Adjustment of pricing benchmark date for additional share issuance and cooling-off phenomenon of full subscription by a single major shareholder.

Since several listed companies collectively revised the pricing date for their private placements in early June, policy expectations have quickly spread to the primary market. According to data from Wind as reported by Securities Times reporters, as of June 29, excluding mergers and acquisitions private placements, there were only 2 new private placement projects added in June that were aimed at raising funds for major shareholders or their affiliates, and all were "competitive issuances." In comparison, from January to April, an average of about 7 private placement projects aimed at major shareholders were added each month, all of which were "fixed-price issuances." After the phenomenon of major shareholders fully subscribing cooled down, there has been an increase in cases where listed companies have sought to introduce other institutional investors. Since June, there have been 4 new private placement plans, with the common characteristic of the recipients being "including no more than 35 institutional investors including major shareholders." In the view of industry professionals, the frequent adjustment of the pricing date for fixed-price private placement projects aimed at major shareholders or their affiliates helps to suppress the impulse of controlling shareholders and actual controllers to arbitrage through fixed-price subscriptions.