Core Viewpoint - Moer Technology, known as the "first domestic GPU stock," is set to list its shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, after receiving approval from the exchange [1][6]. Group 1: IPO Details - The company initiated its IPO subscription on November 24, 2025, with an issuance price of 114.28 yuan per share, marking the highest issuance price for new A-shares in 2025 [3][6]. - The IPO attracted unprecedented attention from institutional investors, with an offline subscription multiple reaching 1572 times and over 700 billion shares applied for [3][4]. - The online issuance saw 4,826,579 valid subscription accounts, totaling 46,216,647,000 shares, resulting in a preliminary winning rate of 0.02423369% [3][4]. Group 2: Institutional Interest - A total of 267 institutional investors participated in the offline subscription, with 7555 management allocation objects and a total subscription of 704.06 billion shares [4]. - Notable participants included 86 public funds, 124 private funds, 30 brokerages, and 13 insurance institutions, indicating strong institutional interest [4][5]. - Southern Fund submitted applications through 404 products, aiming to acquire 5.285 billion shares, while other major funds also showed significant interest [5]. Group 3: Record-Breaking IPO Process - The IPO process set multiple records, taking only 122 days from acceptance to registration, making it the fastest listing project on the Sci-Tech Innovation Board this year [6]. - The total fundraising amount of 8 billion yuan is the highest for any new stock on the Sci-Tech Innovation Board, with issuance costs also reaching a record 424 million yuan [6]. - The company's actual controller, Zhang Jianzhong, holds a 36.36% stake, valued at approximately 5.82 billion yuan based on the issuance market value [6].