Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd., has received approval for its initial public offering (IPO) of 288.57491 million shares at a price of RMB 12.48 per share, with the underwriting managed by Guotai Junan Securities Co., Ltd. [1][2] Issuance Details - The total number of shares for this issuance is 288.57491 million, with the entire offering being new shares and no existing shares being sold by current shareholders [2] - The initial strategic placement was set at 86.572473 million shares, accounting for 30% of the total issuance, with the final strategic placement amounting to 84.935893 million shares, or 29.43% of the total [3][6] Subscription Mechanism - The issuance will utilize a combination of strategic placement, offline inquiry placement, and online issuance to the public, with the stock code being "301656" [1] - The offline initial issuance was 163.239017 million shares, representing 80.16% of the remaining shares after strategic placement, while the online initial issuance was 40.4 million shares, or 19.84% [4] Subscription Results - The online subscription saw a total of 80,827,455 shares subscribed, amounting to RMB 1,008,726,638.40, while offline investors subscribed for 122,508,522 shares, totaling RMB 1,528,906,354.56 [8][9] - The final online issuance rate was 0.0328%, with a subscription multiple of 3,047.16 times [4] Underwriting and Fees - Guotai Junan Securities fully underwrote the shares that were not subscribed, totaling 303,040 shares, with an underwriting amount of RMB 3,781,939.20 [10] - The total issuance costs amounted to RMB 73.449 million, including various fees such as underwriting, auditing, and legal expenses [11]

Core Points - The article discusses the participation of certain public funds managed by the company in the initial public offering (IPO) of Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") [1] - The IPO price is set at RMB 12.48 per share, determined through a comprehensive evaluation of the company's fundamentals, market conditions, peer valuations, funding needs, and underwriting risks [1] Group 1 - The company has received approval from the fund custodian to participate in the IPO of United Power [1] - The lead underwriter for the IPO is Guotai Junan Securities Co., Ltd., which is associated with the company's public funds [1] - The announcement includes details about the allocation of shares to the company's public funds involved in the IPO [1]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. has received approval for its initial public offering (IPO) and listing on the ChiNext board, with the underwriting managed by Guotai Junan Securities Co., Ltd. [1] Group 1: IPO Details - The IPO application has been approved by the Shenzhen Stock Exchange and registered by the China Securities Regulatory Commission [1] - The IPO will take place on September 15, 2025, with both offline and online subscription periods [2][17] - Investors do not need to pay subscription funds on the day of the IPO [17] Group 2: Subscription Process - Offline subscription will occur from 9:30 AM to 3:00 PM, while online subscription will be from 9:15 AM to 11:30 AM and 1:00 PM to 3:00 PM on the same day [2][17] - Investors must submit verification materials by September 9, 2025, to participate in the offline subscription [8] - The issuance will combine strategic placement, offline inquiry placement, and online issuance [2][3] Group 3: Investor Requirements - Offline investors must be registered securities companies, fund management companies, and other qualified institutional investors [5] - Minimum subscription amounts and asset requirements are set for both offline and online investors [15][16] - Investors must ensure their subscription amounts do not exceed their reported total assets [9][10] Group 4: Pricing and Allocation - The initial inquiry period for pricing is set for September 10, 2025 [6] - The pricing will be determined based on the inquiry results, with a mechanism to exclude invalid quotes [11][12] - The final issuance price will be disclosed in the issuance announcement [4] Group 5: Lock-up Period and Trading - For offline investors, 30% of the allocated shares will have a lock-up period of six months, while 70% will be tradable immediately [13][14] - Online investors will have no restrictions on the shares they acquire [13] Group 6: Risk Management - The underwriting process will be monitored by legal counsel to ensure compliance with regulations [12] - Investors are advised to understand the risks associated with investing in the ChiNext board, which includes high volatility and potential for loss [21]

Group 1 - Core viewpoint: Suzhou Yipu Power Technology Co., Ltd. has recently completed a strategic financing of several tens of millions of yuan, exclusively invested by Xianghe Capital [2] - Company overview: Founded in 2024 in Suzhou, Yipu Power focuses on the R&D, intelligent manufacturing, and global delivery of megawatt-level high-speed gas turbines and high-power diesel power systems, achieving domestic mass production of 2 MW gas engines and 3.3 MW diesel generators [3][4] - Financing purpose: The funds will be used for the second phase of expansion at the Zhangjiagang intelligent manufacturing base, R&D of the next generation of methanol and hydrogen mixed-fuel engines, deepening AI data center backup channels, and building an overseas service network under the Belt and Road Initiative, aiming to increase the market share of domestic high-end power systems to over 30% within three years [4] Group 2 - Investment rationale: The explosive growth of AI computing power is driving a geometric increase in demand for high-power diesel and gas engines in data centers, with Yipu Power mastering both gas and diesel technology routes, achieving key performance indicators on par with international giants [5] - Investment environment: Recent government policies encouraging "advanced manufacturing + green energy" and rapid local government funding support provide a fertile ground for companies like Yipu Power; Xianghe Capital captures the benefits of the AI infrastructure sector, reflecting the fiduciary spirit of professional GPs [6] - Entrepreneurial spirit: Yipu Power's willingness to tackle challenging projects and explore overseas markets is commendable, although the high-end equipment cycle is long and verification is strict, necessitating respect for technology and the market [6]