Shenzhen Stock Exchange: In optimizing the new stock issuance and underwriting mechanism, the ChiNext Board has added a fixed lock-up method and increased the strategic allocation ratio for small- and mid-cap stocks.

Mars Finance News: On April 10, the Shenzhen Stock Exchange said that, in order to implement the relevant arrangements in the “Guidelines on the Growth Enterprise Market,” it has revised the “Implementation Rules for the Issuance and Underwriting of Securities in Initial Public Offerings” to further optimize the arrangements for offline issuance allocation and the strategic placement mechanism. On the one hand, it has added new agreed-upon restricted sale methods. The issuer and underwriters set different tiers of restricted sale ratios and lock-up periods, allocating more shares to investors with higher lock-up ratios and longer lock-up durations, thereby optimizing the new stock’s offline issuance mechanism, guiding “long-term capital to long-term investment,” and promoting rational pricing. On the other hand, it has increased the strategic placement proportion for small- and mid-cap stocks. For certain companies where technology iterates quickly and valuation is difficult, the professional advantages of strategic investors can be better leveraged. For small- and mid-cap stocks with an initial public offering size of less than 100 million shares, or between 100 million and fewer than 400 million shares, the upper limit of their strategic placement ratio has been adjusted from not more than 20% and 30%, respectively, to not more than 30% and 40%. Within these upper-limit ranges, the issuer and underwriters may select based on market conditions, development needs, and so on. In addition, to strengthen market-based constraints and guide offline investors to make rational quotations, the Growth Enterprise Market will uniformly apply a 3% high-price exclusion ratio within the scope of the current rules. (Official WeChat account of the Shenzhen Stock Exchange)