Recently, Top Cloud Agriculture, Shangda Holdings, and other new stocks set to go public have all announced the preliminary results of offline distribution. Looking at the preliminary offline distribution results, the allocation ratio for Class A investors represented by public fund institutions is as low as 0.05% or lower, while the allocation ratio for Class B investors of other institutional types is even lower. Some public fund institutions revealed that the current enthusiasm for new stock listings is due to the need for fund allocation but investors should still exercise caution due to the high return expectations of new stock investment strategies. In fact, some interviewed institutions admitted that due to reasons such as limited returns on new stock investments and differences in issuance volumes, new stock listings are no longer valued by companies. (NBD)