11 月 21 日，大鹏工业（BJ920091，股价82.60元，市值50.77亿元）上市首日即大涨超12倍，创下北交 所新股首日涨幅新纪录。 100股赚了1万元，200股赚了2万元，500股赚了6万元…… 《每日经济新闻》记者注意到，当打新中签者还在为花几百万元打新最后有几万元收益而兴奋时，大鹏 工业3名高管及4名核心员工才是真正大赢家，他们通过资管计划认购的股份占整个战略配售份额的比例 近60%。按照上市首日（21日）收盘价118元计算，相较发行价9元，3名高管一天的累计浮盈高达4309 万元。 除了大鹏工业外，《每日经济新闻》记者调查发现，拟上市公司蘅东光、江天科技、科马材料等公司战 略配售股向实控人或少数高管、核心员工倾斜的情况也引发争议。按照当前北交所新股上市后普遍翻倍 涨的情况，这几家公司的战略配售股，已成上市前公司内部少数高管、核心员工利益再分配的盛宴。这 是否有违监管层设计战略配售的初衷？ 上市首日大涨超12倍 11月21日，大鹏工业开盘即大涨近290%，随后股价一路飙升，盘中经历了2次临时停牌。在全天A股市 场出现明显调整之际，大鹏工业最大涨幅一度达到了惊人的1666.67%，截至收盘，大鹏 ...

100股赚了1万元，200股赚了2万元，500股赚了6万元...... 11月21日，大鹏工业（920091.BJ）上市首日即暴涨12倍，创下北交所新股首日涨幅新纪录。 《每日经济新闻》记者（简称每经记者）注意到，当打新中签者还在为花几百万元打新最后有几万元收益而兴奋时，大鹏工业3名高管及4名核心员工才是 真正大赢家，他们通过资管计划认购的股份占整个战略配售份额的比例近60%。按照收盘价118元计算，相较发行价9元，3名高管一天的累计浮盈高达 4300万元。 除了上述大鹏工业外，《每日经济新闻》记者调查发现，拟上市公司蘅东光、江天科技、科马材料等公司战略配售股向实控人或少数高管、核心员工倾斜 的情况也引发争议。按照当前北交所新股上市后普遍翻倍涨的情况，这几家公司战略配售股，已成上市前公司内部少数高管、核心员工利益再分配的盛 宴。这是否有违监管层设计战略配售的初衷？ 1 大鹏工业上市首日暴涨 "自家人"战略配售浮盈巨大 11月21日，大鹏工业（哈尔滨岛田大鹏工业股份有限公司）开盘即大涨近290%，随后股价一路飙升，盘中经历了2次临时停牌。在全天A股市场出现明显 调整之际，大鹏工业最大涨幅一度达到了惊人的1666 ...

Core Viewpoint - Dapeng Industrial's stock surged 1211.11% on its first trading day, setting a new record for the Beijing Stock Exchange, with significant profits for company executives and core employees through strategic allocation [1][4][14]. Summary by Sections Company Performance - Dapeng Industrial's stock opened with a nearly 290% increase and reached a maximum increase of 1666.67% during the day, closing at 118 yuan compared to the issue price of 9 yuan [4][14]. - The average first-day increase for new stocks on the Beijing Stock Exchange this year is 363.6% [13]. Strategic Allocation - The strategic allocation for Dapeng Industrial was primarily directed towards an employee asset management plan, which accounted for 60% of the total strategic allocation, significantly lower than the 30% cap allowed [4][8]. - Three executives of Dapeng Industrial collectively invested 3.558 million yuan, with their total floating profit reaching approximately 43.09 million yuan on the first day [4][13]. Internal Allocation Concerns - Similar trends were observed in other companies like Hengdongguang and Jiangtian Technology, where strategic allocations favored a small number of executives and core employees, raising concerns about regulatory compliance and the original intent of strategic allocations [1][9][12]. - In Hengdongguang, four executives accounted for 78.8% of the strategic allocation, while over 3,000 other employees were excluded [9][10]. Market Implications - The concentration of strategic allocation among insiders may limit opportunities for external investors and undermine the intended benefits of strategic allocations [20][22]. - Regulatory changes are being discussed to address the imbalance in strategic allocations, including extending lock-up periods for insiders and limiting their participation [24][25]. Future Outlook - The potential for significant profits from strategic allocations remains high, with expectations that executives could gain substantial floating profits in the future as the market for new stocks continues to thrive [18][19].

《每日经济新闻》记者（简称每经记者）注意到，当打新中签者还在为花几百万元打新最后有几万元收益而兴奋时，大鹏工业3名高管及4名核心员工才是 真正大赢家，他们通过资管计划认购的股份占整个战略配售份额的比例近60%。按照收盘价118元计算，相较发行价9元，3名高管一天的累计浮盈高达 4300万元。 除了上述大鹏工业外，《每日经济新闻》记者调查发现，拟上市公司蘅东光、江天科技、科马材料等公司战略配售股向实控人或少数高管、核心员工倾斜 的情况也引发争议。按照当前北交所新股上市后普遍翻倍涨的情况，这几家公司战略配售股，已成上市前公司内部少数高管、核心员工利益再分配的盛 宴。这是否有违监管层设计战略配售的初衷？ | | N大鹏 | | | | --- | --- | --- | --- | | | | 920091 融 新 | | | 118.00 | | 159.00 市值72.53亿 量比 | | | 35.01 | 流通 16.04亿 换 | | 98.28% | | 109.00 1211.11% | チ 35.09 市盈™ 131.58 额 | | 5.87 亿 | | 大鹏工业 | | | | | 新增概念：大 ...

Group 1 - He Yuan Bio, a star company innovating in "rice blood-making" technology, recently went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with its market value increasing from 60 million to over 30 billion, a growth of over 500 times over 15 years [1] - Tianfeng Securities has been a significant capital force behind He Yuan Bio, participating in its angel round investment in 2010 and further investing in its Pre-IPO round in 2022, demonstrating long-term support [3] - In 2023, Hubei Hongtai Group became the controlling shareholder of Tianfeng Securities, filling a gap in provincial state-owned capital controlling brokerages and stabilizing local finance [3] Group 2 - Tianfeng Securities reported a cumulative operating income of 2.112 billion yuan from January to September 2023, a year-on-year increase of 57.53%, and achieved a net profit of 153 million yuan, marking a turnaround from losses [3] - The total market value of Tianfeng Securities reached 59.23 billion yuan by the end of October 2023, an increase of 27.57 billion yuan since Hubei Hongtai Group took control in March 2023, moving its market ranking from 16th to 5th among A-share listed companies in Hubei [3] - Tianfeng Securities has facilitated nearly 930 billion yuan in financing for the real economy over the past three years, with approximately 120 billion yuan directed towards Hubei enterprises [4]

Core Viewpoint - The company, Southern Power Grid Digital Research Institute Co., Ltd., has received approval for its initial public offering (IPO) of A-shares on the ChiNext board, with a total issuance of 476.947534 million shares at a price of RMB 5.69 per share [1][2]. Group 1: Issuance Details - The total number of shares for this issuance is set at 476.947534 million shares, with the initial strategic placement accounting for 50% of the total shares [2]. - The final strategic placement quantity is 226.713529 million shares, approximately 47.53% of the total issuance, with the difference being allocated to offline issuance [2]. - The offline initial issuance quantity is 202.539505 million shares, representing about 80.94% of the remaining shares after the final strategic placement [2]. Group 2: Subscription and Payment Process - Investors who are allocated shares must ensure that their subscription funds are fully paid by November 11, 2025, or their allocation will be rendered invalid [3][4]. - The online issuance shares have no restrictions on circulation and can be traded immediately upon listing [5]. - Offline investors are required to hold 10% of their allocated shares for a six-month lock-up period, while strategic placement investors have a lock-up period of 18 to 36 months depending on the investor [6]. Group 3: Subscription Statistics - The effective number of subscription accounts for the online issuance reached 13,154,839, with a total of 269.687992 billion shares applied for [8]. - The initial effective subscription multiple was 5,654.48830 times, leading to the activation of a mechanism to reallocate shares from offline to online issuance [9]. - The final online issuance quantity after the reallocation is 97.741500 million shares, with a final winning rate of approximately 0.0362% [9]. Group 4: Lottery and Announcement - The lottery for the online subscription will take place on November 10, 2025, with results announced on November 11, 2025 [10].

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〔 ...

Core Viewpoint - The company, Southern Power Grid Digital Research Institute Co., Ltd., is conducting its initial public offering (IPO) and listing on the ChiNext board, adhering to various regulatory guidelines and procedures set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1][4]. Group 1: IPO Details - The IPO price is set at 5.69 yuan per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 32.22 times based on the company's 2024 net profit, lower than the industry average of 71.22 times [3]. - The issuance will involve a combination of strategic placement, offline issuance to qualified investors, and online issuance to the public, with the strategic placement accounting for 50% of the total issuance [2][6]. - The final strategic placement quantity is 22,671.3529 million shares, approximately 47.53% of the total issuance, with a difference of 1,176.0238 million shares being reallocated to offline issuance [6]. Group 2: Subscription Process - Investors are required to express their subscription intentions independently and cannot delegate this to securities companies [7]. - The subscription date for both online and offline offerings is set for November 7, 2025, with specific time slots for each [6]. - A mechanism for adjusting the issuance quantities between online and offline subscriptions will be activated based on the subscription results [8]. Group 3: Lock-up Periods - For online issuance, there are no restrictions on the circulation of shares, while offline investors will have 10% of their allocated shares subject to a 6-month lock-up period [7]. - Strategic placement investors, except for one specific investor, will have an 18-month lock-up period, while one investor will have a 36-month lock-up period [7].

Core Viewpoint - The application for the initial public offering (IPO) of Southern Power Grid Digital Research Institute Co., Ltd. has been approved by the Shenzhen Stock Exchange and registered by the China Securities Regulatory Commission, indicating a significant step towards its listing on the Growth Enterprise Market [1][2]. Group 1: IPO Details - The company plans to issue a total of 476.947534 million shares, which will represent approximately 15.00% of the total shares post-issuance, with all shares being newly issued and no existing shareholders selling shares [1]. - The initial strategic placement will consist of 238.473767 million shares, accounting for 50% of the total issuance, with the underwriter's related subsidiaries participating with 3% of the total issuance [2]. - The final allocation of shares for offline and online issuance will be determined based on the strategic placement results, with the total offline and online issuance quantities to be announced on November 11, 2025 [2]. Group 2: Investor Engagement - The company and its underwriter will hold an online roadshow to provide investors with insights into the company's situation, development prospects, and details regarding the IPO application [3]. - The online roadshow is scheduled for November 6, 2025, from 14:00 to 17:00, and will feature key members of the company's management and representatives from the underwriter [3].

Core Points - 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 [1] - 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 8.002 million shares allocated for strategic placement, accounting for 20% of the total issuance [1][2] Strategic Placement - The final number of shares for strategic placement remains at 8.002 million, with no adjustments made to the offline issuance [1] - The strategic placement investors are selected based on their strategic cooperation or long-term partnership with the issuer [5][6] - The strategic placement price is set at RMB 12.55 per share, with the total scale of the issuance amounting to RMB 502.0126 million [7] Issuance Mechanism - Before the adjustment mechanism is activated, the offline issuance accounts for 70% of the total shares after strategic placement, while online issuance accounts for 30% [2] - After the adjustment mechanism is activated, the final offline issuance is 9.6003 million shares, and the online issuance is 22.4005 million shares [3] - The online issuance has a final winning rate of 0.02516657% [3] Payment Obligations - Investors must ensure timely payment for their allocated shares by October 28, 2025, with specific instructions for both offline and online investors [3][4] - If the total number of shares subscribed by offline and online investors is less than 70% of the total issuance, the IPO will be suspended [4] Subscription Results - The offline subscription concluded on October 24, 2025, with a total of 9,701,620,000 shares subscribed [10] - The initial allocation results for offline investors will be disclosed in detail, adhering to the principles outlined in the issuance announcement [11][12]