2025, and a CAGR of 84.68% in transfer scale[20] Investment Characteristics - Inquiry transfers have a shorter registration time of about one week compared to 3 weeks to 1 month for regular private placements, reducing capital occupation time by 2-3 weeks[14] - The inquiry transfer mechanism allows for a more flexible exit strategy for early investors, providing a low-disturbance path for orderly exits, which is crucial in a market with scarce quality assets[18][29] Market Performance - In the week of December 6 to December 12, 2025, the A-share market saw a general increase, with the ChiNext index rising by 2.74%[31] - The CPO index experienced the highest weekly increase of 14.26%, with a year-to-date increase of 183.30%[34] Key Recommendations - Focus on sectors such as smart vehicles (e.g., Hu Guang Co., Rui Hu Mould, Xin Quan Co., and Xin Dong Lian Ke) and high-end manufacturing (e.g., Ao Pu Te, Qing Niao Fire Protection, and Lei Te Optoelectronics) for potential investment opportunities[36]

格隆汇12月12日｜同益中公告称，持股9.71%的股东国家产业投资基金拟进行询价转让，转让股份总数 为426.87万股，占公司总股本的1.90%，占其自身所持股份数量的19.57%，转让原因为自身资金需求。 本次询价转让为非公开转让，受让方须为具备相应定价能力和风险承受能力的机构投资者，受让股份6 个月内不得转让。转让价格下限不低于发送认购邀请书日前若干交易日公司股票交易均价的70%。此 外，本次转让存在股份被司法冻结、市场环境变化等导致计划无法实施的风险。 ...

格隆汇12月10日丨聚和材料(688503.SH)公布，根据2025年12月9日询价申购情况，初步确定的本次询价 转让价格为45.81元/股。 ...

中国经济网北京12月8日讯江南奕帆（301023）(301023.SZ)近日披露《询价转让计划书》。 江南奕帆募集资金总额为54423.64万元，募集资金净额为48657.67万元。江南奕帆发行费用为5765.97万 元，其中，中信建投证券股份有限公司获得保荐承销费3773.58万元。 江南奕帆2021年6月23日披露的招股说明书显示，公司拟募集资金36507.09万元，计划用于储能减速电 机及房车减速电机生产基地建设项目、研发中心建设项目。 本次询价转让不存在可能导致公司控制权变更的情形。 2025年11月18日公告显示，刘锦成13,000,000股处于质押状态，占公司总股本比例为16.63%。 | | | | "盗盗分析 | 本次解除 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 持股数量 | 持股比 | 员押前员 | 同押后质 | 持股份 | 总股本 | 已质押股份 | 出已员 | 未质押股 | | | 称 | (股) | ...

截至11月28日收盘，东方财富总市值约3700亿元，最新股价为23.40元/股，今年以来股价下跌9.11%。 11月28日晚，东方财富发布公告，3名高管计划减持合计不超过总股本0.022%的上市公司股份，减持原因是 偿还股权激励借款，缴纳股权激励相关税款及其他个人资金需求。拟减持的3位高管均持有通过股权激励取 得的股份。 3名高管计划减持 东方财富11月28日公告显示，公司高级管理人员程磊、黄建海、杨浩计划自公告披露之日起十五个交易日后的 三个月内（2025年12月22日至2026年3月20日），通过集中竞价或大宗交易方式减持所持东方财富股份。减持 原因为偿还股权激励借款、缴纳相关税款及个人资金需求。 证券时报·券商中国记者了解到，股权激励作为上市公司吸引、留住和激励核心人才的核心工具，在科创属性 较强的成长型企业中得到广泛应用，今年以来超1300家上市公司发布股权激励相关公告。 不过，上市公司董事、高管在行使股权激励权益时面临多重挑战。一方面，行使股权激励权益需先行支付大额 款项，并按照"工资薪金所得"适用缴纳个人所得税；另一方面，根据现行规定，董事、高管每年实际可减持股 份的时间窗口和额度受到严格限制，且 ...

Core Viewpoint - The recent inquiry by Huang Shilin, co-founder and third-largest shareholder of CATL, to transfer 1% of his shares has drawn significant market attention, highlighting the "inquiry transfer" method of share reduction, which allows for a substantial cash-out without causing severe stock price fluctuations [1] Group 1: Inquiry Transfer Mechanism - Huang Shilin plans to transfer 45.6324 million shares at an estimated price of 376.12 yuan per share, potentially cashing out nearly 17.2 billion yuan, setting a new record for inquiry transfers in the A-share market [1] - Since the introduction of the inquiry transfer mechanism, 223 companies have completed 322 transactions, with a cumulative market value exceeding 170 billion yuan, and 147 companies have executed 162 transactions this year alone, amounting to 99.879 billion yuan [1] - The inquiry transfer mechanism was initially piloted on the Sci-Tech Innovation Board in 2020 to attract institutional funds for original shareholders' reductions, thereby mitigating the impact of large sell-offs on market stability [1] Group 2: Market Impact and Limitations - Following the announcement of Huang Shilin's share transfer, CATL's stock price only dropped by 2.76% on the next trading day, with subsequent declines of 3.3% and 1.48%, indicating that the inquiry transfer helped stabilize the stock price compared to traditional reduction methods [1] - Despite the positive reception of the inquiry transfer, it does not eliminate the underlying issue of share reductions in the A-share market, as it merely postpones the selling pressure due to a six-month lock-up period for the acquired shares [2] - To fundamentally address the challenges of share reductions, it is suggested to optimize the equity structure by limiting major shareholders' holdings to below 30% and controlling the total amount of locked shares to 50%, along with upgrading reduction rules to prevent selling under adverse conditions [2]

Core Viewpoint - The recent stock transfer of Ningde Times (300750) from Goldman Sachs (Asia) Securities to Citibank, valued at HKD 2.905 billion, indicates a significant shift in shareholder strategy amidst the unlocking of nearly 50% of its H-share IPO locked shares, which may exert pressure on the stock price [1] Group 1: Stock Transfer and Market Impact - On November 21, Ningde Times' shareholder transferred shares worth HKD 2.905 billion from Goldman Sachs (Asia) Securities to Citibank, representing 3.86% of the company [1] - Nearly 50% of Ningde Times' H-share IPO locked shares were unlocked on November 20, with approximately 77.5 million shares facing potential sell-off [1] - Morgan Stanley noted that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the current H-share price is 107% higher than the IPO price, and the H-share is trading at a 23% premium to the A-share, which is rare for dual-listed shares, suggesting potential pressure on the stock price due to the unlocking [1] Group 2: Shareholder Actions - Shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary inquiry transfer price is set at RMB 376.12 per share, which would allow Huang Shilin to cash out approximately RMB 17.163 billion [1] - Huang Shilin is a co-founder of Ningde Times and previously served as the vice chairman and deputy general manager, currently holding a 10.21% stake, making him the third-largest shareholder [1]