The reporter learned that Yushu Technology's off-market “dark market trading” has quietly sprung up. Currently, many intermediaries have purchased the new shares through various channels. There are large differences in pricing. Some intermediaries bid 520 yuan/share, while others offer 410 yuan/share; many winners are also actively searching for buyers online. It is worth noting that in the past, this kind of “dark market trading” was common for new shares on the Beijing Stock Exchange, but recently it is spreading to star stocks on the Science and Technology Innovation Board. The reporter noticed earlier that before Changxin Technology went public, there were also intermediaries that took back the new shares at a high price. At the time, the intermediary's price was 36 yuan/share. “From an institutional perspective, this reflects the unique arbitrage ecosystem under the new A-share trading mechanism. The extremely low winning rate has led to a scarcity of chips. The acquisition of new shares at an OTC premium is essentially a private transfer of institutional dividends in the primary market. This type of behavior not only hits compliance boundaries, but also distorts the market price discovery function.” Tian Lihui, dean of the Institute of Finance at Nankai University, told reporters. Kyoto Law Firm partner Wang Jiaming also told reporters that this kind of behavior may violate the real-name account system requirements.

The reporter learned that Yushu Technology's off-market “dark market trading” has quietly sprung up. Currently, many intermediaries have purchased the new shares through various channels. There are large differences in pricing. Some intermediaries bid 520 yuan/share, while others offer 410 yuan/share; many winners are also actively searching for buyers online. It is worth noting that in the past, this kind of “dark market trading” was common for new shares on the Beijing Stock Exchange, but recently it is spreading to star stocks on the Science and Technology Innovation Board. The reporter noticed earlier that before Changxin Technology went public, there were also intermediaries that took back the new shares at a high price. At the time, the intermediary's price was 36 yuan/share. “From an institutional perspective, this reflects the unique arbitrage ecosystem under the new A-share trading mechanism. The extremely low winning rate has led to a scarcity of chips. The acquisition of new shares at an OTC premium is essentially a private transfer of institutional dividends in the primary market. This type of behavior not only hits compliance boundaries, but also distorts the market price discovery function.” Tian Lihui, dean of the Institute of Finance at Nankai University, told reporters. Kyoto Law Firm partner Wang Jiaming also told reporters that this kind of behavior may violate the real-name account system requirements.