Leading AI chip enterprise SUIYUAN Technology is set to debut on the STAR Market. In its disclosed preliminary offline allotment results for the initial public offering, bank wealth management subsidiaries once again took center stage—four institutions, including 光大理财, 宁银理财, 中邮理财, and 兴银理财, saw 52 of their wealth management products successfully secure allotments, with initial allocated shares exceeding 170,000 and corresponding allotment amounts approaching 24.47 million yuan. This marks yet another instance of wealth management subsidiaries collectively appearing on the allotment lists of high-profile tech stocks, following 长鑫科技 and 宇树科技.

Since the start of this year, as the hard-tech track in the capital markets has heated up, IPOs in sectors such as semiconductors, humanoid robots, and AI large models have drawn significant attention, with wealth management subsidiaries emerging as a notable force in new-share subscriptions. However, the divergence in activity among institutions remains pronounced. While players like 光大理财, 宁银理财, and 中邮理财 are highly active, nearly 60% of institutions have yet to enter the fray, with factors such as investment research capabilities and strategic choices driving further differentiation.

Four More Wealth Management Units Secure Allotments in SUIYUAN Technology

SUIYUAN Technology set its IPO price at 142.18 yuan per share, with a total issuance of 43.0352 million shares. As the third-highest-priced stock on the STAR Market this year, trailing only 频准激光 and 宇树科技, the company is widely viewed by the market as a major draw. Prior to its listing, other members of the so-called "domestic GPU/AI chip four dragons"—摩尔线程, 沐曦股份, and 壁仞科技—had already gone public. Among them, 摩尔线程 and 沐曦股份 listed on the STAR Market last December, both with issue prices above 100 yuan, closing their first trading days up 425.46% and 692.95%, respectively, delivering single-lot opening profits of 267,900 yuan and 297,700 yuan. Analysts have drawn parallels, suggesting that if SUIYUAN Technology's first-day gain exceeds 400%, investors holding one lot of 500 shares could see paper profits surpassing 280,000 yuan.

The preliminary offline allotment results disclosed by SUIYUAN Technology show that a total of 52 wealth management products were allocated 172,100 shares, with an allotment value of 24.4663 million yuan. Among these, both 光大理财 and 宁银理财 had over 20 products each secure allotments, with the former again leading in both allocated shares and value, as the two together claimed more than 90% of the total. Specifically, 光大理财 had 23 products allocate approximately 116,400 shares, amounting to 16.5441 million yuan, accounting for 67.62% of all wealth management company allotments. 宁银理财 boasted the highest number of products with 25 securing 40,300 shares, valued at roughly 5.727 million yuan. 中邮理财 had three products allocate 13,900 shares worth 1.9735 million yuan, while 兴银理财 saw one product secure 1,560 shares valued at 221,800 yuan.

In comparison, the lineup of wealth management companies participating this time was thinner than during the 长鑫科技 and 宇树科技 offerings, but concentration levels rose further. Previously, in 宇树科技's preliminary offline allotment results, 53 wealth management products from six companies—including 光大理财, 宁银理财, 招银理财, 中邮理财, 民生理财, and 南银理财—secured around 140,000 shares, with a value close to 21.13 million yuan, of which 光大理财 and 宁银理财 held over 80%. For 长鑫科技's offline allotment, 29 products from five bank wealth management subsidiaries—宁银理财, 兴银理财, 中邮理财, 南银理财, and 民生理财—participated, ultimately securing 4.544 million shares valued at around 39.35 million yuan, with 宁银理财's 19 products alone getting 2.4797 million shares.

It is worth noting that volatility in the tech sector has intensified recently, and first-day gains only reflect book profits from new-share subscriptions; actual returns hinge on when shares are sold. As an unprofitable company, SUIYUAN Technology's offline issuance this time incorporates agreed lock-up periods, allowing Class A investors to independently subscribe across different lock-up tranches, including options with 70% of allocated shares locked for 9 months, 40% locked for 6 months, and 20% locked for 6 months. Based on the allotment results, all shares allocated to the four aforementioned institutions carry a 9-month lock-up period.

Hard Tech Becomes the Primary Battleground for Wealth Management New-Share Subscriptions

Thanks to regulatory moves last year that included wealth management products among priority IPO allotment targets, new-share subscription has become a key avenue for wealth management companies to bolster their equity product offerings. With the tech sector rallying this year, the visibility of wealth management firms on allotment lists has increased notably. Data from the Securities Association of China shows that 13 wealth management companies have registered as offline investors, including subsidiaries of four state-owned banks, six joint-stock banks, and three city commercial banks, representing around 40% of the 32 licensed wealth management companies nationwide.

In terms of activity, 光大理财, 宁银理财, and 中邮理财 are among the most frequently appearing names in tech star stock allotments. Taking the 52 products that subscribed to SUIYUAN Technology this time as an example, 19 products from 宁银理财 had previously participated in the 长鑫科技 and 宇树科技 subscriptions, covering three major hard-tech IPOs in memory chips, embodied robots, and domestic GPUs. Meanwhile, 21 products from 光大理财 participated in both 宇树科技 and SUIYUAN Technology subscriptions, and two products from 中邮理财 also appeared on the allotment lists for both 宇树科技 and SUIYUAN Technology.

Industry insiders point out that in an era of low interest rates, the downward drift in fixed-income asset yields and shifting investor risk appetites are pushing wealth management companies to expand allocations to equity-linked assets, with the buoyant A-share new-share market becoming a key strategy to boost returns. "On one hand, household wealth management funds are large in scale and relatively stable in duration, naturally aligning well with the long-term capital needs of the capital markets. On the other hand, in a low-rate environment, relying solely on traditional fixed-income assets to generate returns has become more challenging, so moderately expanding income sources through new-share subscriptions and private placements is also an exploration of improving product risk-return profiles," said 龚晨晨, head of the equity investment department at 中邮理财, adding that this reflects wealth management companies' role as long-term capital entering the market.

"Recently, with the successive IPOs of high-profile projects, we have observed an increase in peers participating in new-share subscriptions. While market competition has intensified, wealth management capital is also emerging as a new force in IPO pricing. For wealth management companies, participating in the new-share market is, on the one hand, a manifestation of inclusive finance, allowing ordinary investors to access direct new-share investments as Class A investors through wealth management products, thereby enriching client investment choices. On the other hand, it continuously introduces incremental capital to the capital markets, supporting economic transformation and technological innovation," a representative from 宁银理财 also stated, emphasizing the company's particular focus on listings of future-industry "unicorns" that align with the 15th Five-Year Plan direction.

龚晨晨 noted that 中邮理财 prioritizes hard tech, high-end manufacturing, and new-quality productivity sectors in its new-share subscription strategy, including semiconductors, AI, robotics, new energy, new materials, and next-generation information technology. To date, 中邮理财 has participated in 44 Hong Kong IPO investments and A-share offline subscriptions, covering tech enterprises such as 长鑫科技, 宇树科技, 宁德时代, 三花智控, 澜起科技, 壁仞科技, and MINIMAX. However, she stressed: "'Tech' is merely an industry label, not our investment criterion. What truly determines participation is the company's competitive moat, growth potential, business model, and valuation level."

"The core of offline new-share subscription is not just about 'bidding'; it's more about research and pricing. Our investment research team currently covers over 20 high-growth industries, including energy storage, semiconductors, robotics, new consumption, and auto parts, and we continuously deepen our industry knowledge through on-site due diligence, supply chain research, and exchanges with listed companies," 龚晨晨 revealed. Since the start of this year, 中邮理财 has conducted research exchanges with more than 100 companies, far exceeding past frequency, with key tracking areas focused on advanced manufacturing, AI computing power, smart manufacturing, new materials, and next-generation information technology.

From the perspective of the 宁银理财 representative, as competition for new-share subscriptions in quality tech targets intensifies, wealth management companies must enhance their core competitiveness by strengthening investment research capabilities in IPO pricing, tracking macroeconomic and capital market policies, standardizing internal systems and operational processes, and reinforcing sales suitability management and investor education.