Based on inquiry-based transfer of positions, public and private offerings "discounted shopping"

Data shows that since 2026, a total of 12 A-share listed companies have implemented inquiry-based share transfers. The verification reports on these inquiry-based share transfers indicate that multiple public and private fund institutions, including E Fund, Huaxia Fund, Nord Fund, Caitong Fund, Shanghai Ruiliang Private Equity, Nanjing Shengquan Hengyuan Investment, and Shanghai Jinde Private Equity, have appeared on the list of accepting institutions for these transfers. Based on participation this year, many institutions have realized unrealized gains exceeding 30%. A public fund industry insider stated that the inquiry transfer market is experiencing rapid growth. Under the regulatory environment that encourages healthy investment and financing cycles and guides long-term capital into the market, inquiry transfers—serving as a key bridge connecting the primary and secondary markets—are expected to expand further. This could develop into a fundamental and normalized share transfer mechanism in China’s capital market, playing a greater role in enhancing market stability, supporting technological innovation, and serving national strategies. (China Securities Journal)