Shenzhen Stock Exchange: In the optimization of the new stock issuance underwriting mechanism, the Growth Enterprise Board adds agreed restricted sales methods and increases the strategic placement ratio of small and medium-cap stocks.

The Shenzhen Stock Exchange stated that in order to implement the relevant arrangements of the "Growth Enterprise Board Opinions", the Shenzhen Stock Exchange has revised the "Implementation Rules for the First Public Offering of Securities and Underwriting Business", further optimizing the arrangements for offline issuance and strategic placement mechanisms. On one hand, a new restricted sales method has been added. Issuers and underwriters set different levels of restricted sales ratios and restricted sales periods, allocating more shares to investors with higher lock-up ratios and longer lock-up periods, optimizing the mechanism for offline issuance of new shares, guiding "long-term and long-term investment", and promoting rational pricing. On the other hand, the proportion of strategic placements for small and medium-sized stocks has been increased. In order to better leverage the professional advantages of strategic investors for companies with fast technological iterations and difficult valuation, the upper limits for the proportion of strategic placements for small and medium-sized stocks with initial public offering quantities of less than 100 million shares and more than 100 million shares but less than 400 million shares have been adjusted from no more than 20% and 30% respectively to no more than 30% and 40%. Issuers and underwriters can choose within the range of the proportion limit according to market conditions, development needs, etc. In addition, to strengthen market-based constraints, guide offline investors to make rational bids, the Growth Enterprise Board will uniformly implement a 3% high price exclusion ratio within the current rules.