Yushu Technology, which has not yet officially listed, is already seeing private buying and selling of IPO allotment rights on second-hand platforms such as Xianyu. Caixin reported that multiple intermediaries are seeking the new shares through various channels, with bids diverging sharply: some offered 520 yuan per share against an issue price of 150.8 yuan, while others quoted 410 yuan. Some investors and intermediaries refer to the practice as "dark trading," but several brokerage and public fund market participants said they had not previously heard of such a market for STAR Market (Shanghai's tech-focused board) IPO subscriptions. They said the sudden appearance may reflect Yushu Technology's very low allotment rate and expectations for strong listing gains. The private purchases remain limited in scale and rest on informal verbal agreements that carry no legal protection in China's A-share market.