Core Viewpoint - The introduction of the agreed lock-up method for the first three new stocks in the growth tier of the Sci-Tech Innovation Board marks a significant change in the A-share market, aimed at enhancing the lock-up ratio and period for unprofitable companies, thereby increasing the allocation ratio for institutional investors [1][6]. Summary by Sections New Lock-up Method - The new agreed lock-up method is introduced alongside traditional methods, allowing for more flexible arrangements for unprofitable companies in terms of lock-up and allocation [2]. - This method is expected to raise the requirements for underwriters' pricing and sales capabilities [2]. Details of the First Three Stocks - The first three companies to adopt this method include Xi'an Yicai, which announced different lock-up ratios and periods for its offline issuance [3]. - The lock-up tiers are set as follows: - Tier 1: 60% lock-up for 9 months - Tier 2: 45% lock-up for 6 months - Tier 3: 25% lock-up for 6 months [4]. Investor Participation - Class A investors can choose from different lock-up tiers, while Class B investors are limited to the lowest tier [5]. - The lock-up period starts from the date the stocks are listed on the Shanghai Stock Exchange, with no restrictions on other allocated shares [5]. Implications of New Regulations - The new regulations are part of the broader reforms initiated by the China Securities Regulatory Commission to enhance the issuance and underwriting system for unprofitable companies [6]. - The adjustments to the rules aim to increase the allocation ratio for long-term investors and provide a more structured approach to the lock-up arrangements [6].