Yushu Technology said subscription and payment for both the online and offline tranches of its STAR Market IPO have been completed. After the clawback mechanism, the final offline issuance was 22.650148 million shares, about 70% of the offering after deducting the final strategic placement, while the online issuance was 9.707 million shares, about 30%. Before the offering, controlling shareholder and actual controller Wang Xingxing controlled 34.763% of the company and 68.7816% of its voting rights under a special voting rights arrangement; after listing, he will directly hold 21.4395% of the equity and 65.309% of the voting rights, remaining the actual controller. Separately, Caixin reported that an unofficial pre-listing market for Yushu Technology IPO subscription rights has emerged on second-hand platforms such as Xianyu and through intermediaries, with quotes of 410 yuan to 520 yuan a share versus the 150.8 yuan issue price. Market participants said they had not previously heard of similar unofficial trading tied to STAR Market, or Sci-Tech Innovation Board, IPO subscriptions. The activity appears linked to the company's very low allotment rate and expectations of strong listing gains, but the transactions are small in scale, rely on informal verbal agreements and are not protected by law in China's A-share market.