Core Points - Daosheng Tianhe (601026) was listed on the Shanghai Stock Exchange on October 17 [1] - The company is a national high-tech enterprise focused on the research, production, and sales of new materials, particularly high-performance thermosetting resin materials [2] - The company’s product lines include materials for wind turbine blades, new composite materials, and adhesives for new energy vehicles and industrial applications, serving various sectors such as wind energy, new energy vehicles, energy storage, hydrogen energy, aviation, oil and gas extraction, and power generation [2] Financial Summary - The total amount raised from the issuance was 788,642,400.00 yuan, with a net amount of 686,950,112.60 yuan [2] - The funds will be used for the annual production of 56,000 tons of high-end adhesives and high-performance composite resin systems, as well as for repaying bank loans [2] Shareholding Structure - Before the issuance, Shanghai Yicheng Industrial Investment Group Co., Ltd. held 47.55% of the shares, remaining the controlling shareholder after the issuance with 38.04% [2] - The actual controllers, Ji Gang and Zhang Ting, controlled 60.47% of the shares before the issuance and now control 48.38% [2]

Group 1: New Stock Subscription - Bibet - Bibet is a biopharmaceutical company focused on innovative drug development, particularly in oncology, autoimmune diseases, and metabolic diseases [2] - The company has a market capitalization of 6.401 billion yuan and an issue price of 17.78 yuan per share, with an institutional offering price of 18.12 yuan per share [5] - Bibet's primary research pipeline includes one approved innovative drug, BEBT-908, and several others in various clinical trial phases [6][8] - The company plans to invest 9.49 billion yuan in new drug research and development, 5.55 billion yuan in a research center and production base, and 5 billion yuan to supplement working capital [5] Group 2: Financial Performance and Risks - Bibet - Bibet has not generated any revenue and has reported continuous net losses since its establishment, with losses of 1.88 million yuan, 1.73 million yuan, and 0.56 million yuan in recent years [9] - The company is heavily reliant on the commercialization of BEBT-908, which is expected to be conditionally approved for market by June 30, 2025 [8] - The company faces risks related to the commercialization of its products, including market access, insurance inclusion, and sales network establishment [8] Group 3: New Stock Listing - Daosheng Tianhe - Daosheng Tianhe is a national high-tech enterprise specializing in the research, production, and sales of new materials, particularly epoxy resins and polyurethane [10] - The company has a market capitalization of 3.943 billion yuan and an issue price of 5.98 yuan per share, with an institutional offering price of 6.32 yuan per share [13] - Daosheng Tianhe is recognized as a leading supplier of wind turbine blade materials and has established stable relationships with major industry players [15][16] Group 4: Financial Performance and Market Position - Daosheng Tianhe - The company reported revenues of 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan from 2022 to 2024, with net profits of 110 million yuan, 155 million yuan, and 155 million yuan respectively [16] - Daosheng Tianhe's performance has shown volatility, influenced by market competition, seasonal fluctuations, and raw material price changes [16] - The company has obtained 69 patents, including 38 invention patents, enhancing its competitive edge in the market [16]

格隆汇9月29日丨道生天合(601026.SH)公布，根据《道生天合材料科技（上海）股份有限公司首次公开 发行股票并在主板上市发行公告》公布的回拨机制，由于本次网上发行初步有效申购倍数约为6,170.64 倍，超过100倍，发行人和保荐人（主承销商）决定启动回拨机制，对网下、网上发行的规模进行调 节，将扣除最终战略配售部分后本次公开发行股票数量的40.00%（向上取整至500股的整数倍，即 4,443.4500万股）股票由网下回拨至网上。回拨机制启动后，网下最终发行数量为3,895.6690万股，约占 扣除最终战略配售部分后本次发行数量的35.07%；网上最终发行数量为7,212.9000万股，约占扣除最终 战略配售部分后本次发行数量的64.93%。回拨机制启动后，网上发行最终中签率为0.04220717%。 ...

Core Viewpoint - The company, Daoshengtianhe Materials Technology (Shanghai) Co., Ltd., has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board of the Shanghai Stock Exchange [1]. Group 1: IPO Details - The total number of shares for this issuance is set at 13,188,000 shares, with an initial strategic placement of 3,956,400 shares, accounting for 30% of the total issuance [2]. - The final strategic placement amount is 2,079,431 shares, which is 15.77% of the total issuance, leading to a reallocation of 1,876,969 shares to offline issuance [2]. - The issuance price is determined at RMB 5.98 per share, with a total issuance scale of RMB 78,864.24 million [9]. Group 2: Subscription and Allocation - The online subscription received an initial effective subscription multiple of approximately 6,170.64 times, prompting the activation of a reallocation mechanism [3]. - After the reallocation, the final offline issuance quantity is 3,895,669 shares, representing 35.07% of the total issuance, while the online issuance quantity is 7,212,900 shares, accounting for 64.93% [3]. - The final winning rate for online issuance is 0.04220717% [3]. Group 3: Strategic Placement Participants - Strategic placement participants include large enterprises with strategic cooperation relationships with the issuer, such as China Shipbuilding Group Investment Co., Ltd. and SANY Heavy Energy Co., Ltd. [7]. - The participants have signed strategic placement agreements with the issuer, confirming their commitment to the investment [8]. Group 4: Payment and Compliance - Investors are required to fulfill their payment obligations by October 9, 2025, ensuring that funds are available in their accounts by the deadline [4][5]. - If the total subscription does not reach at least 70% of the total issuance after the final strategic placement, the IPO will be suspended [5].

Group 1 - The core point of the article is the announcement of a communication-based meeting for the holders of the Bo Dao Yuan Hang Mixed Securities Investment Fund to discuss the adjustment of the redemption fee rate and modifications to the fund contract [1][4][27] - The meeting will be held from October 10, 2025, to November 3, 2025, with specific voting procedures outlined for fund holders [2][8][18] - The agenda includes a proposal to adjust the redemption fee rate and modify the fund contract to include Hong Kong Stock Connect eligible stocks in the investment scope [4][27][34] Group 2 - The fund management company, Bo Dao Fund Management Co., Ltd., will conduct the meeting in collaboration with the fund custodian, China Merchants Bank Co., Ltd. [2][22] - Fund holders must register their rights by October 10, 2025, to participate in the voting process [4][20] - The voting process allows for both direct voting and the option to authorize others to vote on behalf of the fund holders [10][12][21] Group 3 - The proposed changes to the fund contract include adjustments to investment strategies, risk-return characteristics, and the performance benchmark due to the inclusion of Hong Kong Stock Connect stocks [27][34][38] - The adjustment of the redemption fee rate for Class A fund shares is aimed at better serving the interests of fund holders [27][34][38] - The decision requires a majority approval from the fund holders participating in the meeting for it to be effective [20][34][38]

Core Points - The company DaoShengTianHe Materials Technology (Shanghai) Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board [1] - The IPO price is set at RMB 5.98 per share, with a total issuance of 131.88 million shares, all of which are new shares [2][3] - The strategic placement accounts for 30% of the total issuance, with the final strategic placement amounting to approximately 15.77% of the total shares [2][4] - The online subscription received an oversubscription of approximately 6,170.64 times, leading to a mechanism that reallocates shares from offline to online investors [3][4] - The final allocation after the reallocation mechanism resulted in 64.93% of shares being allocated to online investors [4] Company and Industry Summary - The strategic placement involved large enterprises with long-term cooperation visions, including China Shipbuilding Group and SANY Heavy Energy [7] - The total issuance costs for the IPO amount to RMB 101.69 million, with underwriting fees being a significant portion [12] - The offline investors are subject to a 6-month lock-up period for 10% of their allocated shares, while 90% are available for trading immediately after listing [8][10] - The underwriting firm, CITIC Securities, will underwrite all shares that were not subscribed by investors [11]

Core Points - The application for the initial public offering (IPO) of DaoSheng TianHe Materials Technology (Shanghai) Co., Ltd. has been approved by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission [1][2] - The total number of shares to be issued is 131.88 million, with an initial strategic placement of 39.56 million shares, accounting for 30% of the total issuance [2] - The final strategic placement quantity is 20.79 million shares, approximately 15.77% of the total issuance, with the difference being allocated to offline issuance [2] Issuance Structure - The issuance will combine strategic placement, offline issuance, and online issuance, with offline investors receiving 83.39 million shares (75.07% of the adjusted total) and online investors receiving 27.69 million shares (24.93% of the adjusted total) [2] - The final issuance price is set at 5.98 yuan per share, with the initial online issuance of 27.69 million shares scheduled for September 29, 2025 [2] Payment Obligations - Investors must fulfill their payment obligations by October 9, 2025, with specific instructions for offline and online investors regarding payment processes [3][4] - A 10% lock-up period applies to 10% of the shares allocated to offline investors, lasting for six months from the date of listing [4] Subscription and Allocation - The online subscription saw 13,135,673 valid applications for a total of 170.89 billion shares, resulting in an initial online winning rate of 0.01620578% [5] - Due to a high subscription rate of approximately 6,170.64 times, a mechanism was activated to adjust the allocation, resulting in 40% of the shares being reallocated from offline to online issuance [6] Lottery and Announcement - The lottery for online subscriptions is scheduled for September 30, 2025, with results to be announced on October 9, 2025 [7]

Group 1 - The company, DaoShengTianHe Materials Technology (Shanghai) Co., Ltd., has received approval from the Shanghai Stock Exchange for its initial public offering (IPO) and listing on the main board [1] - The registration for the IPO has been authorized by the China Securities Regulatory Commission (CSRC) under document number 〔2025〕1713 [1] - The prospectus for the IPO is available for public viewing on the Shanghai Stock Exchange website and other specified platforms [1] Group 2 - The lead underwriter for the IPO is CITIC Securities Co., Ltd. [1]

格隆汇9月29日丨道生天合(601026.SH)公布，根据《道生天合材料科技（上海）股份有限公司首次公开 发行股票并在主板上市发行公告》公布的回拨机制，由于本次网上发行初步有效申购倍数约为6,170.64 倍，超过100倍，发行人和保荐人（主承销商）决定启动回拨机制，对网下、网上发行的规模进行调 节，将扣除最终战略配售部分后本次公开发行股票数量的40.00%（向上取整至500股的整数倍，即 4,443.4500万股）股票由网下回拨至网上。回拨机制启动后，网下最终发行数量为3,895.6690万股，约占 扣除最终战略配售部分后本次发行数量的35.07%；网上最终发行数量为7,212.9000万股，约占扣除最终 战略配售部分后本次发行数量的64.93%。回拨机制启动后，网上发行最终中签率为0.04220717%。责任 编辑：磐石 ...

Group 1 - The company, DaoShengTianHe Materials Technology (Shanghai) Co., Ltd., plans to issue up to 58.62 million shares on the Shanghai Stock Exchange, aiming to raise 694 million yuan [1] - The funds raised will be allocated as follows: 135 million yuan for repaying bank loans and 558.55 million yuan for a project to produce 56,000 tons of high-end adhesives and high-performance composite resin systems for new energy and power batteries [1] - The company is controlled by Ji Gang and Zhang Ting, with Shanghai Yicheng Industrial Investment Group Co., Ltd. being the largest shareholder, holding a 47.55% stake [1] Group 2 - As of 2024, the company has 664 employees, with 8.13% holding master's degrees, 26.66% holding bachelor's degrees, 18.07% holding associate degrees, and 47.14% having vocational education or lower [2] - The professional structure of the workforce includes 6.93% in sales, 61.30% in production, and 20.63% in research and development [2] - The company reported revenue per employee of 4.8765 million yuan and profit per employee of 234,100 yuan for 2024 [3]