Based on the closing price on its first trading day, related fund products recorded paper gains of approximately 3.559 billion yuan. On September 11, Suiyuan Technology surged 179.22% on its market debut. With this, all four domestic GPU (graphics processing unit) "Little Dragons" have now entered the capital markets. Among them, Moore Threads, Muxi Co., and Suiyuan Tech debuted on the STAR Market, while Biren Technology listed on the Hong Kong Stock Exchange.

Public funds have also emerged as a significant force in this wave of hard-tech IPOs. In the offline placement for Suiyuan Tech, public funds secured substantial allocations. Data from PaiPaiWang shows that products from 87 public fund firms participated in the offline placement, securing a combined 13.9681 million shares worth 1.986 billion yuan. Based on Suiyuan Tech's first-day closing price, these products hold paper gains of roughly 3.559 billion yuan.

Among fund companies, leading institutions accounted for the largest allocation amounts. E Fund secured 310 million yuan, while China Southern Fund and ICBC Credit Suisse Fund received 256 million yuan and 222 million yuan respectively. GT Fund, Fullgoal Fund, China Merchants Fund, and China Asset Management each also received allocations exceeding 100 million yuan. Together, these seven fund firms secured 1.311 billion yuan in allocations, representing 66% of the total allocated to public fund institutions.

Suiyuan Tech is not an isolated example of public funds participating in subscriptions for domestic GPU companies. According to Wind data, previously listed Moore Threads and Muxi Co. also drew active participation from public institutions, with allocations amounting to 908 million yuan and 571 million yuan respectively. By firm, E Fund received 137 million yuan and 64 million yuan in the two offerings respectively, consistently ranking among the top. Other leading institutions like Fullgoal Fund, China Asset Management, China Southern Fund, and ICBC Credit Suisse Fund also frequently appeared among the top allocation recipients.

A public fund investment research insider noted that the active participation in hard-tech IPO subscriptions stems on one hand from the opportunity to enhance portfolio returns that new listings offer, and on the other hand from the long-term research capabilities fund companies have built in the technology sector. For GPU companies and other hard-tech firms characterized by rapid technology iteration and high R&D spending, public institutions must comprehensively assess technical barriers, commercialization prospects, and valuation levels when submitting bids. Essentially, new share subscription remains an investment decision grounded in fundamental research.

This year, the new stock market has been relatively active, which has also boosted institutional participation in offline subscription activities. Wind data shows that since November 2025, among 74 new stocks with complete first-day trading data, 66 recorded gains exceeding 100% on their debut day. However, a high first-day gain does not necessarily mean the subscription strategy can be easily replicated. Moore Threads and Muxi Co. closed their debut sessions up 425.46% and 692.95% respectively, while Suiyuan Tech gained 179.22%. The post-listing performance of these companies has diverged, with both Moore Threads and Muxi Co. seeing their closing prices as of September 11 fall from their first-day closing levels.

Yang Delong, chief economist and fund manager at Qianhai Open Source Fund, commented that as hard-tech companies accelerate their entry into the capital markets, competition among public institutions in new share subscriptions will further shift from "whether they can secure allocations" to a contest of research and pricing capabilities. For technology companies in their rapid growth phase, it is essential to examine technical competitiveness, earnings prospects, and the alignment between valuation and fundamentals, while avoiding participation in pricing purely based on short-term market sentiment.