Core Viewpoint - The implementation of the overallotment option by Suzhou Dingjia Precision Technology Co., Ltd. has been completed, allowing the company to increase its total share issuance and raise additional funds [1][5]. Summary by Sections Overallotment Implementation - The overallotment option was exercised on August 29, 2025, with Ping An Securities acting as the lead underwriter [1]. - A total of 3 million shares were oversold at the issuance price of 11.16 yuan per share, representing 15% of the initial issuance [1][2]. Listing and Trading - Dingjia Precision was listed on the Beijing Stock Exchange on July 31, 2025, and investors were allowed to purchase shares within 30 days at the issuance price [2]. - During this period, Ping An Securities did not use the funds from the overallotment to buy back shares in the secondary market [2]. Share Issuance and Fundraising - The total number of shares issued increased from 20 million to 23 million, raising a total of 256.68 million yuan, including the initial issuance [3]. - The additional funds raised from the overallotment amounted to 33.48 million yuan [3]. Share Delivery and Lock-up Period - The oversold shares were obtained through delayed delivery to strategic investors, who agreed to the terms outlined in a strategic placement agreement [3][4]. - The lock-up period for shares allocated to the company's senior management and core employees is set at 12 months, while other strategic shares have a 6-month lock-up period [4]. Compliance and Legal Review - The board of directors confirmed that the overallotment option was implemented legally and in compliance with relevant regulations [5]. - Legal counsel verified that the issuance met the requirements of the Beijing Stock Exchange's listing rules, ensuring that public shareholders hold at least 25% of the total share capital post-issuance [5].

Core Viewpoint - The implementation of the overallotment option for Suzhou Dingjia Precision Technology Co., Ltd. has been completed, allowing the company to increase its total share issuance and raise additional funds through the public offering on the Beijing Stock Exchange [1][2][3]. Summary by Sections Overallotment Situation - The overallotment option was exercised on August 29, 2025, with a total of 3 million shares sold at an issue price of 11.16 yuan per share, representing 15% of the initial issuance [1][2]. - The total number of shares issued increased from 20 million to 23 million, raising a total of 25.668 million yuan in funds [3]. Fundraising and Share Issuance - The total funds raised from the overallotment amounted to 3.348 million yuan, with the net amount after deducting issuance costs being 3.06371 million yuan [4][5]. - The total share capital of the company increased from 80 million to 83 million shares, with the new shares accounting for 27.71% of the total share capital post-issuance [3][6]. Strategic Investor Arrangements - The shares from the overallotment were obtained through delayed delivery to strategic investors, who agreed to the terms outlined in the strategic placement agreement [3][4]. - The lock-up period for the shares allocated to the strategic investors varies, with some having a 12-month lock-up and others a 6-month lock-up starting from the listing date [4]. Compliance and Approval - The board of directors confirmed that the implementation of the overallotment option was legal and compliant with the disclosed plans, ensuring that public shareholders hold at least 25% of the total share capital post-issuance [5][6].

Group 1 - The core opinion of the legal opinion letter is to confirm the implementation of the over-allotment option for Suzhou Dingjia Precision Technology Co., Ltd.'s public offering of shares on the Beijing Stock Exchange [1][2] - The over-allotment option was exercised by the lead underwriter, Ping An Securities, to allocate an additional 3 million shares, which is 15% of the initial offering size of 20 million shares, at a price of 11.16 yuan per share [4][6] - The total number of shares issued increased from 20 million to 23 million, raising a total of 256.68 million yuan, with a net amount of 228.61 million yuan after deducting issuance costs [6][9] Group 2 - The internal decision-making process for the over-allotment option was approved by the company's board of directors and shareholders, ensuring compliance with relevant regulations [5][7] - The over-allotment shares were obtained through a delayed delivery mechanism to strategic investors, as outlined in the strategic placement agreement [8] - The lead underwriter did not utilize the funds from the over-allotment to purchase shares in the secondary market during the 30-day period following the listing [5][6]

Core Viewpoint - The Green Shoe Option, also known as the overallotment option, is a mechanism used in IPOs to stabilize stock prices and protect the interests of investors and issuers [1]. Group 1: Definition and Purpose - The Green Shoe Option is a "price stabilizer" for approximately 30 days [6]. - Its core function is to adjust the supply of shares to mitigate significant price fluctuations after a new stock listing [1][3]. Group 2: Operational Mechanics - If the stock price exceeds the issue price, underwriters can request the issuer to issue additional shares (exercise the Green Shoe Option) [2]. - In the initial listing period (usually within 30 days), the lead underwriter aims to stabilize the stock price and prevent it from falling below the issue price by purchasing shares in the secondary market if the price drops [7][10]. - Conversely, if the stock price rises, the underwriter can issue more shares to increase supply and suppress the price [11]. Group 3: Financial Aspects - The funds for this operation come from the overallotment during the IPO, which allows for selling 15% more shares than originally planned, and these funds are locked for market stabilization [9]. - Ultimately, regardless of price movements, underwriters can perfectly settle all shares, earn underwriting fees, and stabilize the stock price, achieving a win-win for issuers, investors, and underwriters [11].

Core Viewpoint - Lens Technology (300433) (06613) announced the full exercise of the over-allotment option on August 3, 2025, involving a total of 39.3384 million H-shares, accounting for approximately 15.0% of the initially available shares for subscription under the global offering [1] Group 1 - The over-allotment shares will be issued at a price of HKD 18.18 per H-share [1] - The over-allotment shares will be used to expedite the delivery of H-shares to subscribers who agreed to delay their delivery under the global offering [1] - The stabilization period for the global offering will end on August 3, 2025, which is the 30th day after the submission deadline for the Hong Kong public offering application [1]

Group 1: Core Mechanisms of Investment Banking Services - Investment banking services such as IPO underwriting, bond issuance, and mergers and acquisitions facilitate market-oriented capital allocation to support enterprise financing, industrial upgrading, and major project construction, ultimately achieving economic structure optimization and high-quality development [1] - IPO underwriting involves a comprehensive process where underwriters assist companies in going public, transforming part of their equity into tradable stock, thereby raising development funds [2] - The IPO process includes stages such as pre-diagnosis, pricing and packaging, market promotion, and sales stabilization, with mechanisms like the "green shoe" to prevent excessive stock price volatility [5] Group 2: Impact on Industries - IPO underwriting provides essential funding for emerging industries like chip design and new energy vehicles, addressing the "financing difficulty" by allowing direct capital raising from the stock market [7] - The IPO process compels companies to disclose financial data and undergo third-party audits, enhancing transparency and governance, which boosts long-term competitiveness [8] - Successful IPOs can create a "cluster effect," encouraging other companies in the same industry to follow suit [9] Group 3: Bond Issuance Mechanism - Bond issuance allows enterprises or governments to borrow money from investors by issuing bonds, with the promise of repaying principal and interest [10] - The pricing of bonds is influenced by the issuer's credit rating, with higher credit ratings leading to lower interest rates, while risk assessment by underwriters is crucial to avoid issuing "junk bonds" [11] Group 4: Effects of Bond Issuance on Industries - Government-issued "special bonds" can directly fund new infrastructure projects, while corporate "green bonds" and "sci-tech bonds" can lower financing costs and direct funds to encouraged industries [14][15] - Issuing refinancing bonds can help traditional industries manage debt and avoid bankruptcy, while local governments can use urban renewal bonds to attract new industries [16] - During economic downturns, special bonds can stimulate demand by providing direct financial support to residents and businesses, as seen with the issuance of 500 billion yuan in consumer vouchers during the pandemic [17] Group 5: Mergers and Acquisitions Mechanism - Mergers and acquisitions involve resource reallocation through various strategies, including horizontal, vertical, and mixed mergers [19][20][21] Group 6: Impact of Mergers and Acquisitions on Industries - Mergers can eliminate outdated capacity and optimize industry structure, particularly in overcapacity sectors [22] - Acquisitions can accelerate the emergence of new industries and business models, allowing traditional companies to enter new fields [24] - State-owned enterprises can enhance international competitiveness through asset divestiture, while local governments can foster regional industrial clusters through mergers [26]