文/梧桐小编 7月13日，中央纪委国家监委网站中央纪委国家监委驻中国证券监督管理委员会纪检监察组、江苏省纪委监委消息：日前，经中央纪委国家监委批准，中央纪委国 家监委驻中国证券监督管理委员会纪检监察组与江苏省无锡市纪委监委对中国证监会原法律部副主任吴国舫严重违纪违法问题进行了纪律审查和监察调查。经查， 吴国舫丧失理想信念，背弃初心使命。将公权力异化为谋取私利的工具，严重损害证券监管形象。从证监会离职后仍利用曾担任职务职权形成的便利条件，继续谋 取所谓"投资机会"，是政商"旋转门"腐败的典型。对党不忠诚不老实，与多人串供，处心积虑对抗组织审查；违反中央八项规定精神，违规收受礼品、消费卡，违 规接受宴请；违反组织要求，不如实报告个人有关事项；丧失廉洁底线，违规持有非上市公司股份，长期借用他人账户违规买卖股票。以"入股"拟上市公司为名非 法收受财物，数额巨大。吴国舫严重违反党的政治纪律、中央八项规定精神、组织纪律、廉洁纪律，构成严重职务违法并涉嫌受贿犯罪，在党的十八大乃至二十大 后仍不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处 ...

Core Viewpoint - The article emphasizes the practical utility of the "Private Equity Investment Handbook," which covers essential aspects of due diligence, risk management, investment agreements, and dispute resolution in private equity investments [3][6][10]. Summary by Sections Chapter 1: Due Diligence - The first chapter introduces the main processes and methods of due diligence in equity investment, focusing on the "Four Cores" of business due diligence, "Five Definitions" of financial due diligence, and "Six Dimensions" of legal due diligence [6][8]. - It details the "Four Cores" of business due diligence, which include business and product, target company's industry segmentation, R&D capabilities, and core competitiveness [6]. - The chapter provides practical examples, such as the "Seven Axes" used by Muddy Waters for due diligence, which includes reviewing documents, checking related parties, field research, and supplier investigations [6]. Chapter 2: Risk Management - The second chapter outlines three common business risks, four common financial risks, ten common legal risks, as well as valuation risks and risk mitigation strategies [8]. - It includes numerous case studies to illustrate practical applications, particularly focusing on the coherence of business logic and addressing issues like improper equity adjustments and disguised profit transfers during IPO processes [8]. Chapter 3: Investment Agreements - The third chapter discusses the types and functions of investment agreements, detailing nearly 30 key clauses across eight categories and providing sample clauses for practical application [10]. - It highlights the importance of valuation adjustment clauses, which can help manage issues arising from short-term order pressures on long-term company interests [10]. Chapter 4: Betting Clauses - The fourth chapter elaborates on the design of betting clauses from six dimensions, including the parties involved, conditions, repurchase timelines, and methods [11]. - It presents case studies that provoke thought on the legal implications of repurchase claims triggered by betting conditions [11]. Chapter 5: Disputes in Betting and Repurchase - The fifth chapter focuses on seven types of disputes related to betting and repurchase, analyzing numerous cases to clarify judicial reasoning in such disputes [13][15]. - It discusses how ambiguities in betting conditions can lead to conflicting interpretations, affecting case outcomes, and examines scenarios where companies seek both cash compensation and equity repurchase [13][15].

此前的2024年11月15日，李筱（Xiao）强被宣布接受中央纪委国家监委驻中国证券监督管理委员会纪检监察组纪律审查和江苏省苏州市监委监察调查。 文/梧桐小编 7月12日，中央纪委国家监委网站公布中央纪委国家监委驻中国证券监督管理委员会纪检监察组、江苏省纪委监委消息：日前，经中央纪委国家监委批准，中央纪 委国家监委驻中国证券监督管理委员会纪检监察组与江苏省苏州市纪委监委对中国证监会原发行监管部副主任李筱强严重违纪违法问题进行了纪律审查和监察调 查。经查，李筱强理想信念扭曲，初心染垢变质。利用监管公权力谋取个人利益，严重破坏资本市场秩序。从证监会离职后仍不知止，是政商"旋转门"腐败的典 型。对党不忠诚不老实，与他人串供对抗组织审查，从事封建迷信活动；违反中央八项规定精神，违规收受礼品、消费卡，违规接受宴请，长期无偿接受管理和服 务对象提供的车辆接送服务，将应由本人支付的费用由他人支付；组织观念淡漠，隐瞒不报个人有关事项；廉洁底线失守，违规持有非上公司股份，长期借用他人 账户违规买卖股票。以"业务咨询""投资入股"等名义非法收受财物，数额巨大。李筱强严重违反党的政治纪律、中央八项规定精神、组织纪律、廉洁纪律，构成 ...

Core Viewpoint - The Hong Kong Stock Exchange has launched a new policy called "Tech Company Special Line," providing a confidential listing channel and lowering the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1][2]. Group 1: Applicable Entities - The policy is aimed at specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), particularly those in early stages or with non-commercialized products [3]. - Core thresholds include industry attributes defined by the Hong Kong Stock Exchange under "Specialized Technology" (Chapter 18C) or "Biotechnology" (Chapter 18A) [4][6]. Group 2: Self-Assessment and Application Process - Companies must assess if they meet the criteria by checking the "Special Line" page on the Hong Kong Stock Exchange website and downloading the self-assessment form [8]. - If uncertain, companies can fill out the inquiry form and send it to the Hong Kong Stock Exchange for preliminary feedback within one week [9]. Group 3: Confidential Submission Process - The first step involves signing a Non-Disclosure Agreement (NDA) with the Hong Kong Stock Exchange to ensure confidentiality of submitted materials [11]. - Companies must submit a "confidential version" of their materials in a specified format [13]. - The review phase will take 30 days, focusing on technical feasibility and compliance [14]. Group 4: Exclusive Services of the "Tech Company Special Line" - Companies can receive one-on-one guidance from the Hong Kong Stock Exchange experts, including interpretations of listing rules and fundraising strategies [16]. - Eligible companies can benefit from a fast-track review process, reducing the review period to 30 days [17]. - Flexible equity design allows founders to retain control without additional proof of "innovation" [18]. Group 5: Common Pitfalls to Avoid - Companies should provide clear descriptions of their technology and avoid vague claims without supporting evidence [21]. - Transparency in related party transactions is crucial to avoid compliance issues [22]. - Establishing a diverse investor base is important to strengthen investor relations [25]. Group 6: Post-Listing Compliance - Continuous information disclosure is required, including updates on technology commercialization and major collaborations [27]. - Companies are encouraged to maintain market value by releasing quarterly research updates and engaging with analysts [28]. - A green channel for refinancing allows specialized companies to issue new shares through a simplified process [29]. Group 7: Comparison with Other Markets - The article compares the listing requirements and processes of the Hong Kong Stock Exchange with those of the A-share market and NASDAQ, highlighting differences in profitability requirements, review periods, and information disclosure levels [30].

Group 1 - The Shanxi, Hunan, and Yunnan Securities Regulatory Bureaus announced the random selection results for on-site inspections of law firms engaged in securities legal services for the year 2025 [1][2][3] - Shanxi Securities Regulatory Bureau selected Shanxi Ningfeng Law Firm and Shanxi Huaju Law Firm for on-site inspections, with the inspection personnel listed [2][4] - Hunan Securities Regulatory Bureau will conduct a special inspection on Hunan Qiyuan Law Firm regarding the project of acquiring 51% equity of Yongda Co., Ltd. from Jiangsu Jinyuan High-end Equipment Co., Ltd. [4] - Yunnan Securities Regulatory Bureau randomly selected two law firms for on-site inspections related to securities legal services, including projects involving Yunnan Energy Investment Co., Ltd. and Yunnan Provincial Energy Investment Group Co., Ltd. [4]

Core Viewpoint - Valuation modeling is an essential skill in the financial industry, applicable across various fields such as primary equity, private placements, and secondary markets like IPOs and mergers and acquisitions [1] Group 1: Issues in Current Valuation Modeling - The existing valuation modeling systems in the market face several practical issues, including: - Logical issues where data presentation is overly complex, making it difficult for company leaders to understand [2] - Problems with the selection and combination of valuation methods, leading to significantly different results from methods like DCF, PE, PB, EV/EBITDA, and others [2] - Deficiencies in assumptions used in DCF calculations, often based on arbitrary reasoning rather than solid evidence [2] Group 2: Training Program Details - A training program titled "DCF Cash Flow Discounting - Rapid Skill Building Guide" will be held on July 19-20, 2025, in Shanghai, organized by Wutong Classroom in collaboration with M&A Academy [2] - The program aims to address the key challenges affecting valuation judgment and decision-making communication [2] Group 3: Instructors' Background - The instructors have extensive experience in industry research and investment, covering various sectors: - Instructor Liu has 10 years of industry research and investment experience, specializing in cash flow discount valuation modeling [7] - Instructor Yu is familiar with valuation methods for innovative drugs and vaccines, having provided training for multiple institutions [7] - Instructor Xue has experience in cyclical and consumer industries, focusing on profit estimation and price-volume decomposition [8] Group 4: Course Structure and Content - The course will cover several modules, including: - Valuation issues and frameworks, including valuation laws and profit forecasting [13][14] - Practical exercises in DCF valuation modeling, including the underlying principles and preparation for modeling [15][18] - Building revenue forecasting tables and case studies using various methods such as market share and comprehensive methods [21][22] - Special valuation methods like EV/EBITDA and NAV, along with practical issues in valuation [24][22] Group 5: Course Outcomes - Participants will gain skills in tracking economic conditions, understanding capital market information pricing mechanisms, and applying safety margin thinking in valuation [28]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has announced the latest list of members for its Listing Committee, which consists of 28 members, effective from July 4, 2025, highlighting the committee's composition and its role in overseeing the listing process and regulatory compliance [1][5][9]. Group 1: Committee Composition - The new chairman of the Listing Committee is Huang Jiaxin, with Terence Keyes and Liu Guoxian serving as vice-chairmen [5][8]. - The committee includes a diverse range of professionals from finance, law, and accounting, with a total of 28 members, including 8 investor representatives and 19 industry representatives [7][9]. - The committee has seen the addition of 5 new members with backgrounds in investment, private equity, and law, while 5 members have retired [6][9]. Group 2: Member Selection and Criteria - The selection process for committee members is competitive, with a success rate of 9.4% for the 2025 applications, indicating a rigorous vetting process [7][9]. - Members are required to have significant experience in legal, financial, auditing, or corporate governance fields, with a preference for candidates from top investment banks, law firms, and leading funds [7][9]. - The committee aims for a balance of expertise, with a focus on professional independence and representation from various sectors [9][13]. Group 3: Responsibilities and Functions - The Listing Committee is responsible for approving listing applications, enforcing listing rules, handling significant listing matters, interpreting and amending listing rules, and ensuring market fairness and investor protection [11][12]. - The committee evaluates whether companies meet the necessary financial and governance standards for listing, and it has the authority to impose disciplinary actions for non-compliance [12][13]. - The decision-making process is structured as a closed-loop system involving pre-review, deliberation, voting, and review, ensuring confidentiality and integrity in the decision-making process [13]. Group 4: Market Trends and Future Outlook - The Hong Kong IPO market is showing signs of recovery, with an increasing number of Chinese companies considering re-listing in Hong Kong amid geopolitical tensions [9][10]. - The committee's focus on candidates with expertise in specialized technology and ESG (Environmental, Social, and Governance) disclosures reflects the evolving needs of the market [10][13]. - As cross-border restructuring and compliance issues become more complex, the committee's members will need to integrate legal, financial, and industry knowledge to address these challenges effectively [10].

Core Viewpoint - The article highlights the significant improvement in the IPO review efficiency of the Shanghai and Shenzhen stock exchanges, with a notable number of companies receiving first-round inquiries shortly after their applications were accepted [1][2]. Group 1: IPO Statistics - As of June 2025, a total of 150 IPO companies were accepted by the three major exchanges, with 30 companies receiving their first-round inquiries by July 10, 2025 [1]. - The shortest interval from acceptance to the first inquiry was 9 days, while the longest was 28 days, with an average interval of 18.5 days [1][2]. - Seven companies received their first-round inquiries on weekends, indicating the commitment of review personnel [1]. Group 2: Review Efficiency - The exchanges' review institutions are required to issue first-round inquiries within 20 working days from acceptance, and the recent data shows that the average interval of 18.5 days is calculated in calendar days, suggesting even shorter working day intervals [2]. - The efficiency of the review process has significantly improved, with personnel working overtime during weekends to meet the demands [2].

Core Viewpoint - The article discusses the recent IPO approval of Beikang Testing Technology Co., Ltd. by the Beijing Stock Exchange, highlighting its financial performance and market position in the non-ferrous metal testing industry. Group 1: Company Overview - Beikang Testing specializes in the research and development of testing technologies for non-ferrous metal mineral resources, offering services in various areas including ore and mineral products, smelting products, and advanced materials [4] - The company was established in October 2016 and transitioned to a joint-stock company in September 2022, with a total of 84.96 million shares before issuance [4] - As of the end of 2024, the company has a total of 198 employees and operates two subsidiaries [4] Group 2: Financial Performance - In the reporting period, the company's revenue was 91.74 million yuan, 110.47 million yuan, and 148.02 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 33.15 million yuan, 41.66 million yuan, and 50.63 million yuan [7][11] - The total assets as of December 31, 2024, were approximately 346.70 million yuan, with total equity of about 302.62 million yuan [8] - The company has maintained a high gross profit margin, with rates of 62.65%, 64.69%, and 61.43% for 2022, 2023, and 2024 respectively, significantly higher than the average of comparable companies [18][21] Group 3: Market Position - Beikang Testing is recognized as a leading service provider in the non-ferrous metal testing sector, holding a market share of 3.04% in 2023, ranking first in the industry [9][10] - The company has been classified as a national "little giant" enterprise and a high-tech enterprise, indicating its strong position in the market [9] Group 4: Shareholder Structure - The controlling shareholder, Minmetals Group, holds 86.11% of the company's shares, with the State-owned Assets Supervision and Administration Commission being the actual controller [5][6] - Minmetals Group has also been a significant customer and supplier for Beikang Testing, raising questions about the company's operational independence [13][16] Group 5: Future Outlook - The company projects a revenue of approximately 81 million to 90 million yuan for the first half of 2025, representing a year-on-year growth of 23.75% to 37.50% [11][12] - The IPO aims to raise approximately 178.80 million yuan, with a portion allocated for the development of advanced testing instruments [27]

Core Viewpoint - The legal industry is increasingly adopting AI tools, with over 67% of lawyers already utilizing AI in their work, shifting the focus from fear to leveraging AI as a helpful assistant [1][2]. Group 1: AI Tools in Legal Practice - AI applications can significantly enhance efficiency by automating repetitive tasks, allowing lawyers to focus on more complex issues [1][2]. - Tools like Wenxin Yiyan, GET Notes, and DeepSeek are mentioned as effective for building frameworks, retrieving regulations and cases, and identifying potential risks [2][3]. Group 2: Effective Communication with AI - Clear communication of needs to AI is crucial for obtaining reliable results, emphasizing the importance of defining requirements explicitly [3]. - An example provided illustrates how a lawyer can instruct DeepSeek to analyze a construction contract's validity by outlining specific legal risks and considerations [3]. Group 3: AI's Advanced Applications - Beyond basic tasks, AI can be utilized for higher-level applications in litigation, with a course offered that covers 45 AI tools for enhancing legal practice [5][6]. - The course aims to help lawyers maximize productivity and efficiency through the integration of AI tools in their workflows [6]. Group 4: Course Structure and Content - The course consists of six sessions over two hours, covering various aspects of AI tools and their application in legal processes [7][17]. - Topics include AI tool classification, visualizing actions, generating legal documents, building exclusive knowledge bases, and simulating court scenarios [8][9][10][11][12][16]. Group 5: Practical Benefits of AI Integration - The integration of AI tools can lead to significant improvements in case management, document generation, and strategic litigation planning [16]. - The course highlights the potential for AI to streamline complex tasks, enhance decision-making, and reduce risks in legal practice [16].