Core Viewpoint - The article discusses the investigation by the China Securities Regulatory Commission (CSRC) into Ningbo Ronbay New Energy Technology Co., Ltd. for allegedly misleading statements in a major contract announcement [1]. Financial Performance - In 2024, the company's main business revenue is projected to be 15.088 billion yuan, with a net profit attributable to shareholders of 296 million yuan. However, in the first nine months of 2025, the company reported a revenue of 8.986 billion yuan and a net loss of 204 million yuan, representing a year-on-year decline of 20.64% and 274.96%, respectively [3][4]. - The financial indicators show a significant drop in net profit growth rate, with a decrease of 274.96% in 2025 compared to the previous year [4]. Major Contract Announcement - On January 14, 2026, the company announced a major contract with CATL for the supply of lithium iron phosphate materials, predicting a total supply of approximately 3.05 million tons from Q1 2026 to 2031, with a total sales amount exceeding 120 billion yuan [6]. - The announcement raised concerns from the Shanghai Stock Exchange regarding the discrepancy between the company's existing production capacity and the projected supply under the contract [6]. Response to Inquiry - In response to the inquiry from the Shanghai Stock Exchange, the company clarified that the 120 billion yuan contract total was an estimate and that the actual sales scale would depend on future orders and material prices, indicating uncertainty in the sales amount [7][9]. - The company acknowledged that the original announcement lacked sufficient risk warnings and that some language used was not precise, but denied any intention to manipulate stock prices through the large contract [8][9].

据深交所官网披露， 无锡理奇智能装备股份有限公司 （以下简称"理奇智能"）IPO将于1月20日迎来创业板上市委审议。公开资料 显示，理奇智能深耕物料自动化处理领域，以定制化智能系统解决方案为核心，深度布局锂电池、精细化工等高景气赛道，精准契 合国家"双碳"战略与制造业智能化升级浪潮。其此次IPO进程，不仅关乎企业自身的跨越式发展，更折射出国产高端装备加速替代 与全球化拓展的行业大趋势。 过硬的产品实力为理奇智能赢得了市场认可。2024年，公司物料智能处理系统销量达594套，单机设备销量710台，其中锂电领域贡 献了绝对主力，相关收入占比高达91.81%。其客户阵容强大，囊括宁德时代、比亚迪、LG新能源、欣旺达、亿纬锂能、大众集团 等全球锂电池及整车龙头。在竞争白热化的中国锂电制浆上料系统市场， 公司市占率从2023年的27%迅猛跃升至2024年的43%，连 续两年蝉联行业第一， 稳居细分领域"隐形冠军"宝座。 在非锂电领域，理奇智能同样表现亮眼，成功跻身精细化工与复合材料行业头部企业的核心供应商名单，客户包括杜邦、汉高、海 虹老人等国际精细化工巨头。 凭借对应用行业特点、物料特性及客户需求的深刻理解，理奇智能 ...

文/北京德恒（深圳）律师事务所 合伙人/律师 龚东旭 在企业冲击 IPO 的关键进程中，股份制改造（下称 "股改"）是决定后续上市路径是否顺畅的核心环节，而股改前注册资本实缴 与股东溢价出资的合规性问题，更是监管审核的重中之重。2024 年 7 月 1 日新《中华人民共和国公司法》（下称"《公司 法》"）正式落地，对股份公司设立阶段的出资规则作出重大调整，彻底改变了旧法下的实操逻辑，给拟 IPO 企业带来全新的 合规挑战与要求。本文结合最新法律规定、典型案例实践及司法裁判观点，系统拆解股改前出资实缴的核心要点，为拟IPO企 业提供清晰的合规指引。 一、法律法规修订核心：出资规则的颠覆性调整 （一）核心法律依据与刚性要求 新《公司法》针对股份有限公司出资设立的核心条款，构成了拟 IPO 企业股改前出资的刚性约束，具体包括： 第九十六条明确规定，股份有限公司注册资本为登记机关登记的已发行股份股本总额，且在发起人认购股份缴足前，不得向他 人募集股份，直接锁定了 "实缴在前、募资在后" 的基本逻辑； 第九十七条要求，以发起设立方式设立股份公司的，发起人必须认足公司章程规定的公司设立时应发行的股份，不得存在未认 足即推 ...

Core Viewpoint - The article discusses the disciplinary actions taken against two accounting firms, Zhicheng and Rongcheng, for their involvement in the audit of Hongxiang Co., Ltd., highlighting the existence of false records in financial statements from 2017 to 2021 and the lack of due diligence in their auditing processes [1][2][19]. Group 1: Disciplinary Actions - Zhicheng Accounting Firm and its auditors Zhang Lingwen and Wu Baocai received a reprimand for issuing false audit reports for Hongxiang's 2017 and 2018 financial statements [6][17]. - Rongcheng Accounting Firm and its auditors Lin Yanlin, Zhou Qiyu, and Wu Lelin were reprimanded for false audit reports for Hongxiang's 2019 to 2021 financial statements [19][37]. Group 2: Audit Violations by Zhicheng - Zhicheng failed to exercise due diligence during the audit of Hongxiang's financial statements, leading to false records in the 2017 and 2018 reports [7][10]. - Specific audit procedures were inadequately executed, including insufficient verification of sales revenue from related parties and lack of professional skepticism regarding significant transactions [8][11][17]. Group 3: Audit Violations by Rongcheng - Rongcheng did not properly assess risks or execute control tests during the audits of Hongxiang's financial statements from 2019 to 2021, resulting in unverified revenue recognition [20][30]. - The firm failed to maintain professional skepticism regarding significant transactions and did not adequately investigate discrepancies in financial records [22][24][32].

Core Viewpoint - The article discusses the recent IPO approvals for three companies, highlighting their business operations, financial performance, and the results of their IPO applications [1]. Group 1: Tianhai Automotive Electronics Group Co., Ltd. - The company focuses on the research, production, and sales of automotive wiring harnesses, connectors, and electronic components, primarily serving the new energy and traditional fuel vehicle manufacturing sectors [4]. - The company reported revenues of 821,475.98 million yuan, 1,154,861.66 million yuan, 1,252,344.68 million yuan, and 655,745.83 million yuan over the past four years, with net profits of 36,703.57 million yuan, 60,248.10 million yuan, 58,034.58 million yuan, and 30,250.33 million yuan respectively [6]. - The company has a total of 28 subsidiaries and 2 affiliated companies, with a workforce of 18,576 employees as of June 2025 [4]. Group 2: China Academy of Sciences Shenyang Instrument Co., Ltd. - The company specializes in the research, production, and sales of dry vacuum pumps and vacuum scientific instruments, serving sectors like semiconductor manufacturing and major scientific infrastructure [11]. - The reported revenues for the past four years were 69,808.55 million yuan, 85,178.72 million yuan, 108,229.01 million yuan, and 57,422.78 million yuan, with net profits of 6,186.11 million yuan, 7,298.08 million yuan, 8,787.75 million yuan, and 6,321.92 million yuan respectively [13]. - The company has 3 subsidiaries and 2 affiliated companies, employing 998 people as of June 2025 [11]. Group 3: Zhejiang Xingsheng Technology Co., Ltd. - The company is engaged in the research, production, and sales of computer embroidery machines and is recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology [16]. - The company reported revenues of 59,957.11 million yuan, 70,401.23 million yuan, 102,998.76 million yuan, and 65,521.39 million yuan over the past four years, with net profits of 5,016.21 million yuan, 5,179.82 million yuan, 11,752.53 million yuan, and 8,642.96 million yuan respectively [18]. - The company has 8 subsidiaries, with a total workforce of 1,007 employees as of June 2025 [16].

Core Insights - In 2025, a total of 119 companies listed on the Hong Kong Stock Exchange, with 114 through IPOs, 2 via SPACs, 2 GEM to main board transfers, and 1 through introduction [1] - The leading underwriter for the IPOs was CICC, with 41 deals, followed by CITIC Securities (Hong Kong) with 32 deals [2][3] Underwriter Performance Rankings - The top five underwriters for the 114 Hong Kong IPOs were: 1. CICC: 41 deals 2. CITIC Securities (Hong Kong): 32 deals 3. Huatai International: 22 deals 4. Guotai Junan: 13 deals 5. Morgan Stanley and China Merchants International: 12 deals each [2][3] Hong Kong Legal Advisors Performance Rankings - A total of 39 Hong Kong legal advisors provided services for the IPOs, with the top five being: 1. Davis Polk & Wardwell and King & Wood Mallesons: 16 deals each 3. Conyers Dill & Pearman: 9 deals 4. Various firms including Farrer & Co, K&L Gates, and others: 5 deals each [5][6] Chinese Legal Advisors Performance Rankings - Among 33 Chinese legal advisors, the top five were: 1. Commerce & Finance Law Offices: 19 deals 2. Jingtian & Gongcheng: 17 deals 3. Zhong Lun Law Firm: 10 deals 4. DeHeng Law Offices: 8 deals 5. Guo Feng Law Firm: 7 deals [7][8] Accounting Firms Performance Rankings - Nine accounting firms provided audit services for the IPOs, with the top five being: 1. Ernst & Young: 41 deals 2. KPMG: 25 deals 3. Deloitte: 21 deals 4. PricewaterhouseCoopers: 13 deals 5. Hong Kong Lixin and Crowe (Hong Kong): 4 deals each [11][12]

文/梧桐小编 1月14日，四川证监局公布《关于对成都振芯科技股份有限公司及谢俊等相关责任人员采取出具警示函措施的决定》。经查，成都振芯科技股份有限公司 （300101）于2025年12月30日，通过非法定信息披露渠道发布控股股东可能对公司董事会提前换届信息，违反"公平原则"，损害投资者公平知情权，且上述信息 披露违反"真实、准确、完整"的要求。公司董事长谢俊、董事徐进、董事柏杰在发布信息上署名，公司董事兼总经理杨国勇、董事会秘书陈思莉在公司审批流程 中签字同意。同日，深交所针对该公司及5名董事的上述行为下发了《监管函》，认定公司董事长谢俊、董事徐进、董事柏杰、董事兼总经理杨国勇、董事会秘书 陈思莉未能恪尽职守、履行诚信勤勉义务，对该公司上述违规行为负有责任。深交所要求责任人充分重视上述问题，吸取教训，及时整改，杜绝上述问题的再次 发生。 | 索 引 号 | bm56000001/2026-00000514 | ਦੇ 崇 | 行政监管措施;上市公司监管 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2026年01月14日 | | 80 称 | 关于对成都振芯科技股份 ...

Group 1 - The Beijing Registered Accountant Association announced the cancellation of Tian Mengjun's practicing certificate as a registered accountant due to administrative penalties imposed by the Ministry of Finance [1] - The Ministry of Finance revoked Tian Mengjun's certificate based on violations related to the auditing of Fujian Zitian Media Technology Co., Ltd. and non-compliance with regulatory requirements [2] - Beijing Yatai International Accounting Firm was fined and faced operational suspensions due to non-cooperation with regulatory inspections, leading to penalties of 1 million yuan for the firm and 600,000 yuan for Tian Mengjun [2] Group 2 - The Beijing Yatai International Accounting Firm voluntarily applied for the cancellation of its securities service business record on June 24, 2025 [3]

公告显示，浙江科马摩擦材料股份有限公司 （股票代码：920086简称"科马材料"）即将于1月16日在北交所上 市，作为国内干式摩擦材料领域的领军企业，科马材料近年来展现出强劲的增长势头，2024年营收同比增长 25.16%，归母净利润增幅更高达44.25%。在北交所"投早投小投新"政策支持下，其深厚的技术积淀正加速转化 为市场价值。 一、聚焦传动核心，技术迭代构筑坚实壁垒 摩擦材料是汽车动力系统的关键零部件之一，按功能主要分为制动系摩擦材料（刹车片）和传动系摩擦材料 （干式摩擦片及湿式纸基摩擦片）。如果说前者关乎车辆能否安全停下，后者则直接决定了车辆能否高效启动 和运行。 科马材料自2002年成立以来，始终专注于传动系摩擦材料的研发、生产与销售。通过持续的技术创新与迭代， 公司已构建起涵盖二十余种材质、超过8000个型号的丰富产品体系，精准匹配下游各类车型的多元化需求。目 除了产品创新，科马材料在核心生产工艺上也实现了重大突破。传统干式摩擦片主要采用湿式浸胶工艺 （T1），不仅工序繁杂、材料消耗大，还需使用大量有机溶剂溶解的粘结剂和调节剂，带来显著的环境污染与 资源浪费问题。 针对这一行业痛点，科马材料成功开 ...

公司前身有限公司成立于2019年3月，2023年12月整体变更为股份有限公司，公司目前注册资本8397.0931万元。公司控股股东、实际控制人为钱诚先生。钱诚， 1983年12月出生，本科学历，毕业于东南大学机械设计制造及其自动化专业，现任公司董事长、总经理。 一、国内领先的湿法清洗设备供应商 文/西风 1月14日，上交所公布关于终止对江苏亚电科技股份有限公司科创板IPO的决定，直接原因是公司及保荐机构华泰联合证券撤回申报。亚电科技成为2026年科创板 IPO首家终止审核的公司。公司申报科创板IPO于2025年6月27日获得受理，次月21日收到首轮问询，但未见公布问询回复。公司本次IPO拟募资9.50亿元。 亚电科技系国内领先的湿法清洗设备供应商，主要从事硅基半导体、化合物半导体及光伏领域湿法清洗设备的研发、生产和销售。公司产品主要应用于半导体前 道晶圆制造过程中的湿法清洗环节。基于在硅基半导体领域的技术积累和湿法设备的技术同源性，公司产品已拓展至化合物半导体、光伏等应用领域，形成了具 有技术优势的核心湿法工艺设备产品体系。 公司专注于自主知识产权产品的研发、生产和销售，已实现对8英寸、12英寸等市场主流晶圆 ...