Core Viewpoint - Nabaichuan New Energy Co., Ltd. has received approval for its initial public offering (IPO) of up to 27,917,400 shares on the ChiNext board, with the underwriting led by Zheshang Securities Co., Ltd. [1][2] Group 1: IPO Details - The number of shares for the IPO is set at 27,917,400, with an issue price of RMB 22.63 per share [2] - The initial strategic placement was 5,583,480 shares, representing 20% of the total issuance, which was later adjusted to 4,187,610 shares, or 15% of the total [2] - The final distribution includes 1,702,979 shares for offline issuance and 670,000 shares for online issuance, with the total issuance amounting to 2,372,790 shares [2] Group 2: Subscription Process - Investors must ensure that their funds are available by December 10, 2025, to fulfill their subscription obligations [3][4] - Any shares not subscribed by offline and online investors will be underwritten by the lead underwriter [5] - Offline investors are subject to a lock-up period of 6 months for 10% of their allocated shares, while strategic placement investors face a 12-month lock-up period [6] Group 3: Subscription Statistics - The online issuance received 13,737,065 valid applications, totaling 76,836,050,500 shares, with a total of 153,672,101 allocation numbers [8] - The effective subscription multiple for online investors was 11,468.067, leading to a decision to implement a reallocation mechanism [9] - After reallocation, the final online issuance was 1,144,600 shares, with a winning rate of 0.0148966532% [9] Group 4: Lottery and Announcement - The lottery for share allocation will take place on December 9, 2025, with results announced on December 10, 2025 [10]

Core Points - The company, Nabichuan New Energy Co., Ltd., has received approval for its initial public offering (IPO) of up to 27,917,400 shares on the ChiNext board [1][2] - The offering price is set at RMB 22.63 per share, with a strategic placement of 15% of the total shares [2] - The IPO will involve a combination of strategic placement, offline issuance, and online issuance to the public [1][2] Group 1 - The initial strategic placement was 5,583,480 shares, which was later adjusted to 4,187,610 shares after the final pricing [2] - The offline issuance will account for 71.77% of the total shares after the strategic placement adjustment, while online issuance will account for 28.23% [2] - The total number of shares available for online and offline issuance after adjustments is 23,729,790 shares [2] Group 2 - Investors must fulfill payment obligations by December 10, 2025, for both offline and online subscriptions [3][4] - Shares from the online issuance will have no restrictions on circulation and can be traded immediately upon listing [5] - Offline investors will have 10% of their allocated shares subject to a six-month lock-up period, while strategic placement investors will face a 12-month lock-up [6] Group 3 - The online issuance received a total of 13,737,065 valid applications, with a total of 76,836,050,500 shares applied for [8] - The effective subscription multiple for the online issuance was 11,468.067, leading to the activation of the allocation mechanism [9] - The final online issuance quantity after adjustments is 1,144,600 shares, with a winning rate of 0.01489666532% [9] Group 4 - The lottery draw for the online subscription will take place on December 9, 2025, with results announced on December 10, 2025 [10] - The underwriter for this IPO is Zheshang Securities Co., Ltd. [11][12]