本次发行的网上网下认购缴款工作已于２０２５年１２月１０日（Ｔ＋２日）结束。具体情况如下： 本次发行的发行价格不超过剔除最高报价后网下投资者报价的中位数和加权平均数，剔除最高报价后通 过公开募集方式设立的证券投资基金（以下简称"公募基金"）、全国社会保障基金（以下简称"社保基 金"）、基本养老保险基金（以下简称"养老金"）、企业年金基金和职业年金基金（以下简称"年金基 金"）、符合《保险资金运用管理办法》等规定的保险资金（以下简称"保险资金"）和合格境外投资者 资金报价中位数和加权平均数孰低值，故保荐人相关子公司无需参与本次发行的战略配售。 本次发行初始战略配售数量为５５８．３４８０万股，占本次发行数量的２０．００％。根据最终确定 的发行价格，本次发行最终战略配售数量为４１８．７６１０万股，占本次发行数量的１５．００％。 本次发行初始战略配售股数与最终战略配售股数的差额１３９．５８７０万股回拨至网下发行。 战略配售回拨后、网上网下回拨机制启动前，网下初始发行数量为１，７０２．９７９０万股，占扣除 最终战略配售数量后本次发行数量的７１．７７％；网上初始发行数量为６７０．００００万股，占扣 除最终战略配售数量后本次 ...

Core Insights - Moore Threads has disclosed its intention to conduct an initial public offering (IPO) and list on the Sci-Tech Innovation Board, with the stock name "Moore Threads" and stock code "688795" [1] - The total number of shares to be publicly issued is 70 million, representing 14.89% of the total share capital post-issuance [1] - The preliminary inquiry date is set for November 19, with the subscription date on November 24 [1] - Established in 2020, Moore Threads focuses on the research, design, and sales of GPUs and related products [1] - The company's IPO application was approved by the Shanghai Stock Exchange's listing review committee on September 26, just 88 days after the application was accepted [1]

Core Viewpoint - The anticipated plan for AI chip company Zhonghao Xinying to enter the A-share market through Tianpu Co., Ltd. may be completely abandoned as the company announces its stock will resume trading on October 16, 2025, after a significant price increase of 317.72% over 15 consecutive trading days [2][4]. Group 1 - Tianpu Co., Ltd. will resume trading on October 16, 2025, after being suspended since October 15, 2025 [4]. - Zhonghao Xinying has initiated its independent IPO process and is currently in the shareholding reform stage, which is unrelated to the acquisition of Tianpu Co., Ltd. [4][5]. - Tianpu Co., Ltd. confirmed that there are no plans to change its main business or make significant adjustments in the next 12 months, nor are there plans for asset sales, mergers, or restructuring [5]. Group 2 - Tianpu Co., Ltd. reported a revenue of 151 million yuan for the first half of 2025, a year-on-year decrease of 3.44%, and a net profit attributable to shareholders of 11.298 million yuan, down 16.08% year-on-year [5]. - Prior to the suspension, Tianpu Co., Ltd.'s stock price was 111.28 yuan per share, with a market capitalization of 14.9 billion yuan [5].

Core Viewpoint - The anticipated plan for AI chip company Zhonghao Xinying to enter the A-share market through Tianpu Co., Ltd. may be completely thwarted as Tianpu announces its stock will resume trading on October 16, 2025, after a significant price increase of 317.72% over 15 consecutive trading days [2]. Summary by Sections - Tianpu Co., Ltd. will resume trading on October 16, 2025, after being suspended since October 15, 2025 [3]. - Tianpu confirmed that Zhonghao Xinying's existing capital securitization path is unrelated to the acquisition of the listed company, and Zhonghao Xinying has initiated its independent IPO process, currently in the share reform stage [4]. - Tianpu stated that there are no plans to change the main business or make significant adjustments to the company's operations in the next 12 months, nor are there plans for asset sales, mergers, or restructuring [5]. - The company reported a revenue of 151 million yuan for the first half of 2025, a year-on-year decrease of 3.44%, and a net profit attributable to shareholders of 11.298 million yuan, down 16.08% year-on-year [5]. - Prior to the suspension, Tianpu's stock price was 111.28 yuan per share, with a market capitalization of 14.9 billion yuan [6].

Core Viewpoint - Tianpu Co., Ltd. announced that its stock will resume trading on October 16 after completing an investigation into abnormal trading fluctuations, which had resulted in a significant price increase and trading risks [1][2]. Group 1: Stock Trading and Price Fluctuations - Tianpu's stock price experienced a continuous rise, hitting the daily limit for 15 consecutive trading days from August 22 to September 23, resulting in a total increase of 317.72% [3]. - The company highlighted that the stock price has deviated significantly from its fundamental value, indicating a risk of a sharp decline at any moment [3]. - The relatively small external circulation of shares raises concerns about irrational speculation [3]. Group 2: Acquisition and Compliance - The acquiring party, Zhonghao Xinying, has initiated its independent IPO process and is currently in the stage of shareholding reform [5]. - The acquisition aims to maintain Tianpu's listing status, but if public shareholders hold less than 25% of the total share capital upon the offer's expiration, Tianpu may face risks regarding its stock distribution not meeting listing requirements [5]. - The share transfer is subject to compliance confirmation from the Shanghai Stock Exchange and other necessary approvals, which carry a degree of uncertainty regarding their approval process and timing [5].

Core Viewpoint - The company, Tianpu Co., announced that its stock will resume trading on October 16 after completing an investigation into abnormal trading fluctuations, which had led to a significant price increase and associated risks [1][2]. Group 1: Stock Trading and Price Fluctuations - Tianpu Co.'s stock price experienced a continuous increase, hitting the daily limit for 15 consecutive trading days from August 22 to September 23, resulting in a total rise of 317.72% [3]. - The company highlighted that the stock price had deviated significantly from its fundamental value, indicating a risk of a sharp decline at any moment [3]. - The external circulation of shares is relatively small, which raises concerns about irrational speculation [3]. Group 2: Acquisition and Compliance - The acquiring party, Zhonghao Xinying, has initiated the process for its independent initial public offering (IPO) and is currently undergoing a restructuring phase [5]. - The acquisition does not involve any asset injection plans, and the acquiring party aims to maintain Tianpu Co.'s listing status [5]. - If the proportion of public shareholders falls below 25% of the total share capital upon the completion of the offer, Tianpu Co. may face risks related to its listing conditions [5]. - The share transfer is subject to compliance confirmation from the Shanghai Stock Exchange and must undergo registration procedures with the China Securities Depository and Clearing Corporation, introducing uncertainty regarding the approval process and timeline [5].