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New Regulations for Institutional Investors in IPOs of Unprofitable Companies Come into Force: 'High' Restricted Sales Equate to 'High' Allocation
2025-10-23 /
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Author：小编
In June 2025, following the resumption of the fifth listing criterion for unprofitable enterprises on the STAR Market, three companies operating at a loss—Heyuan Biotechnology, Xi'an Yicai, and Bebetter—were among the first to proceed to the issuance stage. Recently, these three firms have sequentially released the results of their lottery-based allocations. As the inaugural batch of companies to adopt differentiated restricted sales and allocation mechanisms for offline issuance, the allocation ratios for Class A1 and A2 institutional investors are over ten times higher than those for Class B investors. Nevertheless, Class A1 and A2 institutional investors are subject to extended lock-up periods and elevated restricted sales ratios.
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