Core Viewpoint - The article emphasizes the increasing difficulty of IPOs and the heightened regulatory scrutiny, highlighting the importance of meticulous attention to details in processes such as R&D expense allocation, confirmation letters, and site visits [1]. Group 1: R&D Expense Practical Points - Key points for R&D project initiation include aligning with company strategy, technology trends, and ensuring internal controls are documented [5]. - R&D personnel and hours must be accurately recognized, with special attention to part-time staff contributions reflected in year-end bonuses [5]. - Material input assessments require validation when no BOM (Bill of Materials) is available, and the tracking of R&D samples must be clearly documented [5][16]. Group 2: Confirmation Letter Practical Points - Sample selection for confirmation letters should cover significant amounts, long aging, frequent transactions, and related party transactions [6]. - The content of confirmation letters must be complete, including accounts receivable balances and contract execution progress [6]. - Address verification for recipients is crucial, ensuring that the recipient is a financial or business leader and their identity is confirmed [6][14]. Group 3: Site Visit Practical Points - A site visit plan should be established, including the purpose, target, and timing of the visit [10]. - Background information must be collected prior to the visit, including public and specific transaction information [10]. - During the visit, the identity of reception personnel must be verified, and inventory checks should include photographing serial numbers and production dates [10][11]. Group 4: Course Overview - The course titled "IPO Verification of R&D Expenses, Confirmation Letters, and Site Visit Practices (2025)" will delve into regulatory requirements and practical strategies to navigate the verification process effectively [11][12]. - It will cover the importance of R&D expenses, confirmation letters, and site visits, along with recent regulatory case analyses [12]. - The course will also provide detailed insights into practical points and considerations for each area, ensuring compliance and risk avoidance [17].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for overseas listing applications from several companies, focusing on compliance with tax, investment, and regulatory frameworks [1][2][4][5][8][10]. Group 1: Supplementary Material Requirements - For MicroVision Technology, the CSRC requires clarification on tax declaration and payment related to the merger with Future Vision, in accordance with relevant tax regulations [1][4]. - For Longhong New Materials, the CSRC is concerned about the legitimacy of three zero-value equity transfers in 2023 and the significant price difference in a subsequent capital increase in 2024, requiring explanations regarding the authenticity of these transactions and potential shareholding arrangements [2][10][11]. - Glen Holdings must provide details on the compliance of its equity structure and the pricing basis for a recent acquisition, ensuring adherence to foreign investment regulations [5]. - For Haichen Energy Storage, the CSRC requests information on the compliance of overseas investments, technology export activities, and data protection measures related to user information [6]. - Dongpeng Beverage is required to clarify its business scope in relation to foreign investment restrictions and provide details on user data management practices [8]. Group 2: Company-Specific Issues - MicroVision Technology must explain the compliance of its equity control structure and the operational scope of its domestic entities in the AI sector [4]. - Longhong New Materials needs to address the compliance of its equity structure and the legitimacy of its recent ownership changes, particularly regarding the zero-value transfers [2][10][11]. - Glen Holdings is tasked with detailing the compliance of its overseas subsidiaries with foreign investment regulations [5]. - Haichen Energy Storage is required to clarify its technology export activities and compliance with data protection regulations [6]. - Dongpeng Beverage must provide information on its compliance with foreign investment policies and user data management practices [8].

文/梧桐小新 近日，深圳证监局公布一份行政处罚决定书。立信会计师事务所作为日海智能科技股份有限公司（日海智 能，002313）2018年、2019年年度财务报表审计机构，出具的审计报告和非公开发行相关文件存在虚假记 载，商誉审计程序、主营业务收入审计程序执行不到位，被深圳证监局责令改正， 没收业务收入 3,773,584.92元，并处以7,547,169.84元罚款；两名签字注会被给予警告，并处以55万元、50万元罚款。 1、出具的审计报告和非公开发行相关文件存在虚假记载： 日海智能由于商誉减值金额核算错误、重大融 资成分项目核算错误等，2018年、2019年虚增利润3,343.32万元、368.29万元 ，分别占公司2018年、2019年 年度报告披露利润总额的37.58%、5.13%。 立信所对该两期年度报告进行审计，出具了标准无保留意见的 审计报告。 2020年6月，日海智能披露《非公开发行A股股票上市公告书》和《非公开发行A股股票发行情 况报告书》，引用了上述相关年度报告财务数据。立信所出具专项文件《关于对日海智能非公开发行新股 核准的有关问题回复》，并为非公开发行文件出具《审计机构声明》。 2、商誉 ...

Core Viewpoint - The article highlights three major pain points in corporate mergers and acquisitions (M&A): unclear strategic positioning, complex transaction structure design, and ineffective post-merger integration, along with increasing tax planning and compliance challenges [1]. Group 1: Pain Points in M&A - The first pain point is the ambiguity in strategic positioning, leading to a disconnect between M&A targets and the company's development [1]. - The second pain point involves the complexity of transaction structure design, including inappropriate valuation models and unreasonable earn-out clauses, which can lead to disputes [1]. - The third pain point is the lack of effective post-merger integration, with cultural conflicts, difficulties in management team integration, and risks of financial fraud hindering the realization of synergies [1]. Group 2: Tax Planning and Compliance - Tax planning and compliance issues are becoming increasingly prominent, with operations like capital reserve transfers and asset transfers involving complex tax policies [1]. - The limitations of the "debt assumption" rules in Document No. 59 and the tax treatment of reverse mergers present significant challenges for corporate tax teams [1]. Group 3: Upcoming Seminar - A seminar titled "M&A Full Process Practice, Transaction Structure Design, Capital Transaction Tax Treatment, M&A Implementation for Listed Companies, Industry Fund M&A, and M&A Valuation" will be held from June 19-22, 2025, in Shanghai [1]. - The seminar aims to analyze numerous case studies to reveal lessons from failed mergers and successful experiences, providing companies with practical and theoretical solutions [1]. Group 4: Course Schedule and Instructors - The seminar will feature various sessions, including topics on the full M&A process, capital transaction tax practices, key factors for successful M&A implementation, and valuation strategies [2][11][13][20]. - Instructors include professionals with extensive experience in M&A, tax planning, and corporate governance, ensuring a comprehensive learning experience [3][5][6][7].

刘晓宇 ：1980年生，浙江大学学士、复旦大学-BI挪威商学院工商管理硕士。2001年至2005年，担任中芯国 际集成电路制造（上海） 有限公司战略市场部分析师；2005年至今，历任中微公司市场部经理、市场部资 深经理、市场部总监、公共关系部资深总监、董事会办公室执行总监、副总裁、副总经理、董事会秘书。 中微公司2024年营业收入为90.65亿元，同比增加44.73%；实现归母净利润为16.16亿元，同比减少9.53%。 2024年A股上市公司董秘年度薪酬前一百名排名 这5261位董秘中，有1107人年薪超过100万元，46人超过300万，8人超过500万元。 迈瑞医疗董秘李文楣以 738.76万元年薪登顶，平均一天2.02万元。赛腾股份董秘孙丰以622.17万元薪酬位居第二，中微公司董秘刘 晓宇年薪为583.18万元，排名第三。 尽管迈瑞医疗董秘李文楣的年薪位列A股第一，但与2023年相比，依 然减少了1.53%，而2023年A股年薪最高的董秘是TCL科技的廖骞，为908.33万元，2024年其薪资减少了 35.98%，为581.53万元，位居第四。 李文楣 ：女，1980年出生，中国（香港）国籍。毕业于北 ...

李莹 ，女，1978年出生。中兴通讯执行副总裁兼财务总监。李女士于1999年毕业于西安交通大学，获管理 学学士及工学学士学位；于2002年毕业于西安交通大学管理科学与工程专业，获管理学硕士学位。李女士 于2002年加入中兴通讯，2002年至2018年1月历任公司成本战略办公室负责人、物流财经部部长、产研财经 部部长、财经管理部副部长、财经管理部副主任；2018年1月至2018年7月任财经管理部主任；2018年7月至 今任公司执行副总裁兼财务总监。李女士拥有多年的财务和电信行业从业及管理经验。中兴通讯2024年营 收为1212.99亿元，同比下降2.38%，扣非归母净利润为61.79亿元，同比下降16.49%。 2024年度A股财务总监薪酬前一百名 美的集团财务总监钟铮以946.00万元年薪登顶；比亚迪财务总监周亚琳以896.00万元的年薪位居第二；中兴 通讯财务总监李莹以852.10万元的年薪位居第三。 钟铮 ，女，硕士，2002年加入美的集团，曾任金融中心、部品事业部财经总监、公司审计总监等职务，现 任美的集团副总裁、首席财务官兼财务总监。美的集团2024年营收为4071.50亿元，同比增长9.44%，扣非 ...

5月15日，备受瞩目的宁德时代IPO项目结束了全球发售，募集资金已超过了500亿港元，有望成为今年 规模最大的港股IPO。这一波动作，也让越来越多科技企业把目光投向港股。 不久前，港交所重磅发布 "科企专线" 新政，专门 为特专科技和生物科技公司提供保密上市通道并降低 门槛 。面对这么好的政策，企业该怎么利用？具体实务操作又该注意啥？我们给大家梳理了一些实操 要点： 2、自测工具： 适用对象： 特专科技公司（如AI、芯片、新能源等硬科技）、生物科技公司（创新药、医疗器械 等），尤其处于早期阶段或产品未商业化的企业。 第一步：判断自己是否符合条件 1、核心门槛： 行业属性： 属于港交所定义的"特专科技"（ 18C 章）或"生物科技"（ 18A 章）领域。 特专科技： 人工智能、量子计算、新能源、半导体、自动驾驶等前沿科技。 生物科技： 创新药研发、基因治疗、高端医疗器械等。 研发投入： 过去三年研发开支占总成本 ≥15% （特专科技），或核心产品通过临床Ⅰ期（生物科 技）。 商业化阶段： 允许未盈利、无收入，但需证明技术可行性及市场潜力（如专利、合作意向书）。 2、提交"保密版"材料 材料清单： • 公司简介（ ...

文/梧桐晓编 5月16日，深圳证券交易所发布对五矿证券股份有限公司、中审众环会计师事务所的监管函，对山西凝固力新型材料股份有限公司及相关当事人、对签字注册会计 师朱晓红、徐灵玲，对保代王文磊、颜昌军给予通报批评的决定。五矿证券、中审众环分别是山西凝固力创业板IPO的保荐机构、审计机构。中国证监会现场检查 发现了五矿证券、中审众环、山西凝固力的众多违规行为。山西凝固力创业板IPO已于2024年1月18日被终止审核。 | 。 关于对中审众环会计师事务所(特殊音通合伙)的监管函 | 2025-05-16 | | --- | --- | | 。 关于对五矿证券有限公司的监管函 | 2025-05-16 | | · 关于对签字注册会计师朱晓红、徐灵玲给予通报批评处分的决定 | 2025-05-16 | | 。 关于对山西凝固力新型材料股份有限公司及相关当事人给予通报批评的决定 | 2025-05-16 | | 。 关于对王文磊、颜昌军给予通报批评的决定 | 2025-05-16 | | ■ 山西凝固力新型材料股份有限公司 | | 2022 年 12 月 27 日，深交所受理了山西凝固力创业板IPO的申请。经中国证监会现 ...

Core Viewpoint - The A-share IPO market is showing signs of recovery, with a significant increase in the number of companies going public and a 100% approval rate for IPO applications as of April 2023 [1][2]. Group 1: IPO Preparation - The "Practical Manual for Domestic IPOs (Enterprise Perspective)" consists of 254 pages and 123,000 words, divided into four main sections: Pre-listing Preparation, IPO Norms, Share Reform Key Points, and Other Important Matters [2]. - The first section includes six chapters that cover essential tasks, participants, listing conditions, and overall processes that companies need to understand before going public [5][6]. - Companies should develop strategies based on whether the IPO initiation point falls within the application period, categorizing them into strategies for within and outside the application period [7]. Group 2: IPO Norms - The second section also contains six chapters, with the first chapter introducing a "Five-Step Method" for listing norms, which includes adjustments to equity structure, organizational structure, business process, financial system, and ERP implementation [16]. - The financial norms section provides case studies to clarify operational strategies and frameworks for companies [17]. Group 3: Share Reform - The third section focuses on important timing for IPOs, considerations for share reform, and strategies to reduce listing costs, with a significant portion dedicated to share reform methods and preparations [22][24]. - Detailed explanations are provided for choosing the benchmark date for share reform, advising against selecting certain month-end dates [22]. Group 4: Capital Operations and Department Coordination - The fourth section discusses other capital operations during the IPO process, departmental work arrangements, and case studies of IPO reviews in key industries [27][29]. - It emphasizes the importance of departmental coordination, detailing how nine departments, including finance and sales, should prepare for IPO-related inquiries [27]. - The section also highlights six popular IPO industries and analyzes representative IPO review cases, focusing on regulatory concerns and common issues faced by companies in those sectors [29].

Core Viewpoint - The number of IPOs in A-shares for 2024 is only 100, the lowest in a decade, leading many companies to shift towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections Overview of M&A Practices - The article introduces a newly launched "M&A Practical Manual" aimed at helping companies understand the operational practices of mergers and acquisitions [1][2]. Content of the M&A Practical Manual - The manual consists of 342 pages and 173,000 words, divided into 11 chapters, covering key operational points and common issues from the perspectives of buyers, sellers, and intermediaries in M&A [3]. Common Capital Operations - The manual outlines various aspects of M&A, including purposes, types of restructuring, payment methods, financing arrangements, and operational processes [4]. Due Diligence - It emphasizes the importance of due diligence, detailing the objects, principles, and methods involved, as well as common issues encountered during the process [4]. Financial Norms and Considerations - The manual discusses the necessity for buyers to evaluate the financial viability of sellers before engaging in M&A, highlighting potential challenges in achieving financial compliance [11]. Government Support - It notes that local governments may provide financial support for M&A activities, and stresses the importance of understanding the implications of such support [13]. Negotiation Techniques - The manual provides insights into negotiation strategies, including preparation, tactics during negotiations, and common pitfalls to avoid [25]. Case Studies - Several chapters include detailed case studies to illustrate the operational logic of M&A, particularly focusing on public companies and various acquisition methods [27][29]. Integration Post-M&A - The final chapter discusses the execution of integration strategies post-acquisition, emphasizing the importance of cultural and operational alignment [30].