Core Viewpoint - The introduction of a new subscription mechanism for IPOs in the Sci-Tech Innovation Board has significantly changed the allocation of new shares, with A-class investors receiving approximately ten times the allocation of B-class investors, indicating a shift towards a risk-matching mechanism in the subscription process [1][2][5]. Summary by Sections New Share Allocation Discrepancy - The allocation ratio for A1-class investors is 0.081%, while B-class investors receive only 0.0089%, marking a tenfold difference [2][3]. - This disparity was not observed in previous IPOs on the Sci-Tech Innovation Board, where A and B-class investors had similar allocation ratios [2][4]. Changes in Subscription Rules - The new subscription rules allow A-class investors to choose from different lock-up periods and ratios, while B-class investors are limited to the lowest tier [5][7]. - The lock-up periods for the tiers are set at 9 months with a 70% lock-up ratio, 6 months with a 45% ratio, and 6 months with a 10% ratio [5]. Policy Background - The changes are part of a broader initiative by the China Securities Regulatory Commission (CSRC) to enhance the issuance and underwriting system, particularly for unprofitable companies [7]. - The CSRC's "Eight Measures for the Sci-Tech Innovation Board" aims to increase the allocation for investors willing to hold shares longer, thereby promoting stability in the market [7].