On August 10, Yushu Technology officially launched its STAR Market subscription, with an issue price set at RMB 150.80 per share. In this highly anticipated new stock issuance, six bank wealth management companies appeared on the list of valid offline bidders with multiple products, serving as another vivid example of the policy push to channel medium- to long-term funds into the market.
A total of 313 institutions submitted valid bids for the offline portion of the Yushu Technology offering, with bank wealth management firms making a significant appearance. Everbright Wealth Management had 21 wealth management products with valid bids, achieving a total subscription volume of 257 million shares. These products covered lines such as the Sunshine Orange Anying Enhanced series and the Xinying New Share Allocation Strategy Preferred, with the majority offering a bid price of RMB 152.04, all entering the valid bid range. Ningyin Wealth Management had 24 products with a combined subscription of over 90 million shares. Its product mix was primarily hybrid open-ended wealth management products, with lock-up periods ranging from 180 days to over two years, and all products uniformly bid at RMB 152.45. Additionally, CMB Wealth Management participated with four products, while Minsheng Wealth Management and Nanyin Wealth Management each had one product in the offline subscription list.
Bank wealth management's ability to directly participate in offline new share allocations as Class A investors stems from a significant institutional change in the capital market. Previously, bank wealth management products were categorized as Class C investors, often forced to participate indirectly in new share allocations through public funds, leading to lower allocation ratios and cumbersome processes, which dampened their enthusiasm for market entry. The turning point for this regulatory easing came in early 2025. In January of that year, six departments—including the Central Financial Office, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People's Bank of China, and the National Financial Regulatory Administration—jointly issued the "Implementation Plan for Promoting the Entry of Medium- and Long-Term Funds into the Market." This plan explicitly allowed public funds, commercial insurance funds, and bank wealth management to act as strategic investors in listed company private placements and granted bank wealth management and insurance asset management equal policy treatment with public funds in areas such as new share subscriptions, private placements, and stake disclosure standards, clearing institutional barriers at the top-level design for wealth management companies to directly participate in new share allocations.
Subsequently, supporting rules were rapidly implemented. The CSRC revised rules related to issuance and underwriting, for the first time including bank wealth management products in the IPO priority allocation target category. The Shanghai and Shenzhen stock exchanges simultaneously clarified the eligibility of bank wealth management companies as offline investors, categorizing them as Class A allocation targets. Thus, wealth management funds gained the same priority allocation rights as public funds and social security funds. After the release of these institutional dividends, wealth management companies significantly accelerated their pace of participating in new share subscriptions, particularly in IPOs of hard-tech companies, shifting from early trial runs to a more routine and normalized approach. In November 2025, Moore Threads, known as "the first domestic GPU stock," initiated its offline STAR Market issuance, serving as an early benchmark for wealth management funds' direct participation in hard-tech new share allocations post-policy change. The final allocation results showed that Ningyin Wealth Management's six products were allocated approximately 34,400 shares, valued at RMB 3.929 million, while Xingyin Wealth Management's three products were allocated 17,900 shares, valued at over RMB 2 million, with both firms successfully participating as Class A investors.
Since then, wealth management companies' engagement in new share allocations has continued to increase, with participation expanding further during the STAR Market IPO of Changxin Technology. As a leading domestic DRAM memory chip manufacturer, Changxin Technology's offline allocation results showed that products from Minsheng Wealth Management, Nanyin Wealth Management, Ningyin Wealth Management, and Xingyin Wealth Management—a total of 29 wealth management products—participated in the subscription. Collectively, they were allocated 4.544 million shares, valued at RMB 39.3514 million. Among these, Ningyin Wealth Management saw 19 products successfully allocated, with a total value of approximately RMB 21.47 million, ranking first among participating wealth management firms. Xingyin Wealth Management, Nanyin Wealth Management, and Minsheng Wealth Management had four, two, and one product allocated, respectively. As an active participant in new share allocation, Ningyin Wealth Management stated it would continue to fulfill its role as a professional institutional investor, deepen its asset discovery and value assessment in the technology innovation sector, guide wealth management funds toward hard-tech areas supported by national strategic priorities, strive to create sustainable returns for investors, and contribute to national technological self-reliance and the construction of a digital power. As of July 2026, Ningyin Wealth Management had directly participated in 76 new share subscriptions on the Shanghai and Shenzhen stock exchanges, with 72 successful entries, an entry rate of 95%.
Industry analysis suggests that the accelerated participation of wealth management funds in offline new share allocations represents a mutually beneficial institutional arrangement. From the capital market's perspective, bank wealth management funds are large in scale and have relatively stable maturities. Their direct entry helps strengthen the professional institutional investor base, optimize the investor structure, and enhance the market's inherent stability. From the perspective of supporting technological innovation, the focus of wealth management funds on new shares in hard-tech sectors provides long-term capital support for strategic emerging industries such as advanced manufacturing, integrated circuits, and artificial intelligence, aiding in technological self-reliance. For the wealth management industry itself, offline new share allocation offers a new channel for enhancing product returns, helping to enrich "fixed-income+" product strategies and improve product competitiveness in the context of net asset value transformation.
For ordinary investors, participating in new share allocations through wealth management products requires an understanding of the net asset value nature of these products, comprehension of the risks and sources of returns, and the avoidance of short-term speculative mindsets. Specifically, attention should be paid to the following key points and risk factors: First, ensure that the risk level of the wealth management product matches one's own risk tolerance. Second, consider the product's lock-up period or closed-end operating arrangements to determine if they conflict with one's own capital usage plans. Third, be aware of the risks associated with the fluctuation of the equity underlying positions used for "indirect new share allocation" and the uncertainty of new stock returns, and avoid ignoring the equity attributes of the product due to the new share allocation concept.
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