Summary of the Inquiry Transfer Report Core Viewpoint The report outlines the process and results of the inquiry transfer of shares from specific shareholders of Guangdong Liyang Chip Testing Co., Ltd. to institutional investors, ensuring compliance with relevant regulations and fairness in the transfer process. Group 1: Overview of the Inquiry Transfer - The inquiry transfer involves shareholders Huang Xing, Hainan Yangzhi Enterprise Management Partnership, Hainan Yanghong Enterprise Management Partnership, Huang Zhu, and Xie Chunlan reducing their holdings in Guangdong Liyang Chip Testing Co., Ltd. [1] - As of June 20, 2025, the total number of shares held by the selling shareholders and their proportion of the total share capital is detailed [1]. - The maximum number of shares proposed for inquiry transfer is 6,582,643 shares, representing 3.25% of the total share capital [2]. Group 2: Transfer Method and Pricing - The transfer method follows the guidelines set forth in the "Inquiry Transfer and Allocation Guidelines" for companies listed on the Science and Technology Innovation Board [2]. - The minimum price for the inquiry transfer is determined based on the average trading price of the company's shares over the 20 trading days prior to June 17, 2025 [2][3]. - The pricing determination process prioritizes subscription price, subscription quantity, and the time of receipt of the subscription forms [3]. Group 3: Transfer Process and Results - A total of 134 institutional investors received the subscription invitation, including various types of investment firms [5]. - The final transfer price was set at 15.59 yuan per share, with a total transaction amount of 102,623,404.37 yuan [8]. - Eleven institutional investors were confirmed as the final recipients of the shares, with the total number of shares allocated being 6,582,643 [8]. Group 4: Compliance and Verification - The inquiry transfer process was verified to be legal and compliant with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [9][14]. - Both the selling and buying parties were confirmed to meet the necessary qualifications for participation in the inquiry transfer [12][14]. - The report concludes that the entire inquiry transfer process adhered to principles of fairness and compliance with market regulations [14].

本次交易相关主体买卖股票情况的自查报 国泰海通证券股份有限公司 关于 上海奥浦迈生物科技股份有限公司 告 之 专项核查意见 独立财务顾问 二〇二五年六月 上海奥浦迈生物科技股份有限公司（以下简称"上市公司"、"奥浦迈"） 拟发行股份及支付现金购买资产并募集配套资金（以下简称"本次交易"）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第 26 号—上市公司重大资产重组》《监管规则适用指引—上市类 第 1 号》等文件的规定，国泰海通证券股份有限公司（以下简称"独立财务顾问" "国泰海通"）作为本次交易的独立财务顾问，对上市公司本次交易相关内幕信 息知情人买卖股票的自查报告进行了核查，具体情况如下： 一、本次交易的内幕信息知情人买卖股票情况自查期间 根据上市公司披露的公告文件，奥浦迈于 2025 年 1 月 17 日发布《上海奥浦 迈生物科技股份有限公司关于筹划重大资产重组的停牌公告》，首次披露上市公 司正在筹划本次交易，经向上交所申请，上市公司股票于 2025 年 1 月 17 日开市 起停牌。2025 年 6 月 6 日，上市公司披露了《重组报告书（草案）》。 根据《公开发 ...

Global Asset Performance - Global stock markets mostly declined last week, while commodity prices generally increased. The Nikkei 225 rose by 1.50%, emerging market stock index increased by 0.05%, S&P 500 fell by 0.15%, developed market stock index decreased by 0.30%, Shanghai Composite Index dropped by 0.51%, and Hang Seng Index fell by 1.52% [1][3] - Commodity prices saw significant increases, with IPE Brent crude futures up by 2.85%, S&P-Goldman Commodity Index rising by 2.30%, South China Commodity Index increasing by 2.29%, and COMEX copper up by 1.74%. However, London gold spot price decreased by 1.91% [1][3] - In the bond market, domestic 10Y government bond futures prices rose by 0.30%, and the total price index of China bonds increased by 0.16%. The 10-year U.S. Treasury yield fell by 3 basis points to 4.38% [1][3] Economic Indicators in the U.S. - U.S. industrial output fell both year-on-year and month-on-month in May 2025, with a year-on-year growth rate of -0.13% compared to 0.55% in the previous month, and a month-on-month growth rate of -0.21% compared to -0.10% [6][10] - The industrial capacity utilization rate in the U.S. decreased to 77.43%, while the manufacturing capacity utilization rate slightly increased to 76.73% [6] - The Philadelphia Fed Manufacturing Index for June remained unchanged at -4.0, showing improvement from April's -26.4 [8] - New private housing starts in the U.S. fell by 4.56% year-on-year in May, and retail and food service sales also declined by 3.29% year-on-year [10] Inflation and Monetary Policy - The Federal Reserve maintained its interest rate target range at 4.25%-4.5% during the June meeting, marking the fourth consecutive meeting without a change. However, inflation expectations have increased, with the Fed lowering its economic growth forecasts for 2025 and 2026 [24] - The European Central Bank (ECB) indicated that its anti-inflation measures are nearly complete, with a cautious stance on future rate cuts, although market expectations suggest a potential rate cut later in the year [25] - The Bank of Japan decided to keep its policy rate unchanged at around 0.5% and will slow the pace of bond purchase reductions starting in the fiscal year 2026 [26]

Core Viewpoint - The article discusses the historical and recent trends of the AH premium, indicating a long-term downtrend in the AH premium center due to various factors including market structure, liquidity differences, and the influx of quality assets into the Hong Kong market [1][2]. Group 1: Historical Context of AH Premium - The AH premium has historically existed due to differences in market systems, liquidity, and industry structure, with the premium index fluctuating around 115 before the launch of the Stock Connect in late 2014, and rising to an average of 134 post-launch [2][3]. - The differences in listing systems between A-shares and H-shares, such as the introduction of a registration system in A-shares and a more market-driven pricing mechanism in H-shares, contribute to the persistent AH premium [3][4]. Group 2: Recent Changes in AH Premium - Since early 2024, the AH premium has been on a downward trend, with a notable drop to a new low of 128 as of June 16, 2025, which is the lowest since June 2020 [2][8]. - The issuance discount for new Hong Kong listings from mainland companies has narrowed significantly, with the average discount dropping from 17.6 in 2023 to 6.5 in 2024, indicating a shift in market dynamics [8][9]. Group 3: Factors Influencing the Downtrend - The liquidity gap between Hong Kong and A-share markets is narrowing, with significant inflows of southbound capital into Hong Kong, increasing the proportion of southbound holdings from 13.5% in early 2024 to 20.6% [15][16]. - The concentration of quality assets in the Hong Kong market, driven by policies encouraging mainland companies to list in Hong Kong, is expected to further reduce the valuation gap between A-shares and H-shares [16][18]. Group 4: Future Outlook - The proportion of emerging industries in the Hong Kong market is anticipated to rise, with a notable decline of 19.6 percentage points in the market capitalization-weighted AH premium rate, primarily driven by traditional sectors [18][20]. - The article suggests that even if the AH premium returns to historical averages, the impact on emerging industries represented by the Hang Seng Technology Index will be limited [18].

Group 1 - The core point of the announcement is that Rongtong Fund Management Co., Ltd. has signed a sales agreement with Guotai Junan Securities Co., Ltd. to add Guotai Junan as a sales institution for certain open-end funds starting from June 23, 2025, and will also launch a regular investment plan [1][2]. - The applicable funds and business scope are mentioned, indicating that investors can use the new sales channel for regular investment services [1]. - Investors are advised to read the fund's legal documents, such as the "Fund Contract" and "Prospectus," for detailed information about the funds [1]. Group 2 - Contact information for both Guotai Junan Securities and Rongtong Fund Management is provided, including websites and customer service phone numbers for investor inquiries [1]. - The announcement is dated June 23, 2025, indicating the effective date for the new sales agreement and investment services [3].

公司于2025年4月28日召开公司第二届董事会第十五次会议、第二届监事会 第十一次会议，会议审议通过了《关于公司2024年度利润分配方案的议案》， 并同意将该利润分配方案提交公司2024年年度股东大会审议。 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为上 海宣泰医药科技股份有限公司（以下简称"宣泰医药"或"公司"）首次公开发行 股票并上市保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》《上海证券交易所上市公司自律监管指引第7 号——回购股份》等有关规定， 对宣泰医药2024 年度利润分配所涉及的差异化分红（以下简称"本次差异化分红" ）相关事项进行了审慎核查，具体情况如下： 一、本次差异化分红的原因 公司于2024年2月19日召开第二届董事会第八次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过上海 证券交易所股票交易系统以集中竞价交易方式回购公司已发行的部分人民币普 通股（A股） ...

Core Viewpoint - The transaction between the listed company and the target company aims to enhance business synergy and improve asset quality by integrating their operations in the biopharmaceutical sector, particularly focusing on cell culture products and CDMO services [1][2][3]. Group 1: Transaction Necessity and Business Integration - The listed company and the target company both operate in the biopharmaceutical sector, with the listed company focusing on cell culture products and CDMO services, while the target company specializes in CRO services for early-stage drug development [1][3]. - The transaction is seen as a strategic move to create synergies in business operations, customer bases, and international market strategies, enhancing the overall service offerings [2][4]. - The integration will allow the listed company to provide a comprehensive service chain from early drug development to commercial production, thereby improving customer retention and satisfaction [5][6]. Group 2: Financial Impact and Asset Quality Improvement - The transaction is expected to significantly improve the financial metrics of the listed company, with projected increases in total assets by 76.07% and net profit by 222.72% post-transaction [14][16]. - The integration will enhance the company's ability to withstand market fluctuations by diversifying its revenue streams, as CRO services are less correlated with the commercial production cycles of biopharmaceuticals [17][18]. - The merger will also reduce reliance on single product lines, allowing the company to offer a full range of services from early research to commercial production, thus strengthening its competitive position [17][19]. Group 3: Industry Trends and Strategic Alignment - The transaction aligns with industry trends where biopharmaceutical companies are increasingly seeking comprehensive service providers to streamline their drug development processes [19][20]. - The merger is consistent with industry practices where companies expand their capabilities through acquisitions to enhance service offerings and market competitiveness [19][20]. - The combined entity will be better positioned to compete with leading firms in the sector by offering integrated solutions that cover the entire drug development lifecycle [19][20]. Group 4: Integration Plans and Management Control - Post-transaction, the listed company plans to implement a comprehensive integration strategy that includes shared customer resources, joint marketing efforts, and unified management structures to enhance operational efficiency [22][23]. - The management team from the target company will remain in place, ensuring continuity while also integrating into the listed company's governance structure to facilitate effective oversight and control [26][30]. - The integration will focus on leveraging the strengths of both companies to create a robust platform for biopharmaceutical services, enhancing overall market presence and operational capabilities [22][23].

Core Viewpoint - The company intends to conduct foreign exchange hedging activities to mitigate currency risk arising from international operations and enhance financial stability [1][5][6] Transaction Overview - The primary purpose of the foreign exchange hedging is to protect against the adverse effects of currency fluctuations on the company's profitability due to overseas transactions [1][2] - The company plans to use various derivatives such as forwards, swaps, and options to manage foreign exchange risk associated with import materials and overseas payments [2][3] - The total amount for the foreign exchange hedging activities is capped at 36 million USD or equivalent foreign currency for the year 2025 [2] - The funding for these hedging activities will come from the company's own funds, not from raised capital [2][3] Risk Analysis - The company acknowledges potential risks associated with foreign exchange hedging, including market volatility and the complexity of currency movements [3][4] - The company will only engage with reputable financial institutions for these transactions to minimize credit risk [4] Risk Control Measures - The company has established strict internal controls and procedures to ensure that all hedging activities are conducted prudently and do not involve speculative trading [4][5] - Regular reporting on the status of foreign exchange risk exposure will be conducted to ensure timely identification of any issues [4] Impact on the Company - The foreign exchange hedging activities are expected to enhance the company's financial stability and protect against adverse currency movements, thereby safeguarding shareholder interests [5][6] - The company will adhere to relevant accounting standards for the recognition and measurement of financial instruments related to these hedging activities [5] Approval Process - The board of directors approved the foreign exchange hedging proposal during a meeting held on June 20, 2024, and it does not require further shareholder approval [5][6] Sponsor's Review Opinion - The sponsor believes that the foreign exchange hedging activities align with the company's operational needs and will help mitigate risks without harming the interests of the company or minority shareholders [6]

Core Viewpoint - The article discusses the qualification review conducted by Guotai Junan Securities for shareholders of Guangdong Liyang Chip Testing Co., Ltd. regarding the transfer of shares to specific institutional investors before the company's initial public offering [1][2]. Group 1: Shareholder Qualification Review - Guotai Junan Securities was commissioned by the shareholders of Liyang Chip to organize the inquiry transfer of shares [1]. - The review process included interviews and inquiries with the shareholders, as well as the collection of relevant documents [2]. - Huang Xing, a shareholder, has not violated any regulations regarding share reduction and is subject to the inquiry transfer window period regulations [2][3]. Group 2: Specific Shareholder Details - Huang Xing is a natural person with no overseas permanent residency and has complied with all share reduction regulations [3][4]. - Hainan Yangzhi Enterprise Management Partnership and Hainan Yanghong Enterprise Management Partnership are also involved, both of which are legal entities with no violations of share reduction regulations [4][5]. - The shares intended for transfer are pre-IPO shares and are not subject to any pledges or judicial freezes [5][6]. Group 3: Compliance with Regulations - The inquiry transfer must comply with the guidelines set forth in the "Inquiry Transfer and Allocation Guidelines" [9][10]. - Liyang Chip has met the requirements for the inquiry transfer, including maintaining a cash dividend amount exceeding 30% of the average annual net profit attributable to shareholders [9]. - The inquiry transfer does not fall within the restricted periods outlined in the guidelines, ensuring compliance with all regulatory requirements [10][11].

国泰海通证券股份有限公司 关于浙江中力机械股份有限公司 首次公开发行网下配售限售股上市流通的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 浙江中力机械股份有限公司（以下简称"中力股份"、"公司"）首次公开发行 股票并在主板上市的保荐机构，负责对中力股份的持续督导工作。根据《证券发 行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第11号——持续督导》 《上海证券交易所上市公司自律监 管指引第1号——规范运作》等有关法律、法规和规范性文件的要求，对中力股 份首次公开发行网下配售限售股上市流通事项进行了审慎核查，具体核查情况 及核查意见如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会《关于同意浙江中力机械股份有限公司首次 公开发行股票注册的批复》（证监许可2024230号），并经上海证券交易所同意 ，浙江中力机械股份有限公司首次公开发行人民币普通股（A股）6,100万股，并 于2024年12月24日在上海证券交易所主板上市交易。公司首次公开发行股票完 成后，总股本为401,000,000股，其中有限售条件流通股351,17 ...