Yushu Technology has not officially listed, but an unofficial market for its new stock subscription rights has already emerged. Caixin reported that listings on second-hand platforms such as Xianyu show intermediaries buying and selling access to the offering at widely differing prices, with quotes of 410 yuan and 520 yuan a share versus the 150.8 yuan issue price. Some investors and brokers refer to the activity as "dark trading," though the transactions remain small in scale. Market participants including brokers and public funds said they had not previously heard of similar unofficial trading tied to new stock subscriptions on the Sci-Tech Innovation Board. The activity appears to be driven by Yushu Technology’s very low subscription rate and expectations of a strong first-day gain, but the recent private transfers of new shares in China’s A-share market rely on informal verbal agreements and lack legal protection.