As of May 31, there are 112 listed companies on the Star Market in which the sponsored institution's lock-up period for follow-up investment has not expired, and 26 brokerages participated in strategic placement. From the performance point of view, only 10 brokerages have floating profit in follow-up investment, the highest being Anxin Securities' 40 million yuan follow-up investment in Bailitianheng, with a floating profit of 245 million yuan. 16 brokerages have floating losses, the biggest single floating loss being Haitong Securities and GTJA, both of which invested 424 million yuan in follow-up investment in Huahong Group. At present, the two have floating losses of 150 million yuan each, and the total has exceeded the underwriting and sponsorship expenses. The brokerage's follow-up investment business is mainly carried out through alternative investment subsidiaries, and its performance is closely related to the market trend. In early May, the China Securities Regulatory Commission issued new regulations on the management of alternative investment subsidiaries. Some relevant business executives of institutions analyzed to Securities Daily that in addition to direct investment and follow-up investment in the Star Market, the business scope of alternative investment subsidiaries has been further opened up, and future investments in the New Third Board will also become new performance growth opportunities. (Securities Daily)