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上市失败案例分析:那些倒在IPO路上的企业做错了什么?
Sou Hu Cai Jing· 2025-06-06 10:08
Core Viewpoint - The trend of Chinese companies going public in the U.S. and Hong Kong is facing significant challenges due to stricter regulatory scrutiny and a growing number of failed IPO attempts [2][4][12] Group 1: Regulatory Environment - The IPO review process in mainland China has become increasingly stringent, leading many companies to shift their focus to Hong Kong, where financial transparency and governance requirements have also intensified [4] - The SEC imposes strict requirements on financial disclosures and audits, making companies with financial flaws or internal control deficiencies more likely to face IPO rejections [7] Group 2: Financial Challenges - Dipu Technology, an AI high-tech firm, reported cumulative losses of 2.4 billion yuan over three years, with a staggering debt-to-asset ratio of 965.3%, raising concerns about its liquidity and operational sustainability [5] - Companies are experiencing liquidity crises, reduced R&D spending, and high employee turnover, which can hinder their IPO prospects [5] Group 3: Valuation and Market Conditions - Flashback Technology's IPO attempt failed due to valuation discrepancies and a downturn in the industry cycle, highlighting the need for sustainable profit models rather than reliance on market sentiment [6] - Investors should be cautious of companies with high valuations, low profitability, and high debt, especially during industry downturns [6] Group 4: Compliance and Legal Issues - Companies must manage internal communications and external promotions carefully during the IPO quiet period to avoid legal violations that could delay or derail their IPO plans [9] - New Hehua Chinese Medicine Co. faced multiple IPO failures due to allegations of financial fraud and governance issues, demonstrating the importance of compliance in the IPO process [11] Group 5: Successful IPO Strategies - Successful IPOs are often characterized by clear business models, progress in technology commercialization, and strong ESG governance capabilities, forming a "iron triangle" for success [13] - Companies should leverage policy benefits and pre-review mechanisms to address compliance challenges and adapt their strategies based on industry characteristics and target markets [12]
钧达股份(002865) - H股公告-截至2025年5月31日止之股份发行人的证券变动月报表
2025-06-05 10:31
呈交日期: 2025年6月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 公司名稱: 海南鈞達新能源科技股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02865 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 63,432,300 | RMB | | | 1 RMB | | 63,432,300 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 63,432,300 | RMB | | | 1 RMB | | 63,432,300 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於 ...
进入港股通!钧达股份三重引擎打造“光伏宁王”,开启光伏大航海时代
Ge Long Hui· 2025-06-03 22:22
2025年5月,随着钧达股份(002865.SZ/02865.HK)成功登陆港交所,并预计将在6月3日纳入港股通, 这家全球光伏电池龙头企业的战略价值迎来资本市场的深度审视。作为首家实现"A+H"双平台布局的光 伏主材企业,钧达股份的全球化布局和核心技术壁垒,正在为投资者勾勒出一幅"技术+出海+资本赋 能"的三重增长蓝图,三重引擎打造"光伏宁王"。 钧达股份的主营业务为光伏电池的研发、生产与销售,而光伏行业的竞争本质是技术迭代速度的较量。 钧达股份在行业从P型向N型技术转型的关键期,凭借超前布局的眼光、持续的技术创新和关键工艺的 突破,确立了不可撼动的行业领先地位,港股成功上市,助力公司全球化战略加速。本次顺利入通,港 股流动性增加,随着AH股溢价的持续收窄,公司有望受益于两地市场估值差异的收敛,吸引更多国际 资本关注,进一步打开估值提升空间。 技术引领,N型电池领跑者地位持续巩固 钧达股份在全球范围内拥有强大的研发技术实力,率先完成了首款N型高效电池的量产,并通过低银浆 工艺、智慧工厂等实现降本增效。根据招股书披露,公司已凭借技术领先优势持续拉开与竞争对手的身 位,其自主研发的"MoNo2"系列电池量产转换 ...
上市公司动态 | 中国船舶选举胡贤甫为董事长,中信银行100亿筹建金融资产投资公司,大族数控拟H股上市





He Xun Cai Jing· 2025-06-03 15:41
Key Developments - China Shipbuilding elected Hu Xianfu as the chairman of the board, with a term until the board's term ends [2] - CITIC Bank received approval to establish Xinyin Financial Asset Investment Co., with a registered capital of RMB 10 billion, aimed at supporting "technology finance" development [3] - Dazhu CNC submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, reporting a 104.56% increase in revenue to RMB 3.343 billion in 2024 [5] - Hunan Hualing Cable's private placement was approved, aiming to raise up to RMB 1.2149 billion for various projects [7] - Dataport received approval for a bond issuance of up to RMB 1.2 billion [8] - Su Yan Jingshen received approval for a private placement to raise up to RMB 1.8 billion [9] Corporate Announcements - Zhonghaida's subsidiary Xi'an Lingjing Technology was ruled for bankruptcy liquidation, with no significant impact on the parent company's operations [11] - Diou Home's major shareholders are planning changes that may affect control, leading to a temporary suspension of trading [13] - Dadi Ocean plans to acquire 100% of Zhejiang Huguo Waste Management for RMB 135 million [14] - Haomei New Materials adjusted its share repurchase price limit to RMB 45 per share [15] - Rui De Intelligent adjusted its share repurchase price limit to RMB 41.71 per share [16] - Haosai elected Dai Congqi as chairman of the board [17] - Yinlun shares adjusted its share repurchase price limit to RMB 35.88 per share [18] - Jinzi Ham's control changed to Zheng Qingsheng, who became the new controlling shareholder [19] - United Optoelectronics plans to acquire 100% of Changyi Optoelectronics, enhancing manufacturing capabilities [20] - Luoping Zinc's major shareholder signed an agreement to transfer 22.4% of shares [21] - Hualing Steel plans to introduce five external investors to increase capital by RMB 1.5 billion [22] - *ST Xinyan is undergoing restructuring due to creditor applications [23] - Cixing plans to acquire 75% of Shenyang Shunyi Technology, entering the defense technology sector [24] - Filinger's actual controller will change to Jin Yawei after a share transfer [25] - Shenyang Machine Tool plans to increase capital in its subsidiary by RMB 250 million [26] - Sansteel Mingguang's chairman resigned due to work reasons [27] - Huakong Saige's chairman and other executives resigned due to personnel adjustments [28] - Xinji Energy's chairman resigned due to age reasons [30] - CITIC Securities received approval to issue up to RMB 15 billion in technology innovation bonds [31] - Del Shares plans to invest approximately RMB 300 million in new lithium battery projects [32] - Wanrun Shares' chairman resigned due to work adjustments [33] - Yingte Group's subsidiary successfully acquired 100% of Huadong Pharmaceutical for RMB 369 million [34] - Junda Shares' H-shares were included in the Hong Kong Stock Connect list [35]
钧达股份将在土耳其建设5GW电池基地,阿曼基地预计今年年底建成投产
Di Yi Cai Jing· 2025-06-03 12:48
Core Viewpoint - JunDa Co., Ltd. is expanding its production capacity overseas, particularly in Turkey, to meet the growing demand for photovoltaic batteries in the global market, despite facing significant losses in recent quarters [1][3]. Group 1: Production Capacity and Sales - By the end of 2024, JunDa Co., Ltd. will have a production capacity of 44GW for N-type TOPCon batteries, with P-type capacity fully impaired by the end of 2023 (impairment amounting to 890 million yuan) [1][3]. - The company shipped 33.74GW of battery products, with over 90% being N-type, representing a year-on-year growth of 50.58% [1][3]. Group 2: Overseas Expansion Plans - JunDa Co., Ltd. has signed a strategic cooperation agreement with Turkish renewable energy company Schmid Pekintaş Energy to jointly build a 5GW N-type high-efficiency photovoltaic battery production base in Turkey [1]. - The decision to establish production capacity in Turkey is based on a comprehensive assessment of the country's fiscal policies, trade conditions, and resource availability, aiming to satisfy the demand in Turkey, Europe, and other global markets [1]. - The company is also advancing a photovoltaic battery project in Oman, with plans to complete a 5GW high-efficiency battery capacity by the end of 2025 [2]. Group 3: Market Dynamics and Financial Performance - Turkey's component production capacity has surpassed 15GW, ranking first in Europe, but there is a significant shortage in battery production due to high technical barriers and talent requirements [2]. - JunDa Co., Ltd. has seen a substantial increase in overseas sales, with 23.85% of sales coming from international markets in 2024, a significant rise from 4.69% in 2023, and further growth to 58% in the first quarter of 2025 [2]. - Despite strategic expansions, the company reported a net loss of approximately 600 million yuan in 2024 and continued to incur losses in the first quarter of 2025, with a net loss of 106 million yuan, marking the fourth consecutive quarter of losses [3].
钧达股份: 第四届监事会第五十六次会议决议公告
Zheng Quan Zhi Xing· 2025-06-03 11:12
证券代码:002865 证券简称:钧达股份 公告编号:2025-044 海南钧达新能源科技股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整,没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 (一)审议通过《关于注销 2021 年股票期权激励计划首次授予部分和预留授 予部分股票期权的议案》 经审核,监事会认为: 鉴于 2021 年股票期权激励计划首次授予部分第三个行权期和预留授予部分第 三个行权期行权条件未满足,相关激励对象持有的股票期权不得行权。根据公司 予部分 81 名激励对象合计 1,245,415 份已获授但尚未行权的股票期权,以及 2021 年股票期权激励计划预留授予部分 2 名激励对象合计 251,095 份已获授但尚未行权 的股票期权予以注销。 海南钧达新能源科技股份有限公司(以下简称"公司")第四届监事会第五十六 次会议于2025年6月3日以通讯表决的方式召开。公司于2025年5月30日以专人送达 及电子邮件方式向公司全体监事发出了会议通知。公司监事共3人,参加本次会议 监事3人,本次会议由监事会主席刘忍妹女士召集及主持。本次会议的召集、召开 程序符合《公司法 ...
钧达股份(002865) - 关于注销2023年第二期股票期权激励计划首次授予部分和预留授予部分股票期权的公告
2025-06-03 10:47
证券代码:002865 证券简称:钧达股份 公告编号:2025-048 海南钧达新能源科技股份有限公司 关于注销 2023 年第二期股票期权激励计划 首次授予部分和预留授予部分股票期权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚 假记载、误导性陈述或重大遗漏。 海南钧达新能源科技股份有限公司(以下简称"公司"或"钧达股份")于2025 年6月3日召开第四届董事会第七十七次会议和第四届监事会第五十六次会议,审 议通过了《关于注销2023年第二期股票期权激励计划首次授予部分和预留授予部 分股票期权的议案》,现将有关事项公告如下: 一、2023 年第二期股票期权激励计划已履行的相关审批程序 1、2023 年 9 月 27 日,公司召开第四届董事会第五十二次会议,审议通过了 《关于〈海南钧达新能源科技股份有限公司 2023 年第二期股票期权激励计划(草 案)〉及其摘要的议案》《关于〈海南钧达新能源科技股份有限公司 2023 年第二 期股票期权激励计划实施考核管理办法〉的议案》《关于提请股东大会授权董事会 办理公司 2023 年第二期股票期权激励计划相关事宜的议案》等相关议案。公司独 立董事 ...
钧达股份(002865) - 关于注销2021年股票期权激励计划首次授予部分和预留授予部分股票期权的公告
2025-06-03 10:47
证券代码:002865 证券简称:钧达股份 公告编号:2025-045 海南钧达新能源科技股份有限公司 关于注销 2021 年股票期权激励计划首次授予部分 和预留授予部分股票期权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚 假记载、误导性陈述或重大遗漏。 海南钧达新能源科技股份有限公司(以下简称"公司"或"钧达股份")于2025 年6月3日召开第四届董事会第七十七次会议和第四届监事会第五十六次会议,审 议通过了《关于注销2021年股票期权激励计划首次授予部分和预留授予部分股票 期权的议案》,现将有关事项公告如下: 一、2021 年股票期权激励计划已履行的相关审批程序 1、2021 年 11 月 15 日,公司召开第四届董事会第四次会议,审议通过了《关于 公司〈2021 年股票期权激励计划(草案)〉及其摘要的议案》《关于公司〈2021 年股票期权激励计划实施考核管理办法〉的议案》《关于提请股东大会授权董事会 办理公司 2021 年股票期权激励计划相关事宜的议案》等相关议案。公司独立董事 已对公司股权激励计划相关事项发表了同意的意见。 2、2021 年 11 月 15 日,公司召开第四 ...
钧达股份(002865) - 关于注销2023年第一期股票期权激励计划首次授予部分股票期权的公告
2025-06-03 10:47
证券代码:002865 证券简称:钧达股份 公告编号:2025-047 海南钧达新能源科技股份有限公司 4、2023 年 2 月 2 日,公司召开 2023 年第一次临时股东大会,审议通过了《关 于〈海南钧达新能源科技股份有限公司 2023 年股票期权激励计划(草案)〉及其 摘要的议案》《关于〈海南钧达新能源科技股份有限公司 2023 年股票期权激励计 划实施考核管理办法〉的议案》《关于提请股东大会授权董事会办理公司 2023 年 股票期权激励计划相关事宜的议案》等议案。 关于注销 2023 年第一期股票期权激励计划 首次授予部分股票期权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚 假记载、误导性陈述或重大遗漏。 海南钧达新能源科技股份有限公司(以下简称"公司"或"钧达股份")于2025年 6月3日召开第四届董事会第七十七次会议和第四届监事会第五十六次会议,审议 通过了《关于注销2023年第一期股票期权激励计划首次授予部分股票期权的议案》。 根据2023年第一期股票期权激励计划的相关规定,需对部分股票期权进行注销,现 将有关事项公告如下: 一、2023 年第一期股票期权激励计划已履 ...
钧达股份(002865) - 关于注销2022年股票期权激励计划首次授予部分和预留授予部分股票期权的公告
2025-06-03 10:47
证券代码:002865 证券简称:钧达股份 公告编号:2025-046 海南钧达新能源科技股份有限公司 关于注销 2022 年股票期权激励计划首次授予部分 2、2022 年 5 月 27 日,公司召开第四届监事会第九次会议,审议通过了《关 于公司〈2022 年股票期权激励计划(草案)〉及其摘要的议案》《关于公司〈2022 年股票期权激励计划实施考核管理办法〉的议案》《关于核实〈海南钧达汽车饰件 股份有限公司 2022 年股票期权激励计划激励对象名单〉的议案》。 3、2022 年 5 月 31 日至 2022 年 6 月 9 日,公司对授予激励对象的姓名和职务 1 在公司内部宣传栏进行了公示,在公示期内,公司监事会未接到与本激励计划拟激 励对象有关的任何异议。2022 年 6 月 10 日,公司监事会作出《关于公司 2022 年 股票期权激励计划首次授予激励对象名单的核查意见及公示情况说明》。监事会经 核查认为:本次列入激励计划的首次授予激励对象均符合相关法律所规定的条件, 其作为公司 2022 年股票期权激励计划的激励对象合法、有效。 4、2022 年 6 月 13 日,公司召开 2022 年第四次临时股东大 ...