在此背景下，为遏制投机套利倾向、维护战略投资者机制的本源定位，北交所在前述发行上市审核 动态中明确，参与战略配售的投资者应当具备良好的市场声誉和影响力，具有较强资金实力，认可发行 人长期投资价值。发行人和主承销商可以自主确定是否采用战略配售，并在《北京证券交易所证券发行 与承销管理细则》规定的上限内自主设定战略配售股份比例。同时，为进一步提升战略配售安排的公平 性、规范性，防范利益输送风险，北交所特别强调，主承销商应加强对战略投资者选择标准、配售资格 的核查。 具体来看，根据北交所最新要求，可参与战略配售的投资者主要包括六类：一是与发行人经营业务 具有战略合作关系或长期合作愿景的大型企业或其下属企业；二是具有长期投资意愿的大型保险公司或 其下属企业、国家级大型投资基金或其下属企业；三是以公开募集方式设立，主要投资策略包括投资战 略配售股票，且以封闭方式运作的证券投资基金；四是参与跟投的保荐机构相关子公司；五是发行人的 高级管理人员与核心员工参与本次战略配售设立的专项资产管理计划或员工持股计划；六是符合法律法 规、业务规则规定的其他投资者。 资深新三板评论人、北京南山投资创始人周运南表示，支持北交所在战略配售上 ...

Core Viewpoint - Jiangsu Tiangong Technology Co., Ltd. (Tiangong Co.) has become the first company to list on the Beijing Stock Exchange (BSE) as a "H-share A-share" company and has the lowest issuance price of new shares this year, with a significant opening price increase of 458.63% on its first trading day [1][2]. Group 1: Company Overview - Tiangong Co. specializes in the research, production, and sales of titanium and titanium alloy materials, utilizing sponge titanium and other metal elements through various processing techniques to create high-performance products [5]. - The company raised funds primarily for the construction of a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires to meet market demands in consumer electronics, aerospace, and medical devices [5]. Group 2: Financial Performance - In 2023, Tiangong Co. achieved a revenue of 1.035 billion yuan, a year-on-year increase of 170.05%, and a net profit attributable to shareholders of 170 million yuan, up 142.57% [5]. - However, in 2024, the company experienced revenue fluctuations, reporting 801 million yuan, a year-on-year decrease of 22.59%, while the net profit attributable to shareholders was 172 million yuan, a slight increase of 1.57% [5]. - For the first quarter of 2025, Tiangong Co. reported an unaudited revenue of 192 million yuan, a year-on-year increase of 4.35% [5]. Group 3: Market Context and Strategic Placement - The issuance price of Tiangong Co. was 3.94 yuan per share, with a price-to-earnings ratio of 14.98, marking it as the lowest issuance price for new shares this year [2]. - The public offering attracted 425,400 participants, with 117,500 ultimately receiving allocations, resulting in a total allocation of 51 million shares and an investment amount of 201 million yuan [2]. - The strategic placement involved 12 investors, with a lock-up period exceeding the minimum requirement, indicating strong institutional confidence in the company's long-term prospects [2][3].