Wealth management subsidiaries of banks are rapidly expanding their presence in the technology IPO market, with the latest example being Yushu Technology Co.,Ltd. (688836.SH), known as the "first humanoid robot stock" on the A-share market. On August 11, Yushu Technology announced its offline placement results, revealing that products from six bank wealth management subsidiaries were allocated shares. The initial allocation totaled 140,100 shares, with a combined allocation amount of approximately 21.1271 million yuan.
This follows a previous trend where wealth management subsidiaries aggressively participated in new share subscriptions. For instance, Cxmt Corporation (688825.SH), dubbed the "first domestic memory chip stock," saw five wealth management subsidiaries in its offline placement. These included Ningyin Wealth Management, Industrial Bank Wealth Management, China Post Wealth Management, Southern Wealth Management, and Minsheng Wealth Management, with 29 wealth management products successfully securing allocations. The total subscription amount exceeded 21.459 billion yuan, with final allocations of over 4.54 million shares, representing a total allocation value of 39.3514 million yuan.
In fact, since relevant authorities opened the door for wealth management subsidiaries to participate in offline new share subscriptions in March last year, these entities have been actively engaging in IPO subscriptions and private placements. Fu Yifu, a special researcher at Surong Bank, told reporters that by participating in offline subscriptions, bank wealth management subsidiaries can use fixed-income assets as a stable base, while holding a necessary scale of stock market value as a "ticket" for new share subscriptions. This creates a strategy that combines fixed-income fundamentals with enhanced returns from new share subscriptions, smoothing product net value curves with manageable volatility.
Wealth Management Subsidiaries Subscribe to 'First Humanoid Robot Stock'
Compared to the wealth management subsidiaries that participated in the Cxmt Corporation subscription, the number of institutions involved in the Yushu Technology subscription increased by one, with 24 more wealth management products joining. Specifically, according to the placement results announced by Yushu Technology, a total of 53 wealth management products from six subsidiaries—Everbright Wealth Management, Ningyin Wealth Management, China Merchants Bank Wealth Management, China Post Wealth Management, Minsheng Wealth Management, and Southern Wealth Management—received initial allocations. The total allocated shares exceeded 140,000, with a combined allocation value of 21.1271 million yuan.
Among these, Ningyin Wealth Management had 24 products allocated with 30,000 shares; Everbright Wealth Management had 21 products allocated with 86,000 shares; China Merchants Bank Wealth Management allocated 13,200 shares across 4 products; China Post Wealth Management had 2 products allocated with 8,356 shares; Minsheng Wealth Management had 1 product allocated with 1,470 shares; and Southern Wealth Management had 1 product allocated with 1,002 shares.
Founded in 2016, Yushu Technology focuses on the research, development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. Its IPO fills a gap in the A-share market for humanoid robot complete machine assets, earning it the moniker of the "first humanoid robot stock" on the A-share market. According to disclosures, Yushu Technology's IPO price was set at 150.80 yuan per share, implying a market capitalization of approximately 60.993 billion yuan at the listing price. Based on a research report by CCB International predicting a market value of up to 109 billion yuan, corresponding to a target price-to-sales ratio of 32 times, the first-day increase would be about 79%, resulting in a combined floating profit of over 16 million yuan for the wealth management products.
According to Wind data, the average first-day increase for 45 new stocks listed on the Shanghai and Shenzhen stock exchanges this year is around 337%. If the first-day increase reaches 337%, the combined floating profit for these wealth management products would exceed 70 million yuan.
Prior to Yushu Technology, wealth management subsidiaries had already been frequently appearing in technology IPOs. In November last year, the offline placement results for Moore Threads (688795.SH), known as the "first domestic GPU stock" listed on the STAR Market, showed that Ningyin Wealth Management and Industrial Bank Wealth Management were allocated shares. Ningyin Wealth Management's six products were allocated approximately 34,400 shares, with an allocation amount of 3.9289 million yuan, while Industrial Bank Wealth Management's three products were allocated about 17,900 shares, with an allocation amount of 2.0409 million yuan.
In July this year, the domestic DRAM leader Cxmt Corporation also attracted significant investment from wealth management subsidiaries for new share subscriptions. Five wealth management subsidiaries—Minsheng Wealth Management, Ningyin Wealth Management, Industrial Bank Wealth Management, Southern Wealth Management, and China Post Wealth Management—with 29 products participated in the subscription, ultimately securing 4.544 million shares with a total allocation value of 39.3514 million yuan. In terms of returns, based on Cxmt Corporation's first-day closing price of 49.00 yuan per share, the five wealth management subsidiaries achieved a combined floating profit of approximately 183 million yuan. As of 13:00 on August 13, Cxmt Corporation's stock price stood at 54.72 yuan per share, bringing the total floating profit for the five subsidiaries to about 210 million yuan.
"The recent active participation of wealth management subsidiaries in offline subscriptions is driven by three key factors," Fu Yifu told reporters. "The prolonged low-interest-rate environment has compressed traditional fixed-income asset yields, and wealth management products urgently need to find ways to enhance returns. IPO subscriptions, traditionally seen as a low-risk equity enhancement strategy, can partially replace the disappearing non-standard assets."
Fu Yifu believes that the core advantage of offline subscriptions over online ones lies in resource allocation. Online subscriptions target all retail investors, with random allocation and extremely low probability of success. In contrast, offline subscriptions use an institutional inquiry and proportional allocation mechanism, where wealth management subsidiaries, as professional institutions, can leverage their research and pricing capabilities to secure higher allocation probabilities, making capital utilization far more efficient than online methods.
Banks Establish New Share Subscription Zones
In March last year, the China Securities Regulatory Commission officially released the "Decision on Amending the 'Measures for the Administration of Securities Issuance and Underwriting,'" which included bank wealth management products as priority allocation targets for IPOs, granting them the same A-class investor treatment as public funds. In the same month, the Shenzhen Stock Exchange revised its implementation rules for securities issuance and underwriting, adding wealth management subsidiaries as eligible entities for offline IPO investors.
Fu Yifu noted that after these rule revisions, bank wealth management products were formally included in the offline A-class priority allocation sequence, enjoying equal treatment with public funds. The institutional "dividend window" opened, significantly reducing the compliance costs for participation.
Over the past year, wealth management subsidiaries have accelerated their expansion into the equity market. A query by the Times Weekly on the Shenzhen Stock Exchange revealed that as of August 12, three wealth management companies—Ningyin Wealth Management, Everbright Wealth Management, and Industrial Bank Wealth Management—had submitted a total of 401 bids. Among them, Ningyin Wealth Management submitted 272 bids, with 256 of these resulting in subscriptions and allocations; Industrial Bank Wealth Management submitted 86 bids, with 85 resulting in subscriptions and allocations; Everbright Wealth Management submitted 43 bids, with 40 resulting in subscriptions and allocations.
Additionally, some banks are increasing promotional efforts through their sales channels, making new share subscriptions a key selling point for their products. On the China Merchants Bank mobile app, a special feature titled "How to Participate in New Share Subscriptions" highlights that the current climate for new stock investments is heating up, with the sector possessing dual advantages of "policy support" and "capital recognition." The report notes that high-profile new stocks are being listed frequently, presenting an ideal window for a "fixed-income plus new share subscription" strategy.
The Shanghai Pudong Development Bank (SPDB) app has introduced a dedicated "New Share Subscription Wealth Management" section, offering products covering Beijing Stock Exchange new shares, Hong Kong IPO new shares, and mixed strategy new shares, with various holding periods ranging from 14 to 360 days.
However, Fu Yifu emphasized that some new share subscription products have lock-up periods, meaning investors cannot redeem their funds during market downturns. More critically, wealth management subsidiaries have long focused on fixed-income areas and lack experience in pricing and evaluating technology and manufacturing IPO targets. In the extremely short inquiry window, inaccurate pricing could lead to ineffective subscriptions or overpaying, posing operational risks to the strategy's execution.
It is important to note that new share subscriptions do not guarantee profits. Looking at the wealth management products that participated in the Cxmt Corporation subscription, most saw significant increases in net value over the past month. For example, Ningyin Wealth Management's "Ningying Hybrid Carbon Neutral Open-Ended Wealth Management Product No. 1" recorded a one-month return rate of 9.84%. However, some products also experienced negative returns, such as Southern Wealth Management's "Zhulian Bihe Zhiyuan Balanced ESG Theme" product, which had a one-month return rate of -2.72%.
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