Core Viewpoint - The company, Moer Thread, has set its IPO price at 114.28 yuan per share, with a total issuance of 70 million shares, aiming to raise approximately 8 billion yuan [1]. Summary by Sections IPO Details - The online and offline subscription for Moer Thread will commence on November 24, 2025, with the subscription code 787795 [1][5]. - The maximum subscription requires a market value of 110,000 yuan in Shanghai, with a theoretical winning rate of only about 0.04%, indicating a need for approximately 12.5 million yuan in market value to secure 500 shares [1][6]. Subscription Mechanics - Investors must have opened the Sci-Tech Innovation Board trading permissions and also the Sci-Tech Growth Layer permissions due to the company's current unprofitability [6]. - The subscription quantity must be in multiples of 500 shares, with a maximum of 11,000 shares for top-tier subscriptions, requiring a market value of 110,000 yuan [8]. Market Interest and Allocation - The initial strategic allocation is 14 million shares, accounting for 20% of the total issuance, with only 1.12 million shares available for public investors, leading to a very low winning rate [11][13]. - If the subscription exceeds 100 times, a mechanism will be activated to increase the online issuance by 560,000 shares [12][13]. Company Performance - Moer Thread, established in 2020, has shown significant revenue growth, with revenues increasing from 46.09 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate of 208.44% [17]. - The company has not yet achieved profitability, with net losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024 [19][20]. Fundraising Purpose and Valuation - The IPO aims to raise 8 billion yuan, with net proceeds expected to be around 7.576 billion yuan after deducting issuance costs [22]. - The high issuance price reflects market expectations regarding the company's future growth potential and scarcity, as it is currently unprofitable [22].