Core Viewpoint - The article discusses the regulatory warning issued by the Shanghai Stock Exchange to Da Xin Accounting Firm and its signing accountants due to their failure to disclose administrative penalties, impacting the review process of a refinancing project for Aolaide [1][6][7]. Group 1: Regulatory Actions - On February 3, the Shanghai Stock Exchange announced a regulatory warning against Da Xin Accounting Firm and signing accountants Li Nan and Wang Bo for not fulfilling their professional responsibilities [1][6]. - Da Xin Accounting Firm was penalized by the China Securities Regulatory Commission in February 2025 for not diligently performing its duties during a major asset restructuring and annual report audit [1][6]. - The failure to disclose the administrative penalty led to inaccurate and untruthful information in the fundraising documents submitted by Aolaide, affecting the review process [1][6][7]. Group 2: Aolaide's Refinancing Project - Aolaide's refinancing project was initially accepted on October 30, 2025, but was terminated on November 18, 2025, due to the issues with Da Xin Accounting Firm [2][10]. - After changing its accounting firm to Beijing Zhongming Guocheng Accounting Firm, Aolaide's refinancing application was re-accepted on January 21, 2026, and passed on January 26, 2026 [2][10][12]. - The refinancing amount for the new application is reported to be 2.76 billion [12].

Core Viewpoint - Guangdong Huahui Intelligent Equipment Co., Ltd. is a high-tech enterprise specializing in the research, design, production, and sales of high-end intelligent equipment and key components, with a focus on lithium battery intelligent equipment [1][3]. Group 1: Company Overview - The company was established in June 2010 and transitioned to a joint-stock company in July 2023, with its stock listed on the New Third Board in June 2024. The registered capital is 51 million yuan [2]. - The controlling shareholders are Zhang Siyuan and Zhang Siyou, who collectively hold 75.84% of the voting rights [2]. Group 2: Financial Performance - The main products include lithium battery intelligent equipment, with the first major customer accounting for over 78% of sales. Revenue figures for the reporting periods are 190.67 million yuan, 300.25 million yuan, 426.56 million yuan, and 411.45 million yuan, with net profits of 26.24 million yuan, 46.23 million yuan, 62.62 million yuan, and 54.86 million yuan respectively [3][4]. - The total assets as of September 30, 2025, are approximately 758.84 million yuan, with total equity of 251.77 million yuan and a debt-to-asset ratio of 64.17% [4]. Group 3: Customer and Supplier Concentration - The top five customers accounted for 98.57%, 98.89%, 96.90%, and 97.41% of total revenue in the reporting periods, with the first major customer, Hunan Youneng, contributing 96.79%, 49.19%, 54.33%, and 78.02% respectively [5]. - Supplier concentration is also high, with the top five suppliers accounting for 70.27%, 75.71%, 63.35%, and 53.29% of total purchases [5]. Group 4: Industry Comparison - The company's performance trends differ from comparable companies in the industry, with a significant decline in the performance of major customers Hunan Youneng and Wanrun New Energy in 2023 and 2024 [5][6]. - The average revenue change for comparable companies in 2024 is -32.82%, while the company reported a revenue increase of 42.07% in the same period [6]. Group 5: Cash Flow and Receivables - The company has experienced negative cash flow from operating activities in multiple reporting periods, with net cash flow figures of 25.06 million yuan, -55.00 million yuan, -39.96 million yuan, and 12.46 million yuan [14]. - Accounts receivable have shown a growing trend, reaching 289.81 million yuan by September 30, 2025, with a significant portion overdue [9][14]. Group 6: Research and Development - The company's R&D expenses as a percentage of revenue are lower than the industry average, with rates of 4.20%, 4.30%, 5.19%, and 5.72% over the reporting periods, compared to an industry average of 7.22% to 8.66% [16][17].

文 /飞云 2月3日，安徽新富新能源科技股份有限公司IPO申请获得北交所上市委审核通过。 单位：万元 注：净利润为扣非归母净利润 | | 北交所 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 新富科技 | 新能源汽车热管理零部件的研发、 生产和销售 | 138,097.43 | 6,810.72 | 通过 | 中信证券/安徽天禾/容诚 | 安徽新富新能源科技股份有限公司 是一家专注于新能源汽车热管理零部件研发、生产和销售的国家级高新技术企业、国家级专精特新 "小巨人"企业，同时少量从事精密合金线材业务。公司控股股东为安庆创新壹号企业管理合伙企业（有限合伙），实际控制人为潘一 新，其通过控制创新壹号、创新贰号、创新叁号及创新肆号间接控制公司61.83%的股份对应的表决权。报告期内，公司营业收入分别 为46,366.56万元、60,013.78万元、138,097.43万元和79,650.85万元，扣非归母净利润分别为3,474.97万元、4,036. ...

据深交所网站，三清互联2024年4月22日完成首轮问询回复，因发行人和保荐机构撤回申请而于2024年6月9日被终止审核。三清互联本次IPO保荐机构为开源证 券、法律服务机构为北京中银律师事务所、审计机构为大信所。笔者认为，IPO申报企业招股书等发行上市申请文件出现信息披露不真实、不准确、不完整的情 形，首要责任人就是发行人及其实控人、核心董事、高管。有些事项如公司对外担保、实控人作为一方的抽屉协议、代持协议等，只要发行人及其实控人、核心 董事、高管不配合中介机构尽职调查，有意隐瞒，中介机构即使勤勉尽责，也很难发现。因此，IPO申报文件信息披露出现瑕疵，监管部门首先应该处罚发行人 及其相关责任人。中介机构没有勤勉尽责的，才需要承担责任。深交所这个处罚案例就开了一个好头！厘清了发行人和中介机构的责任边界。 文/西风 1月30日，深圳证券交易所公布《关于对北京三清互联科技股份有限公司及相关当事人给予通报批评处分的决定》。2023 年 9 月 28 日，深交所受理了北京三清互 联科技股份有限公司创业板IPO的申请。经查明，发行人及相关当事人存在以下违规行为：（一）未披露控股子公司可若瑞娜利用个人银行卡以及发行人利用体 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for overseas listing applications from 15 companies, focusing on compliance with foreign investment policies and operational legality [1][2][3]. Group 1: Supplementary Material Requirements - For Kid Wang, the company must clarify the start date and specifics of its value-added telecommunications services, foreign ownership limits, and compliance with foreign investment policies post-listing [5]. - For Qianli Technology, the company needs to provide updates on the transfer of shares related to the agreement with Lifan Holdings and confirm compliance with the Shanghai Stock Exchange [9]. - For Nanjing Qingtian, the company is required to align its listing plan with regulatory guidelines and disclose details about significant litigation [14]. Group 2: Compliance and Legal Opinions - For Zhenqu Technology, the company must explain the legality of shareholding arrangements and provide a list of past capital increases and share transfer prices, ensuring no irregularities exist [24]. - For Dafeng Gardening, the company needs to justify the establishment of a new listing entity in the Cayman Islands and confirm compliance with foreign investment reporting obligations [38]. - For Chengyi Biology, the company must clarify the shareholding structure and any potential changes in control, as well as the implications of special shareholder rights [40]. Group 3: Business Operations and Models - For Kid Wang, the company is required to describe its business model and the specific applications of AI large models [6]. - For Qianli Technology, the company must detail its business operations, including data processing and whether it complies with foreign investment restrictions [10]. - For Nanjing Qingtian, the company is asked to explain its involvement in AI large models and the operational status of its online platforms [15].

Core Viewpoint - Vanke Enterprise Co., Ltd. is projected to incur a net profit loss of approximately 82 billion yuan in 2025, following a loss of 49.48 billion yuan in 2024, resulting in a total loss of 131.48 billion yuan over two years [1]. Financial Performance Summary - The net profit attributable to shareholders is expected to be a loss of approximately 82 billion yuan, compared to a loss of 49.48 billion yuan in the same period last year [2]. - The net profit after deducting non-recurring gains and losses is also projected to be a loss of about 80 billion yuan, compared to a loss of 45.39 billion yuan in the previous year [2]. - Basic earnings per share are expected to be a loss of approximately 6.89 yuan per share, compared to a loss of 4.17 yuan per share in the previous year [2]. Reasons for Loss - The significant decline in the settlement scale of real estate development projects and low gross profit margins are primary reasons for the losses. The profits from real estate development mainly correspond to projects sold in 2023 and 2024, with high land acquisition costs leading to a substantial decrease in total gross profit [2]. - Increased credit impairment and asset impairment provisions due to heightened business risk exposure [2]. - Overall losses in some operational businesses after deducting depreciation and amortization, along with losses from non-core financial investments [2]. - Prices of certain bulk asset transactions and equity transactions were below book value [2]. Operational Highlights - The company delivered 117,000 housing units during the reporting period, and the revenue from operational services remained stable [3]. - The company has actively promoted cost reduction and efficiency improvement measures in its development business, achieving a continuous decline in management expenses for two consecutive years [3]. - Despite these efforts, the company continues to face severe challenges, and operational performance is expected to remain under pressure [3]. Future Outlook - The company aims to improve operations through strategic focus, standardized operations, and technological empowerment, optimizing business layout and structural adjustments to enhance development and operational capabilities across multiple scenarios [3]. - As of January 30, 2026, Vanke's total assets were 1,136.595 billion yuan, and net assets were 175.756 billion yuan, representing declines of 11.64% and 13.28% respectively compared to the end of 2024 [4]. - The closing price of Vanke A shares was 4.88 yuan per share, with a total market value of 58.222 billion yuan [4].

文/梧桐晓编 1月30日，上交所公布四份监管警示的决定。北京理工导航控制科技股份有限公司于2022年3月18日在 科创板上市，证券代码688282。本次IPO保荐机构为中金公司、法律服务机构为北京市嘉源律师事务 所、审计机构为信永中和。 经查明，理工导航存在以下信息披露职责履行不到位的情形：根据发行人招股说明书披露，北京国杰乾 盛投资管理中心（有限合伙）持有发行人10%股份，郭杨、王学森系国杰乾盛有限合伙人，分别持有 国杰乾盛19.38%、9.69%份额。发行人已真实、准确、完整披露了股东信息，公司历史沿革中不存在 股权代持、委托持股等情形。 经查明，2019 年 9 月，郭杨、王学森通过受让国杰乾盛份额方式成为 理工导航新增的间接股东时，存在替他人代持的情况，招股说明书相关信息披露不准确。 2021 年 5 月，上交所分别要求保荐人、发行人律师、申报会计师对国杰乾盛持有发行人的股权是否存 在代持等情况进行核查并发表明确核查意见。 保荐人、发行人律师、申报会计师仅依据国杰乾盛及郭 杨、王学森出具的书面说明、填制的调查表等资料，认定不存在股份代持，出具的核查意见与实际情况 不符。 上交所认定： | 关于对保荐代 ...

Core Viewpoint - The Securities and Futures Commission (SFC) has expressed serious concerns regarding the significant deficiencies in the preparation of listing documents by sponsors during the surge of new listing applications in 2025, indicating potential misconduct and severe resource management issues among sponsors [1][2]. Group 1: Issues Identified - The SFC and the Hong Kong Stock Exchange (HKEX) found multiple serious deficiencies in the preparation of listing documents and responses to regulatory comments, suggesting that some sponsors may lack a thorough understanding of the applicants [1]. - There are significant resource issues among sponsors, including over-reliance on external professionals without adequate assessment of their competence, and a lack of qualified personnel to oversee transaction teams [1][2]. - As of December 31, 2025, the review process for 16 listing applications has been suspended due to serious deficiencies in responses from sponsors [2]. Group 2: Regulatory Actions - All sponsors are required to report the ratio of active listing projects to the number of key personnel, as well as the status of personnel involved in IPO sponsorship who have not passed required examinations [2]. - Sponsors supervising six or more active listing projects must provide feasible corrective and resource management plans to the SFC [2]. - The SFC may restrict the business scope and the number of active listing projects for sponsors that consistently fail to meet standards [2]. Group 3: Statements from SFC - The SFC's CEO emphasized the critical role of sponsors in maintaining the quality of Hong Kong's capital markets and investor confidence, urging sponsors to avoid overextending their business and to match responsibilities with their resource levels [3].

一、核查验证程序不规范。对部分查验事项，采用面谈方式进行查验的，律师未在面谈笔录上签名；采 用实地调查方式进行查验的，律师未将实地调查情况作成笔录；采用查询方式进行查验的，律师未就查 询的信息内容、时间、地点、载体等有关事项制作查询笔录。上述行为违反了《律师事务所从事证券法 律业务管理办法》（证监会令第223号，以下简称《管理办法》）第十三条、《律师事务所证券法律业 务执业规则（试行）》（证监会公告〔2010〕33号，以下简称《执业规则》）第十三条、第十五条、第 十六条的规定。 文/梧桐小编 1月30日，吉林证监局公布《关于对上海市锦天城律师事务所采取出具警示函措施的决定》。经查，该所在 为亚联机械股份有限公司IPO项目从事证券法律业务过程中存在以下问题： 1、核查验证程序不规范。对部分查验事项，采用面谈方式进行查验的，律师未在面谈笔录上签名；采用实 地调查方式进行查验的，律师未将实地调查情况作成笔录；采用查询方式进行查验的，律师未就查询的信 息内容、时间、地点、载体等有关事项制作查询笔录。2、法律意见书不规范。《上海市锦天城律师事务所 关于亚联机械股份有限公司首次公开发行股票并在主板上市的法律意见书》中部分 ...

Core Viewpoint - The Hainan Securities Regulatory Bureau issued a warning letter to Wanhe Securities Co., Ltd. due to violations related to the management of WeChat for business operations and inadequate management of marketing expenses [1][3]. Group 1: WeChat Management Issues - Wanhe Securities failed to implement effective management of WeChat used by its branches for brokerage business from 2018 to 2024, leading to insufficient identification and monitoring of risks associated with this usage [1][3]. - The company's compliance management effectiveness regarding the marketing activities of its branches was found to be inadequate, violating multiple regulatory provisions [3]. Group 2: Marketing Expense Management Issues - The company exhibited deficiencies in managing advertising expenses and the marketing activity expenses of branch personnel, which also contravened regulatory requirements [1][3]. - These management shortcomings were noted as violations of the compliance management regulations for securities companies and investment fund management companies [3].