文/飞云 7月23日晚，方正证券披露公告称，瑞信证券已完成股权变动的工商变更登记，并取得换发的营业执照，公 司不再持有瑞信证券股权。公告显示，瑞信证券现已更名为北京证券有限责任公司。 今年3月12日，方正证券发布公告称，证监会已核准北京国资公司成为瑞信证券主要股东、实际控制人，对 北京国资公司依法受让瑞信证券85.01%股权无异议。 至此，从国资退出又回归，外资进场又退场，新、老北京证券完成一场横跨30余年的发展闭环。 二、已连续亏损三年，累计亏损6.16亿元 受限于资本规模偏小及股权融资市场遇冷等因素，瑞信证券近年经营持续承压。据2024年年报显示，公司 全年营收仅5,684.85万元，同比大幅下滑63.81%。其中投行业务取得的手续费及佣金净收入为1540.92万 元，同比下降61.91%；经纪业务手续费净收入为236.39万元，同比下降25.62%。 一、国资退场又入场，横跨三十年的发展闭环 公开资料显示，瑞信证券的前身就叫北京证券。1993年，北京证券有限责任公司成立，是早期中国资本市 场的重要参与者。2005年，北京证券陷入经营困境。在中国证监会、北京市政府等部门的共同推动和支持 下，引入外资参与重 ...

Core Viewpoint - The article discusses the "Guidelines for Data Security Compliance in the Industrial and Information Technology Sector" released by the Ministry of Industry and Information Technology, which provides practical guidance for data processors to conduct comprehensive and standardized data security compliance management, enhancing the data protection capabilities of enterprises [1]. Group 1: Overview of Data Security Compliance - The purpose of data security compliance construction is to ensure that data processing activities are conducted in a lawful and secure manner [6]. - The guidelines provide a basis for data security compliance, outlining the applicable scope and definitions relevant to data security [6]. Group 2: Data Classification and Grading - Regular surveys of data conditions, security management systems, and risk monitoring capabilities are essential to identify weak points in data protection [8]. - A comprehensive data inventory should be maintained annually, detailing data types, levels, scales, processing methods, storage locations, and usage [9]. - Data should be classified based on industry requirements, business needs, and data sources, with specific classification rules established for different sectors [10][11]. - Data is graded into three levels: general data, important data, and core data, with identification rules based on national security and industry development [13][14]. Group 3: Data Security Management System - Establishing a data security organizational structure and management system is crucial for effective data protection [6]. - Key components include permission management, internal approval processes, system security management, and disaster recovery [6]. Group 4: Data Lifecycle Protection - The guidelines emphasize the importance of protecting data throughout its lifecycle, including collection, storage, usage, transmission, and destruction [6][7]. - Specific measures should be taken for data transfer and processing, ensuring compliance with relevant regulations [6]. Group 5: Risk Monitoring and Emergency Response - Continuous monitoring and early warning systems for data security risks are necessary to identify and address potential threats [6]. - Emergency response plans should be developed and regularly tested to ensure readiness in the event of a data security incident [6]. Group 6: Data Export Security Management - Guidelines for assessing the security of data exports and establishing compliance obligations when handling personal information are outlined [6][7]. Group 7: Data Transactions - The guidelines address the compliance requirements for data transactions, ensuring that all data exchanges are conducted lawfully and securely [6].

Core Viewpoint - Shanghai Kangpeng Technology Co., Ltd. has received approval from the UK Medicines and Healthcare products Regulatory Agency for a drug aimed at treating moderate to severe vasomotor symptoms (VMS) related to menopause, marking a significant advancement in women's health and demonstrating the company's strategic positioning in the pharmaceutical sector [1] Group 1: Technological Foundation - The approved drug is the world's first dual neurokinin (NK) targeted therapy, overcoming limitations of traditional hormone therapies and non-hormonal drugs [2] - The development of the core intermediate relies on Kangpeng's two decades of expertise in fluorination and carbon-carbon coupling technologies, enhancing drug targeting and metabolic stability [2] - As of the end of 2024, Kangpeng has accumulated 115 patents, including 66 invention patents, showcasing its robust technological foundation for pharmaceutical intermediate development [2] Group 2: Collaborative Model - The successful approval of the drug reflects Kangpeng's long-standing collaboration model with pharmaceutical companies, engaging in the early stages of drug development and expanding supply as the drug progresses to commercialization [3] - Kangpeng's client base includes renowned pharmaceutical companies such as Merck, Eli Lilly, and Bayer, indicating strong industry partnerships [3] - The drug's application for market approval is currently under review in major markets like the US and EU, with potential for significant revenue growth if approved [3] Group 3: Market Potential and Strategic Layout - VMS is a common symptom affecting 80% of women in the menopausal transition, highlighting a substantial market opportunity for new treatment options [5] - The global market for VMS treatments is projected to reach approximately $4.2 billion (around 30 billion RMB) in 2024, with an expected growth to $11.29 billion (around 80 billion RMB) by 2037, reflecting a compound annual growth rate of 7.9% [5] - Kangpeng's intermediate supply capabilities position the company to capitalize on this market growth, reinforcing its dual-track strategy and vision to become a leader in the fine chemicals sector in China [5][6] Group 4: Strategic Synergy - The company is expanding capacity in the new materials sector while simultaneously enhancing its pharmaceutical CDMO business through core technology transformation [6] - This synergy is expected to boost CDMO revenue in the short term and establish a more resilient long-term growth trajectory by engaging with multinational pharmaceutical companies and exploring new markets [6]

文/梧桐小新 7月24日，中金黄金股份有限公司（中金黄金，600489）针对东北大学6名学生在子公司参观学习中意外坠落溺亡一事发布情况说明公告。 公告显示， 2025年7月23日，东北大学6名学生在中金黄金股份有限公司（以下简称公司）控股子公司中国黄金集团内蒙古矿业有限公司乌努格吐山铜钼矿选矿厂 参观学习浮选工艺过程中，因格栅板脱落坠入浮选槽。经全力施救，6人被救出后，医护人员确认已溺亡。另有1名老师受伤。 事件发生后，公司领导高度重视， 立即启动应急预案，第一时间前往现场组织处理，及时按相关程序上报当地政府各相关部门。目前各项处置工作正有序进行。 中金黄金24日早间开盘价报15.11元/股，开盘后股价走低，盘中股价最低跌至14.61元/股，跌幅超8%。中午收盘价15.10元/股，跌幅4.97%。 中金黄金2003年8月在上交所主板上市，主营业务为黄金等有色金属地质勘查、采选、冶炼等。公司控股股东为中国黄金集团有限公司，实际控制人为国务院国资 委。 公司2024年营业收入为655.56亿元，同比增长7.01%，归母净利润33.86亿元，同比增长13.71%。 公司预计2025年半年度实现归属于母公司所有者的净 ...

而在实际操作中，破产重整涉及程序推进、利益平衡等诸多复杂难题，操作难度可不小，所以我们为大 家梳理了 部分关键实务要点 ： 前段时间，证监会发布了 破产重整的专门指引《上市公司监管指引第11号》 ，从披露内容到操作流 程，对每一环都进行了明确要求，规则越来越严。现在企业想靠破产重整"起死回生"比以前更考验专业 度，每个步骤都得合规到位。 01、、 破产主体关联公司，如果丧失财务独立性（整体运用，资金收支统一运用），可开展合并重 整，再召开重整听证会，听取各方意见后裁定。进入破产清算程序后，如果停产会影响资产价值， 可考虑第三方托管。 02、、 重整、重组托管可以并行，如果小额债权人数量多、清偿率低、利益受损大、对立情绪大， 可设立小额债权组，提高其偿付比例。 03、、 清算组聘请中介机构及业务专家，保证资产保值增值，引入合适的战略投资者，保障重整计 划得以实施。实施现金+应收款的选择模式，灵活处理债务问题。 04、、 多家关联公司破产，可通过竞争方式指定联合管理人；基于体量大难以通过重整方式招募投 资人，但有完整产能及技术支撑的，可通过产业转型、招商引资模式解决，即"破产不停产，政府 支持，招商引资"； 对于 ...

Core Viewpoint - The company Jin Tong Ling Technology Group Co., Ltd. has been accused of providing false financial data in annual reports for six consecutive years, leading to significant economic losses for investors, and is facing criminal charges for serious violations of information disclosure laws [1][2][6]. Group 1: Criminal Charges - Jin Tong Ling is facing criminal charges for providing false financial data in annual reports over six years, with four years reporting losses as profits, resulting in severe consequences for investors [2][6]. - Key individuals, including Ji Wei and Yuan Xue Li, are directly responsible and will be prosecuted for violating laws related to the disclosure of important information [2][6]. - The company is also charged with fraudulently issuing stocks by fabricating significant false content in stock issuance documents [2][6]. Group 2: Financial Misconduct - From 2017 to 2022, Jin Tong Ling inflated or deflated profits significantly, with inflated revenues of 501.42 million, 549.73 million, 68.93 million, and 15.31 million in respective years, and corresponding inflated profits of 146.48 million, 147.67 million, 73.99 million, and 43.33 million [10][11]. - The company faced penalties from the Jiangsu Securities Regulatory Bureau, including a fine of 1.5 million for the company and fines for key individuals totaling 2.6 million [11]. Group 3: Financial Performance - Jin Tong Ling has reported consecutive losses from 2020 to 2024, with net profits of -49 million, -60 million, -361 million, -506 million, and -1.314 billion respectively [13]. - The company attributes the significant decline in performance to intensified market competition, changes in downstream customer operations, and impairment provisions for goodwill and receivables [13]. - In Q1 2025, the company reported a revenue of 121 million, a year-on-year decrease of 67.76%, and a net profit of -73 million, a decline of 197.51% [14].

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 of going overseas are greater than expected, with a success rate of less than 20% [1]. Summary by Sections Overview of the Guide - The "China Enterprises Going Overseas Guide" consists of 332 pages and 155,000 words, covering nine chapters that comprehensively outline practical points for enterprises venturing abroad, including overseas layout, regulatory requirements, equity structure, approval processes, transaction documents, compliance risks, tax considerations, and regional country specifics [2]. Key Legal and Approval Processes - Chapter 3 details the approval processes for overseas investment, including the need for enterprises to apply for record-keeping or approval from the National Development and Reform Commission and the Ministry of Commerce, followed by foreign exchange registration at banks [12][14]. Transaction Structures and Agreements - Chapter 5 focuses on transaction structure arrangements and key agreements, such as investment agreements and letters of intent, analyzing critical clauses within these agreements [20][23]. Compliance Management - Chapter 7 emphasizes the importance of compliance management for enterprises going overseas, outlining the current compliance landscape and necessary compliance guidelines. It introduces a six-step compliance framework to integrate compliance into business processes [25][26]. Popular Destination Insights - Chapter 9 shares methods for gathering country-specific information and outlines the basic conditions, import/export structures, important international agreements, legal systems, and foreign investment policies of five popular countries, including the UAE, which is highlighted for its strategic location and economic advantages [29][30][31].

文/梧桐数据中心 7月22日，科创板迎来开市6周年！目前科创板共有589家上市公司，其中2019年70家，2020年143家，2021年162家，2022年124家，2023年67家，2024年15家， 2025年至今8家，已退市的紫晶存储和泽达易盛不纳入本次统计中。 一、保荐机构业绩排名 共有53家保荐机构承担了这589家科创板上市公司的IPO保荐业务。 榜单前五名： 第一名：国泰海通（95单） 第二名：中信证券（84单） 第三名：中信建投（56单） 第四名：中金公司（53单） 第五名：华泰联合（51单） | 23 | 方正证券 | | 5 | | --- | --- | --- | --- | | 25 | 中航证券 广司 八 | | 4 \ | | 26 | | - 华安证券 ON WOOD T3 EE | | | 26 | 华英证券 | | 3 | | 26 | 南京证券 | | 3 | | 26 | 申港证券 | | 3 | | 26 | 天风证券 | | 3 | | 26 | 中国银河 | | 3 | | 32 | 中德证券 | | 2 | | 32 | 国海证券 | | 2 | | 32 | 华 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched a new policy called "Tech Company Special Line," which provides a confidential listing channel and lowers 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][4]. - Core thresholds include being classified under HKEX's definitions of "specialized technology" (Chapter 18C) or "biotechnology" (Chapter 18A) [4][5]. Group 2: Self-Assessment and Application Process - Companies must assess their eligibility by checking if they meet the criteria outlined in the self-assessment form available on the HKEX website [8]. - If uncertain, companies can fill out the inquiry form and send it to HKEX for preliminary feedback within one week [9]. Group 3: Confidential Submission Process - The first step involves signing a Non-Disclosure Agreement (NDA) with HKEX to ensure confidentiality of submitted materials [11]. - Companies must submit a "confidential version" of their materials, including a PDF encrypted file uploaded through HKEX's designated system [13]. - The review phase lasts 30 days, focusing on technical feasibility and compliance [14]. Group 4: Exclusive Services of "Tech Company Special Line" - Companies can receive one-on-one guidance from HKEX 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 issues during the review process [22]. - Establishing a diverse investor base is important to strengthen investor relations [24]. Group 6: Post-Listing Compliance - Continuous information disclosure is required, including updates on technological commercialization and significant 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 HKEX's "Tech Company Special Line" offers no profitability requirement, a shorter review period, and lower information disclosure pressure compared to A-shares and U.S. markets [30][31].

Core Insights - The article celebrates the 6th anniversary of the Sci-Tech Innovation Board (STAR Market) and provides statistics on the number of listed companies and their IPO intermediaries [1] Group 1: IPO Statistics - As of now, there are 589 listed companies on the STAR Market, with the number of IPOs per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1] - The intermediaries involved in these IPOs include 53 securities firms, 67 law firms, and 29 accounting firms [1] Group 2: Top IPO Sponsors - The most active IPO sponsor representative is Zhao Liang from CITIC Securities, with 6 projects [2] - Wang Bin, also from CITIC Securities, follows with 5 projects, while 47 other representatives have completed 3 or more projects [2][3] Group 3: Top Lawyers - The leading IPO lawyer is Wang Li from Shanghai Jintiancheng, with 11 projects, followed by Shen Cheng from the same firm with 10 projects, and Shi Tiejun from Beijing Junhe with 8 projects [5] Group 4: Top Accountants - The top IPO accountant is Wang Qiang from Tianjian, with 8 projects, followed by Zhang Songbai and Wang Na from Lixin, with 7 and 6 projects respectively [6]