Since the start of this year, wealth management firms have become noticeably more visible in new share subscriptions on the technology track.

On the evening of September 28, Yuexin Semiconductor disclosed the preliminary allocation results of its offline issuance, with products from Ningyin Wealth Management, CMB Wealth Management, and Everbright Wealth Management once again appearing on the subscription list.

Looking at the trend, compared with hard-tech "star" stocks listed during the year such as Changxin Technology, Unitree Technology, and Suiyuan Technology, enthusiasm among wealth management firms for subscribing to Yuexin Semiconductor shares has cooled somewhat, and the divergence among institutions has become increasingly clear.

Several industry insiders told reporters that in an era of low interest rates, the downward shift in the central level of fixed-income asset yields and changes in investor risk appetite have both pushed wealth management firms to increase their allocation to equity-related assets. On one hand, this allows ordinary investors to participate in direct new share subscriptions through wealth management products, enriching investment choices for wealth management clients; on the other hand, it continuously brings incremental capital into the capital market, supporting economic transformation and technological innovation.

It is worth noting, however, that volatility in the technology sector is currently increasing, and first-day gains in new shares only represent paper profits, while actual product returns are also affected by multiple factors including the performance of the underlying holdings. Against this backdrop, wealth management firms need to do a better job of risk disclosure and investor education for channels and clients, and the test of investment research will further drive divergence in the new share subscription market.

Three Wealth Management Subsidiaries Appear in Yuexin Semiconductor's New Share Subscription

According to the preliminary allocation results for offline investors disclosed by Yuexin Semiconductor, Ningyin Wealth Management, CMB Wealth Management, and Everbright Wealth Management are all on the subscription list.

Specifically, Ningyin Wealth Management had 21 products allocated about 321,100 shares, with an allocation amount of about 3.856 million yuan, clearly leading the three wealth management subsidiaries in both the number of allocated products and scale.

CMB Wealth Management had 2 products allocated about 36,700 shares, corresponding to an amount of 440,500 yuan.

Everbright Wealth Management also had 1 product allocated 9,617 shares, with an allocation amount of 115,500 yuan.

This is also the latest occasion after "star" technology stocks such as Changxin Technology, Unitree Technology, and Suiyuan Technology that wealth management firms have collectively appeared in new share subscriptions on the hard-tech track.

Compared with the previous new shares, however, the camp of wealth management firms subscribing to Yuexin Semiconductor has clearly shrunk, while concentration has further shifted toward the leaders 鈥?among the allocated shares of the three wealth management firms, Ningyin Wealth Management alone accounted for more than 87%.

According to the preliminary offline allocation results previously disclosed by Unitree Technology, 53 wealth management products under six wealth management firms 鈥?Everbright Wealth Management, Ningyin Wealth Management, CMB Wealth Management, China Post Wealth Management, Minsheng Wealth Management, and Nanyin Wealth Management 鈥?were allocated about 140,000 shares in total, with an amount close to 21.13 million yuan, of which Everbright Wealth Management and Ningyin Wealth Management accounted for more than 80% of the shares.

According to the offline allocation results previously disclosed by Changxin Technology, a total of 29 products under five wealth management firms 鈥?Ningyin Wealth Management, Xingyin Wealth Management, China Post Wealth Management, Nanyin Wealth Management, and Minsheng Wealth Management 鈥?participated in the offline subscription, ultimately receiving 4.544 million shares, corresponding to an amount of about 39.35 million yuan, of which 19 Ningyin Wealth Management products were allocated 2.4797 million shares.

In Suiyuan Technology's offline allocation list, 52 products under four institutions 鈥?Everbright Wealth Management, Ningyin Wealth Management, China Post Wealth Management, and Xingyin Wealth Management 鈥?were successfully allocated, with preliminary allocation exceeding 170,000 shares and a corresponding allocation amount of nearly 24.47 million yuan. Among them, Everbright Wealth Management and Ningyin Wealth Management each had more than 20 products allocated, and together they took more than 90% of the shares.

The above technology new shares were listed on the STAR Market of the Shanghai Stock Exchange, while Yuexin Semiconductor is listed on the ChiNext Board of the Shenzhen Stock Exchange.

According to the prospectus, Yuexin Semiconductor is an integrated circuit manufacturing enterprise dedicated to providing 12-inch wafer foundry services and specialty process solutions to domestic and overseas chip design companies, and it is also Guangdong Province's first independently cultivated 12-inch wafer manufacturing enterprise to enter mass production.

In terms of operations, the company is currently not yet profitable.

Yuexin Semiconductor's IPO plans to raise a total of 7.5 billion yuan, with an issue price set at 12.01 yuan per share and an online winning rate of about 0.042%.

Considering the strong first-day performance of new listings during the year, the first-day paper gains from Yuexin Semiconductor's IPO have also attracted much attention.

However, because its specific segment differs from previously popular areas such as memory chips, embodied robotics, and domestic GPUs, and amid recent market volatility, institutions still hold divergent expectations for its business prospects and post-listing performance.

Wind data show that since the start of this year, 20 new shares have listed on ChiNext, with an average first-day gain or loss of about 359%.

Among them, the top first-day gainers were Tolans, Zhongsou Co., and Chaochun Yingcai, which listed in July, September, and August of this year respectively, with first-day gains of about 859%, 683%, and 662%. Hongfucheng, which just listed today (Tuesday), also closed up 653%.

By contrast, 19 new shares listed on the STAR Market during the year, with the highest first-day gain at about 1,511% (Changjin Photonics) and the lowest at less than 46% (Xinnuowei), for an average gain of about 419%.

It is worth noting that volatility in the technology sector is currently increasing, and first-day gains only determine the paper profits from wealth management new share subscriptions, while actual returns still depend on the specific selling point.

As an unprofitable company, Yuexin Semiconductor adopted an agreed lock-up arrangement for part of this offline issuance, allowing Class A investors to independently subscribe to securities with different lock-up tiers.

Among the 24 wealth management products participating in the subscription, except for Everbright Wealth Management's Sunshine Orange Zengying Steady No. 1, whose lock-up period for 40% of the allocated shares is 6 months, the remaining 23 products have a 9-month lock-up period for 60% of the allocated shares.

Data from PY Standard show that as of the end of August 2026, wealth management products with the word "new share subscription" in their names had an average annualized return of 4.58% so far this year and an average annualized return of 4.60% since inception, representing relatively attractive returns.

The report also cautioned, however, that ordinary investors participating in new share subscriptions through wealth management products must understand the net asset value-based nature of wealth management products, understand product risks and sources of return, and should not hold a short-term speculative mindset. Investors should be aware of the risks of volatility in the equity underlying holdings of "indirect new share subscription" and the uncertainty of new share returns, and must not ignore the equity attributes of products because of the new share subscription concept.

Taking Ningyin Wealth Management's first new share subscription product issued in July 2025 as an example, according to the reporter's understanding, the product has operated steadily overall for more than a year, with cumulative net value growth exceeding 7%, of which new share subscriptions contributed relatively high returns.

During this period, however, market fluctuations such as the sharp pullback in dividend stocks in June once posed challenges to the returns of the underlying holdings, and the product's net value experienced a certain drawdown. Relying on the safety cushion formed by bond coupon income, dividend stock payouts, and new share subscription returns, the product withstood the pressure of style pullback.

Behind the Divergence in Institutional Activity

In March last year, regulators issued a document including wealth management products among priority allocation targets for IPOs, giving them the same priority allocation treatment as public funds, social security funds, pension funds, and others.

Since then, against the backdrop of a downward shift in the central level of fixed-income asset yields and a hot capital market, especially in the technology sector, IPO new share subscriptions have become an important direction for wealth management firms to expand equity products, while also providing investors with an important channel to participate in new share subscriptions.

However, even as wealth management new share subscriptions remained highly active this year, divergence among institutions has become increasingly obvious.

Taking the above "star" new shares as examples, Ningyin Wealth Management and Everbright Wealth Management have consistently occupied an absolute share among peers, and especially in terms of the average number of products participating in new share subscriptions, Ningyin Wealth Management has clearly maintained a lead.

The reporter found that among the allocation lists of the above four companies' IPOs, 18 Ningyin Wealth Management products participated and were included consecutively.

Data from the Securities Association of China show that 14 wealth management firms have currently registered as offline investors, including wealth management firms under 4 state-owned banks, 6 joint-stock banks, and 4 city commercial banks, accounting for about 40% of the country's 32 licensed wealth management firms, but the number of institutions participating in new share subscriptions and remaining active is even smaller.

A PY Standard report said that at present, the number of wealth management firms with mature equity investment research and new share subscription operations capabilities is relatively small, and industry participation in offline IPO new share subscriptions overall shows a pattern of "leading institutions actively participating while most institutions accelerate their follow-up."

Several wealth management industry insiders told reporters that behind the divergence in institutional activity in new share subscriptions, on one hand, different choices of subscription methods are made after considering comprehensive input and returns, as direct investment and indirect participation through other asset management products each have pros and cons; on the other hand, it also reflects the many challenges of offline new share subscriptions.

"The offline new share subscription business involves a large number of offline operational processes, and operational risk is relatively high; most wealth management firms previously had gaps in internal systems and processes and needed to build them from scratch. In addition, wealth management clients' insufficient understanding of the new share system and products requires systematic investor education, which can also become a consideration for some wealth management firms to wait and see first," an insider at a wealth management firm told reporters. The reason some wealth management firms can "lead" among peers lies not only in equity investment research teams and institutional development, but also in the foundation of direct investment business, which gives them more advantages in meeting requirements such as directly holding 60 million yuan in underlying market value for new share subscriptions.

One of the key difficulties in offline new share subscriptions is pricing and quotation.

"In terms of quotation strategy, industry strategies are relatively similar, with most adopting a stability-seeking strategy of bidding high to ensure inclusion, thereby increasing the probability of allocation; judging from the allocation results of recent landmark IPOs, the characteristics of wealth management firms' relatively limited share of allocated amounts and high concentration among leading institutions are obvious," the PY Standard report said.

Considering factors such as lock-up periods, how to balance return expectations and liquidity management is also a decision-making test for wealth management firms.

In response, the above insider at the wealth management firm said that for enterprises representing future industrial directions in the 15th Five-Year Plan, the company usually proactively chooses the tier with the longest lock-up period and the highest lock-up ratio.

"Looking back, these new shares all performed relatively well after listing," the person said.

Looking ahead, PY Standard judged that at the product design level, under the current mainstream model of fixed-income as the foundation and new share subscriptions as enhancement, derivative tools may be used more fully to hedge volatility in the underlying holdings for new share subscriptions; in terms of supply rhythm, the new share subscription business is tied to the pace of IPO supply, and subsequent expansion may depend on regulatory policy guidance, long-term post-listing returns of new shares, and wealth management firms' own investment research and risk control capabilities; in terms of diversified strategies, the industry is currently laying out multiple markets such as A-shares, the Beijing Stock Exchange, Hong Kong stocks, and public REITs through a systematic approach of selective participation, and may later form a dual-track strategy of "primary equity investment plus secondary new share subscription enhancement," with the positioning of new share subscriptions expected to shift from a阶段性 opportunity to a normalized auxiliary allocation tool.