[Changxin Technology's 'Blood-Sucking Effect'? Industry Responds to Changxin Technology IPO Concerns] Jinshi Data reported on July 16 that Changxin Technology has initiated its issuance, aiming to raise approximately 57.9 billion yuan. The market is concerned that a large-scale IPO might create a 'blood-sucking effect,' even drawing comparisons to PetroChina's listing in 2007. However, seasoned market insiders argue that such comparisons are overly simplistic and detached from reality. The current market environment is vastly different from that of 2007: back then, the market faced an interest rate hike cycle coupled with a global financial crisis, whereas now monetary policy is moderately loose. The total market capitalization of A-shares has grown from 32 trillion yuan to 120 trillion yuan, and the average daily trading volume has surged from 190 billion yuan to over 2 trillion yuan, significantly increasing market capacity. In terms of regulatory design, A-shares adopt a market capitalization-based allocation system, eliminating the need to freeze funds in advance for new share subscriptions. Additionally, incremental funds from strategic placements and institutional investors account for a high proportion, rather than relying entirely on existing funds. Large-scale IPOs have limited impact on indices; for instance, among the top 15 IPOs in U.S. history, the S&P 500 had a 71.4% win rate 20 days post-listing. Experts believe that secondary market trends are driven by multiple factors, and a single IPO is never the fundamental cause of market adjustments. Investors need not worry excessively.