Group 1 - Two companies received IPO acceptance on June 18, including Shanghai Superconductor on the Sci-Tech Innovation Board and Longyuan Co., Ltd. on the Beijing Stock Exchange [1] - As of June 18, a total of 49 IPO projects have been accepted across the Shanghai, Shenzhen, and Beijing exchanges, with Shanghai accepting 13, Beijing 29, and Shenzhen 7 [2] Group 2: Shanghai Superconductor Technology Co., Ltd. - The company focuses on the research, production, and sales of high-temperature superconducting materials, which have applications in controlled nuclear fusion, superconducting power, and advanced medical fields [3] - The company has no controlling shareholder, with the largest shareholder holding 18.15% of the shares, and no single shareholder has decisive voting power [4] - Revenue for 2022, 2023, and 2024 was reported as 35.78 million, 83.34 million, and 239.53 million yuan respectively, with net profit figures showing a transition from losses to profitability by 2024 [5][6] - The company plans to raise 1.2 billion yuan through its IPO for the production of second-generation high-temperature superconducting materials [11] Group 3: Longyuan Co., Ltd. - Longyuan specializes in the research, production, and sales of precision aluminum alloy die-casting parts, primarily for the automotive industry [13] - The company is controlled by a couple, with the husband holding 55.89% of the shares, leading to a combined control of 98.53% of the voting rights [15] - Revenue figures for 2022, 2023, and 2024 were 519.33 million, 699.40 million, and 868.89 million yuan respectively, with net profits showing consistent growth [16][17] - The company aims to raise 610 million yuan through its IPO for projects related to new energy systems and R&D center construction [21] Group 4: Springlight Technology Group Co., Ltd. - The company focuses on the research, production, and sales of soft magnetic ferrite powder and related products [23] - The controlling shareholder holds 34.04% of the shares, with additional indirect control through other entities [24] - Revenue for 2022, 2023, and 2024 was reported as 1.015 billion, 929.60 million, and 1.077 billion yuan respectively, with net profits increasing over the years [25][26] - The company plans to raise 750 million yuan through its IPO for projects related to smart power magnetic materials and R&D center upgrades [30] Group 5: Other Companies - Various companies including Huada Tong, Aikem New Materials, and Guli Fa have also received IPO acceptance, focusing on sectors such as petrochemical recycling, rubber additives, and electrical equipment [32][40][50] - Each company has outlined their business focus, shareholder structure, financial performance, and planned fundraising amounts for their respective IPOs [41][42][51]

Core Viewpoint - The article highlights promotional membership offers and educational courses related to investment banking and corporate finance, emphasizing significant discounts and a variety of learning opportunities for professionals in the field [2][4][6]. Membership Offers - Various membership options are available at discounted prices, including: - Annual Card: ¥4099, now ¥2799 - Semi-Annual Card: ¥2599, now ¥1799 - Honor Card: ¥1499, now ¥999 - Monthly Card: ¥699, now ¥599 [1]. Educational Courses - A range of courses is offered for free or at reduced prices, covering essential topics in investment banking and corporate finance, such as: - Mergers and Acquisitions Practicalities - Corporate Compliance Practices - Private Equity Fund Practices - AI Applications in Investment Banking [4][7][8]. - Specific courses include: - Mergers and Acquisitions with 140 case studies (4.9 hours) at ¥199.5 - Corporate Governance Compliance Issues (1.5 hours) at ¥84.5 - Financial Valuation Modeling from beginner to advanced (7.4 hours) at ¥149.5 [7][8]. Promotional Period - The promotional period for membership and courses runs from June 19 to June 26, with special pricing for two-year memberships at ¥3299 [2][8].

文/梧桐小编 6月18日，中国证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，对科创板上市制度做了重大改革。上交所发布《关于就进一步深化科 创板改革配套业务规则公开征求意见的通知》及《上海证券交易所科创板上市公司自律监管指引第5号——科创成长层（征求意见稿）》等4个附件。科创板主要 改革措施如下： 一、设置科创板科创成长层，明确企业入层和调出条件 （一）科创成长层的定位。科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利阶段的科技型企业。 （二）企业入层和调出条件。未盈利科技型企业全部纳入科创成长层，调出条件实施新老划断。其中，新注册的未盈利科技型企业符合下列条件之一的，调出科 创成长层：（1）最近两年净利润均为正且累计净利润不低于5000万元；或（2）最近一年净利润为正且营业收入不低于1亿元。存量未盈利科技型企业符合现行取 消特殊标识条件的，调出科创成长层。 二、增强优质科技型企业的制度包容性适应性 （一）对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制度。 （二）面向优质科技型企业试点IPO预先审阅机制，进一步提升证券交易所预沟通服务质效 ...

当前，中国已全面进入企业大航海时代。 根据《2025中国中小企业出海蓝皮书》数据显示： 可见无论是大型企业还是中小微企业，出海热情都空前高涨。然而，光有热情是不够的， 实际上许 多企业在出海过程中， 都因为准备不足而遭遇文化冲突、政策壁垒、资源错配等， 最终导致出海 折戟。 那么，企业出海具体是怎么操作的？需要做好哪些准备工作？又会有哪些风险需要注意并提前做好 应对措施？对此，我们精心筹备了 《企 业出海3周训练营（奖学金班）》 ，带领大家全面了解出 海过程中的实务要点！ ● 大型企业中， 30% 已实施出海战略， 20% 有出海意向或计划。 ● 中型企业中， 39% 已实施出海战略， 37% 有出海意向或计划。 ● 小型企业中， 18% 已实施出海战略， 29% 有出海意向或计划。 ● 微型企业中， 14% 已实施出海战略， 14% 有出海意向或计划。 如何报名 扫码报名训练营 企业出海13h全套课程 到手仪¥99（日常价¥998） 结营后课程永久保留 学习收获 21天线上 视频学习 5位资深嘉宾 分享经验 色日常出1份 课后笔记 1次测试 查漏补缺 助教督学 提升学习体验 每日1篇 拓展阅读 | 7月9日 ...

2025年5月16日，证监会资产重组新规落地 ，明确"允许未盈利硬科技资产注入上市公司"——这是继科 创板"科八条"、地方百亿并购基金后，政策层面对并购重组的又一次强力刺激。 回顾近年数据可以看出， 并购市场热度持续升温 ，企业关注度、参与度逐渐提高： " 1、并购重组市场形势 | 并购六条导向 | 行业 | 2024年平均并购金额(亿元) | 较近 10年均值增幅(%) | | --- | --- | --- | --- | | 向新质生产力转型升级 | 国防车工 | 575.75 | 495.02 | | | 轻工制造 | 133.51 | 420.03 | | | 传 娱 | 147.46 | 179.31 | | | 计算机 | 34.23 | 42.67 | | | 医药生物 | 33.62 | 40.48 | | | 汽车 | 34.48 | 21.02 | | 加强产业整合 | 非银金融 | 374.54 | 234.08 | | | 纺织服饰 | 73.73 | 113.98 | | | 商贸零售 | 101.25 | 111.79 | | | 父通运输 | 147.46 | 61.12 | ...

Core Viewpoint - The article emphasizes the importance of capital market reforms in China, particularly through the Sci-Tech Innovation Board (STAR Market) and the Growth Enterprise Market (GEM), to support high-quality development and innovation in technology and industry [3][10]. Group 1: Sci-Tech Innovation Board Reforms - The China Securities Regulatory Commission (CSRC) will enhance the STAR Market by establishing a growth layer and restarting the listing of unprofitable companies under the fifth set of standards, targeting high-quality tech firms with significant breakthroughs and commercial prospects [1][11]. - Six new reform measures will be introduced on the STAR Market, including the introduction of professional institutional investors, pre-review mechanisms for IPOs, and expanding the applicability of the fifth set of standards to more frontier tech sectors like AI and commercial aerospace [1][11]. Group 2: Growth Enterprise Market Initiatives - The CSRC will officially implement a third set of standards on the GEM to support high-quality unprofitable innovative companies in their listing efforts [2][11]. Group 3: Capital Market's Role in Innovation - The capital market is seen as a crucial hub for integrating technology and industry innovation, with a need for a more adaptable financial service system to meet the evolving demands of tech enterprises [4][6]. - The article highlights the significant role of listed companies in driving technological innovation, with A-share listed companies' R&D investment reaching 1.88 trillion yuan, accounting for over half of the total social R&D expenditure [7][8]. Group 4: Structural Changes in Capital Market - The capital market in China has undergone profound structural changes, effectively promoting a virtuous cycle among technology, capital, and industry [7][9]. - The proportion of technology companies among A-share listed firms with a market value exceeding 100 billion yuan has increased from 12% to 27% over the past decade, indicating a growing concentration in sectors like integrated circuits and biomedicine [8][9]. Group 5: Future Directions for Capital Market Reform - The CSRC aims to deepen capital market reforms to enhance inclusivity and adaptability, focusing on the STAR Market and GEM as key areas for development [10][12]. - There will be a push to cultivate patient and long-term capital, encouraging participation from social security funds and insurance capital in private equity investments [12][13].

Core Points - The article highlights various educational products and their promotional pricing, emphasizing the value and benefits of long-term membership and training programs [2][3][6][9]. Group 1: Membership and Training Programs - The "Wutong Xueba" two-year membership card is offered at a promotional price of ¥3299, significantly lower than the regular price of ¥6299, providing a cost-effective option for long-term learning [1][2]. - The "Enterprise Going Abroad" three-week training camp is available at a discounted price of ¥699, down from the regular price of ¥1099, featuring 13 hours of video content and over 30 high-density courses [6][9]. - Participants in the training camp can receive a cash rebate of ¥600 upon completion, and the course materials will be permanently accessible [7][9]. Group 2: Educational Materials - The "China Enterprise Going Abroad Guide" is priced at ¥99.5 during the promotional period, down from ¥199, and contains 15.5 million words and 332 pages covering key aspects of international business [11][12][13][14]. - The "Enterprise Mergers and Acquisitions Practical Manual" is also available for ¥99.5, featuring 17.3 million words and 342 pages, detailing the entire merger process with over 100 case studies [16][17][19].

Core Viewpoint - The company, Haocreat Ruitong Electric Equipment Co., Ltd., has received approval for its IPO application on the ChiNext board, indicating strong market confidence in its business model and growth potential [1]. Group 1: Company Overview - Haocreat Ruitong is a high-tech enterprise focused on the research, production, and sales of smart distribution equipment, including smart ring main units, smart pole-mounted switches, and box-type substations [4]. - The company was established in February 2007 and transitioned to a joint-stock company in November 2020, with a total share capital of 82.1 million shares before the IPO [4]. - As of the end of 2024, the company employs a total of 379 staff members [4]. Group 2: Shareholding Structure - The controlling shareholders are Duan Youtao and Zhang Lingli, a married couple, who collectively control 75.03% of the company. Duan directly holds 38.00% of the shares and indirectly controls an additional 4.87% through a subsidiary, while Zhang holds 32.16% directly [5]. Group 3: Financial Performance - The company's revenue for the reporting period was 55,979.89 million yuan, 67,236.55 million yuan, and 86,725.23 million yuan, showing a consistent upward trend [6]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 6,878.42 million yuan, 8,832.49 million yuan, and 10,989.96 million yuan during the same period, indicating strong profitability growth [6]. Group 4: Market Position and Competitive Advantage - The company is expected to address questions regarding its competitive advantages, market share, technological advancements, R&D investments, product quality control, and sustainability of performance growth during the IPO process [7]. - Further clarifications are required on the alignment of sales expenses with revenue growth, customer concentration, and the overall sales model to ensure a comprehensive understanding of the company's market position [8].

Core Viewpoint - By 2025, going overseas has become a "must-answer question" for most domestic companies, as overseas markets are significantly larger than domestic ones. However, the risks and difficulties associated with going abroad are greater than many anticipate, necessitating a comprehensive guide for companies to enhance their chances of success in international markets [1][2]. Summary by Sections Overview of the Guide - The "China Enterprises Going Abroad Guide" consists of 332 pages and 155,000 words, covering nine chapters that address practical points from various angles such as overseas layout, regulatory requirements, equity structure, approval processes, transaction documents, compliance risks, tax considerations, and regional country specifics [2]. Overseas Investment - The guide outlines the overall approach to overseas investment, including sensitive project operations, legal documents, and common processes and risks associated with overseas investments. It emphasizes the importance of obtaining necessary approvals from various regulatory bodies, including the National Development and Reform Commission (NDRC) and the Ministry of Commerce [4][15][17]. Key Legal Provisions - Chapter five discusses transaction structure arrangements and key agreements, such as investment agreements and letters of intent, detailing critical clauses like investment transaction terms, representations and warranties, and termination clauses [23][25]. Compliance Management - Compliance management is crucial for enterprises going abroad. The guide provides a systematic overview of current compliance status and necessary compliance guidelines, suggesting a six-step approach to build a compliance management framework [27][29]. Tax Considerations - The guide highlights tax considerations for overseas operations, including tax burdens, profit distribution, and cross-border tax coordination. It also discusses the importance of tax planning in various operational models [6][8]. Popular Destinations - The guide identifies popular overseas destinations and provides insights into the basic conditions, import and export structures, important international agreements, legal systems, and foreign investment policies of five key countries, including the UAE, which is highlighted for its strategic location and favorable investment environment [32][34].

文/梧桐晓编 6月16日，深圳证券交易所公布对天衡会计师事务所（特殊普通合伙）及签字注册会计师骆竞、吕丛平给予纪律处分的 决定。经中国证监会查明，天衡所作为江苏中利集团股份有限公司（ST中利，002309）2016年至2019年年度报告审计机 构，在中利集团2016年至2019年年度财务报表审计业务中，存在以下违规行为：中利集团2016年至2021年年度报告存在 虚假记载、重大遗漏。天衡所对中利集团2016年至2019年年度财务报表出具了标准无保留意见的审计报告。2016年至 2019年审计报告签字注册会计师均为骆竞、吕丛平。公开资料显示，天衡所住所地为江苏省南京市。 1、天衡所在中利集团2016年财务报表审计过程中未勤勉尽责：（1）未能恰当实施风险识别和评估程序；（2）未对合 同异常情况予以充分关注；（3）未充分关注同一公司既是客户又是供应商的情况；（4）部分营业收入审计程序不到 位。 2、天衡所在中利集团2017年财务报表审计过程中未勤勉尽责：（1）未能恰当实施风险识别和评估程序；（2）定期存 单函证程序执行不到位；（3）未对同业竞争对手转介绍业务情况保持职业怀疑；（4）生产与仓储控制测试流于形式; （5 ...