Core Viewpoint - The article discusses the rise of inquiry transfer as a preferred method for shareholders to exit their investments in the context of a recovering market, highlighting its market-oriented and standardized characteristics, which have reshaped the A-share reduction ecosystem [1][3]. Group 1: Inquiry Transfer Overview - Inquiry transfer has become a popular mechanism for indirect share reduction among listed companies, with 147 companies conducting 162 transactions this year, totaling approximately 998.79 billion yuan [3]. - The inquiry transfer mechanism allows original shareholders to transfer shares to specific institutional investors through non-public inquiries, primarily used in the Sci-Tech Innovation Board and the Growth Enterprise Market [4]. - Since the pilot implementation of the inquiry transfer system in August 2020, 223 companies have conducted 322 transfers, with a cumulative transfer value exceeding 1.7 trillion yuan [4]. Group 2: Market Impact and Participation - The inquiry transfer has significantly reduced the impact of large-scale reductions on stock prices, with regulations ensuring that the transfer price cannot be lower than 70% of the average trading price over the previous 20 trading days [4]. - The average discount rate for inquiry transfers this year has increased, with an average discount of 84% compared to 88% and 90% in 2024 and 2023, respectively [5]. - Institutional participation in inquiry transfers has surged, with an average of over 17 institutions involved in each transfer this year, compared to 14 in 2024, indicating heightened interest from institutional investors [7]. Group 3: Benefits for Investors - Inquiry transfers facilitate a smoother transition from early investors to long-term investors, helping to alleviate pressure on the secondary market and boost investor confidence [6]. - The mechanism allows for a more efficient reduction process, with the ability to complete pricing within one day and the option for multiple parties to transfer or acquire shares [7]. - For long-term investors, the inquiry transfer offers a higher discount floor compared to traditional placements, enabling quicker accumulation of shares [8].

Core Viewpoint - The article highlights the rise of inquiry transfer as a preferred method for shareholders to exit their investments in the context of a recovering market, with nearly 100 billion yuan in inquiry transfers this year, reshaping the A-share reduction ecosystem [1][3]. Group 1: Inquiry Transfer Overview - Inquiry transfer has become a market-oriented and standardized tool for orderly exits, with a cumulative amount of nearly 100 billion yuan this year [1][3]. - The inquiry transfer mechanism allows original shareholders to transfer shares to specific institutional investors through non-public inquiries, primarily used in the Sci-Tech Innovation Board and the Growth Enterprise Market [4][6]. - Since the pilot of the inquiry transfer system in August 2020, 223 companies have conducted 322 inquiry transfers, totaling over 170 billion yuan in market value [4]. Group 2: Market Participation and Demand - A total of 147 companies have conducted 162 inquiry transfers this year, with the largest being from Ningde Times, which alone accounted for approximately 17.2 billion yuan [3][4]. - The average number of institutions participating in inquiry transfers has increased to over 17 this year, indicating heightened interest from institutional investors [7]. - The average subscription multiple for inquiry transfers this year is around 2 times, with the highest reaching nearly 5 times [7]. Group 3: Impact on Market Dynamics - Inquiry transfers are designed to minimize the impact of large reductions on stock prices, with specific rules in place to protect secondary market investors [4][8]. - The average discount rate for inquiry transfers this year is 84%, which is lower than the previous years' averages of 88% and 90% [5]. - The inquiry transfer mechanism facilitates a smoother transition from early investors to long-term investors, thereby alleviating pressure on the secondary market and enhancing investor confidence [6][8].

Group 1 - The core viewpoint of the article highlights the increasing popularity of inquiry transfer among A-share listed companies in 2023, with a significant rise in the number of announcements and transactions [1][2] - As of July 17, 2023, 67 listed companies have announced 71 inquiry transfers, marking a notable increase compared to previous years since the system's pilot launch in August 2020 [1][2] - The inquiry transfer system officially launched on the ChiNext board in May 2024, contributing to the surge in inquiry transfer cases this year [2] Group 2 - Inquiry transfers allow shareholders of listed companies to transfer shares before the initial public offering through market-based pricing, which helps mitigate the impact of large sell-offs on secondary market prices [2][7] - Private equity firms are significant participants in inquiry transfers, often acquiring shares at a discount compared to market prices, providing an efficient way to build large positions [2][4] - As of July 17, 2023, 12 private equity firms have participated in inquiry transfers at least 10 times this year, with many managing over 2 billion yuan [4][5] Group 3 - Lingding Investment is the most active private equity firm, appearing in the transfer lists of 47 companies, with notable transactions in companies like Guibao Pet and Jimi Technology [5][6] - Other prominent private equity firms include Shengquan Hengyuan and Jinde Private Equity, both managing over 10 billion yuan and frequently participating in inquiry transfers [6][7] - The inquiry transfer process requires a minimum transfer of 1% of the total shares, with a six-month lock-up period for the acquired shares, favoring larger private equity firms with sufficient capital [7]