Core Viewpoint - The article discusses the recent IPO activities in the Chinese stock market, highlighting the significance of the subscription process and the expected performance of new stocks, particularly focusing on Dana Biotechnology and Zhongcheng Consulting. Group 1: IPO Performance - Dana Biotechnology's subscription is noted to be relatively easy but significant, with results expected to provide important reference for future subscriptions, especially for fractional shares [1] - Marco Polo's stock debuted with a significant opening increase of 140.73%, closing with a rise of 128.80% at 31.46 yuan, with a total trading volume of 75.7042 million shares and a turnover of 2.582 billion yuan, indicating a high turnover rate of 77.36% [1] - A single subscription for Marco Polo could yield a profit of 8,855 yuan [1] Group 2: Upcoming IPOs and Subscription Details - Dapeng Industrial, a leading manufacturer in precision cleaning equipment, is set to raise approximately 129 million yuan through its IPO [1] - Zhongcheng Consulting is expected to issue up to 14 million shares, with around 12.6 million shares available for online subscription after accounting for a 10% reduction [4] - The estimated subscription amount for Zhongcheng Consulting is projected to be between 720 billion to 730 billion yuan, indicating a high demand for shares [5] Group 3: Subscription Requirements - The top subscription limit for Zhongcheng Consulting is estimated at approximately 900.9 million yuan, with a minimum funding requirement of around 579.37 million yuan for the shares [5] - The competition for fractional shares in Zhongcheng Consulting is expected to be intense, with a minimum funding threshold likely starting at 600 million yuan, potentially reaching 650 million yuan [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 特别提示 超颖电子电路股份有限公司（以下简称"超颖电子"、"发行人"或"公司"）首次公开发行５，２５０．０ ０００万股人民币普通股（Ａ股）（以下简称"本次发行"）的申请已经上海证券交易所（以下简称"上 交所"）上市审核委员会委员审议通过，并已经中国证券监督管理委员会（以下简称"证监会"）证监许 可〔２０２５〕１８０３号同意注册。 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐人（主承销商）"）担任本次发 行的保荐人（主承销商）。发行人股票简称为"超颖电子"，扩位简称为"超颖电子"，股票代码为"６０ ３１７５"。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、网下向符合条件的网下投资 者询价配售（以下简称"网下发行"）与网上向持有上海市场非限售Ａ股股份和非限售存托凭证市值的社 会公众投资者定价发行（以下简称"网上发行"）相结合的方式进行。 发行人和保荐人（主承销商）根据初步询价结果，综合评估公司合理投资价值、可比公司二级市场估值 水平、所属行业二级市场估值水平等方面，充分考虑网下投资者有效申购倍数、市场情况、募集资金需 ...

Core Viewpoint - The company, Daoshengtianhe Materials Technology (Shanghai) Co., Ltd., has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board of the Shanghai Stock Exchange [1]. Group 1: IPO Details - The total number of shares for this issuance is set at 13,188,000 shares, with an initial strategic placement of 3,956,400 shares, accounting for 30% of the total issuance [2]. - The final strategic placement amount is 2,079,431 shares, which is 15.77% of the total issuance, leading to a reallocation of 1,876,969 shares to offline issuance [2]. - The issuance price is determined at RMB 5.98 per share, with a total issuance scale of RMB 78,864.24 million [9]. Group 2: Subscription and Allocation - The online subscription received an initial effective subscription multiple of approximately 6,170.64 times, prompting the activation of a reallocation mechanism [3]. - After the reallocation, the final offline issuance quantity is 3,895,669 shares, representing 35.07% of the total issuance, while the online issuance quantity is 7,212,900 shares, accounting for 64.93% [3]. - The final winning rate for online issuance is 0.04220717% [3]. Group 3: Strategic Placement Participants - Strategic placement participants include large enterprises with strategic cooperation relationships with the issuer, such as China Shipbuilding Group Investment Co., Ltd. and SANY Heavy Energy Co., Ltd. [7]. - The participants have signed strategic placement agreements with the issuer, confirming their commitment to the investment [8]. Group 4: Payment and Compliance - Investors are required to fulfill their payment obligations by October 9, 2025, ensuring that funds are available in their accounts by the deadline [4][5]. - If the total subscription does not reach at least 70% of the total issuance after the final strategic placement, the IPO will be suspended [5].

Core Points - The application for the initial public offering (IPO) of DaoSheng TianHe Materials Technology (Shanghai) Co., Ltd. has been approved by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission [1][2] - The total number of shares to be issued is 131.88 million, with an initial strategic placement of 39.56 million shares, accounting for 30% of the total issuance [2] - The final strategic placement quantity is 20.79 million shares, approximately 15.77% of the total issuance, with the difference being allocated to offline issuance [2] Issuance Structure - The issuance will combine strategic placement, offline issuance, and online issuance, with offline investors receiving 83.39 million shares (75.07% of the adjusted total) and online investors receiving 27.69 million shares (24.93% of the adjusted total) [2] - The final issuance price is set at 5.98 yuan per share, with the initial online issuance of 27.69 million shares scheduled for September 29, 2025 [2] Payment Obligations - Investors must fulfill their payment obligations by October 9, 2025, with specific instructions for offline and online investors regarding payment processes [3][4] - A 10% lock-up period applies to 10% of the shares allocated to offline investors, lasting for six months from the date of listing [4] Subscription and Allocation - The online subscription saw 13,135,673 valid applications for a total of 170.89 billion shares, resulting in an initial online winning rate of 0.01620578% [5] - Due to a high subscription rate of approximately 6,170.64 times, a mechanism was activated to adjust the allocation, resulting in 40% of the shares being reallocated from offline to online issuance [6] Lottery and Announcement - The lottery for online subscriptions is scheduled for September 30, 2025, with results to be announced on October 9, 2025 [7]

Strategic Placement - The strategic placement for this issuance involves the issuer's senior management and core employees through a specific asset management plan, along with other long-term investors such as large insurance companies and national investment funds [1][2] - The initial number of shares for strategic placement is set at 7.18 million shares, accounting for 20% of the total issuance. The final allocation will be determined on October 23, 2025, after the issuance price is set [1][2] Asset Management Plan - The asset management plan for the issuer's senior management and core employees aims to subscribe to a maximum of 10% of the public offering, which translates to no more than 3.59 million shares, with a total investment not exceeding 50 million yuan [2] - The asset management plan is managed by Hai Futong Fund Management Co., Ltd., and the funds raised will be fully utilized for participating in the strategic placement [2] Placement Conditions - Investors participating in the strategic placement must sign a strategic placement agreement and commit to subscribing to the agreed number of shares at the determined issuance price [4] - The payment for the subscription must be made in full by October 22, 2025, and any excess payment will be refunded if the allocated amount is less than the pre-paid amount [4] Lock-up Period - The shares allocated to the asset management plan and other strategic placement investors will have a lock-up period of 12 months from the date of the public offering and listing [5] Verification Process - The lead underwriter and legal counsel will verify the selection criteria and qualifications of the strategic placement investors, with relevant documents to be disclosed on October 24, 2025 [6] Payment and Audit Arrangements - Investors must pay the subscription funds by October 22, 2025, and an audit report on the payment will be issued by the auditing firm by October 31, 2025 [7] Related Commitments - All participating investors have signed a commitment letter regarding compliance with relevant regulations and rules governing the strategic placement [8] Offline Initial Inquiry Arrangement - The offline issuance targets professional institutional investors registered with the China Securities Association, including securities companies, fund management companies, and qualified foreign investors [9][10] - Investors must meet specific asset requirements to participate, with a minimum average market value of 6 million yuan in non-restricted A-shares over the past 20 trading days [10] Submission of Inquiry Materials - Investors must submit verification materials and asset proof by October 21, 2025, to participate in the initial inquiry [11][18] Investor Qualification Verification - The issuer and underwriter will verify the qualifications of investors and may require additional documentation. Non-compliance may result in disqualification from participation [29][28]

Core Points - The company, 超颖电子电路股份有限公司, has received approval for its initial public offering (IPO) of up to 525 million shares of A-shares, representing 12.01% of the total post-issue share capital [1] - The IPO will be conducted through a combination of strategic placement, offline issuance, and online issuance, with a final issuance price set at 17.08 yuan per share [2][3] - The strategic placement initially planned for 105 million shares was adjusted to 70.26 million shares, accounting for 13.38% of the total issuance, with the difference allocated to offline issuance [2][3] Strategic Placement - The strategic placement involved large enterprises with long-term cooperation visions, including 黄石国鑫 and 深圳市高新投创业投资有限公司 [8] - All strategic placement investors have timely deposited their subscription funds, and excess amounts will be refunded by the underwriter [9][10] Issuance Details - The final allocation for offline issuance was 1,468.42 million shares, while online issuance was 3,079 million shares, following the activation of the allocation mechanism due to high demand [3][11] - The initial effective subscription multiple for online issuance was 8,541.55 times, leading to a significant adjustment in the allocation between offline and online investors [3] Payment Obligations - Investors are required to fulfill their payment obligations by October 17, 2025, with specific instructions for both offline and online investors to ensure timely and sufficient fund transfers [4][6] - A penalty for non-compliance with payment obligations includes a prohibition on future participation in IPOs for online investors who fail to pay adequately [6] Overall Subscription Results - The total effective subscription for offline issuance reached 13,297.7 million shares, confirming strong market interest [11][12] - The initial allocation results for offline investors were conducted according to established guidelines, with no remaining shares after the initial allocation [13]

Core Viewpoint - The article discusses the registration and issuance process of the "CITIC Construction Investment Shenyang International Software Park Closed-End Infrastructure Securities Investment Fund" (referred to as "the Fund"), which has been approved by the China Securities Regulatory Commission (CSRC) and outlines the rules for offline inquiry and subscription for institutional investors [14][19][21]. Fund Overview - The total number of fund shares approved for issuance is 30 million, with 21 million shares allocated for strategic placement, 6.3 million shares for offline issuance, and 2.7 million shares for public issuance [14][20][21]. - The fund's code is "508029," and it is referred to as "CITIC Construction Investment Shenyang International Software Park REIT" [14]. Issuance Method - The fund will be issued through a combination of strategic placement, offline inquiry for qualified institutional investors, and public issuance [3][18]. - The inquiry price range is set between 2.736 yuan/share and 4.104 yuan/share, which will be finalized through offline inquiries [23]. Subscription Process - The inquiry period is scheduled for September 29, 2025, from 9:00 to 15:00 [4]. - Qualified institutional investors include securities companies, fund management companies, trust companies, insurance companies, and other professional institutional investors [4][42]. - Investors must submit asset proof materials by September 26, 2025, to participate in the offline inquiry [5][49]. Trading Restrictions - For offline investors, if the total number of shares they intend to subscribe does not exceed 100 times the initial offline issuance, they can trade up to 50% of their allocated shares within the first three trading days after the fund's listing [7][24]. - If the total exceeds 100 times, all allocated shares can be traded immediately upon listing [7]. Risk Management - The fund's management emphasizes compliance with industry regulations and risk control during the subscription process [5][47]. - Investors must ensure that their proposed subscription amounts do not exceed their asset scale or funding capacity [5][47]. Strategic Investor Participation - Strategic investors must sign a "Strategic Placement Agreement" and are not allowed to participate in the offline inquiry [29][33]. - The strategic placement will account for 70% of the total fund shares, with specific holding periods for different categories of investors [34][35]. Important Dates - The fund's public promotion will occur from September 24 to October 14, 2025, targeting both offline and public investors [28].

Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd., has received approval for its initial public offering (IPO) of 288.57491 million shares at a price of RMB 12.48 per share, with the underwriting managed by Guotai Junan Securities Co., Ltd. [1][2] Issuance Details - The total number of shares for this issuance is 288.57491 million, with the entire offering being new shares and no existing shares being sold by current shareholders [2] - The initial strategic placement was set at 86.572473 million shares, accounting for 30% of the total issuance, with the final strategic placement amounting to 84.935893 million shares, or 29.43% of the total [3][6] Subscription Mechanism - The issuance will utilize a combination of strategic placement, offline inquiry placement, and online issuance to the public, with the stock code being "301656" [1] - The offline initial issuance was 163.239017 million shares, representing 80.16% of the remaining shares after strategic placement, while the online initial issuance was 40.4 million shares, or 19.84% [4] Subscription Results - The online subscription saw a total of 80,827,455 shares subscribed, amounting to RMB 1,008,726,638.40, while offline investors subscribed for 122,508,522 shares, totaling RMB 1,528,906,354.56 [8][9] - The final online issuance rate was 0.0328%, with a subscription multiple of 3,047.16 times [4] Underwriting and Fees - Guotai Junan Securities fully underwrote the shares that were not subscribed, totaling 303,040 shares, with an underwriting amount of RMB 3,781,939.20 [10] - The total issuance costs amounted to RMB 73.449 million, including various fees such as underwriting, auditing, and legal expenses [11]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. has received approval for its initial public offering (IPO) of 288.57491 million shares at a price of RMB 12.48 per share, with a combination of strategic placement, offline issuance, and online issuance methods [1][2][3]. Strategic Placement - The initial strategic placement was set at 86.572473 million shares, accounting for 30% of the total issuance, with the final strategic placement amounting to 84.935893 million shares, or 29.43% of the total [3][10]. - The strategic placement includes shares allocated to senior management and core employees, totaling 19.230769 million shares (6.66% of total issuance), and other investors receiving 65.705124 million shares (22.77% of total issuance) [3][10]. Issuance Mechanism - The issuance will be conducted through a combination of strategic placement, offline inquiries, and online pricing for public investors holding non-restricted A-shares and non-restricted depositary receipts [1][2]. - The final issuance price is determined based on the lower of the median and weighted average of bids from qualified investors and certain funds [2][10]. Subscription and Allocation - The initial offline issuance quantity was 163.239017 million shares, representing 80.16% of the remaining shares after strategic placement, while the online issuance was 40.4 million shares (19.84%) [3][4]. - A mechanism for reallocating shares from offline to online issuance was activated due to a high subscription rate, resulting in an online final issuance quantity of 81.128 million shares (39.84%) [4][12]. Payment and Compliance - Investors must ensure that subscription funds are fully paid by the specified deadline; failure to do so will result in the invalidation of their allocation [5][6]. - The shares from the online issuance will have no restrictions on circulation, while 30% of the offline shares will be subject to a six-month lock-up period [7][8]. Investor Participation - As of September 10, 2025, all strategic placement investors have timely paid their subscription funds, and any excess funds will be refunded by September 19, 2025 [11]. - The offline subscription process concluded on September 15, 2025, with 275 investors managing 7,799 valid bids [13][14].

Core Points - The company, Suzhou Huichuan United Power System Co., Ltd., has received approval for its initial public offering (IPO) of 288.57491 million shares at a price of RMB 12.48 per share [1][2] Group 1: Issuance Details - The IPO will be conducted through a combination of strategic placement, offline issuance to qualified investors, and online issuance to the public [1] - The initial strategic placement will consist of 86.572473 million shares, accounting for 30% of the total issuance [2] - The final strategic placement shares amount to 84.935893 million shares, which is 29.43% of the total issuance, with the difference being allocated to offline issuance [2][3] Group 2: Subscription and Payment Process - Offline investors must pay for their subscriptions by September 17, 2025, and failure to do so will result in the invalidation of their allocations [4][5] - Online investors must ensure sufficient funds are available in their accounts by the same date to avoid forfeiting their allocations [5] Group 3: Lock-up Periods - Shares from the online issuance will have no restrictions and can be traded immediately upon listing [6] - For offline investors, 30% of their allocated shares will be subject to a six-month lock-up period, while 70% will be unrestricted [6] Group 4: Subscription Statistics - The online issuance received 13,329,409 valid applications, totaling 247.210275 billion shares, with a final subscription rate of 0.0328% [8][9] - The initial subscription multiple was 6,119.06621 times, leading to the activation of the allocation mechanism [9] Group 5: Lottery and Results Announcement - The lottery for the online issuance will take place on September 16, 2025, with results announced on September 17, 2025 [11]