July 21 — Changxin Technology published final strategic placement results.
Thirty strategic investors were initially allocated 3.344 bln shares but
subscribed only 1.667 bln shares, about a 50% reduction. Investment banks said
the initial allotment was set at the regulatory cap (50% of the issue, 3.344 bln
shares) to leave redundancy, with later reallocation reducing the final
subscribed volume. The 30 investors still provided the originally committed cash
of CNY 14.437 bln; the excess shares were transferred to the online
subscription, materially boosting online IPO allotment rates.
