Institutions Rush to Participate in IPOs, Actively Positioning in Manufacturing Sector

◎ Reporter Ma Jiayue

Since 2026, public and private funds have been very enthusiastic about participating in IPOs. According to statistics, as of March 12, since 2026, public and private institutions have participated in the offline allotment of 9 new stocks, with a total allocation amount of over 3 billion yuan. Among them, 109 public fund institutions participated in the offline allotment, with a total allocation of 2.544 billion yuan. From individual stocks, manufacturing targets such as Yisiwei, Gude Electric Materials, and Zhenshi Shares are particularly favored by institutions. Industry insiders believe that as incremental funds continue to flow in, the structural trend of A-shares is expected to persist, with attention to engineering machinery, building materials companies expanding their overseas markets, and the chemical sector entering a new inventory replenishment cycle.

Public and private funds compete for IPO subscriptions

Data shows that as of March 12, since 2026, a total of 109 public fund institutions have participated in the offline allotment of 9 new stocks, with a total of 134 million shares allocated and a total amount of 2.544 billion yuan; private funds have completed offline allotments of 9 new stocks, with approximately 34.14 million shares allocated and a total of 753 million yuan.

Billion-level institutions have become the main force in private IPO subscriptions. According to statistics, as of March 12, since 2026, 56 private funds with assets of over 10 billion yuan participated in new stock offline allotments, with a total allocation of 656 million yuan, accounting for 87.12% of private IPO allocations. Among them, billion-level quantitative private funds such as Jiukun Investment, Century Frontier, and Huanfan Quantitative are among the top in allocation amounts.

“Institutions actively participating in IPOs often occur during active market phases,” said a private equity researcher in Shanghai. On one hand, during periods of market optimism, newly listed stocks often achieve positive returns on the first day, and institutional participation can help enhance portfolio returns. On the other hand, optimistic expectations for new stocks in high-end manufacturing, AI, and other fields make IPOs an important tool for strategic deployment.

Manufacturing industry favored by institutions

From an industry perspective, institutions clearly prefer manufacturing.

According to statistics, among the new stocks this year, Yisiwei, Gude Electric Materials, and Electric Science and Technology Lantian are the top three targets in terms of private fund allocations, with 132 million yuan, 130 million yuan, and 123 million yuan respectively. For public funds, Yisiwei, Zhenshi Shares, and Beixin Life are the top three stocks in terms of allocation amounts, each exceeding 300 million yuan.

Public information shows that Yisiwei is a company integrating the design, R&D, manufacturing, and application of machine vision products. Its products are widely used by mainstream joint venture brands, domestic new forces, and well-known automotive parts companies both domestically and internationally. Zhenshi Shares specializes in the R&D, production, and sales of reinforced fiberglass fabrics for wind power, with a global market share of over 35% in 2024.

In fact, beyond IPOs, many well-known private funds have also invested in high-quality manufacturing companies in their portfolios.

Recently, Yuanli Co., Ltd. announced that as of February 24, Ruijun Asset’s Ruijun Youfu No. 1 private equity fund and Ruijun Youfu No. 3 private equity fund are among the top ten circulating shareholders of the company. The chemical sector company Suyan Jing Shen announced that as of January 9, Jinglin Asset’s Jinglin Zhiyuan private equity fund held 3.687 million shares, entering the top ten circulating shareholders for the first time since the third quarter of last year.

Focused on profitability and active deployment

“Under the triple benefits of autonomous controllability, high-end exports, and policy support, Chinese manufacturing is expected to become one of the main investment themes in the market this year,” said Bao Xiaohui, Chairman of Changli Assets. Due to widespread AI applications, the gap in computing power remains, and the continuous launch of high-performance chips will create greater demand in industries such as electricity and optical communications, benefiting related companies. Meanwhile, as domestically produced industrial robots gradually gain recognition in overseas markets, high-quality companies in industrial automation and robotics supply chains are expected to see strong performance, making them key targets for follow-up investment.

A related person from Fresh Water Investment stated that in 2026, the market-driven logic is expected to shift from valuation repair to profit support. This requires investors to carefully distinguish the prosperity and growth quality of different industries and companies. Specifically, under the trend of global industrial chain restructuring, China’s advantageous manufacturing industry is accelerating its overseas expansion based on technological and supply chain competitiveness, actively seizing new demands brought by re-industrialization in developed countries and industrialization in emerging markets, which also promotes corporate profit growth. These opportunities are worth close attention.