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]

一、网上申购情况及网上发行初步中签率 根据《大明电子股份有限公司首次公开发行股票并在主板上市发行公告》公布的回拨机制，由于网上投 资者初步有效申购倍数为9,271.77倍，超过100倍，发行人和保荐人（主承销商）决定启动回拨机制，对 网下、网上发行的规模进行调节，将扣除最终战略配售部分后本次公开发行股票数量的40.00%（向上 取整至500股的整数倍，即1,280.05万股）由网下回拨至网上。 网上、网下回拨机制启动后，网下最终发行数量为960.03万股，占扣除最终战略配售数量后发行数量的 30.00%；网上最终发行数量为2,240.05万股，占扣除最终战略配售数量后发行数量的70.00%。回拨机制 启动后，网上发行最终中签率为0.02516657%。 根据上海证券交易所提供的数据，本次网上发行有效申购户数为13,272,363户，有效申购数量为 89,008,964,500股，网上发行初步中签率为0.01078543%。配号总数为178,017,929个，号码范围为 100,000,000,000—100,178,017,928。 二、回拨机制实施、发行结构及网上发行最终中签率 ...

特别提示 南方电网数字电网研究院股份有限公司(以下简称"南网数字"、"发行人"或"公司")根据中国证券监督管 理委员会(以下简称"证监会")发布的《证券发行与承销管理办法》(证监会令〔第228号〕)(以下简 称"《管理办法》")、《首次公开发行股票注册管理办法》(证监会令〔第205号〕),深圳证券交易所(以下 简称"深交所")发布的《深圳证券交易所首次公开发行证券发行与承销业务实施细则(2025年修订)》(深 证上〔2025〕267号)(以下简称"《业务实施细则》")、《深圳市场首次公开发行股票网上发行实施细 则》(深证上〔2018〕279号)(以下简称"《网上发行实施细则》")、《深圳市场首次公开发行股票网下发 行实施细则(2025年修订)》(深证上〔2025〕224号)(以下简称"《网下发行实施细则》")、《深圳证券交 易所创业板投资者适当性管理实施办法(2020年修订)》(深证上〔2020〕343号)(以下简称"《投资者适当 性管理办法》"),中国证券业协会(以下简称"证券业协会")发布的《首次公开发行证券承销业务规则》(中 证协发〔2023〕18号)、《首次公开发行证券网下投资者管理规则》(中证协发〔 ...

Group 1 - The number of valid subscription accounts for the online issuance is 3,359,036, with a total valid subscription quantity of 39,602,538,500 shares, resulting in an initial online issuance lottery rate of 0.03613910% [1] - The initial effective subscription multiple for the online issuance was 2,767.09 times, prompting the implementation of a callback mechanism to adjust the scale between offline and online issuances [2] - After the callback mechanism was activated, the final online issuance quantity was 21,509,500 shares, accounting for 29.89% of the total issuance after deducting the final strategic placement [2] Group 2 - The total number of allocation numbers was 79,205,077, with the range of numbers from 100,000,000,000 to 100,079,205,076 [1] - The final online issuance lottery rate after the callback mechanism was 0.05431344% [2] - The offline final issuance quantity was 50,461,346 shares, representing 70.11% of the total issuance after deducting the final strategic placement [2]

Core Viewpoint - Daming Electronics 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 IPO will utilize a combination of strategic placement, offline issuance to qualified investors, and online issuance to the public [1] - The total number of shares to be issued is 40.001 million, with an initial strategic placement of 8.002 million shares, accounting for 20% of the total issuance [1] - The final strategic placement remains at 8.002 million shares, with no shares being reallocated to offline issuance [1] Group 2: Issuance Mechanism - Before the implementation of the online and offline allocation mechanism, the offline issuance quantity is 22.4008 million shares, representing 70% of the total issuance after deducting the final strategic placement [2] - The online issuance quantity is 9.6 million shares, accounting for 30% of the total issuance after deducting the final strategic placement [2] - The final total issuance quantity for both online and offline is 32.0008 million shares [2] Group 3: Pricing and Payment - The issuance price is set at RMB 12.55 per share, with the online pricing for 9.6 million shares scheduled for October 24, 2025 [2] - Investors must ensure timely payment for their subscriptions by October 28, 2025, with specific instructions for offline and online investors regarding payment obligations [3][4] Group 4: Subscription and Allocation - The number of effective online subscription accounts is 13,272,363, with a total effective subscription volume of 89,008,964,500 shares, resulting in an initial online winning rate of 0.010785543% [5] - Following the implementation of the allocation mechanism, the final online winning rate is adjusted to 0.025166657% [7] - The online lottery draw for subscriptions will take place on October 27, 2025, with results announced on October 28, 2025 [8]

Core Points - The article outlines the procedures and requirements for offline investors to participate in the initial pricing inquiry for a stock issuance scheduled for September 30, 2025 [1][2][3] Group 1: Initial Inquiry Process - The preliminary inquiry will take place on September 30, 2025, from 9:30 AM to 3:00 PM, where eligible offline investors can submit their proposed purchase prices and quantities [1][2] - Offline investors must register with the China Securities Association by September 29, 2025, and complete necessary account setups to participate [1][2][3] Group 2: Pricing and Quotation Requirements - Offline investors are required to submit their pricing basis and suggested price or price range before the inquiry begins, with personal investors needing to confirm their pricing basis with a signature [2][3][4] - Investors can submit up to three different quotes, with the highest quote not exceeding 120% of the lowest quote [3][4] Group 3: Minimum Subscription Requirements - The minimum subscription quantity for designated offline investors is set at 1 million shares, with increments of 100,000 shares thereafter [4][5] - Each designated investor can subscribe for a maximum of 37 million shares, which represents approximately 49.15% of the initial offline issuance [4] Group 4: Compliance and Risk Management - Offline investors must adhere to industry regulations and ensure that their subscription amounts do not exceed their asset scale or fund size [4][6][8] - A verification function for pricing basis has been added to the electronic platform to promote prudent quoting by offline investors [4][6] Group 5: Issuance and Subscription Timeline - The offline subscription period is set for October 13, 2025, where all valid quoting investors must participate [18] - The online subscription will also occur on October 13, 2025, with specific time slots for participation [19][20] Group 6: Allocation and Distribution Mechanism - The issuance will adopt a proportional allocation method, with different categories of investors receiving different allocation ratios [25][26] - If the total valid subscription amount is less than the initial issuance quantity, the issuance will be suspended [27] Group 7: Payment and Compliance - Offline investors must ensure that their subscription funds are fully paid by October 15, 2025, or their allocations will be deemed invalid [29][30] - Investors who fail to comply with payment requirements may face penalties and be reported to the China Securities Association [30][32]

Group 1 - The number of valid subscription accounts for the online issuance was 3,836,080, with a total of 45,259,482,500 shares subscribed, resulting in an initial online issuance lottery rate of 0.03181654% [1] - The initial effective subscription multiple for the online issuance was approximately 3,143.02 times, leading to the activation of the allocation mechanism, which adjusted the scale between offline and online issuances [2] - After the allocation mechanism was implemented, the final online issuance quantity was 2,160,000 shares, accounting for 30% of the total issuance after deducting the final strategic placement, with a final online lottery rate of 0.04772481% [2]

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].

Group 1 - The total number of valid subscriptions for the online issuance was 13,503,823, with a total of 49,487,454,000 shares subscribed [1] - The total number of allocation numbers was 98,974,908, with the starting allocation number being 000000000001 and the ending number being 000098974908 [1] Group 2 - The initial effective subscription multiple for the online issuance was 11,921.81498 times, leading to the activation of the callback mechanism [2] - After the callback mechanism was implemented, the final number of shares issued offline was 762.4766 million, accounting for 51.80% of the total issuance after deducting the final strategic placement [2] - The final number of shares issued online was 709.5000 million, representing 48.20% of the total issuance after deducting the final strategic placement, with an online winning rate of 0.0143369671% and an effective subscription multiple of 6,974.97590 times [2]

Core Insights - The margin financing stage, known as "孖展" in Cantonese, is a crucial part of the IPO process in Hong Kong, allowing investors to leverage their purchasing power by borrowing from brokers to subscribe to new shares [2][7] - The margin subscription process typically occurs during the public offering phase of an IPO, where retail investors participate through brokers, while institutional investors usually opt for international placements [3][7] Margin Subscription Details - Margin subscription allows investors to pay only a portion of the subscription price (commonly 10%), with the remaining amount financed by the broker [3] - The margin ratio varies by broker, typically around 90%, meaning investors only need to provide 10% of the subscription amount, but some brokers may offer lower or higher ratios depending on their risk policies [3][4] - Interest on margin funds is charged by brokers, with rates ranging from 1% to over 10% depending on market conditions and the popularity of the new stock [3][4] Importance of Margin Data - Margin subscription data, such as the subscription multiple and oversubscription multiple, serve as key indicators of market interest in new stocks [5][6] - A high margin multiple (e.g., over 10 times) indicates strong market enthusiasm, potentially predicting good performance upon listing, while a low multiple suggests insufficient market interest [6] Margin Subscription Process - The process involves several steps: selecting the new stock, choosing the subscription method (cash or margin), confirming the margin ratio and interest, submitting the application, and awaiting allocation results [6] - Investors benefit from increased chances of allocation in popular new stocks, but must be aware of the associated costs and risks, including the potential for forced liquidation if the stock price drops significantly [6][7] Advantages and Disadvantages of Margin Subscription - Advantages include enhanced purchasing power and increased chances of successful allocation in competitive IPOs [6] - Disadvantages involve the cost of interest, leverage risks, and the possibility of forced liquidation if the stock underperforms [6][7]