中国经济网北京12月9日讯 中证指数有限公司2025年11月28日发布关于沪深300、中证500、中证 1000、中证A500等指数定期调整结果的公告。根据指数规则，经指数专家委员会审议，中证指数有限 公司决定调整沪深300、中证500、中证1000、中证A50、中证A100、中证A500等指数样本，于2025 年12月12日收市后生效。其中沪深300指数更换11只样本，中证500指数更换50只样本，中证1000指数 更换100只样本，中证A50指数更换4只样本，中证A100指数更换6只样本，中证A500指数更换20只样 本。 2021年至2024年及2025年前三季度，永辉超市归属于上市公司股东的净利润分别为-39.44亿 元、-27.63亿元、-13.29亿元、-14.65亿元、-7.10亿元。4年3季累计亏损102.11亿元。 永辉超市2025年10月31日披露的2025年度向特定对象发行A股股票募集说明书(申报稿) 显示，本 次向特定对象发行A股股票募集资金总额不超过311,386.04万元（含本数），募集资金总额在扣除发行 费用后的净额将用于以下方向：门店升级改造项目、物流仓储升级改造项目、补充流动 ...

作者｜王高平 俞凯 任奕霖 来源｜锦之翼公众号 在很多人的认识里，上市公司定增属于非公开发行证券，这是一个存在了近二十年的常识问题。但股票发行注 册制实施以来，诸多监管规则和监管理念悄然发生变化，打破很多传统认知。本文试图从现实需求、规则演 变、实践案例等几个方面，解析在注册制规则体系中上市公司定增属于公开发行证券，以期抛砖引玉。 一、问题由来——通过定增获得的上市公司股票的减持限制 众所周知，2015年中国股市遭遇了股灾，2015年6月15日至7月9日短短18个交易日内，上证指数从5174点跌至 3373点，跌幅达到34.8%；深证指数从18182点跌至10850点，跌幅达到40.3%。期间，超过90%的股票跌幅高达 50%至70%，许多公司选择停牌以躲避市场的剧烈波动。 面对证券市场出现非理性下跌，为维护资本市场稳定，切实维护投资者合法权益，中国证监会于2015年7月8日 发布《证监会关于维护资本市场稳定的公告》（证监会公告(2015)18号），要求从即日起6个月内，上市公司控 股股东和持股5%以上股东（以下并称大股东）及董事、监事、高级管理人员不得通过二级市场减持本公司股 份。 证监会公告(2015)1 ...

Core Viewpoint - In November 2025, A-share listed companies in China executed 9 private placements, a decrease of 36% year-on-year, while the actual fundraising amount reached approximately 34.461 billion yuan, an increase of 147% year-on-year [1][2]. Group 1: Fundraising Activities - A total of 9 private placements were completed in November 2025, with a total fundraising amount of approximately 34.461 billion yuan, marking a year-on-year increase of 147% but a month-on-month decrease of 8% [2][4]. - The top three companies by fundraising amount were: - Yuanda Environmental Protection raised 23.576 billion yuan by issuing 359,938.93 million shares at 6.55 yuan per share [4][5]. - Hushi Silicon Industry raised 6.716 billion yuan by issuing 44,740.55 million shares at 15.01 yuan per share [4][5]. - Hubei Energy raised 2.9 billion yuan by issuing shares at 4.85 yuan per share [4][5]. Group 2: Planned Fundraising - In November 2025, 29 private placement proposals were disclosed, with a planned fundraising amount of approximately 28.779 billion yuan, reflecting a year-on-year decrease of 34.53% [1][6]. - The companies with the largest planned fundraising amounts included: - Energy-saving Wind Power with a maximum of 3.6 billion yuan for green power projects [9][11]. - Shengxin Lithium Energy and Demingli, each planning to raise 3.2 billion yuan for various projects [9][11]. Group 3: Industry Distribution - The industrial sector led the fundraising activities with 3 completed placements totaling approximately 23.919 billion yuan [6][7]. - The consumer discretionary sector also had 3 placements, but with a significantly lower total of 6.07 million yuan [6][7]. - The information technology sector followed with 2 placements, raising a total of 7.036 billion yuan [6][7].

Core Points - In September 2025, A-share listed companies in China executed 15 private placements, marking a 200% year-on-year increase, with total funds raised amounting to approximately 144.71 billion yuan, a staggering 10,359% increase year-on-year [1][2] - A total of 33 private placement proposals were disclosed in September 2025, with a proposed fundraising scale of approximately 32.6 billion yuan, reflecting a 37.45% year-on-year increase [1][7] Company Summaries - China Shipbuilding ranked first in actual fundraising, raising 114.77 billion yuan by issuing 3.053 billion shares at a price of 37.59 yuan per share, with funds intended for the merger with China Shipbuilding Industry Corporation [4][5] - ChipLink Integrated raised 5.307 billion yuan through the issuance of approximately 1.314 billion shares at 4.04 yuan per share, with the funds aimed at acquiring 72.33% equity in ChipLink Integrated Circuit Manufacturing (Shaoxing) Co., Ltd. [4][5] - Guosen Securities raised 5.192 billion yuan by issuing shares at 8.25 yuan per share, with the net proceeds intended for the acquisition of 96.08% of Wanhe Securities [4][5] Industry Analysis - The industrial sector led the private placements with 5 instances, raising a total of approximately 122.44 billion yuan, followed by the information technology sector with 4 placements, and the materials sector with 2 placements [6][7] - The information technology and industrial sectors each disclosed 8 private placement proposals in September 2025, with the information technology sector proposing a total fundraising amount exceeding 6.9 billion yuan [14][15]

北京商报讯（记者 李海媛）前三季度已过，公募机构参与非公开发行股票（以下简称"定增"）认购的热 情不减。10月11日，共有5家发布旗下20余只基金参与定增的公告。此外，近一个月，还有包括葛兰、 朱少醒、范妍、张清华、杨锐文等知名基金经理旗下部分在管产品也参与了上市公司定增。另据公开数 据，年初至今，公募机构参与定增的认购总金额合计超300亿元，同比增长超五成，还有5家机构年内认 购总金额超10亿元。有机构表示，今年定增市场供给稳中有升，反映了定增市场关注度提升和资金参与 热情的增加，或是市场对于定增类资产后续表现预期较为积极的一种信号。 | 基金名称 | 获配数量 | 总成本(元) | 总成本 日書令 | | 账面价 值占基 | 锁 定 | | --- | --- | --- | --- | --- | --- | --- | | | (股) | | 资产净 | 账面价值(元) | 金资产 | | | | | | 值比例 | | 浄值比 | 期 | | | | | | | | | | 易方达增强回报债 | | | | | 0.10% | 6个 | | 券型证券投资基金 | 1,047,443 | 33,999 ...

Core Viewpoint - The company, Tanshan (探路者), has announced a plan to raise 1.93 billion yuan through a private placement, which has raised significant market skepticism due to its financial stability and the vague purpose of the funds [2][21]. Financial Status - Tanshan's financial condition is robust, with operating cash flows of 202 million, 409 million, and 225 million yuan from 2022 to 2024, totaling 836 million yuan in net inflow [3][4]. - The company has substantial cash reserves, with 827 million yuan in cash and 139 million yuan in financial assets, totaling nearly 1 billion yuan [4]. - Tanshan's debt burden is minimal, with short-term loans of only 10 million yuan and long-term debt of 100 million yuan, resulting in an asset-liability ratio of 20.55%, significantly lower than industry averages [4][7]. Fundraising Details - The proposed fundraising of 1.93 billion yuan is intended solely for "supplementing working capital," which is unusual given the company's strong financial position [2][21]. - The placement price of 7.28 yuan per share is significantly lower than the market price of 9.22 yuan at the time of the announcement, raising concerns about potential harm to minority shareholders [2][21]. Control Structure - Following the completion of the fundraising, the controlling shareholder, Li Ming, is expected to increase his stake from 13.68% to 33.60%, significantly consolidating his control over the company [3][19]. - The actual control of Tanshan appears to be shifting towards Huang Tao, the second-generation leader of Century Jinyuan Group, who has been quietly increasing his influence over the company [3][15]. Market Reactions and Speculations - The market has expressed doubts regarding the necessity and transparency of the fundraising, especially given the lack of specific project plans associated with the raised funds [2][21]. - Potential uses for the raised funds include enhancing the chip business, facilitating asset operations, or supporting other companies controlled by Huang Tao [20][21]. Regulatory Considerations - The recent amendments to the regulations by the China Securities Regulatory Commission emphasize that raised funds should be used for specific projects related to the main business, raising questions about the compliance of Tanshan's fundraising plan [4][21].

Summary of Key Points Core Viewpoint - In August 2025, A-share listed companies in China implemented a total of 12 private placements, marking a 50% year-on-year increase, with total funds raised amounting to approximately 18.213 billion yuan, a significant year-on-year increase of 209% [1][2]. Company-Specific Summaries - TCL Technology led the fundraising efforts with a total of 4.359 billion yuan raised through the issuance of 1.035 billion new shares at a price of 4.21 yuan per share, aimed at acquiring a 21.5311% stake in Shenzhen Huaxing Semiconductor [5][6]. - *ST Songfa ranked second, raising 4 billion yuan by issuing approximately 109 million new shares at 36.67 yuan per share, with funds allocated for green high-end equipment manufacturing projects [5][6]. - Huadian International secured the third position with 3.428 billion yuan raised through the issuance of new shares at 4.86 yuan per share, intended for expansion projects and restructuring costs [5][6]. Industry Distribution - The industrial sector led the private placements with 4 instances, raising a total of approximately 6.362 billion yuan, followed by the information technology, materials, and consumer discretionary sectors, each with 2 placements [7][8]. - In terms of pre-announced private placements, the information technology sector had the highest activity with 14 proposals, aiming to raise over 9.465 billion yuan, while the industrial sector had 10 proposals totaling 4.595 billion yuan [14][15]. Overall Market Activity - A total of 44 private placement proposals were disclosed in August 2025, with a proposed fundraising scale of approximately 35.278 billion yuan, reflecting a year-on-year increase of 112% and a quarter-on-quarter increase of 24% [1][9].

Core Viewpoint - The commitment from the controlling shareholder, Maoming Port Group Co., Ltd., provides strong support for Maohua Shihua's upcoming issuance of shares to specific targets, signaling positive market sentiment and stabilizing investor confidence [1][2]. Group 1 - Maohua Shihua convened the 10th temporary meeting of the 13th board of directors on August 29, 2025, to review and approve the proposal for the issuance of shares to specific targets for the year 2025 [1]. - Maoming Port Group has committed not to reduce its holdings in Maohua Shihua shares from six months prior to the board resolution date until the date of the commitment letter [1]. - If the share issuance is completed and Maoming Port Group holds a certain percentage of voting rights in Maohua Shihua, it will not transfer or delegate the management of the shares acquired through this issuance for 18 months [1]. Group 2 - The commitment includes adherence to restrictions on shares obtained through stock dividends or capital reserve transfers until the lifting of the share restriction period [1]. - Should the restriction period conflict with the latest regulatory opinions or requirements, Maoming Port Group will adjust accordingly [1]. - Any reduction of shares after the restriction period must comply with relevant laws and regulations, and violations of the commitment will result in legal liabilities [1].

Core Viewpoint - Securities firms are actively participating in the private placement of listed companies in A-shares, with a total subscription amount of 20.062 billion yuan as of July 13 this year [1][2]. Group 1: Participation and Market Trends - A total of 32 securities firms have participated in the private placements of A-share listed companies this year, with a combined subscription amount of 20.062 billion yuan [1]. - Large securities firms are more active in private placements, with four firms participating in more than ten placements each. Guotai Junan Securities leads with participation in 32 companies, followed by CITIC Securities and CICC with 15 each, and Haitong Securities with 10 [2]. - Seven securities firms have participated in private placements with subscription amounts exceeding 1 billion yuan, with Guotai Junan Securities at the top with 6.025 billion yuan [2]. Group 2: Industry Focus - The main industries for securities firms' private placement subscriptions include power, equipment manufacturing, and healthcare [2]. - Some companies, such as Jimin Medical, Changjiang Power, and Zhongke Titanium, have attracted multiple securities firms for their private placements, indicating strong interest [2]. Group 3: Performance of Private Placement Projects - Most projects have generated floating profits for securities firms, with Changjiang Power showing a 12% increase from its placement price, resulting in a floating profit of approximately 578 million yuan for the participating firms [4]. - However, some projects have resulted in floating losses, such as Jiuzhou Pharmaceutical, where the stock price fell below the placement price, leading to losses for participating firms like CITIC Securities and Guotai Junan Securities [4]. Group 4: Factors Influencing Participation - The enthusiasm for participating in private placements is influenced by various factors, including the intended use of raised funds, industry conditions, construction cycles, future revenue assessments, placement prices, and lock-up periods [3]. - Securities firms need to analyze both the fundamentals of the companies and the trends in the secondary market, as the latter can be more challenging to predict [5].

Group 1 - The trend of full-staff fundraising has become more common among mid-tier and lower-tier institutions due to increased fundraising difficulties in recent years [2][4] - Some institutions have set strict KPIs for investment managers, such as raising no less than 5 million yuan, with consequences for failure to meet targets [3] - A notable case involves a new "billion-dollar institution" that hired nearly 100 Investor Relations (IR) staff and set daily fundraising targets, with termination for non-compliance within three months [4] Group 2 - The practice of full-staff fundraising is not new, but it is less common for investment institutions to engage in fundraising themselves [6][8] - Some institutions have resorted to collaborating with external financial advisors (FAs) or developing internal FA teams due to market downturns [9] - A controversial approach involves requiring all investment managers to sign FA agreements with portfolio companies to assist in subsequent financing, with performance metrics tied to their annual salaries [10] Group 3 - Mandatory co-investment has been a topic of debate, with some institutions imposing strict co-investment requirements on employees [11][13] - Examples include a state-owned enterprise requiring a 10% co-investment in projects, with project approval contingent on meeting this threshold [14] - Another case involved a market-oriented fund that laid off employees based on their willingness to co-invest in new fund offerings, citing a lack of commitment to the company's growth as justification for termination [14] Group 4 - Specialized fundraising funds have evolved in response to the challenges faced by traditional blind pool funds, with general partners (GPs) needing to generate management fees [16][18] - Some GPs are willing to take on projects without management fees, driven by the desire to expand their management scale despite the lack of financial incentives [20] - The role of local governments in investment attraction has led some GPs to act as intermediaries, although this can be a challenging and lengthy process [22][23] Group 5 - Acquiring publicly listed companies has emerged as a strategy for GPs, as valuations are often lower than in the primary market [26][27] - However, transitioning from primary to secondary market operations poses significant challenges, including the need for specialized knowledge and the competitive landscape [28][30] - The difficulty of executing public company acquisitions has led some to consider private placements as an alternative, although success is highly dependent on market conditions and the quality of the companies involved [31][32] Group 6 - Recent regulatory actions have targeted firms engaging in unrelated business activities, highlighting the scrutiny faced by GPs [34] - Despite criticism, some in the industry argue that pursuing alternative income sources is a pragmatic approach to sustaining operations [35]