Core Viewpoint - The offline subscription for new shares is undergoing a significant change, with a marked reduction in the allocation for B-class investors compared to A-class investors, primarily due to the new subscription rules implemented for the Sci-Tech Innovation Board [2][8]. Summary by Sections Allocation Results - On November 25, the preliminary allocation results for Moer Thread showed that A-class investors received 98.44% of the shares, while B-class investors received only 1.56%. Some B-class investors received as few as 39 shares [2][4]. Investor Categories - A-class investors include public funds, social security funds, pension funds, bank wealth management products, insurance funds, and qualified foreign investors. B-class investors consist of private equity, securities asset management, and proprietary trading [2]. Subscription Rules - The new subscription rules for the Sci-Tech Innovation Board involve a "contractual lock-up" method, where different lock-up periods and ratios are set for various investor categories. A-class investors can choose from multiple lock-up tiers, while B-class investors are limited to the lowest tier [8][9]. Allocation Disparity - The allocation ratio for A-class investors is designed to be at least nine times that of B-class investors. For instance, the allocation ratio for A1-class investors was 0.07%, while for B-class investors, it was 0.0078%, indicating a significant disparity [9][10]. Historical Context - In previous subscriptions for Sci-Tech Innovation Board stocks, the allocation ratios between A and B-class investors were relatively close. However, recent changes have led to a substantial tilt towards A-class investors, with B-class allocations dropping below 5% in many cases [10][11]. Impact on Returns - The new rules are expected to affect the potential returns for B-class investors. For example, under the new allocation method, the average return contribution for A1-class investors is estimated at 0.116%, while B-class investors see a contribution of only 0.014% [12].