ChangXin Technology’s IPO issuance announcement shows that state-backed long-term capital, including the National Social Security Fund and basic pension insurance funds, took part in the strategic placement, alongside major companies from the industry chain and large insurance investors. The filing also lists several corporate allottees. Shenzhen Sankuai Network Technology, NIO Power Technology (Hefei), ZTE Corporation, and Chery Intelligent Vehicle Technology (Hefei) each received allocations worth 157,999,993.98 yuan with an 18-month lock-up, while Hangzhou Alibaba Cloud Feitian Information Technology received the same allocation amount with a 36-month lock-up. Separately, Huanfang Quant, the quantitative investment firm whose ultimate controller is Liang Wenfeng, participated in the offline subscription at an indicative bid price of 8.78 yuan per share. The upper limit for each offline subscription order was 230 million shares, and most Huanfang products reportedly submitted orders in the range of 70 million to 140 million shares. The announcement states that Huanfang Quant mainly consists of Zhejiang Jiuzhang and Ningbo Huanfang Quant, both registered with the Asset Management Association of China, with Liang holding 85% of Jiuzhang Asset and 85.15% of Ningbo Huanfang Quant.
ChangXin Technology’s initial public offering announcement shows that state-backed long-term funds, including the National Social Security Fund and basic pension insurance funds, participated in the strategic placement. Major companies from across the industry chain and large insurance investors were also involved.
Among the disclosed allottees, Shenzhen Sankuai Network Technology Co., Ltd., NIO Power Technology (Hefei) Co., Ltd., ZTE Corporation, and Chery Intelligent Vehicle Technology (Hefei) Co., Ltd. received allocations worth 157,999,993.98 yuan, each with an 18-month lock-up period. Hangzhou Alibaba Cloud Feitian Information Technology Co., Ltd. received an allocation of 157,999,993.98 yuan with a 36-month lock-up period.
Huanfang Quant joined the offline subscription
The announcement also shows that Huanfang Quant took part in the offline IPO subscription at an indicative bid price of 8.78 yuan per share. The upper limit for each offline subscription order was set at 230 million shares. Most Huanfang products reportedly filed orders in the 70 million to 140 million share range.
Huanfang Quant mainly consists of Zhejiang Jiuzhang and Ningbo Huanfang Quant. Both are registered with the Asset Management Association of China, and both are ultimately controlled by Liang Wenfeng. Liang holds 85% of Jiuzhang Asset and 85.15% of Ningbo Huanfang Quant.
The details were cited by Tencent News DeepWeb from ChangXin Technology’s IPO issuance announcement and carried by Odaily.
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