Core Points - Anhui Linping Circular Development Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and listing on the main board from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1] Group 1: IPO Details - The IPO price is set at RMB 37.88 per share, with a total issuance of 18,853,700 shares, all of which are new shares [1] - The initial offline issuance quantity is 11,312,700 shares, accounting for 60% of the total issuance, while the online issuance quantity is 7,541,000 shares, accounting for 40% [2] - Due to an oversubscription rate of approximately 10,589.08 times for the online issuance, a mechanism was activated to adjust the issuance scale, resulting in 1,508,250,000 shares allocated online, which is 80% of the total issuance [2] Group 2: Subscription Statistics - Online investors subscribed for a total of 14,986,269 shares, amounting to RMB 567,679,869.72, with 96,231 shares abandoned [4] - Offline investors subscribed for 377,120 shares, amounting to RMB 142,853,056.00, with no shares abandoned [5] Group 3: Lock-up Period and Underwriting - The offline portion of the issuance has a lock-up period of 6 months for 10% of the allocated shares, while 90% of the shares are unrestricted [6] - The underwriter, Guolian Minsheng Securities, will underwrite all shares that were abandoned by investors, totaling 96,231 shares, which is approximately 0.51% of the total issuance [7] Group 4: Issuance Costs - The total issuance costs amount to RMB 90.0849 million, including underwriting fees of RMB 10 million and auditing fees of RMB 17.2008 million [8]

Core Viewpoint - Anhui Linping Circular Development 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, with the underwriting and sponsorship handled by Guolian Minsheng Securities [1] Group 1: IPO Details - The total number of shares to be issued is 18,853,700, accounting for 25% of the total share capital post-issue, which will be 75,414,800 shares [1] - The issue price is set at RMB 37.88 per share, with the initial online issuance of 7,541,000 shares [2] - The offline initial issuance was 11,312,700 shares, representing 60% of the total issuance [2] Group 2: Subscription and Allocation - The final allocation after the adjustment mechanism resulted in 3,771,200 shares for offline investors (20%) and 15,082,500 shares for online investors (80%) [3] - The online issuance had an initial subscription multiple of approximately 10,589.08 times, leading to the activation of the adjustment mechanism [2] - The final online winning rate was 0.018888800% [4] Group 3: Payment and Compliance - Investors must fulfill payment obligations by February 3, 2026, ensuring sufficient funds are available in their accounts [5] - If the total subscription from both online and offline investors does not reach 70% of the total issuance, the IPO will be suspended [6] - Investors who fail to pay or participate adequately will be considered in breach and may face penalties [7] Group 4: Subscription Results - The online lottery for subscription results was conducted on February 2, 2026, with a total of 30,165 winning numbers, each allowing for the purchase of 500 shares [8] - The offline subscription involved 583 investors managing 9,368 valid bidding entities, with a total valid subscription of 48,829,900 shares [9] - There were no leftover shares from the offline allocation, and the distribution adhered to the announced principles [10]

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. has received approval for its initial public offering (IPO) of A-shares, with the issuance amount set at 188.537 million shares, representing 25% of the total post-issue share capital [1]. Group 1: Issuance Details - The IPO will be conducted through a combination of offline and online offerings, with 1,131.270 million shares allocated for offline investors (60%) and 754.100 million shares for online investors (40%) [2]. - The issue price is set at 37.88 yuan per share, with the initial online offering of 754.100 million shares scheduled for January 30, 2026 [2]. Group 2: Payment and Subscription Process - Investors must fulfill their payment obligations by February 3, 2026, with specific instructions for offline and online investors regarding the payment process [3][5]. - 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]. Group 3: Subscription Statistics - The online offering received 14,157,164 valid applications, totaling 79,852,287,000 shares, resulting in an initial online subscription rate of 0.009444369% [6]. - Following the activation of the allocation mechanism, the final online issuance quantity increased to 1,508.250 million shares, representing 80% of the total issuance [6]. Group 4: Lottery and Announcement - The lottery for the online subscription will take place on February 2, 2026, with results published on the Shanghai Stock Exchange website on February 3, 2026 [7].

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) on the Sci-Tech Innovation Board, with the application approved by the Shanghai Stock Exchange on November 14, 2025, and registered by the China Securities Regulatory Commission [1] Group 1: Issuance Details - The total number of shares for this issuance is set at 16,930,559 shares, with an initial strategic placement of 3,386,111 shares, accounting for 20% of the total issuance [2] - The final strategic placement remains at 3,386,111 shares, with no need for adjustments to the offline allocation [2] - The issuance price is set at RMB 92.18 per share, with 4,063,000 shares to be initially issued through online pricing on January 16, 2026 [3] Group 2: Payment and Subscription Process - Investors are required to fulfill payment obligations by January 20, 2026, with specific instructions for offline and online investors regarding payment procedures [4] - Offline investors must commit to a 10% lock-up period for their allocated shares, which will last for six months from the date of listing [5] Group 3: Subscription and Allocation Mechanism - If the total subscription from offline and online investors does not meet 70% of the issuance quantity after deducting the final strategic placement, the IPO will be suspended [6] - The online issuance had 6,516,284 valid subscription accounts, with a total of 24,795,718,000 shares applied, resulting in an initial online winning rate of 0.01638589% [7] - Following the implementation of the allocation mechanism, the final online winning rate increased to 0.02184853% after adjustments were made due to high demand [8] Group 4: Lottery and Announcement - The online lottery for share allocation is scheduled for January 19, 2026, with results to be announced on January 20, 2026 [9]

Group 1 - The number of valid subscription accounts for the online issuance was 6,516,284, with a total of 24,795,718,000 shares subscribed, resulting in an initial online issuance lottery rate of 0.01638589% [1] - The initial effective subscription multiple for the online issuance was approximately 6,102.81 times, leading to the activation of the allocation mechanism to adjust the scale between offline and online issuances [2] - After the allocation mechanism was implemented, the final number of shares issued online was 541,750 shares, accounting for 40.00% of the total issuance after deducting the final strategic placement [2] Group 2 - The final lottery rate for the online issuance after the allocation mechanism was 0.02184853% [2] - The final number of shares issued offline was 812,694.8 shares, representing 60.00% of the total issuance after deducting the final strategic placement [2]

Group 1 - The number of valid subscription accounts for the online issuance was 6,385,243, with a total of 55,504,532,500 shares subscribed, resulting in an initial online issuance lottery rate of 0.01812555% [1] - The initial effective subscription multiple for the online issuance was approximately 5,517.07 times, leading to the activation of the allocation mechanism, which adjusted the distribution between offline and online issuances [2] - After the allocation mechanism was implemented, the final number of shares issued offline was 20,121,500 shares (60% of the adjusted total), while the final number of shares issued online was 13,414,500 shares (40% of the adjusted total), resulting in a final online issuance lottery rate of 0.02416830% [2]

Group 1 - The number of valid subscription accounts for the online issuance was 13,858,098, with a total valid subscription quantity of 155,891,512,500 shares, resulting in an initial online issuance lottery rate of 0.01347091% [1] - The total number of allocation numbers was 311,783,025, with the number range from 100,000,000,000 to 100,311,783,024 [1] Group 2 - Due to the initial effective subscription multiple of 7,423.41 times exceeding 100, a callback mechanism was implemented, adjusting the scale of offline and online issuance [2] - After the callback mechanism was activated, the final number of shares issued offline was 2,190.2951 million shares, accounting for 30.63% of the total issuance after deducting the final strategic placement [2] - The final number of shares issued online was 4,960.2000 million shares, representing 69.37% of the total issuance after deducting the final strategic placement, with the final online issuance lottery rate being 0.03181828% [2]

Group 1 - The number of valid subscription accounts for the online issuance is 6,692,804, with a total of 28,457,469,500 shares subscribed, resulting in an initial online issuance lottery rate of 0.01686728% [1] - The total number of allocation numbers is 56,914,939, ranging from 100,000,000,000 to 100,056,914,938 [1] Group 2 - The online issuance had an initial effective subscription multiple of approximately 5,928.64 times, exceeding 100 times, prompting the implementation of a callback mechanism [2] - After the callback mechanism was activated, the final number of shares issued offline was 9,600,000, accounting for 60.00% of the total issuance after deducting the final strategic placement [2] - The final number of shares issued online was 6,400,000, representing 40.00% of the total issuance after deducting the final strategic placement, with the final online issuance lottery rate adjusted to 0.02248970% [2]

Group 1 - The core viewpoint of the article is the announcement of the issuance results of Mu Xi Integrated Circuit (Shanghai) Co., Ltd., highlighting the implementation of a mechanism to adjust the allocation of shares between offline and online subscriptions [1][2]. - The final number of shares issued offline is 22,829,081 shares, accounting for 70.26% of the total issuance after deducting the final strategic placement [1][2]. - The final number of shares issued online is 9,665,500 shares, representing 29.74% of the total issuance after deducting the final strategic placement [1][2]. - The initial online subscription rate was approximately 4,498.38 times, leading to the decision to activate the allocation adjustment mechanism [2]. - The final online subscription winning rate after the adjustment is 0.03348913% [1][2]. Group 2 - The number of effective online subscription accounts was 5,175,152, with a total of 28,861,604.500 shares applied for [2]. - The total number of allocation numbers was 57,723,209, with the range of numbers from 100,000,000,000,000,000,057,723,208 [2]. - The online lottery drawing ceremony is scheduled for December 8, 2025, with the results to be announced on December 9, 2025 [3].

Group 1 - The number of valid subscription accounts for the online issuance was 6,191,785, with a total of 56,326,001,000 shares subscribed, resulting in an initial online winning rate of 0.01914480% [1] - The initial effective subscription multiple for the online issuance was 5,223.35 times, leading to the activation of the allocation mechanism, which adjusted the distribution of shares between offline and online issuances [2] - After the allocation mechanism was implemented, the final online issuance quantity was 1,618.6500 million shares, accounting for 29.96% of the total issuance, with a final online winning rate of 0.02873717% [2] Group 2 - The total number of allocation numbers was 112,652,002, with the range of numbers from 100,000,000,000 to 100,112,652,001 [1] - The offline final issuance quantity was 3,784.1745 million shares, representing 70.04% of the total issuance after deducting the final strategic placement [2]