2025年6月18日，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》，面向优质科技型企业试点IPO预先审阅机制。开展关键核心技术攻 关或符合其他特定情形的科技型企业可以在正式申报IPO前，申请证券交易所对申报文件开展预先审阅。相应的，预先审阅过程、结果不公开。完成预先审阅的科 技型企业正式提交IPO申报，加快推进审核注册程序。 文/西风 12月30日，长鑫科技集团股份有限公司科创板IPO获上交所受理，成为首家受理前已预先审阅的IPO项目。上交所网站显示，本次受理前，上交所已对公司进行了 两轮预先审阅问询并在12月30日一并公布了两轮预先审阅问询的回复。公司本次IPO拟募资295亿元，保荐机构为中金公司、中信建投。 | 公司全称 | 长鑫科技集团股份有限公司 (已预先审阅) | 受理目期 | 2025-12-30 | | | --- | --- | --- | --- | --- | | 公司简称 | 长鑫科技 | 融资金额(亿元) | 295.00 | | | 审核状态 | 已受理 | 更新日期 | 2025-12-30 | | | 保存机构 | 中国国际金融股份有限公司 中信建投证券股 ...

Core Insights - In 2025, a total of 116 new companies were listed on the A-share market, representing a 16% increase compared to the same period last year, which had 100 new listings [1] - The net fundraising amount for these new listings reached 122.025 billion yuan, a significant increase of 104.25% from the previous year's 59.743 billion yuan [1] Group 1: Underwriters' Performance Ranking - A total of 30 underwriting institutions were involved in the IPOs of the 116 new companies, with a total of 117 deals due to one company hiring two underwriters [2] - The top five underwriting institutions by the number of deals are: 1. Guotai Junan: 17 deals 2. CITIC Securities: 15 deals 3. CITIC Jianzhong: 11 deals 4. Huatai United: 10 deals 5. China Merchants Securities: 9 deals [2][2] Group 2: Law Firms' Performance Ranking - A total of 31 law firms provided legal services for the IPOs of the 116 new companies [5] - The top five law firms by the number of deals are: 1. Shanghai Jintiancheng: 16 deals 2. Beijing Zhonglun: 15 deals 3. Beijing Deheng: 9 deals 4. Beijing Guofeng: 6 deals 5. Guangdong Xinda: 6 deals [5][6] Group 3: Accounting Firms' Performance Ranking - A total of 18 accounting firms provided auditing services for the IPOs of the 116 new companies [8] - The top five accounting firms by the number of deals are: 1. Rongcheng: 29 deals 2. Tianjian: 20 deals 3. Lixin: 17 deals 4. Zhonghui: 12 deals 5. Ernst & Young Huaming: 5 deals, KPMG Huazhen: 5 deals, Zhongshen Zhonghuan: 5 deals [8][9]

Core Viewpoint - The article discusses the financial performance and operational details of Beijing Weitongli Electric Co., Ltd. and Shenzhen Peicheng Electronic Technology Co., Ltd., highlighting their revenue, net profit, and challenges faced in the market. Group 1: Beijing Weitongli Electric Co., Ltd. - The company specializes in hard connections, flexible connections, contact components, laminated busbars, CCS series electric connection products, and synchronous decomposers [4] - In 2024, the company reported a revenue of 239,037.80 million yuan and a net profit of 27,080.17 million yuan, showing significant growth from previous years [6] - The company has a total of 2,956 employees and operates with a controlling shareholder, Huang Haoyun, who holds 68.33% of the voting rights [5][4] - The company’s revenue for the past four years was 143,677.53 million yuan, 169,868.62 million yuan, 239,037.80 million yuan, and 140,972.99 million yuan, with net profits of 11,331.88 million yuan, 17,896.88 million yuan, 27,080.17 million yuan, and 14,297.21 million yuan respectively [6] Group 2: Shenzhen Peicheng Electronic Technology Co., Ltd. - The company focuses on the independent research, production, and sales of third-party battery power control systems (BMS, PCS) and provides component application solutions [11] - In 2024, the company achieved a revenue of 73,288.51 million yuan and a net profit of 9,229.64 million yuan, with a year-on-year decline of 4.02% in revenue and 20.13% in net profit [14] - The company has a controlling shareholder, Yan Xiaohan, who holds 77.01% of the shares [12] - The company’s revenue for the past three years was 8.5023 billion yuan, 7.6359 billion yuan, and 7.3289 billion yuan, with net profits of 1.0077 billion yuan, 1.1555 billion yuan, and 0.9230 billion yuan respectively [14] - The company plans to raise 500 million yuan through an IPO, with funds allocated for capacity enhancement projects and research center construction [23][24]

文/飞云 12月29日，证监会发布《会计师事务所从事H股企业审计业务名单增补申请材料公示》，公告显示，截至2025年12月10日（报名截止日），共有4家会计师事务所 向"内地会计师事务所从事H股企业审计业务审核推荐委员会"提出了申请，分别是 容诚会计师事务所（特殊普通合伙）、天职国际会计师事务所（特殊普通合 伙）、中审众环会计师事务所（特殊普通合伙）和中兴华会计师事务所（特殊普通合伙） 。 | 序 号 | 事务所名称 | 2024 年度收 | 2024 年度审 计业务收入 | 2024 年度证券服 务业务收入(万 | 2024 年度上市公 司审计客户数量 | 职业风险基金和职业 责任保险累计赔偿限 | 注册会计师人数 | | 香港成员所或与香港会计师事务所 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 人(万元) | (万元) | 元) | (家) | 额合计 | | 考试通过 | 同为某一国际会计网络的成员所 | | | | | | | | | 总人数 | 人数 | | | | 容诚会计师事务所 (特殊普通合伙) ...

Core Viewpoint - The IPO application of Shenyang Guantai Vacuum Technology Co., Ltd. has been postponed for review by the Beijing Stock Exchange, indicating potential regulatory scrutiny or concerns regarding the company's financial disclosures and operational practices [1]. Group 1: Company Overview - Shenyang Guantai Vacuum Technology Co., Ltd. specializes in the research, development, manufacturing, and sales of vacuum equipment, with a focus on high-tech applications in the functional materials sector, particularly in the rare earth permanent magnet industry [3]. - The company was established in May 2013 and transitioned to a joint-stock company in January 2022, with its shares publicly traded on the National Equities Exchange and Quotations system since December 27, 2024 [3]. - The company has a total of 67.34 million shares before the current issuance and employs 274 people as of June 2025 [3]. Group 2: Shareholding Structure - Liu Shungang is the controlling shareholder, holding 66.23% of the company's shares directly and an additional 15.10% indirectly through Guantai Holdings and Guantai High-Tech, resulting in a total control of 81.33% of the shares [4]. Group 3: Financial Performance - The company's revenue for the reporting period was as follows: 280.53 million yuan in 2022, 311.52 million yuan in 2023, 378.83 million yuan in 2024, and an estimated 341.94 million yuan for the first nine months of 2025 [5][6]. - The net profit figures were reported as 44.26 million yuan in 2022, 73.03 million yuan in 2023, 68.94 million yuan in 2024, and an estimated 76.67 million yuan for the first nine months of 2025 [5][6]. - The company has shown a gross profit margin improvement from 27.32% in 2022 to 35.17% in 2025 [6]. Group 4: Listing Standards and Regulatory Concerns - The company selected listing standards based on a market capitalization of no less than 200 million yuan, with net profits in the last two years exceeding 15 million yuan and an average return on equity of at least 8% [7]. - The review meeting raised inquiries regarding the accuracy and sufficiency of revenue recognition, particularly concerning contracts with extended delivery and acceptance timelines, indicating potential issues with revenue recognition practices [8].

Core Viewpoint - Shenzhen Peicheng Electronic Technology Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on the development, production, and sales of battery power control systems and component application solutions, with a strong emphasis on innovation and technology [1][4]. Financial Performance - In the first half of 2025, the company achieved a revenue of 574.08 million yuan, a decrease from 732.89 million yuan in 2024, reflecting a year-on-year decline of 4.02%. The net profit attributable to the parent company was 81.68 million yuan, down 20.13% from the previous year [4]. - The company's revenue from battery power control systems was 371.89 million yuan, accounting for 64.78% of total revenue, while component application solutions generated 202.18 million yuan, making up 35.22% [3]. - The company reported a significant increase in revenue for the first nine months of 2025, reaching 885.53 million yuan, a growth of 76.49% year-on-year, driven by increased demand from downstream customers [4]. Client Relationships - BYD, a significant client in previous years, is no longer among the top five customers in the first half of 2025, although it remains the second-largest debtor in accounts receivable [7][10]. - The top five clients in 2025 accounted for 26.38% of total revenue, with the largest client contributing 8.49% [8]. Human Resources - The company has a total of 611 employees, with only two core technical personnel, both holding associate degrees, which raises concerns about the depth of technical expertise [13][14]. IPO and Fundraising - The company plans to raise 500 million yuan through its IPO, with 620 million yuan allocated for working capital and the remainder for capacity enhancement projects and R&D center construction [17][20]. - The feasibility and necessity of the fundraising projects have been highlighted as key points of inquiry by the Beijing Stock Exchange [17][21]. Asset Management - As of June 30, 2025, the company's fixed assets, particularly machinery and equipment, have a book value of 650.78 million yuan, representing 81.41% of total fixed assets [24][26]. - The company operates primarily on a light asset model, with most production and operational sites being leased rather than owned [24][26].

文/梧桐小编 经查,方正证券承销保荐有限责任公司(以下简称方正证券)作为江苏京源环保股份有限公司(以下简称京源环保)2022年可转债持 续督导保荐机构,在履行持续督导职责过程中未尽到勤勉尽职义务,未发现京源环保存在违规使用募集资金支付非募投项目费 用、募集资金信息披露不准确等问题。方正证券上述行为违反了《证券发行上市保荐业务管理办法》(证监会令第207号)第五 条第一款、第二十八条的规定,保荐代表人袁鸿飞、杨日盛应当对上述违规行为承担主要责任。我局决定对方正证券和袁鸿 飞、杨日盛采取出具警示函的行政监管措施, 根据《证券发行上市保荐业务管理办法》(证监会令第207号)第六十四条的规定,我局决定对方正证券和袁鸿飞、杨日盛采取出 具警示函的行政监管措施,并记入证券期货市场诚信档案。你们应充分吸取教训,提高执业质量,杜绝此类事件再次发生,并于收 到本决定书之日起30个工作日内向我局报送书面整改报告。 如对本监督管理措施不服,可在收到本决定书之日起60日内向中国证券监督管理委员会提出行政复议申请,也可以在收到本决定 书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼期间,上述监督管理措施不停止执行。 江苏证监局 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced supplementary material requirements for overseas listing applications from 34 companies, indicating a focus on compliance and regulatory scrutiny in the context of international capital markets [1]. Group 1: Company-Specific Requirements - Zhizhu Huazhang is required to clarify the ownership and evaluation of intellectual property rights related to its technology, as well as the background of its shareholders and the compliance of its overseas subsidiaries [2][3]. - Hailan Home must provide details on the debt repayment capabilities of its controlling shareholders and the implications of share pledges on control changes [4][10]. - Pulaia is asked to explain the compliance of its subsidiaries' operations in the cultural and entertainment sectors with foreign investment regulations [5][28]. - Sunshine Power needs to clarify its industrial internet and big data services, including necessary qualifications and compliance with foreign investment restrictions [6][35]. - The company Haipai Ke is required to explain the pricing and compliance of its recent acquisitions and the operational compliance of its payment settlement model [7][36]. Group 2: Regulatory Compliance and Governance - Companies are required to provide legal opinions on the compliance of their shareholding structures, including any potential issues related to shareholding changes and the implications for control [10][12]. - Companies must clarify the rationale behind share pricing discrepancies among new shareholders and assess whether there are any signs of profit transfer [12][30]. - The necessity of obtaining necessary licenses for various business operations, especially in sectors with foreign investment restrictions, is emphasized [5][28][35]. Group 3: Financial and Operational Transparency - Companies are required to disclose the specific uses of raised funds, including the proportion allocated for domestic and overseas investments, and ensure compliance with relevant approval processes [20][30]. - The need for companies to clarify their business models, especially those involving AI and big data, is highlighted, including the specific applications and functionalities [6][32]. - Companies must provide updates on any ongoing litigation or regulatory issues that may impact their operations or listing processes [20][36].

Group 1 - The article highlights that from December 25 to December 26, 18 new IPOs were accepted by the Shanghai, Shenzhen, and Beijing stock exchanges, marking a significant increase from 77 IPOs in the previous year to a total of 234 this year [1][2]. Group 2 Company: Shenyang Compressor Group Co., Ltd. - The company was established in 2003 and transformed into a joint-stock company in 2010, with a registered capital of 2,799.00233 million yuan [3]. - The main business includes manufacturing energy and chemical equipment, industrial services, and strategic emerging industries, focusing on products like centrifugal compressors and nuclear pumps [4]. - The controlling shareholder is Shenyang Iron West State-owned Assets Management Co., Ltd., holding 43.07% of the shares [5]. - The company reported revenues of 739.58966 million yuan in 2022, projected to grow to 930.90530 million yuan in 2024 [6]. - The company aims to raise 2,134.4695 million yuan through its IPO for four projects, including enhancing the quality of core components and developing green technology equipment [11][12]. Company: Dandong Dongfang Measurement and Control Technology Co., Ltd. - Founded in 1995 and transformed into a joint-stock company in 2013, with a registered capital of 89.1 million yuan [14]. - The company specializes in providing intelligent online detection and analysis equipment for various industries, including mining and petrochemicals [15]. - The controlling shareholder is Liaoning Dongfang Measurement and Control Group Co., Ltd., holding 68.07% of the shares [16]. - The company reported revenues of 60.34799 million yuan in 2022, with a projected increase to 56.71718 million yuan in 2024 [17]. - The IPO aims to raise 110 million yuan for projects including the industrialization of intelligent online analysis instruments [23][24]. Company: Guangdong Jiuan Intelligent Technology Co., Ltd. - Established in 2007 and transformed into a joint-stock company in 2022, with a registered capital of 48.5 million yuan [25]. - The company focuses on manufacturing smart visual products and providing IoT services, with applications in smart home security and health monitoring [26]. - The company reported revenues of 48.38146 million yuan in 2022, expected to grow to 77.96917 million yuan in 2024 [26]. - The IPO is set to raise funds for projects related to smart visual products and IoT platform development [28].

文/梧桐小编 12月26日，中国人民银行、国家外汇管理局发布《关于境内企业境外上市资金管理有关问题的通知》，自2026年4月1日起实施。实施后，注册在境内的股份有限 公司境外IPO（含发行境外存托凭证）的，境外上市募集资金、减持或转让股份所得资金原则上应及时调回境内。股东因增持境外上市公司股份汇出资金如有剩余 或交易未达成时，不得改变用途，应及时汇回境内。允许符合一定条件的企业将募集资金留存境外使用。 中国人民银行上海总部，各省、自治区、直辖市及计划单列市分行；国家外汇管理局各省、自治区、直辖市及计划单列市分局；国家开发银行，各政策性银行、 国有商业银行，中国邮政储蓄银行，各股份制商业银行： 为深化资本项目管理改革，提升境内企业跨境融资便利化水平，扎实推进金融服务实体经济高质量发展，根据《中华人民共和国中国人民银行法》《中华人民共 和国外汇管理条例》，现就境内企业境外上市资金管理有关事项通知如下： 一、注册在境内的股份有限公司（以下简称境内企业）经中国证券监督管理委员会（以下简称中国证监会）备案，直接境外发行上市或发行境外存托凭证（以下 统称境外上市）的相关资金管理事宜，适用本通知。 二、中国人民银行、国家外 ...