Core Viewpoint - The company Jing Shi Ce Kong has submitted an IPO application to the Hong Kong Stock Exchange, with plans to raise funds for capacity expansion, R&D, marketing, potential acquisitions, and general corporate purposes. However, there are concerns regarding the credibility of its financial information due to significant discrepancies in its financial disclosures and the recent sell-off by a major shareholder [1][3][5]. Group 1: IPO Details - Jing Shi Ce Kong has submitted its IPO application to the Hong Kong Stock Exchange on September 29, 2025, with CICC and浦银国际 as joint sponsors [1][5]. - The company plans to raise approximately 700 million yuan through this IPO [5]. - Prior to the IPO submission, Blue Lake Capital, holding 9.01% of the company, sold its shares at a price significantly lower than the last funding round valuation, raising questions about the company's valuation [1][5]. Group 2: Financial Discrepancies - There are major discrepancies in the financial disclosures between the company's applications to the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, with a difference of 233 million yuan in total liabilities and a 23.07 percentage point difference in the debt-to-asset ratio for 2022 [1][17]. - The company's revenue is projected to grow from 568 million yuan in 2022 to 863 million yuan in 2024, with a compound annual growth rate of 23.3%. However, a significant decline of 29.93% in revenue was reported for the first half of 2025 compared to the previous year [9][10]. Group 3: Ownership and Control - The founder and CEO Wang Lei holds 30.27% of the company, making him the largest shareholder, while CICC, through its investment arm, holds 11.85%, raising concerns about potential conflicts of interest as CICC is also a sponsor for the IPO [7][9]. - The company has undergone five rounds of financing since its establishment in 2011, raising over 300 million yuan, with a post-investment valuation of 1.6 billion yuan as of the D round in December 2022 [3][5].

Core Viewpoint - Jing Shi Measurement and Control has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and Puhui International as joint sponsors [2] Group 1: Financial Information and Fundraising - The company plans to raise funds for capacity expansion, R&D enhancement, sales and marketing activities, potential acquisitions, strategic investments, working capital, and general corporate purposes [3] - The expected fundraising amount is approximately 700 million RMB [8] - Financial discrepancies exist between the company's two IPO applications, with a significant difference of 233 million RMB in total liabilities and a 23.07 percentage point difference in asset-liability ratios [9][21] Group 2: Shareholder Dynamics - Prior to the IPO application, major shareholder Blue Lake Capital sold its 9.01% stake at a price significantly lower than the last financing round valuation, raising questions about the company's valuation [4][9] - CICC, as a major external investor holding 11.85% of the company, is also a joint sponsor for the IPO, leading to concerns about potential conflicts of interest [11] - The founder and largest shareholder, Wang Lei, holds 30.27% of the company, indicating a lack of a clear controlling shareholder status [11] Group 3: Business Performance - The company has experienced fluctuations in revenue, with total revenue projected to grow from 568 million RMB in 2022 to 863 million RMB in 2024, reflecting a compound annual growth rate of 23.3% [15] - However, in the first half of 2025, total revenue dropped by 29.93% year-on-year to 203 million RMB, with adjusted EBITDA turning negative at -116 million RMB [15] - The primary revenue source, online testing equipment, has shown a declining trend, with revenues decreasing by 33.40% and 40.02% in 2023 and the first half of 2025, respectively [17]

03908 董事會會議通告 中國國際金融股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2025年10月29日 召開董事會會議，藉以（其中包括）審議和批准刊發本公司及其附屬公司截至2025年9月30 日止九個月的業績公告。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China International Capital Corporation Limited 孫男 承董事會命 中國國際金融股份有限公司 董事會秘書 中國，北京 2025年10月17日 於本公告日期，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生；以 及獨立非執行董事為吳港平先生、陸正飛先生、彼得•諾蘭先生及周禹先生。 ...

格隆汇10月17日丨中金公司(03908.HK)公告，将于2025年10月29日召开董事会会议，藉以(其中包括)审 议和批准刊发公司及其附属公司截至2025年9月30日止9个月的业绩公告。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China International Capital Corporation Limited 中國國際金融股份有限公司 董事會秘書 孫男 中國，北京 2025年10月17日 03908 於本公告日期，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生；以 及獨立非執行董事為吳港平先生、陸正飛先生、彼得•諾蘭先生及周禹先生。 董事會會議通告 中國國際金融股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2025年10月29日 召開董事會會議，藉以（其中包括）審議和批准刊發本公司及其附屬公司截至2025年9月30 日止九個月的業績公告。 承董事會命 ...

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing a decline in stock price and trading volume, while also projecting significant profit growth for the upcoming period [1][2][3]. Company Overview - CICC is a state-owned enterprise controlled by Central Huijin Investment Ltd, and it operates under the category of "中字头" stocks, indicating its ties to central state-owned enterprises [2][3]. - The company was established on July 31, 1995, and listed on November 2, 2020. Its main business areas include investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management [6]. Financial Performance - For the period from January 1 to June 30, 2025, CICC expects a net profit attributable to shareholders of between 3.453 billion yuan and 3.966 billion yuan, representing a growth of 55% to 78% compared to the previous year's net profit of 2.228 billion yuan [3][7]. - As of June 30, 2025, CICC reported a net profit of 4.33 billion yuan, marking a year-on-year increase of 94.35% [7]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 11.17% to 124,000, while the average number of circulating shares per person increased by 12.62% to 23,649 shares [7]. - The stock has seen a net outflow of 176 million yuan today, with a total industry net outflow of 4.643 billion yuan over the past two days [4][5]. Dividend Information - Since its A-share listing, CICC has distributed a total of 4.924 billion yuan in dividends, with 2.607 billion yuan distributed over the past three years [8]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 71.1662 million shares, an increase of 21.6325 million shares from the previous period [9].

为助力区内企业抢抓国际资本市场机遇、破解赴港上市难题，10月16日，广州"云山创享汇"金融沙龙第十五期——企业赴港上市主题宣讲活动在白云金控大 厦开讲。 本次活动由广州市委金融办、白云区人民政府组织，白云区发展和改革局主办，广州白云金科控股集团有限公司（简称"白云金控"）、广东股权交易中心、 白云区上市公司联谊会承办，广州银行白云支行支持。来自广州市委金融办、市发改委、香港贸发局广州办事处以及白云区等有关单位领导代表，中金公 司、竞天公诚律师事务所、毕马威会计师事务所等金融服务和投资机构代表，有关行业协会代表，以及南航物流、芭薇股份、乐禾食品、里工实业等22家拟 上市企业代表近百人参加了活动。 近年来，白云区政协通过设立金融行业委员工作室等各类行业或界别委员工作室，深入企业开展调研，在ESG、借港出海、赴港上市等前沿领域积极探索。 本次活动开场，白云区政协党组书记、主席袁东华特别受邀为活动致辞，他指出，赴港上市是企业对接国际资本市场、实现高质量发展的重要路径。他强 调，上市将推动企业治理与格局实现"脱胎换骨"，区政协将积极发挥桥梁作用，营造良好上市氛围，期待以此次沙龙为契机，推动更多区内企业与香港资本 市场实 ...

Core Viewpoint - CICC's stock price has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 11.61% [1] Company Overview - China International Capital Corporation (CICC) was established on July 31, 1995, and listed on November 2, 2020. The company is headquartered in Beijing and operates in various financial services including investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management [2] - CICC's revenue composition includes wealth management (32.58%), equity business (25.78%), fixed income (13.38%), investment banking (11.26%), other services (8.87%), asset management (4.21%), and private equity (3.91%) [2] Financial Performance - As of June 30, CICC reported a net profit of 4.33 billion yuan, representing a year-on-year growth of 94.35% [3] - The company has distributed a total of 4.92 billion yuan in dividends since its A-share listing, with 2.61 billion yuan distributed in the last three years [4] Shareholder Information - As of June 30, 2025, CICC had 124,000 shareholders, a decrease of 11.17% from the previous period, with an average of 23,649 shares held per shareholder, an increase of 12.62% [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings for some [4]

Group 1 - As of October 16, 2024, 73 companies have successfully listed on the Hong Kong Stock Exchange, raising a total of 188.98 billion HKD in IPO funds, representing a year-on-year increase of 227.75%, making Hong Kong the leader in global new stock financing [1] - The total equity financing amount in the Hong Kong stock primary market, including IPOs and refinancing, reached 437.59 billion HKD this year, with a significant year-on-year growth of 260.41%, indicating a marked increase in market activity [2] - Chinese securities firms have shown a strong performance in the Hong Kong IPO underwriting and sponsorship business, with leading firms like CICC Hong Kong, CITIC Securities (Hong Kong), and Huatai Financial Holdings (Hong Kong) ranking high in the underwriting list [2] Group 2 - In the IPO business, CICC ranked first by sponsoring 25 IPOs, followed by CITIC Securities (Hong Kong) with 18 and Huatai Financial Holdings (Hong Kong) with 13 [2] - In terms of underwriting amounts, CICC led with 34.03 billion HKD, underwriting 32 deals, while CITIC Securities (Hong Kong) followed with 25.67 billion HKD for 28 deals [2] - The analysis indicates that high-quality issuer resources are increasingly concentrating among Chinese securities firms with comprehensive service capabilities, as "A+H" listed companies account for about half of the total IPO fundraising in Hong Kong [2] Group 3 - Chinese securities firms are accelerating their internationalization efforts, with Guolian Minsheng Securities' Hong Kong subsidiary obtaining a trading license from the Hong Kong Securities and Futures Commission on October 3 [3] - Several Chinese securities firms are establishing subsidiaries in Hong Kong, with firms like First Capital Securities, Western Securities, and Northeast Securities announcing plans to set up Hong Kong subsidiaries [3] - Firms such as GF Securities, Huatai Securities, and Dongwu Securities are increasing their investments in their Hong Kong subsidiaries, reflecting a focus on overseas business development [3]

Group 1 - Cangzhou Mingzhu's controlling shareholder is set to change to Guangzhou State-owned Assets Supervision and Administration Commission, acquiring 19.58% voting rights through the transfer of 167 million shares [1] - Guotou Fengle's application for a private placement of shares has been approved by the Shenzhen Stock Exchange, moving forward to the registration process with the China Securities Regulatory Commission [1] - Hunan Baiyin plans to adjust its share repurchase price ceiling to 8 CNY per share, with a total repurchase fund between 92.6 million and 123 million CNY [2] Group 2 - Zancore's shareholders plan to reduce their holdings by up to 2.71% of the company's total shares, amounting to 324,790 shares [3] - Tongfu Microelectronics intends to reduce its holdings by up to 1% of the total shares, equating to 15,176,000 shares [4] - Huajin Capital's shareholder plans to reduce holdings by up to 3% of the total shares, which is 10,341,200 shares [5] Group 3 - Ansheng Technology and partners are establishing a joint venture with a registered capital of 788 million CNY for a battery recycling project [6] - Huaten Technology plans to acquire 100% of Huayi Microelectronics through a combination of cash and stock issuance [7] - CICC has received approval to register a 10 billion CNY technology innovation corporate bond [9] Group 4 - Taijia shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 755,210 shares [10] - Nanfang Energy expects a net profit of 342 million CNY for the first three quarters, a year-on-year increase of 125.08% [12] - Shunbo Alloy's shareholders plan to reduce their holdings by up to 2.05% of the total shares, which is 1,372,900 shares [14] Group 5 - Shenzhen Energy is participating in the establishment of a 1 billion CNY renewable energy industry fund, focusing on investments in various energy sectors [15] - China Electric Port's shareholders plan to reduce their holdings by up to 1% of the total shares, which is 759,900 shares [16] - Liangpinpuzi's controlling shareholder's transfer of control has been terminated due to unmet conditions [17] Group 6 - Jingsheng Electromechanical's five executives plan to reduce their holdings by up to 277,620 shares, which is 0.21% of the total shares [19] - Shaoneng shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 31,444,100 shares [20] - Xiaoming shares' shareholders plan to reduce their holdings by up to 2.97% of the total shares, which is 557,030 shares [21] Group 7 - Fangzheng Electric's shareholders and executives plan to reduce their holdings by up to 3.37% of the total shares [22] - Hainan Huatie is under investigation by the CSRC for suspected information disclosure violations [23] - Qianli Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange [25]