Core Viewpoint - The announcement of the termination of the listing of Renrenle Chain Commercial Group Co., Ltd. (*ST Renrenle) highlights the increasing challenges faced by traditional retail companies in the context of intensified competition and the impact of online shopping and the pandemic [1][4][6]. Group 1: Company Overview - Renrenle was established in April 1996 and went public in 2010, primarily operating hypermarkets, high-end supermarkets, and online shopping platforms [3]. - At its peak, Renrenle had nearly 150 stores and achieved over 10 billion yuan in revenue for seven consecutive years from 2010 to 2016, with a maximum revenue of 12.91 billion yuan [4]. Group 2: Financial Performance - The company has faced significant financial decline, with revenues dropping from 5.981 billion yuan in 2020 to 1.429 billion yuan in Q1 2025, a decrease of 77.81% year-on-year [5][6]. - Renrenle reported net profits of 0.035 billion yuan in 2020, followed by losses of 0.857 billion yuan, 0.507 billion yuan, 0.498 billion yuan, and 0.017 billion yuan from 2021 to 2024 [4][6]. Group 3: Reasons for Delisting - Renrenle has incurred losses for four consecutive years since 2021, totaling nearly 2 billion yuan, leading to a negative net asset of -0.387 billion yuan in 2023 [6][7]. - The company received a notice of termination of listing due to financial conditions, including a negative net asset of -0.404 billion yuan for the fiscal year 2024 [6][11]. Group 4: Market Context - In 2025, 13 companies have completed delisting from the A-share market, indicating a trend of increasing delistings due to various reasons, including financial distress and regulatory compliance [9][11]. - The new delisting regulations introduced in 2024 have intensified the scrutiny of companies, leading to a stricter enforcement of delisting criteria [12].

Core Viewpoint - Suishoubo Group has officially submitted its IPO application to the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as the exclusive sponsor. The company has shown steady revenue growth, projecting revenue of 98.95 million yuan in 2024, while net profits over the past three years totaled 97.08 million yuan, despite paying out 71.2 million yuan in dividends during the same period. However, cash and cash equivalents were only 632,000 yuan at the end of 2022 [1][4][9]. Group 1 - Suishoubo is a company registered in the Cayman Islands in March 2024, with its main operating subsidiary being Guangzhou Suishoubo, established in 2017. The company focuses on providing comprehensive SaaS solutions to clients in the entertainment, social networking, and new retail sectors [3]. - The SaaS solutions include data analysis and consulting for traffic acquisition, aimed at enhancing audience engagement and brand awareness, ultimately converting viewers into subscribers or end customers [3][4]. - Revenue from the SaaS solutions primarily comes from one-time fixed fees and recurring fees based on a revenue-sharing model, typically ranging from 6% to 8% of user recharge amounts on entertainment or social networking platforms [4]. Group 2 - The revenue figures for Suishoubo during the reporting period were 45.1 million yuan, 50.67 million yuan, and 98.95 million yuan for the years 2022, 2023, and 2024, respectively. Net profits for the same years were 32.49 million yuan, 26.45 million yuan, and 38.14 million yuan, indicating an overall upward trend. The revenue for 2024 is projected to grow by 95.3% year-on-year, while net profit is expected to increase by 44.2% [4][5]. - In terms of business composition, revenue from SaaS solutions accounted for 100% of the company's income in 2022 and 2023, while in 2024, it is expected to be 63.7%, with online marketing solutions contributing 36.3% [5]. - The company's SaaS solutions cater to three key business segments: entertainment and social networking live streaming, precision marketing for B2B companies, and new retail supporting live marketing activities [6]. Group 3 - Prior to the IPO, the chairman and controlling shareholder, Kong Xiaoming, held 84.77% of the shares, indicating absolute control over the company. The company paid out a total of 71.2 million yuan in dividends over the reporting period, despite a decline in net profit in 2023 [8]. - The operating cash flow for the company was 37.01 million yuan, 39.29 million yuan, and 12.43 million yuan for the years 2022, 2023, and 2024, respectively, showing a significant decline in 2024. The decrease in working capital was attributed to an increase in trade and other receivables [9]. - The company plans to use the funds raised from the IPO to enhance its SaaS solution capabilities, expand its online marketing solutions, seek investment and acquisition opportunities, and supplement general working capital [9].

Core Viewpoint - The article discusses the significant share transfer of Feiling Group, where the actual controller will change from Ding Furui to Jin Yawei, leading to a complete exit of the largest shareholder, Feiling Group Holdings [1][2]. Share Transfer Details - Ding Furui and his associates plan to transfer 88,872,943 shares (25% of total shares) to Anji Yiqing at a price of 7.88 yuan per share, totaling approximately 700 million yuan [6][8]. - Feiling Group Holdings will transfer 96,764,554 shares (27.22% of total shares) to various entities at a price of 6.73 yuan per share, totaling about 650 million yuan [7][8]. - After the transactions, Ding Furui's shareholding will decrease to 19.56%, while Jin Yawei and Anji Yiqing will hold 25% of the company, gaining control [7]. Company Background and Performance - Feiling Group, established in 1995, primarily produces solid wood and composite flooring and was listed in 2017 [10]. - The company has faced declining performance, with revenues dropping from 602 million yuan in 2020 to 336 million yuan in 2024, and net profits turning negative in recent years [11]. - Internal conflicts have arisen between foreign shareholders and Ding Furui, leading to frequent management changes and resignations [11]. Related Transactions and Issues - The company has been involved in undisclosed related party transactions, including significant construction contracts with companies controlled by Ding Furui, which were not properly disclosed [12]. - Prior to the major share transfer, Feiling Group Holdings had already initiated a plan to reduce its holdings by up to 10,664,700 shares [13][14]. New Controller's Profile - Jin Yawei, the new actual controller, has multiple investment companies and private equity funds, with plans to leverage his resources for the sustainable development of Feiling Group [16]. - Jin Yawei has been active in the capital market, including plans to acquire shares in other companies, indicating a strategic approach to investment [17].

星标 ★ IPO日报 精彩文章第一时间推送 2021年6月，公司进行A轮融资，投资方总对价3000万元。 5月30日，深圳乐动机器人股份有限公司（下称"乐动机器人"）向港交所递交申请，拟港股主板上 市，海通国际和国泰君安国际担任联席保荐人。 IPO日报注意到，这家华中科技大学两位学霸创立的公司从扫地机器人做到智能割草机器人，营收 近两年复合年增长率约为41.4%， 获得阿里巴巴集团CEO吴泳铭旗下圆璟鼎恒的5000万元投资， 但尚未盈利，亏损有所收窄。 AI制图 01/ 华中科技大学两校友创业 资料显示，乐动机器人成立于2017年， 由周伟、郭盖华联合创立，是一家以感知智能为基础的全 栈式智能机器人公司。 周伟、郭盖华均毕业于华中科技大学。周伟现年38岁， 于2008年6月及2011年3月获得中国华中 科技大学机械工程与自动化学士学位及工业工程硕士学位。郭盖华现年40岁，分别于2007年6月及 2009年6月获得中国华中科技大学电子科学与技术学士学位及通信与信息系统硕士学位。 两人既是不同级的校友，亦是共同创业的伙伴，曾在2012年12月共同创立乐行天下。 目前，周伟任董事长，负责整体战略规划、业务方针及资本 ...

星标 ★ IPO日报 精彩文章第一时间推送 下笔之时，正好看到300651（金陵体育）再度冲击涨停板（两天两个20CM），而共创草坪 （605099）早早三连板恭候金陵体育到来。 在江苏人民热烈参与"苏超"（江苏省城市足球联赛）的时候，购买体育板块上市公司股票的股民也 露出了久违的笑颜。 来源：江苏省城市足球联赛官方 前不久，江苏省13个地级市联手，"苏超"联赛横空出世。起初，赛事定位"全民参与"，球员涵盖 职业选手、学生、个体工商户，门票初始定价仅10元。 笔者犹记得，上世纪90年代，中国足球联赛甲A一时红红火火，各地民众看球的热情高涨，然而由 于假球等各种原因，民众对中国足球联赛失去信心和热情，他们的体育热情受到一定程度的打击， 至今全国性的足球赛事都没有恢复到此前的巅峰盛况。 相反，当前一些区域性的、民间性的足球、篮球赛事开始火热起来，比如贵州省的"村超"就相当火 爆，成为了吸引外地旅游者前往的王牌。 无论贵州的"村超"也好，江苏的"苏超"也罢，它有几个明显的特征：地域文化的认同、草根情绪价 值的满足、地方政府的合理引导与支持。笔者以为，这些才是上述体育赛事能持续火爆的根本原 因。 当前国家充分认识到， ...

5月，证监会官网新增披露17家企业进行IPO辅导备案。至此，2025年新增披露123家企业辅导备 案。 其中，1月-4月每月新增披露32家、29家、23家、22家企业辅导备案。 相比前四个月，5月新增披 露的辅导备案企业数量有减少。 星标 ★ IPO日报 精彩文章第一时间推送 具体来看，5月最后一周（5月26日-5月31日），新增披露株洲时代华鑫新材料技术股份有限公司 （下称"华鑫新材"）、铜陵天海流体控制股份有限公司（下称"天海流体"）、成都超纯应用材料 股份有限公司（下称"成都超纯"）、成都乘风流体科技集团股份有限公司（下称"乘风科技"）等 四家公司辅导备案。 IPO日报注意到，华鑫新材是全球第4家、国内首家具备批量生产高性能PI膜的高新技术企业，受 到中车资本、国家开发银行、国投创业、达晨财智等知名机构青睐；天海流体此次是二次筹备申 请北交所，此前申请未获受理，并受到全国股转公司的纪律处分；成都超纯一年连续三轮融资， 比亚迪、华泰紫金投资、TCL创投均参与投资；乘风科技净利润连续两年下滑，服务埃克森美 孚、雪佛龙、中石化等知名客户。 华鑫新材成立于2019年，注册资本1.05亿元，是一家以从事橡胶和塑料 ...

Core Viewpoint - Zhuhai Gaoling Information Technology Co., Ltd. has announced the termination of its major asset restructuring plan, which involved acquiring 100% of Shanghai Xinnuo Communication Technology Co., Ltd. due to a lack of consensus among transaction parties [1][3]. Company Overview - Gaoling Information, listed on the Sci-Tech Innovation Board in March 2022, specializes in the R&D, production, and sales of special communication equipment, environmental IoT application products, and network security products, with military telecommunications equipment being its primary revenue source [3][4]. - The target company, Xinnuo Communication, is a high-tech enterprise focused on providing network communication and security solutions, primarily serving telecom operators and government enterprises [3]. Financial Performance - Before its IPO, Gaoling Information experienced rapid growth, with revenue increasing from 175 million yuan in 2018 to 495 million yuan in 2021, representing a compound annual growth rate (CAGR) of 46.3%. Net profit grew from 20 million yuan to 120 million yuan during the same period, with a CAGR of 189.7% [3]. - Post-IPO, Gaoling Information's performance declined significantly, with revenues of 517 million yuan in 2022, 356 million yuan in 2023, and 266 million yuan in 2024, while net profits dropped from 88.01 million yuan to a loss of 52.28 million yuan [4][5]. Reasons for Performance Decline - The company attributed its 2024 losses to insufficient demand in the military telecommunications equipment sector and increased accounts receivable due to delayed payments from clients. Additionally, losses from its wholly-owned subsidiary, Henan Xinda Wangyu Technology Co., Ltd., led to the reversal of deferred tax assets [5]. Implications of Termination - The termination of the acquisition raises questions about how Gaoling Information will address its declining performance and financial challenges [5]. - Xinnuo Communication, which had previously attempted to go public but withdrew its application, now faces its own difficulties following the failed acquisition [6][7]. Investment Considerations - Xinnuo Communication's financials showed significant growth from 220 million yuan in 2020 to 580 million yuan in 2022, but it also faced a decline in net profit in 2023 and 2024 [6]. - The company had previously engaged in capital increases and share transfers with various investors, which included performance-based clauses that may impact its future if it fails to go public by the end of 2024 [7].

Core Viewpoint - Shuanglin Co., Ltd. plans to raise up to 1.5 billion yuan through a private placement to fund various projects, including the industrialization of roller screw and joint module, expansion of high-precision CNC grinding machine production, and establishment of a forward-looking technology research and application center [1][4]. Group 1: Company Overview - Shuanglin Co., Ltd. specializes in the research, manufacturing, and sales of automotive components, including interior and exterior parts, precision components, intelligent control system parts, new energy power systems, hub bearings, roller screws, and ball screws [4]. - The company reported a revenue of 4.91 billion yuan for 2024, representing an 18.6% year-on-year increase, and a net profit of 497 million yuan, reflecting a significant growth of 513.6% [4]. Group 2: Financial Performance - Despite the revenue and profit growth, the company's gross profit margin decreased from 18.90% in 2023 to 18.49% in 2024, marking a continuous decline below 20% since 2019 [4]. Group 3: Investment Projects - The company intends to allocate 895 million yuan of the raised funds to the roller screw and joint module industrialization project, which has a total investment of 995 million yuan and a construction period of three years [5]. - Upon completion, the project aims to achieve an annual production capacity of 1 million sets of reverse planetary roller screws and 500,000 sets of linear joint modules [5][6]. Group 4: Strategic Direction - Shuanglin Co., Ltd. is attempting to diversify its business by entering the robotics sector through the expansion of its roller screw business, aiming to create a second growth curve [7]. - The company also plans to change its name from "Ningbo Shuanglin Automotive Parts Co., Ltd." to "Shuanglin Co., Ltd." to further diminish its automotive label and strengthen its positioning in high-end manufacturing [7].

Core Viewpoint - The upcoming week will see a decrease in the number of A-share companies facing lock-up stock releases, but the total market value of the released stocks will be higher, with no stock exceeding a market value of 10 billion yuan [1][2]. Group 1: Lock-up Stock Release Overview - A total of 54 stocks will face lock-up stock releases next week, with a combined release quantity of 2.399 billion shares, amounting to a total market value of 27.882 billion yuan based on the closing price on May 30 [1][2]. - The two stocks with the highest release market value are Chipway Technology (688230.SH) and Huqiang Technology (688151.SH), each exceeding 4 billion yuan [2][4]. Group 2: Specific Stock Details - Chipway Technology will release 88.2 million shares on June 3, representing 75% of its total share capital, with a release market value of 4.259 billion yuan [5][6]. - Huqiang Technology will release 242.35 million shares on June 6, accounting for 70.35% of its total share capital, with a release market value of 4.081 billion yuan [5][9]. - *ST Chengchang (001270.SZ) will also see a significant release of 102.11 million shares, with a market value of 3.554 billion yuan [5][4]. Group 3: Market Performance and Trends - Chipway Technology's stock price was 48.29 yuan per share as of May 30, reflecting a 0.99% increase since the beginning of the month, but a 26.30% decrease compared to its issue price [6][8]. - Huqiang Technology's stock price was 16.84 yuan per share, showing a 2.67% increase since the beginning of the month, but a 50.92% decline compared to its issue price [9][10]. - Four stocks will see their circulating shares increase by over 100%, with Chipway Technology's circulating shares expanding by 300% [13][10].

退市整理期间公司股票继续在风险警示板交易。公司股票终止上市后，将转入全国中小企业股份转 让系统进行股份转让。 AI制图 触及财务类退市情形 IPO日报发现，这两家公司均是触及财务类退市情形。 具体来看，2024年5月，鹏博士因2023年财报被审计机构出具"无法表示意见"，已于2024年被实 施退市风险警示（*ST）。 根据《上海证券交易所股票上市规则》，如果*ST鹏博2024年度财务会 计报告被出具保留意见、无法表示意见或否定意见的审计报告，以及财务报告内部控制被出具无法 表示意见或者否定意见的审计报告，*ST鹏博股票同样将面临被终止上市的风险。 星标 ★ IPO日报 精彩文章第一时间推送 5月30日晚间，又有两家上市公司收到股票终止上市决定，分别是*ST鹏博(600804.SH)、*ST龙 宇(603003.SH)。 两家公司均发布公告称，公司于2025年5月30日收到上海证券交易所出具的自律监管决定书，决定 终止公司股票上市。公司股票进入退市整理期的起始日为2025年6月10日，预计最后交易日期为 2025年6月30日，退市整理期的交易期限为15个交易日。 4月29日，*ST鹏博发布公告称，公司2024年 ...