中国国际金融股份有限公司（以下简称"中金公司"）受杭华油墨股份有 限公司（以下简称"杭华股份"、"公司"）股东杭州协丰投资管理合伙企业 （有限合伙）（以下简称"协丰投资"、"转让方"）委托，组织实施本次杭 华股份股东向特定机构投资者询价转让（以下简称"本次询价转让"）。 二、关于参与本次询价转让股东相关资格的核查情况 中国国际金融股份有限公司 关于杭华油墨股份有限公司股东向特定机构投资者 询价转让股份相关资格的核查意见 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行）》《上海证券交易所科创板股票上市规则（ 董事、高级管理人员减持股份（2025年3月修订）》（以下简称"《减持指引》" ）、《上海证券交易所科创板上市公司自律监管指引第4号——询价转让和配售 （2025年3月修订）》（以下称"《询价转让和配售指引》"）等相关规定，中 金公司对参与本次询价转让股东的相关资格进行了核查。 本次询价转让的委托情况、转让方相关资格的核查情况及核查意见如下： 一、本次询价转让的委托 中金公司收到转让方关于本次询价转让的委托，委托中金公司组织实施本 次询价转让。 （一）核查过程 ...

Core Viewpoint - The article emphasizes the importance of wealth management in the context of global economic changes, highlighting the role of securities firms in enhancing wealth management services to support consumer recovery and meet diverse investment needs [1][2]. Group 1: Wealth Management Strategy - The Chinese government aims to boost domestic demand and consumption, making wealth management a key focus for securities firms [1]. - CICC Wealth Management has pioneered the "buy-side advisory" concept since 2019, focusing on customer needs and providing comprehensive advisory services throughout the investment lifecycle [1][2]. - By the end of 2024, CICC's wealth management product scale is projected to reach nearly 370 billion, marking five consecutive years of growth [2]. Group 2: Product Innovation - CICC has continuously iterated its buy-side advisory model, introducing various product series such as "China 50," "Micro 50," and "ETF 50," which cater to different investment strategies [2][5]. - The recent upgrade of "ETF 50-Hengxiang" introduces an AUM-based fee model, shifting focus from short-term gains to long-term asset appreciation and improved client experience [3][4]. Group 3: Service Enhancement - The "ETF 50-Hengxiang" upgrade includes features like personalized consultations, tailored investment solutions, and advanced trading tools, aiming to provide a more professional and customized advisory service [3][4]. - CICC emphasizes the need to align interests with clients, moving beyond mere sales to offer comprehensive lifecycle advisory services [4][8]. Group 4: Digitalization and Internationalization - CICC is committed to digital transformation, enhancing its app and digital platforms to support buy-side advisory services and improve user experience [10][11]. - The company is also focusing on internationalization, collaborating with global asset managers to offer a diverse range of cross-border financial products and services [12]. Group 5: Future Directions - CICC aims to address the challenges of asset allocation and risk management in wealth management, leveraging its expertise to help clients optimize their investment strategies [13][14]. - The company plans to enhance its buy-side advisory services, focusing on long-term asset allocation and aligning with clients' interests to improve their investment returns [15].

Group 1 - The rapid development of private MOM products is highlighted, with 29 products registered by May 20 this year, surpassing the total of 23 for the entire year of 2024 and setting a new record since 2019 [2] - MOM (Manager of Managers) is defined as a unique investment management model that involves delegating investment advice to multiple qualified third-party asset management institutions, allowing for diversified asset allocation [2] - Compared to FOF (Fund of Funds), MOM offers advantages in investment concentration limits, rebalancing flexibility, and the authority of the parent fund [3] Group 2 - The implementation of the "MOM Product Guidelines" by the CSRC at the end of 2019 has led to a more regulated environment for MOM products, allowing securities and futures asset management to engage in private MOM business [3] - Many of the newly registered MOM products are structured with cooperative institutions (such as securities and futures asset management) as trustees, and multiple private fund managers as investment advisors [3] - There is a growing demand for diversified allocation from bank wealth management and insurance asset management, especially as interest rates decline and volatility increases [3] Group 3 - Despite the advantages, there are risks associated with outsourced investments, which require strong research and investment capabilities [4] - The performance of MOM products heavily relies on the management capabilities of private funds as investment advisors and the selection and risk control measures of the funding parties [4] - Recent incidents, such as the collapse of a major FOF private institution, have led some bank wealth management firms to suspend similar channel businesses due to associated risks [4] Group 4 - The use of FOF and MOM tools is not merely a simple investment choice; it requires robust quantitative algorithms and detailed due diligence to select suitable products and managers [5] - Wealth management subsidiaries are adopting outsourcing as a long-term investment strategy, but there is still a need for improvement in the research and investment capabilities related to FOF and MOM [5]

Group 1 - Shanghai Silicon Industry Group Co., Ltd. plans to acquire stakes in three semiconductor technology companies, totaling approximately 46.7354%, 49.1228%, and 48.7805% respectively, and will issue shares to raise funds from no more than 35 specific investors [1][2] - The stock price of Shanghai Silicon Industry experienced a cumulative increase of 6.25% from January 16, 2025, to February 21, 2025, prior to the trading suspension [1] - After excluding the impact of the Shanghai Stock Exchange Science and Technology Innovation Board 50 Index, the stock price decline was -8.21%, and after excluding the semiconductor industry index, the decline was -7.89%, both of which did not exceed 20% [1][2] Group 2 - The independent financial advisor confirmed that the cumulative price fluctuation of the company's stock in the 20 trading days before the suspension did not exceed 20% when excluding market and industry factors [2]

Group 1 - The Shenzhen Stock Exchange hosted the 2025 Global Investor Conference, emphasizing that investing in China equates to investing in the future [1] - The conference featured discussions on cross-border cooperation opportunities and best practices in overseas markets, with participation from key figures in global exchanges [1][3] - Hong Kong's role as the largest offshore RMB center continues to deepen, with the Stock Connect mechanisms facilitating significant daily trading volumes exceeding 100 billion [3] Group 2 - The Abu Dhabi Securities Exchange (ADS) ranks among the top twenty global exchanges with a market capitalization of $820 billion and offers 16 ETFs covering various regions [3][4] - ADS has undergone a major transformation to a holding company model, focusing on post-trade services and technological upgrades to attract cross-border capital [4] - Luxembourg Stock Exchange emphasizes the importance of cross-border cooperation to redirect capital towards sustainable development, serving as a gateway for European investors to access Chinese markets [4] Group 3 - Saudi Arabia is undergoing a significant economic transformation, comparable to China's in 2000, with multi-trillion-dollar infrastructure projects across various sectors [4][5] - Chinese companies are playing a crucial role in Saudi Arabia's industrialization, with local partnerships enhancing corporate value [4] - Future cooperation between China and Saudi Arabia is expected to extend beyond traditional infrastructure to include sectors like electric vehicles and battery technology [5]

Core Viewpoint - The recent amendments to the major asset restructuring management measures by the China Securities Regulatory Commission (CSRC) are expected to boost market confidence and enhance the enthusiasm for mergers and acquisitions (M&A) in the market [2][5][8]. Group 1: Policy Changes and Market Impact - The CSRC has introduced a series of arrangements in the revised restructuring measures, including simplifying review processes, innovating transaction tools, and enhancing regulatory inclusiveness [2][4]. - The new simplified review process allows certain restructuring transactions to bypass the review by the M&A committee of the stock exchange, with the CSRC making registration decisions within five working days [4][5]. - The restructuring measures have led to a significant increase in M&A activity, with over 1,400 asset restructuring disclosures and more than 160 major asset restructurings reported since September 2024 [7][8]. Group 2: Market Trends and Investment Opportunities - Analysts highlight four key investment directions: strengthening leading technology companies, industry consolidation in traditional sectors, increased willingness for state-owned enterprise (SOE) value management through M&A, and diverse options for unlisted companies considering M&A [9][10]. - The current M&A wave is characterized by two main trends: consolidation among SOEs and M&A activities focused on "hard technology" sectors, driven by supportive policies and market conditions [9][10]. - Potential M&A targets include undervalued SOEs looking to enhance their valuations through restructuring and "hard technology" companies that have established platform layouts and disclosed M&A intentions [10].

Core Points - The China Securities Regulatory Commission (CSRC) has officially implemented revised regulations for major asset restructuring of listed companies, aiming to simplify review processes and enhance market-oriented mergers and acquisitions [1][2] - The new regulations introduce several first-time measures, including a simplified review process, adjustments to regulatory requirements for issuing shares to purchase assets, and a phased payment mechanism for share issuance [1][2] Group 1: Regulatory Changes - The new simplified review process allows for a "2+5+5" mechanism, where applications are accepted within 2 days, reviewed within 5 days, and registered within another 5 days, significantly improving transaction efficiency [1] - A phased payment mechanism for share issuance has been established, extending the registration decision validity period to 48 months [1] - The new rules increase regulatory tolerance regarding financial condition changes, industry competition, and related party transactions [1] Group 2: Market Activity - Since the introduction of the "M&A Six Guidelines," the scale and activity of the M&A market have significantly increased, with over 1,400 asset restructuring disclosures, including more than 160 major asset restructurings [2] - In 2023, listed companies have been more proactive in planning asset restructurings, with over 600 disclosures, a 1.4 times increase compared to the same period last year, and approximately 90 major asset restructurings, a 3.3 times increase [2] - The total amount of completed major asset restructuring transactions has exceeded 200 billion yuan, an 11.6 times increase compared to the same period last year [2] Group 3: Hong Kong Market - The Hong Kong IPO market has shown signs of recovery, with 21 companies listed as of May 14, 2024, raising a total of 23.472 billion HKD, a 40% increase year-on-year [3] - The introduction of the "Tech Company Fast Track" by the Hong Kong Securities and Futures Commission aims to facilitate the listing of technology and biotech companies, enhancing market competitiveness [3] - The easing of M&A policies is expected to benefit brokerage firms, providing more opportunities for financial advisory roles in M&A projects and potentially boosting other business lines [3] Group 4: Company Performance - Hong Kong Exchanges and Clearing Limited reported a revenue of 6.857 billion HKD in Q1 2025, a 32% year-on-year increase, with net profit rising by 37% [4] - Citic Securities achieved a revenue of 17.761 billion yuan in Q1 2025, ranking first in the industry with a 29.13% year-on-year growth [5] - CICC reported a revenue of 5.721 billion yuan in Q1 2025, with a significant year-on-year increase of 47.69% and a net profit growth of 64.85% [5]

Core Viewpoint - The company intends to utilize part of its temporarily idle raised funds for cash management to enhance fund efficiency and generate additional returns while ensuring the safety of the raised funds and the implementation of investment projects [1][2][6]. Fundraising Basic Situation - The company was approved to publicly issue 60,000,000 A shares at a price of RMB 33.76 per share, raising a total of RMB 2,025,600,000, with a net amount of RMB 1,908,220,754.68 after deducting related fees [1]. - Additionally, the company was authorized to issue shares to specific targets, raising RMB 1,199,999,955.00, with a net amount of RMB 1,181,933,181.59 after deducting issuance costs [2]. Cash Management Plan - The company plans to use up to RMB 4 billion from the idle funds raised from the initial public offering and up to RMB 8.5 billion from the funds raised from the specific target issuance for cash management [3][4]. - The investment will focus on low-risk, high-liquidity financial products, including but not limited to structured deposits and time deposits, with a maximum investment period of one year [3][4]. Decision Validity and Disclosure - The decision to use idle funds for cash management is valid for 12 months from June 15, 2025, and the company will comply with information disclosure obligations as per regulatory requirements [4][5]. - The income generated from cash management will be prioritized for supplementing investment project funding and daily operational liquidity [4]. Impact on Daily Operations - The cash management plan will not affect the normal operation of the company's investment projects or its main business activities, while also potentially enhancing overall performance and shareholder returns [4][5]. Risk Control Measures - The company has established a risk control framework for cash management, including selecting quality banks and monitoring investment performance to mitigate potential risks [5][6]. - The company will ensure compliance with relevant regulations and maintain a separation of decision-making, execution, and supervision functions in cash management activities [5][6]. Review Procedures - The board of directors approved the cash management plan, which does not require shareholder meeting approval, ensuring adherence to necessary procedures [6][7].

Core Viewpoint - The independent financial advisor, China International Capital Corporation (CICC), conducted a review of insider trading activities related to the major asset acquisition and related party transactions of Xin'ao Natural Gas Co., Ltd. The review found no direct evidence of insider trading among the identified insiders during the self-examination period, indicating that their trading activities do not pose substantial legal obstacles to the transaction [1][13]. Group 1: Insider Trading Review - The self-examination period for insider trading activities spans from September 19, 2024, to April 25, 2025, which is six months prior to the suspension of trading and one day before the disclosure of the restructuring report [1]. - The review included senior management and other relevant personnel involved in the transaction [2]. - The review identified specific trading activities of individuals within the insider group, detailing their cumulative buy and sell transactions during the self-examination period [2][3]. Group 2: Individual Commitments - Each insider provided a commitment stating that their trading activities were based on personal judgment of market conditions and did not involve insider information [4][5][6]. - Insiders confirmed they were unaware of the restructuring details prior to specific dates, ensuring their trading actions were not influenced by undisclosed information [4][5][6]. - The commitments included assurances against leaking insider information or engaging in prohibited trading behaviors [4][5][6]. Group 3: Institutional Trading Activities - CICC reported its trading activities in Xin'ao shares, asserting compliance with legal regulations and internal information barriers to prevent insider trading [9][10]. - The firm emphasized that its trading decisions were based on independent investment research and were not related to the restructuring [10][12]. - CICC committed to adhering to relevant laws and regulations until the completion or termination of the restructuring [10][12]. Group 4: Conclusion of the Review - The independent financial advisor concluded that there was no direct evidence of insider trading among the identified insiders during the self-examination period, and the trading activities did not constitute a legal barrier to the transaction [13].

Summary of Key Points Core Viewpoint - The report indicates that Xinghuan Information Technology (Shanghai) Co., Ltd. has complied with relevant regulations and maintained effective governance and internal controls during the 2024 continuous supervision period, despite facing challenges in revenue and profitability due to macroeconomic factors. Group 1: Company Governance and Internal Control - The company has a complete and compliant governance structure, with effective execution of internal control systems [1][2] - The board of directors, supervisors, and senior management have fulfilled their responsibilities according to regulations [1][2] Group 2: Information Disclosure - The company has established a comprehensive information disclosure system that meets regulatory requirements, and has fulfilled necessary disclosure obligations without any false records or omissions [2][3] Group 3: Independence and Related Party Transactions - The company maintains independence in its operations, with no violations regarding the use of funds by related parties [3][4] Group 4: Use of Raised Funds - The company has established a management system for raised funds, ensuring proper storage and use in compliance with regulations, with no misuse of funds reported [4][5] Group 5: Related Transactions, External Guarantees, and Major Investments - The company has sound internal control systems for related transactions, external guarantees, and major investments, with no significant violations or harm to minority shareholders' interests [4][5] Group 6: Operating Conditions - The company reported a net loss of 343.4628 million yuan, with a decline in revenue attributed to cautious purchasing decisions by clients and extended acceptance processes [5] - Despite the challenges, the company has improved operational efficiency, reducing sales and management expenses, while continuing to invest in R&D for big data and AI [5][6] Group 7: Compliance and Cooperation - The company and its major stakeholders have adhered to commitments, with no violations noted during the supervision period [6] - The company provided active cooperation during the supervision process [6]