Summary of Key Points Core Viewpoint - In the first half of 2025, a total of 51 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 37.3 billion yuan [1]. Company Listings by Region - Jiangsu Province had 12 companies listed, raising a total of 5.159 billion yuan [2]. - Zhejiang Province had 10 companies listed, raising a total of 9.693 billion yuan [2]. - Guangdong Province also had 10 companies listed, raising a total of 7.153 billion yuan [2]. - Anhui Province had 5 companies listed, raising a total of 3.153 billion yuan [3]. - Other provinces such as Hubei, Jiangxi, Sichuan, and Shandong had 2 companies each listed, while Inner Mongolia, Beijing, Jilin, Shanghai, Heilongjiang, and Hunan had 1 company each listed [1]. Top Fundraising Companies - The top five companies by fundraising amount were: 1. Zhongce Rubber: 4.066 billion yuan (Zhejiang Province) 2. Tianyouwei: 3.740 billion yuan (Heilongjiang Province) 3. Yingshi Innovation: 1.938 billion yuan (Guangdong Province) 4. Kaifa Technology: 1.169 billion yuan (Sichuan Province) 5. Xingfu Electronics: 1.168 billion yuan (Hubei Province) [1].

- The report includes a quantitative model for calculating single account IPO returns, defined as: $ Single\ Account\ IPO\ Return = min(Account\ Size, Subscription\ Limit) * Winning\ Rate * Return\ Rate $ Parameters: - Winning rate reflects actual IPO results - Return rate uses the first-day average transaction price relative to the issue price for IPOs under the comprehensive registration system, or the opening day price for non-registration system IPOs[41][42][43] - Another formula calculates full subscription returns for A/B/C class investors: $ Full\ Subscription\ Return = Subscription\ Limit * A/B/C\ Class\ Winning\ Rate * Return\ Rate $ This formula assumes maximum subscription and full allocation scenarios[41][42][43] - The report evaluates IPO returns across different market segments: - Main Board: A-class return rate 0.014%, C-class return rate 0.013% - ChiNext: A-class return rate 0.035%, C-class return rate 0.034% - STAR Market: A-class return rate 0.012%, C-class return rate 0.012%[42][43][45] - Monthly cumulative returns for 5-billion-scale accounts: - A-class: June return rate 0.168%, cumulative return rate 0.743% - C-class: June return rate 0.166%, cumulative return rate 0.670%[46][47][48] - Full subscription returns for June: - Main Board: A-class 94,000 yuan, C-class 87,000 yuan - ChiNext: A-class 173,000 yuan, C-class 168,000 yuan - STAR Market: A-class 735,000 yuan, C-class 734,000 yuan[49][50][52]

Group 1 - The A-share IPO market shows signs of recovery, with 41 new IPOs accepted on June 30 alone, bringing the total to 177 for the first half of the year, surpassing the total for the entire previous year [1][3] - The atmosphere for making profits from new stock listings remains strong, with all 51 new stocks listed in the first half of the year experiencing price increases on their debut, averaging a rise of over 229% [1][3] - Jiangnan New Materials achieved the highest debut increase of over 606%, while significant profits were noted for stocks like Ying Shi Innovation and Xi Dian Co., with potential earnings exceeding 60,000 yuan per share [1][2] Group 2 - In the first half of 2025, A-shares raised over 37.3 billion yuan through IPOs, slightly higher than the same period in 2024, with the highest fundraising coming from Zhongce Rubber at over 4 billion yuan [3] - The average initial price-to-earnings ratio for new stocks decreased to approximately 18.84 times, down from 21.71 times in 2024, enhancing the potential for investor returns [3] - The highest initial stock price was 93.5 yuan per share for Tian You Wei, while the lowest was 3.94 yuan for Tian Gong Co. [3] Group 3 - The online subscription success rate for new stocks remains low, with the highest being 0.17% for Kai Fa Technology and the lowest at 0.01% for Xi Dian Co., making it challenging for average investors to secure shares [4][5] - The number of active trading accounts in the A-share market exceeds 50 million, with over 200 million retail investors, leading to a competitive environment for new stock subscriptions [4][5] Group 4 - In the first half of 2025, cities like Shenzhen and Hangzhou led in the number of new A-share listings, indicating strong economic vitality in these second-tier cities [7] - The total number of A-share listed companies exceeds 5,400, with Beijing, Shanghai, and Shenzhen having the highest numbers of listings [7] Group 5 - A significant number of companies are withdrawing from the IPO process, with over 70 companies having terminated their IPO applications in 2025, following more than 400 in 2024 [11] - As of June 30, 2025, there are 337 companies in the IPO queue, with notable firms like China Resources New Energy and Moer Thread among those seeking to raise over 2 billion yuan [12]

Summary of Key Points Core Viewpoint - The article discusses the recent issuance of new stocks in the market, highlighting the total fundraising amounts and the performance of various companies in 2023 [1][2]. Group 1: New Stock Issuance - A new stock, Tongyu New Materials, issued 10 million shares at a price of 84.00 yuan, raising 840 million yuan [1]. - As of July 1, 2023, a total of 49 companies have completed initial public offerings (IPOs), raising a cumulative amount of 38.787 billion yuan, with an average fundraising of 792 million yuan per company [1]. - Among the companies, 10 raised over 1 billion yuan, 20 raised between 500 million and 1 billion yuan, and 19 raised less than 500 million yuan [1]. Group 2: Fundraising by Sector - In terms of market segments, the Shanghai Main Board had 11 new stock issuances raising 13.761 billion yuan, while the Shenzhen Main Board had 7 issuances raising 3.761 billion yuan [1]. - The ChiNext Board saw 19 new stocks issued, raising 11.428 billion yuan, and the Sci-Tech Innovation Board had 7 issuances raising 7.901 billion yuan [1]. - The Beijing Stock Exchange had 5 new stocks issued, raising 1.937 billion yuan [1]. Group 3: Top Fundraising Companies - Zhongce Rubber is the top fundraising company this year, raising 4.066 billion yuan primarily for working capital and projects related to high-performance tires [2]. - Tianyouwei follows with 3.740 billion yuan raised, mainly for cash management and construction of automotive electronic smart factories [2]. - Other notable companies include Yitang Innovation, which raised 2.497 billion yuan, and Kaifa Technology, which raised 1.169 billion yuan [2]. Group 4: Pricing and Regional Distribution - The average initial public offering price for new stocks this year is 24.15 yuan, with 4 companies pricing above 50 yuan [2]. - The highest issuance price is from Tianyouwei at 93.50 yuan, followed by Youyou Green Energy at 89.60 yuan and Tongyu New Materials at 84.00 yuan [2]. - The majority of new stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with fundraising amounts of 9.693 billion yuan, 7.299 billion yuan, and 4.944 billion yuan respectively [2].

Core Viewpoint - In the first half of 2025, the number of IPOs by Chinese enterprises decreased slightly compared to the second half of 2024, but the fundraising amount approached 140 billion RMB, showing significant growth. The Hong Kong stock market has become the main financing channel for Chinese enterprises' IPOs [1]. Group 1: Overall IPO Performance - In the first half of 2025, Chinese enterprises completed a total of 129 IPOs globally, an increase of 34 compared to the same period in 2024 [2]. - The total fundraising amount for Chinese enterprises' global IPOs reached approximately 139.89 billion RMB, a year-on-year increase of 143.30% [4]. - The distribution of IPOs by market shows that A-shares had 48 listings, Hong Kong had 41, and overseas markets had 40 [7]. Group 2: Market-Specific IPO Details - In the A-share market, the fundraising amount was 38.00 billion RMB, up 25.53% year-on-year [10]. - The Hong Kong market saw a total fundraising of 95.68 billion RMB, a staggering increase of 738.75% compared to 2024 [10]. - The overseas market raised 6.21 billion RMB, which represents a decline of 60.64% year-on-year [10]. Group 3: Industry-Specific Fundraising - In terms of industry, the industrial sector raised 55.84 billion RMB, while the consumer discretionary sector raised 27.02 billion RMB [12]. - The top two companies by fundraising in the first half of 2025 were both listed on the Hong Kong Stock Exchange: Ningde Times raised 37.70 billion RMB and Hengrui Medicine raised 10.45 billion RMB [15]. Group 4: A-Share Market Insights - In the A-share market, 48 companies went public, with 27 in Q1 and 21 in Q2 [19]. - The fundraising amount in the A-share market was 38.00 billion RMB, with a decline of 25.87% in Q1 but a significant increase of 170.98% in Q2 [21]. - The majority of A-share IPOs came from the industrial sector, while the consumer discretionary sector had the highest fundraising amount of 13.14 billion RMB [28]. Group 5: Hong Kong Market Insights - In the Hong Kong market, 41 Chinese enterprises went public, with 16 in Q1 and 25 in Q2 [32]. - The total fundraising in the Hong Kong market was 95.68 billion RMB, with Q1 raising 16.80 billion RMB and Q2 raising 78.85 billion RMB [34]. - The industrial sector dominated the fundraising in Hong Kong, totaling 46.74 billion RMB [37]. Group 6: Overseas Market Insights - In the overseas market, all IPOs were completed in the US, with 1 company listed on the American Stock Exchange and 39 on NASDAQ [48]. - The total fundraising amount for overseas IPOs was 6.21 billion RMB, a significant decrease compared to the previous year [50]. - The consumer discretionary sector had the highest number of companies listed overseas, totaling 11, with a fundraising amount of 3.54 billion RMB [52].

法律意见书 浙江天册律师事务所 关于 中策橡胶集团股份有限公司 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 中策橡胶集团股份有限公司 法律意见书 编号：TCYJS2025H1075 号 法律意见书 一、本次股东大会召集、召开的程序 （一）经本所律师核查，公司本次股东大会由董事会提议并召集，召开本 次股东大会的通知已于 2025 年 6 月 11 日在指定媒体及上海证券交易所网站 上公告。 （二）本次股东大会采取现场投票与网络投票相结合的方式。 根据本次股东大会的会议通知，本次股东大会现场会议召开的时间为 策橡胶集团股份有限公司 A802。经本所律师的审查，本次股东大会现场会议 召开的实际时间、地点与本次股东大会的会议通知中所告知的时间、地点一致。 通过上海证券交易所交易系统投票平台进行网络投票的具体时间为 2025 年 6 月 30 日 9:15-9:25，9:30-11:30，13:00-15:00。通过上海证券交易所股东大 会互联网投票平台的投票时间为 2025 ...

Group 1 - The number of IPOs in Hong Kong has significantly increased in the first half of 2025, with A-share companies also increasingly announcing plans to list in Hong Kong [1] - In Q2 2025, the Hong Kong Stock Exchange (HKEX) surpassed NASDAQ in terms of fundraising scale, achieving a net fundraising amount of HKD 1,067.13 billion, a year-on-year increase of 688.56% [2][3] - Despite having fewer IPOs than NASDAQ in Q2 (27 vs. 83), the fundraising amount from Hong Kong IPOs reached HKD 880.44 billion, exceeding NASDAQ's USD 9.5 billion (approximately HKD 744.94 billion) [3] Group 2 - The number of Chinese companies listing in the US has increased, with 40 companies going public in the first half of 2025, up from 25 in the same period last year. However, the total fundraising amount decreased by 59.73% to USD 7.45 billion [4] - The largest fundraising in A-shares during the first half of 2025 was from Zhongce Rubber, which raised RMB 39.33 billion, followed by Tianyouwei and Yingshi Innovation [5] - The largest IPO in the US was from Venture Global, raising USD 1.67 billion, while the largest in Hong Kong was CATL, raising HKD 353.31 billion (approximately USD 45.01 billion) [7] Group 3 - The best-performing new stocks in A-shares this year include Jiangnan New Materials with a cumulative increase of 419.29%, followed by Haibosichuang and Tianhe Magnetic Materials [8] - In the US market, the top-performing new stocks include Diginex with a cumulative increase of 584.00%, followed by Anbio and CoreWeave [8] - In Hong Kong, the best-performing new stock is Gu Ming, with a cumulative increase of 158.06% [8] Group 4 - The number of companies queued for IPOs in Hong Kong for the second half of 2025 has significantly increased, with at least 8 companies confirmed to list in July and August [9] - From June 27 to June 30, 23 companies submitted applications for the first time on the HKEX, including several A-share companies [9] - The influx of new listings may lead to differentiated performance based on the flow of funds and the quality of the companies, emphasizing the importance of fundamental analysis over speculative trading [9]

年内A股第一大IPO为中策橡胶，募资金额为40.66亿元，仅为港股宁德时代IPO规模的九分之一；扣除 发行费用后，募资净额为39.33亿元。第二大IPO为天有为，募资金额37.4亿元，扣除发行费用后，募资 净额为35.3亿元。 值得一提的是，上半年A股公司赴港上市掀起了高潮。年内港股十大IPO中，"A+H"的公司占据了其中5 席。除了上述的宁德时代外，恒瑞医药、海天味业、三花智控、赤峰黄金这4家公司也同为"A+H"股。 以下文章来源于财经图解 ，作者乘桴于海 财经图解 . 财经大事早知道，关注东方财富股票！ 临近2025年上半年收官，A股IPO出现回暖迹象。据东方财富Choice数据，截至6月27日，年内A股共有 51只新股上市，首发募资合计371.13亿元，分别同比增长约16%、15%。 不过，与上半年的港股IPO市场相比，A股就显得极为"平淡"。数据显示，截至6月27日，年内港股共有 39只新股上市，首发募资合计1051亿港元（约960亿元），分别同比增长约30%、700%。 个股首发募资规模方面，港股也遥遥领先。年内港股第一大IPO是宁德时代，首发募资410亿港元（约 376亿元），超过了年内A股IPO ...

浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 中策橡胶集团股份有限公司 2024 年年度股东大会的 法律意见书 法律意见书 浙江天册律师事务所 关于 中策橡胶集团股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H1075 号 致：中策橡胶集团股份有限公司 浙江天册律师事务所（以下简称"本所"）接受中策橡胶集团股份有限公司 （以下简称"中策橡胶"或"公司"）的委托，指派本所律师参加公司 2024 年年 度股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规 则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要 求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人 员的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对 会议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确性 发表意见。 本法 ...

证券代码：603049 证券简称：中策橡胶 公告编号：2025-012 中策橡胶集团股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 30 日 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：关于 2024 年度利润分配预案的议案 审议结果：通过 | 表决情况： | | --- | (二)股东大会召开的地点：浙江省杭州钱塘区一号大街一号中策橡胶集团股份有 限公司 A802 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,310 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 790,006,872 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 90.3396 | (四)表决方式是否符合《公司法》及《公司 ...