Core Viewpoint - The article discusses the initial public offering (IPO) details of Moole Technology, including the determined issue price, the number of shares to be issued, and the expected fundraising amount [3][4]. Summary by Sections IPO Details - Moole Technology's issue price is set at 114.28 yuan per share, with a total of 70 million shares to be issued. The online and offline subscription date is November 24, and the stock code is "688795" [3]. - The IPO received inquiries from 286 offline investors managing 7,787 allocation objects, with a price range of 88.79 to 159.57 yuan per share. The final issue price was determined at 114.28 yuan per share [3]. Fundraising and Valuation - If the IPO is successful, Moole Technology is expected to raise approximately 7.9996 billion yuan, with a net amount of about 7.576 billion yuan after deducting issuance costs [3]. - Post-IPO, the total share capital of Moole Technology will be approximately 470.028 million shares, leading to an estimated market capitalization of around 53.715 billion yuan at the issue price [4]. Shareholder Value - Major shareholders include Nanjing Shen'ao Management Consulting, holding 58.186 million shares valued at 6.6495 billion yuan, and Hangzhou Hua'ao Management Consulting, holding 26.9276 million shares valued at 3.077 billion yuan [5]. - The actual controller, Zhang Jianzhong, directly holds 44.242 million shares (11.0598% pre-issue), valued at approximately 5.056 billion yuan, controlling a total of 36.36% of the shares [6]. Other Shareholders - Other notable shareholders include Heertai (002402.SZ) with 4.105 million shares valued at 469 million yuan, and Yingqu Technology (002925.SZ) with 1.340 million shares valued at 153 million yuan [6]. - Investment firms such as Guosheng Capital, Sequoia Capital, and Tencent Venture Capital also hold significant shares, with respective values of 2.239 billion yuan, 2.189 billion yuan, and 331 million yuan [6]. Profitability and Market Position - Moole Technology has not yet achieved profitability. If it remains unprofitable at the time of listing, it will be classified under the Sci-Tech Growth tier [7]. - The issue price corresponds to a projected static price-to-sales ratio of 122.51 times for 2024, which is higher than the average for comparable companies, indicating potential risks for investors [6].

- The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at market average prices on the first listing day, ignoring lock-up restrictions. For 2025, as of November 14, the IPO yield for Class A accounts with a 2 billion scale is 2.70%, while Class B accounts with the same scale yield 2.28%. For accounts with a 10 billion scale, Class A yields 0.98%, and Class B yields 0.75%[2][10][39] - The report calculates theoretical IPO yields using Class A average winning rates. The formula for calculating full subscription yield is: $ Full subscription quantity = Maximum subscription limit × Class A average winning rate $ $ Full subscription yield = (First board price - IPO price) × Full subscription quantity $ The highest full subscription yields are 98.18 million yuan for Xi'an Yicai-U, 78.03 million yuan for Heyuan Bio-U, and 16.37 million yuan for Bibet-U[37][39][40] - The report measures IPO yields for different account scales, assuming Class A accounts participate in all IPOs, with Sci-Tech Innovation Board and ChiNext quotes fully included. For accounts with scales of 1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion, the yields for recent IPOs are calculated based on Class A average winning rates. For example, Xi'an Yicai-U yields 14.24 million yuan for 2 billion accounts and 94.91 million yuan for 10 billion accounts[39][41][42] - Monthly IPO yields for Class A accounts are tracked, assuming all quotes are included and funds are utilized at 90% efficiency. For 2025, the cumulative yield for 2 billion accounts is 2.70%, with monthly yields varying across different scales. For instance, in October 2025, the yield for 2 billion accounts is 61.05 million yuan, while for 10 billion accounts, it is 219.56 million yuan[42][43][44] - Class B accounts are also analyzed for IPO yields under similar assumptions. For 2025, the cumulative yield for 2 billion accounts is 2.28%. Monthly yields are calculated, such as 25.80 million yuan for 2 billion accounts in October 2025 and 60.53 million yuan for 10 billion accounts[46][47][48]

Core Insights - The performance of newly listed companies in the A-share market has shown a stark contrast, with some experiencing significant gains while others have plummeted to new lows shortly after their IPOs [1][5][9] Group 1: Market Performance of New Listings - Deli Jia, a leading wind power gearbox manufacturer, saw its stock price drop significantly after an initial surge, reaching a new low of 62.48 yuan after its IPO [1] - In 2025, among 92 newly listed companies, only one has increased by over 18 times, while 5 companies, including Deli Jia, have dropped to new lows shortly after listing [1] - Haibo Shichuang, a battery storage system company, has become a standout performer with a stock price increase of 1855.6% since its IPO in January [3] Group 2: Factors Influencing Stock Performance - The disparity in stock performance is attributed to industry trends and company fundamentals, with successful companies often aligned with current market hotspots, such as energy storage [7] - Companies facing challenges, such as those in the wind power sector, have seen their stock prices decline due to insufficient performance support [7] - The pricing and valuation of new stocks have raised concerns, with some companies having significantly higher price-to-earnings ratios compared to industry leaders, leading to market skepticism [7] Group 3: Investor Behavior and Market Dynamics - The new stock market environment has shifted, with 73% of new stocks in 2025 dropping below their first-day closing price, indicating a departure from the previous "guaranteed profit" mentality [9] - Retail investors have contributed significantly to trading volumes but lack pricing power, often buying at high prices after institutional investors sell [7][11] - The introduction of a five-day period without price limits for new stocks has created opportunities for extreme volatility, allowing for both rapid gains and losses [9][11]

四季度以来新股表现良好：首日平均最大涨幅达334.08% 今年四季度以来，在A股市场整体涨势趋缓，波动加大的情况下，A股市场上市新股依旧保持了较好的 表现，且新股首日平均涨幅较今年前三季度进一步提升。 值得注意的是，在新股表现较好，且新股中签依旧能维持不错收益的同时，也出现僧多粥少的局面，打 新也越来越难中签，四季度以来新股网上中签率整体进一步走低。 上述案例是今年四季度以来A股市场新股良好表现的一个缩影，这期间恰逢A股市场整体涨势趋缓，波 动加大。 在新股中签收益依旧可观的情况下，今年四季度以来新股中签率进一步走低。数据显示，今年四季度以 来主板新股平均网上中签率约为0.0307%，四季度以来上市科创板新股平均网上中签率约为0.0346%， 均较相应上市板年内平均网上中签率水平要低。这意味相较今年前三季度，今年四季度新股打新更难中 签。 数据显示，若按照上市日期统计，今年第四季度以来合计已有12只A股新股上市，上述新股在上市首日 均录得不错表现，首日收盘平均涨幅达273.75%，其中丹娜生物、大明电子、超颖电子、道生天合、奥 美森上市首日收盘涨幅均超过300%。这里面，丹娜生物、大明电子两只新股上市首日收盘 ...

现在打新也特别多，前几天不是有个kito的跑路了吗。我的建议是，大热盘stable，mega，mmt啥的打打得了，跑路至少有其他老师帮你维权。别自作聪明搞点歪门邪道，最主要是现在不是无脑接盘，没其他老师帮你喊韭菜接盘。你打新出来的也是垃圾，没收益的。反正我是只搞了stble，稳健点啊。还有就是，套保小心点吧，散户盘可以随便套，庄盘真悠着点（很重要的） ...

- The report tracks the recent IPO performance in the A-share market, including the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first trading day, ignoring lock-up restrictions[2][10][39] - For A-class accounts with a scale of 2 billion, the IPO yield since the beginning of 2025 until October 31, 2025, is 2.65%, while for B-class accounts of the same scale, the yield is 2.23%[2][10][39] - For larger accounts with a scale of 10 billion, the IPO yield for A-class accounts is 0.96%, and for B-class accounts, it is 0.73%[2][10][39] - The average first-day increase for Sci-Tech Innovation Board stocks is 219.94%, while for ChiNext stocks, it is 244.28%[2][18][39] - The report calculates the theoretical IPO yield using the formula: $ Class Full Subscription Quantity = Maximum Subscription Limit × Average Class Offline Winning Rate $ $ Full Subscription Yield = (First Opening Price - Initial Offering Price) × Full Subscription Quantity $[38][39][41] - The full subscription yield for individual stocks mostly ranges between 5 to 100 thousand yuan, with the highest yields being C奕材-U (98.18 thousand yuan), C禾元-U (78.03 thousand yuan), and 联合动力 (50.81 thousand yuan)[38][39][41] - The report provides detailed monthly IPO yield calculations for different account scales (1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion) across Sci-Tech Innovation Board, ChiNext, and Main Board, assuming 90% capital utilization efficiency and all quotes successfully included[39][42][46]

Group 1: New IPOs and Offerings - This week (November 3 to 7), there are three new stocks available for subscription: one on the Sci-Tech Innovation Board, one on the ChiNext, and one on the Beijing Stock Exchange [1] - The Beijing Stock Exchange new stock, Beikang Testing, has an issue price of 6.7 yuan and a price-to-earnings ratio of 14.99, compared to the industry average dynamic P/E ratio of 38.04 over the past month [2] - The Sci-Tech Innovation Board new stock, Hengkang New Materials, focuses on key materials for integrated circuits and plans to raise 1.007 billion yuan for projects related to integrated circuit precursors and advanced materials [2] Group 2: Company Profiles and Fundraising - Hengkang New Materials is one of the few domestic companies capable of R&D and mass production of key materials for 12-inch integrated circuit wafers, aiming to enhance product structure and promote domestic innovation [2] - Nanjing Digital, also launching on November 7, aims to provide comprehensive digital solutions for the power and energy sectors, with a fundraising target of 2.554 billion yuan [2] - ZhiXin Co., which is set to go public on the Shanghai Stock Exchange, specializes in automotive welding parts and has established itself as a primary supplier for major automotive manufacturers, seeking to raise 1.329 billion yuan [5] - Shaanxi Tourism, another company going public on November 7, integrates tourism performances, cable cars, and dining services, with a fundraising goal of 1.555 billion yuan [6]

Group 1 - The total IPO financing scale in the A-share market for October 2025 was 5.707 billion, a decrease of 72% month-on-month. The main board accounted for 3.248 billion, while the North Exchange accounted for 0.858 billion [4][11]. - A total of 10 new stocks were issued in October, which is lower than the previous month. The breakdown includes 3 from the main board, 4 from the North Exchange, 2 from the Sci-Tech Innovation Board, and 1 from the Growth Enterprise Market [5][11]. - As of the end of October, there were 32 IPO projects approved but not yet issued across various A-share sectors, with a total proposed fundraising scale of 39.96 billion. The main board accounted for 33% of the proposed fundraising [11][12]. Group 2 - The average offline subscription limit for new stocks in the past three months was mostly in the range of 500 million to 1 billion. The main board's offline subscription limits were primarily in the 500 million to 1 billion range, while the Growth Enterprise Market's limits were mostly in the 100 million to 200 million range [12][14]. - In October, the number of offline inquiry objects for the main board, Growth Enterprise Market, and Sci-Tech Innovation Board reached 1,675, 0, and 203 respectively, with a 37% decrease for the main board [16][18]. - The average winning rate for new stocks in October for A/B class accounts on the main board was 0.0112% and 0.0106%, reflecting a month-on-month decrease of 12% and 14% respectively [18][20]. Group 3 - The contribution of new stocks to funds was measured, with funds in the 200-300 million scale contributing +0.166% and those in the 300-500 million scale contributing +0.147%. The annualized return was 1.629% [22]. - In October 2025, a total of 3,346 funds participated in new stock subscriptions, with a total scale of 7.55 trillion. The most numerous were equity mixed funds, with 1,280 funds participating [24][26]. - The participation rate of various types of funds in new stock subscriptions was highlighted, with equity mixed funds leading the participation [29].

打新平台与项目分析 - Buidlpad 上的 @MMTFinance 项目问题本质是参与者过多导致资源分配不足[1] - Buidlpad 推出创业板 Vibe，可能存在一定的 alpha 机会[1] - 中文区域买盘和资金量过大，对打新阶段的资源分配造成压力[1] 市场趋势与周期 - 公平发射到 VC 币再到公平发射的周期切换速度加快，以往三个月以上的周期现在缩短到一个甚至几周[1] - 以 Bsc meme 为代表的新一轮，一个月内市值从 4 美元增长到 500 million 美元，达到天花板位置[1]

Kaito 这个模式感觉就是可能有惊喜也可能有惊吓……发现 Hana、Boundless 和 Limitless 从结果上来看算一个惊喜，今天这个就惊吓了……从模式上来说 Buidlpad 和 HoloLaunch 的模式可能确定性会更强一点，上项目的周期更短，但是确定性更强以及 Binance wallet 的 Pre-TGE Prime 销售是一个确定性更强的选项，但单号的资金容量就更小了Yuyue 🥊 (@yuyue_chris):这里展开说下 @KaitoAI 的打新模式，很多小伙伴还不清楚这个平台的机制。整体来说是有时间权重 + 生态优先级的，我自己是 Top Yapper + 低位买的质押了一些 Kaito通常来说大热门的项目都是需要第一时间冲的，群友 @ZKSgu 分析了一下，玩几个小时，会少几个点时间权重，所以像是 zkPass https://t.co/Pe9JZ7GSS4 ...