New share subscriptions have long served as a key avenue for public fund institutions to bolster portfolio returns. According to data from PaiPaiWang, as of September 20, a total of 125 public fund firms participated in offline allocations for 59 new listings this year, spanning 15 Shenwan first-level industries across the five major listing boards, with aggregate allocated amounts reaching 33.875 billion yuan. Among these, sectors such as electronics and mechanical equipment have drawn particular favor from public funds in their subscription activity.

Industry insiders note that through new share subscriptions, public fund institutions can effectively enhance returns and smooth portfolio volatility on one hand, while on the other, they can reduce issuance costs to lock in high-quality core assets in high-growth tracks ahead of time, enabling early positioning in high-prosperity sectors and optimizing overall portfolio allocation.

Sci-Tech Innovation Board Emerges as the Primary Battlefield for New Share Subscriptions

Since the start of the year, public fund institutions have participated in A-share new share subscriptions across all five listing boards—the Sci-Tech Innovation Board, ChiNext, Shenzhen Main Board, Shanghai Main Board, and Beijing Stock Exchange—with the Sci-Tech Innovation Board serving as the main arena. PaiPaiWang data shows that public funds participated in offline allocations for 19 new listings on the Sci-Tech Innovation Board, with aggregate allocated amounts of 22.209 billion yuan, accounting for 65.56% of the total. Among these, allocations for Changxin Technology led at 10.823 billion yuan, followed by Suiyuan Technology, Yushu Technology-W, and Shenghe Jingwei, with allocated amounts of 1.986 billion yuan, 1.819 billion yuan, and 1.484 billion yuan, respectively.

ChiNext and the Shenzhen Main Board followed next, with public funds participating in offline new share subscriptions for 18 and 9 listings, respectively, with allocated amounts of 5.158 billion yuan and 4.662 billion yuan, representing 15.23% and 13.76% of the total. Within ChiNext, subscriptions for Chaochun Applied Materials, Hongming Electronics, and Dapu Micro ranked highest, with allocated amounts of 641 million yuan, 570 million yuan, and 538 million yuan, respectively. On the Shenzhen Main Board, subscriptions for China Resources New Energy, Jiali Chuang, and HKC Corporation led, with allocated amounts of 2.346 billion yuan, 669 million yuan, and 615 million yuan, respectively.

From a sector perspective, public fund subscription targets this year span 15 Shenwan first-level industries, with the electronics sector drawing the strongest preference. PaiPaiWang data indicates that public funds participated in offline subscriptions for 13 electronics sector stocks, with aggregate allocated amounts of 19.009 billion yuan, accounting for 56.12% of the total. Among these, subscriptions for Changxin Technology exceeded 10.8 billion yuan, ranking first. The mechanical equipment sector followed, with public funds participating in subscriptions for 11 new listings in this industry, with aggregate allocated amounts of 4.968 billion yuan, representing 14.67% of the total. Additionally, public funds participated in subscriptions for stocks in public utilities, power equipment, national defense and military industries, pharmaceuticals and biotechnology, and automotive sectors, with allocated amounts each reaching no less than 1.1 billion yuan.

Multiple Factors Fuel the Public Fund Subscription Wave

From an institutional perspective, a total of 41 public fund firms have demonstrated notably high subscription enthusiasm this year, with each achieving allocated amounts of no less than 100 million yuan. Among these, 10 firms recorded allocations exceeding 1 billion yuan. Specifically, E Fund participated in offline subscriptions for 56 stocks, with allocated amounts of 4.35 billion yuan, including 13 electronics sector stocks and 11 mechanical equipment sector stocks. Among the top three allocated stocks, Changxin Technology and Suiyuan Technology were both electronics sector names, with allocations of 1.461 billion yuan and 310 million yuan, respectively.

Southern Fund participated in offline subscriptions for 55 stocks, with allocated amounts of 3.597 billion yuan, including 13 electronics sector stocks. Among the five stocks with allocations of no less than 100 million yuan, three were electronics sector names: Changxin Technology, Suiyuan Technology, and Shenghe Jingwei, with allocated amounts of 1.202 billion yuan, 256 million yuan, and 162 million yuan, respectively. Ranking third was ICBC Credit Suisse Fund, which participated in offline subscriptions for 58 stocks, with allocated amounts of 3.177 billion yuan. The firm also participated in allocations for all 13 electronics sector stocks, with five stocks—Changxin Technology, China Resources New Energy, Suiyuan Technology, Yushu Technology-W, and Shenghe Jingwei—achieving allocations of no less than 100 million yuan. Among these, Changxin Technology, Suiyuan Technology, and Shenghe Jingwei were electronics sector names, with allocations of 1.012 billion yuan, 222 million yuan, and 140 million yuan, respectively.

Commenting on the first-half subscription surge, Li Chunyu, FOF fund manager at Rongzhi Investment, stated that new listings this year have generally performed well on their debut days, with notable wealth effects emerging. Subscriptions provide products with a certain return cushion, helping to smooth net value fluctuations and enhance product performance competitiveness. Meanwhile, this year's listings are largely concentrated in strategic emerging tracks such as semiconductors and high-end equipment, where industrial growth prospects are prominent. Moreover, under the registration-based system, offline allocations include priority arrangements for Class A public fund investors, who possess robust investment research and risk control frameworks, meet inquiry and base position requirements, and are naturally equipped to participate in offline subscriptions.

A representative from Golden Eagle Fund noted that in the current low-interest-rate environment, traditional fixed-income wealth management products are yielding less, and stable assets are increasingly scarce. In contrast, the IPO cadence has held steady this year, with an increased supply of high-quality hard-tech new listings. Against the backdrop of optimized pricing mechanisms, new listings have posted impressive gains post-debut, with relatively prominent wealth effects. From the perspective of Tian Lihui, a finance professor at Nankai University, the active participation of public funds in new share subscriptions represents a rational choice driven by dual motivations of return enhancement and strategic positioning. "At a deeper level, this reflects the forward-looking nature of public funds' long-term asset allocation. Through offline allocations, public funds can lock in 'core assets' representing industrial upgrading directions at issuance costs, achieve early positioning in high-prosperity sectors, and optimize the industrial landscape of their overall investment portfolios."

Looking ahead, Jiang Yanze, fund manager in the Equity Investment Department and deputy head of the Research Department at CCB Fund, said that based on interim financial reports from A-share listed companies, full-year earnings expectations for non-financial A-shares have already been revised upward. With continued improvement in traditional economic growth rates and rapid growth in the AI industry, the central trend of A-share earnings growth is expected to keep recovering. Lin Weibin, fund manager at E Fund, predicts that the earnings recovery reflected in semi-annual reports will help further boost market attention on high-quality assets and industry leaders. September may see continued structural movements amid market fluctuations, with style rotation likely to shift from the earlier concentrated tech trading toward a more balanced alignment with earnings quality, valuation reasonableness, and medium-to-long-term industrial trends.