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 ...

星标 ★ IPO日报 精彩文章第一时间推送 5月29日晚间，常州光洋轴承股份有限公司（002708.SZ，下称"光洋股份"）发布公告称，公司决定终止筹划通过发行股份及支付现金方式，购买 宁波银球科技股份有限公司（下称"银球科技"）100%股权，并募集配套资金事项。 光洋股份股票停牌9天后，于5月30日复牌，当日股价暴跌9.9%至11.20元/股。 AI制图 "曲线上市" 回顾这场收购计划，5月16日，光洋股份与银球科技签署《投资意向协议》，拟以发行股份及支付现金方式收购后者100%股权，并募集配套资金。 彼时的公告显示，光洋股份与交易对方胡永朋、李定华、宁波市银佳管理咨询合伙企业（有限合伙）、宁波市银锦企业管理咨询合伙企业（有限合 伙）、宁波市银晖管理咨询合伙企业（有限合伙）及银球科技签署了《投资意向协议》，初步达成购买资产意向。 标的公司银球科技是一家集研发、生产、销售为一体的精密轴承制造商，具备年产9亿套轴承的能力，是国内精密轴承龙头企业。 公司产品应用于家电、汽车、工业电机、纺织机械、高速吸尘器等领域，2024年营收超6.5亿元，高转速轴承中国市场占有率超80%。 在家电领域，银球科技与美的集团、格力集 ...

星标 ★ IPO日报 精彩文章第一时间推送 5月29日，港交所官网显示，口腔医疗服务机构武汉大众口腔医疗股份有限公司（下称"大众口 腔"）向港交所递交IPO申请，海通国际为独家保荐人。 此外，2024年，大众口腔的毛利率为37.4%，净利率为15.4%。 公司的收入来自提供全面的口腔医疗服务，包括综合牙科诊疗服务、口腔种植服务及口腔正畸服 务。 其中，综合牙科诊疗服务带来的收入占比分别为51.9%、53.7%、53.4%，是收入主要来 源；口腔种植服务收入占比在28%左右，口腔正畸服务带来8019万元、8176.9万元、7411.5万元 的收入，占比在19%左右。 报告期各期，公司综合牙科诊疗服务的客户就诊人次分别约为52.1万人次、55万人次及51.66万人 次，而就诊人次平均开支分别为408元、431元及421元。 根据咨询机构弗若斯特沙利文的资料，按2023年所得收入计， 公司在华中地区所有民营口腔医疗 服务提供商中居第一位，占市场份额约2.6%。 按截至2023年12月31日的牙椅数量计，公司于高 度分散且竞争激烈的中国民营口腔医疗服务行业中亦位居第五位。 值得一提的是，大众口腔于2024年11月29 ...

Core Viewpoint - Filinger Home Technology Co., Ltd. is undergoing a potential change in control as its actual controller, Ding Furu, is planning to transfer shares, which may lead to a shift in company governance [1][10]. Group 1: Company Overview - Filinger was listed in 2017 and primarily engages in the production and after-sales service of solid wood and composite flooring, with its main brand being "Filinger" [3]. - The largest shareholder is Filinger Holdings Limited, holding 28.04% of shares, while Ding Furu and his associates collectively own 44.56% [3]. Group 2: Financial Performance - The company's financial performance has been declining, with revenues from 2020 to 2024 recorded as 602 million, 782 million, 523 million, 395 million, and 336 million yuan, respectively. Net profits during the same period were 60.88 million, 20.33 million, 9.72 million, -24.18 million, and -37.31 million yuan [4]. - The decline in performance is attributed to reduced demand in the home decoration market due to real estate adjustments, increased competition, and high fixed costs that could not be diluted [4]. Group 3: Shareholder Actions - In early May, Filinger announced that its largest shareholder plans to reduce holdings by up to 10.66 million shares, accounting for 3% of the total share capital [5]. - Other executives, including the general manager and vice presidents, also plan to reduce their shareholdings during the specified period [6]. Group 4: Regulatory Issues - Ding Furu and the company faced regulatory scrutiny from the China Securities Regulatory Commission for failing to disclose related party transactions properly, which involved significant contract amounts relative to the company's net assets [8][9].

Core Viewpoint - Shanghai Topu Numerical Control Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange after two unsuccessful attempts at the Sci-Tech Innovation Board, marking a significant step in its growth trajectory [1][8]. Group 1: Company Overview - Founded in May 2007 by Wang Yuhan, Li Yuhao, and two other shareholders, the company specializes in the research, design, production, and sales of high-end intelligent manufacturing equipment [4]. - The company achieved profitability in 2024, with a revenue compound annual growth rate (CAGR) of 97.9% over the past two years [2][5]. Group 2: Market Position and Product Offering - In 2024, Topu ranked first in the Chinese aerospace five-axis CNC machine tool market with a market share of 11.6%, and fifth among all suppliers in the five-axis CNC machine tool market with a 4.3% share [4]. - The five-axis CNC machine tool market is projected to grow from 10.8 billion yuan in 2024 to 27 billion yuan by 2029, at a CAGR of 20.1% [4]. - The product portfolio includes aerospace intelligent manufacturing equipment, compact general-purpose five-axis machine tools, and large-size carbon fiber composite five-axis machine tools [4]. Group 3: Financial Performance - Revenue for the years 2022 to 2024 was 136 million yuan, 335 million yuan, and 532 million yuan, respectively, with net profits of -197 million yuan, -62 million yuan, and 6.886 million yuan, indicating a turnaround to profitability in 2024 [5][6]. - In 2024, 94.7% of total revenue was derived from the sales of aerospace intelligent manufacturing equipment [6]. Group 4: IPO Journey and Future Plans - This marks the third attempt for the company to go public, having previously submitted applications in June 2019 and June 2020, both of which were withdrawn or terminated [8]. - The funds raised from the IPO will be allocated for research and development, expanding sales and marketing networks, potential acquisitions, and repaying part of the interest-bearing bank loans [9].

星标 ★ IPO日报 精彩文章第一时间推送 5月26日，北京先通国际医药科技股份有限公司（下称"先通医药"）向港交所主板递交上市申请， 中金公司、中信证券为联席保荐人。 作为一家放射性药物开发企业，先通医药暂未实现盈利，两年净亏损4.65亿元，但吸引了包括茅台 和中信证券设立的茅台金石基金在内的众多知名投资机构的投资，7年估值增长四倍。 制图：佘诗婕 核药龙头企业 资料显示，先通医药成立于2005年，于2016年登陆新三板，并在2018年主动从新三板摘牌，是中 国放射性药物市场的头部企业，具备从放射性核素开发及生产、放射性药物研发到放射性药物的制 造及商业化的整个行业价值链的端对端能力。 据了解， 放射性药物，即核药，为一类特殊的医药产品。其含有放射性核素，设计旨在将放射性核 素精准递送至特定生物靶点，用于诊断成像或治疗介入，主要应用领域涵盖肿瘤学、神经学及心脏 病学。 根据咨询机构灼识咨询报告，全球放射性药物行业的市场规模预计将自2024年的97亿美元增至 2035年的573亿美元，复合年均增长率为17.5%。中国放射性药物市场正迎来增长拐点，其市场规 模预计将自2024年的74亿元以23.5%的复合年均增 ...

星标 ★ IPO日报 精彩文章第一时间推送 5月29日晚间，锦州港股份有限公司(600190.SH，下称"*ST锦港")发布公告称，收到中国证监会 辽宁监管局《行政处罚决定书》，认定锦州港《2022年年度报告》《2023年年度报告》《2024年 第一季度报告》存在虚假记载。公司2022年虚增利润3610.45万元，占当期报告披露利润总额的 22.46%；2023年虚增利润6808.78万元，占当期报告披露利润总额的65.96%；2024年第一季度 虚增利润1537.75万元，占当期报告披露利润总额的62.05%。 同时，公司还收到上海证券交易所下发的《关于拟终止公司股票上市的事先告知书》，因公司 2020年至2023年年度报告连续4年存在虚假记载，触及重大违法强制退市情形，将被实施重大违 法强制退市。上交所将根据相关规定，对公司股票作出终止上市的决定。 也就是说，公司股票将被实施重大违法强制退市，公司股票自2025年5月30日起停牌。 AI制图 需要指出的是，这并不是公司第一次财务造假。 连续7年财务造假 2024年11月，公司收到中国证监会《行政处罚决定书》，认定公司2018年至2021年年度报告虚 假记载 ...

Core Viewpoint - Jiangsu Riyu Photovoltaic New Materials Co., Ltd. (Riyu Photovoltaic) has submitted an application for listing on the Hong Kong Stock Exchange, following significant growth in revenue and profit since its acquisition by actual controller Guo Peng four years ago, with compound annual growth rates of 141.3% in revenue and 925.6% in net profit [1][2][6]. Company Overview - Established in September 2015, Riyu Photovoltaic, formerly known as Shanghai Riyu New Materials Technology Co., Ltd., specializes in the manufacturing and supply of conductive silver paste and metallization paste for photovoltaic cells [3][4]. - The company produces conductive silver paste for various types of photovoltaic cells, including TOPCon, xBC, and PERC batteries, which are critical materials for enhancing efficiency and reducing costs in the photovoltaic industry [3][6]. Financial Performance - The company reported revenues of 393 million yuan, 1.594 billion yuan, and 2.285 billion yuan for the years 2022 to 2024, with net profits of 877,000 yuan, 59.659 million yuan, and 92.24 million yuan, respectively, indicating rapid growth [6][7]. - Gross profits for the same period were 37.46 million yuan, 179 million yuan, and 212 million yuan, with gross margins of 9.5%, 11.2%, and 9.3% [6]. Customer Concentration - The company's top five customers contributed revenues of 392 million yuan, 1.541 billion yuan, and 1.708 billion yuan, accounting for approximately 99.8%, 96.7%, and 74.8% of total revenue, indicating a significant customer concentration risk [7]. Investment and Valuation - Since Guo Peng took control, the company has undergone rapid development, completing three rounds of financing within a year, raising a total of 459.3 million yuan, and achieving a valuation increase of 229% [9]. - The company completed a Series A financing round of 183 million yuan in August 2023, leading to a post-investment valuation of approximately 783 million yuan [9]. - In August 2024, a Series B financing round raised 120 million yuan, resulting in a post-investment valuation of about 1.97 billion yuan [10]. - A subsequent Series B+ round in December 2024 raised 156.3 million yuan, with a post-investment valuation of 2.456 billion yuan [11]. Market Position - Riyu Photovoltaic is positioned as a leading global supplier of conductive silver paste, projected to rank first among the top five photovoltaic silver paste manufacturers by revenue growth from 2022 to 2024, and fourth in terms of revenue and sales volume in the global market [6].

Core Viewpoint - Guangdong Jiaying Pharmaceutical Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, leading to significant stock price declines and market capitalization loss [1][3]. Financial Performance - As of December 31, 2024, the company reported revenue of 376 million yuan, a year-on-year decrease of 29.46%, and a net profit attributable to shareholders of 20.61 million yuan, down 39.94% year-on-year [4]. Internal Control Issues - The investigation was triggered by major internal control deficiencies, highlighted in the company's self-evaluation report, which received a qualified opinion from Zhonghua Accounting Firm [6]. - From September 2024 to January 2025, Jiaying Pharmaceutical's wholly-owned subsidiary transferred a total of 170 million yuan to related party Hunan Yaojuneng Pharmaceutical Co., Ltd. without board approval, using a "beginning of month transfer, end of month return" method to obscure the transactions [6]. - In the fourth quarter of 2024, the company engaged in related party transactions totaling 10.39 million yuan with its second-largest shareholder and other related parties, failing to follow proper board review and disclosure procedures [6].