July 27 — Changxin Technology will list on the Shanghai STAR Market at an issue
price of 8.66 yuan/share. Based on a 278.01% average full-subscribed IPO gain,
one retail allotment implies roughly 12,000 yuan profit; based on a 466.67% STAR
Market new-issue average, the implied profit is about 20,200 yuan. Market
participants say the IPO sector has staged an intraday rebound and panic has
eased. Cycle pricing and sentiment indicators have retraced to neutral or
slightly below neutral on the year; the unwinding of upside risk may be largely
complete and the sector could enter a more balanced, choppy long‑short phase. A
durable return to strength will likely require further convergence/stabilization
of cycle indicators and narrowing of long‑short divergence.
