Changxin Technology (688825) gives up 57.31 million in IPO subscriptions—lead underwriters are probably smiling


Changxin Technology’s IPO: a total of 6.6178 million shares were forfeited across online and offline.
The joint lead underwriters will cover 57.31 million in underwriting amount.
If the stock rises 5x after listing, the lead underwriters could stand to net a profit of 229 million.
Retail investors forfeit; institutions swoop in to pick up the bargain.
This kind of script has been played out in China’s A-shares more than once.
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