Shenwan Hongyuan Securities·2025-12-30 05:33Group 1: Market Dynamics - New supply remains high with a noticeable slowdown in the approval pace, with 24 new private placement projects added in the last two weeks, a decrease of 2 projects compared to the previous period[5] - The number of projects terminated was 5, down by 6 projects, while the approval by the review committee decreased by 17 projects to 10[5] - The number of projects in the normal review stage stands at 636, with 88 projects approved and registered, a decrease of 4 projects[8] Group 2: Fundraising and Pricing Trends - The number of projects listed in the last two weeks increased to 7, with total fundraising amounting to 72.86 billion yuan, a 364.92% increase[36] - The average benchmark discount rate for competitive projects rose to 11.81%, an increase of 2.01 percentage points[36] - The average market price discount rate for competitive projects was 12.56%, slightly down by 0.07 percentage points[36] Group 3: Project Analysis - Lingyun Technology plans to raise up to 695 million yuan to acquire 100% of JAI, which has a valuation of 103 million euros, reflecting a valuation increase rate of 680.15%[25] - Guangha Communication aims to raise up to 750 million yuan for new intelligent scheduling systems, with revenue growth exceeding 20% year-on-year for both 2024 and the first three quarters of 2025[29] Group 4: Risk Factors - Risks include slower-than-expected approval progress for private placements, fluctuations in secondary market stock prices, and changes in the pricing environment for private placements[5]