MHMarkets迈汇观察表示，美国财政部外国资产控制办公室（OFAC）近期对逾30家涉及伊朗能源出口 的企业、个人及船只实施新一轮制裁，重点针对通过伪造产地、油品混装等方式出口伊朗原油的运输网 络。该行动波及伊拉克Khor Al Zubair港口相关设施与运营商，可能对伊拉克能源项目海外合作及港口 营运造成间接影响。 MHMarkets迈汇市场影响分析 伊拉克港口运营商及物流链将面临更加严格的合规审查及交易限制，或削弱其国际合作和融资能力；虽 短期内伊朗原油出口网络受阻，但通过"影子船队"转运的规模尚存不确定性；原油供应结构可能出现轻 微扰动，整体影响依赖亚洲市场对伊朗原油需求的持续程度；相关航运公司及油轮未来在全球保险、靠 港及交易系统中将遭遇更多操作难题。 MHMarkets迈汇认为： 企业应加强对中东港口及第三方转运船只的合规风险管理，严防被误伤导致贸易限制；伊拉克港口项目 需重新评估融资环境及外资吸引力，特别是液体储运、天然气处理及炼油项目；短期油价受影响有限， 但中长期走势将受制裁力度及市场买方行为影响；航运及保险相关企业须密切关注制裁名单变化，防范 合规风险及保险覆盖断裂。 MHMarkets迈 ...

【导读】最高"猛砍"90%！又有基金公司下调诺辉健康估值 业内人士表示，自去年年中以来，多家基金公司相继调整对诺辉健康的估值，反映出投资机构对其复牌前景的悲观预期。诺辉健康从当年的"癌症早筛第 一股"到近期估值接近归零，反映出生物科技公司高增长叙事下可能隐藏的合规风险。 长城基金下调诺辉健康估值 自去年年中以来，多家基金公司相继调整对诺辉健康的估值，近期又有基金公司再次出手。 屋漏偏逢连夜雨，停牌近15个月之久的港股上市公司——诺辉健康的估值再遭基金"脚踝斩"。 6月25日，长城基金公告将诺辉健康估值下调至1.20港元/股，这一估值相比停牌前的价格下调了91.51%。这也是继去年7月将其估值调整至7.48港元/股之 后，长城基金再次下调对诺辉健康的估值。 6月25日，长城基金公告称，经与基金托管人协商一致，自2025年6月24日起，对旗下证券投资基金持有的停牌股票"诺辉健康"按照1.20港元/股进行估值。 长城基金同时称，公司将密切关注其后续经营情况及其他重要事项，进行合理评估，必要时将与基金托管人协商，进一步确定其估值。待上述股票复牌且 体现了活跃市场交易特征后，公司将恢复按市价估值方法进行估值，届时不再另 ...

丹麦制药巨头诺和诺德宣布终止与Hims & Hers近期达成的一项旨在提振美国市场销售的肥胖症药物合作。 周一，诺和诺德发表声明称，将不再通过NovoCare药房向Hims & Hers直接提供其获FDA批准的减肥药Wegovy（诺和诺德生产的司美格鲁肽减肥 药）。这项合作关系刚在上个月四月扩大，旨在让美国人更容易、更经济地获得肥胖治疗药物。 诺和诺德终止与Hims的合作，担忧仿制药销售和虚假营销 Hims是一家以销售脱发和勃起功能障碍治疗药物而闻名的远程医疗平台。2024年下半年起，Hims 逐步将 Ozempic、Wegovy 纳入其远程减重服 务。公司市场宣传强调："每位用户在几分钟内就可获得治疗方案"，并显示高达 95% 用户符合处方标准 —— 这一点引起医药界高度关注。 今年4月，美国食品药品监督管理局（FDA）宣布Wegovy的全国性短缺问题已得到解决。随后，诺和诺德与包括Hims & Hers在内的部分远程医疗 公司展开合作，旨在帮助患者从非正规的配制药物转向经FDA批准的正版Wegovy。 然而，随着业内对"滥用GLP-1"担忧加剧，诺和诺德展开内部调查。由于 GLP-1 药物需要临床判断（B ...

一分支机构被罚超百万元 6月13日，金融监管总局洛阳监管分局发布的行政处罚信息显示，紫金保险洛阳中心支公司因编制虚假的报告、报表、文件、资料；未按照规定使用经批准 或者备案的保险条款、保险费率；虚构保险中介业务套取费用，被罚款93万元。时任该公司总经理助理谢武东被警告并处罚款22万元。 需要关注的是，同样在6月，根据金融监管总局运城监管分局发布的行政处罚信息，紫金保险运城中心支公司因编制虚假资料套取费用、未严格执行内部管 理制度被罚。该中心支公司及时任中心支公司总经理合计被罚金额18万元。 保险业再现大额罚单。6月16日，北京商报记者了解到，紫金财产保险股份有限公司洛阳中心支公司（以下简称"紫金保险洛阳中心支公司"）及时任该中心 支公司总经理因三项违规行为合计被罚115万元。需要关注的是，保险公司尤其是保险公司分支机构收到"百万罚单"的情况并不多见。当前紫金保险总裁一 职空缺，在业内人士看来，合规成为接棒者不得不重视的一大问题。 值得一提的是，该公司日前针对巡视组提出的"经营管理缺位、违规现象频发"问题进行了整改。该公司表示，进一步强化分支机构管理，推动机构合规经 营、稳健发展。完善分支机构经营考核机制，将合 ...

Core Viewpoint - The Shandong Securities Regulatory Bureau has disclosed 12 violations by Lide Capital Management Co., Ltd., covering key risk points in private fund operations, leading to administrative corrective measures against the company and its chairman, Li Xingchun [1][4][5]. Group 1: Violations and Regulatory Actions - Lide Capital has been found to have 12 violations related to promotional activities, fundraising, investor protection, fund management, and information disclosure, indicating risks across the entire private fund operation chain [4]. - The Shandong Securities Regulatory Bureau has mandated Lide Capital to implement effective corrective measures and submit a written report within 30 days of receiving the decision [5]. - Li Xingchun, as the legal representative and chairman, has been held primarily responsible for the violations and has received a warning letter as an administrative regulatory measure [8]. Group 2: Company Background and Structure - Lide Capital was established in November 2009, with a registered and paid-in capital of 240 million yuan, and currently manages a scale ranging from 0 to 500 million yuan [10]. - The company operates 8 products, with 15 in delayed liquidation, 51 in early liquidation, and 43 in normal liquidation [10]. - Lide Technology, the parent company of Lide Capital, manages a total of 160 billion yuan across various funds, including public and private securities investment funds [10]. Group 3: Financial Challenges and Related Entities - Morning Paper Group, a shareholder of Lide Technology, has reported overdue debts totaling 1.82 billion yuan, which constitutes 10.91% of its latest audited assets [15]. - The company faced significant financial difficulties, with a net loss of 7.41 billion yuan in 2024, compared to a net loss of 1.28 billion yuan in 2023 [16]. - Morning Paper Group's total liabilities reached approximately 50.67 billion yuan, with current liabilities amounting to 43.84 billion yuan [17].

Group 1 - The core viewpoint of the news is that Hangzhou is enhancing its support for enterprises in international operations by launching a compliance risk assessment initiative for 2025 [1] - The initiative is guided by the Hangzhou Council for the Promotion of International Trade and aims to assist local companies in identifying and managing compliance risks associated with international business [1][2] - The event attracted nearly 60 companies from the electromechanical and cross-border e-commerce sectors, with around 50 key personnel from legal and customs departments participating in training [1] Group 2 - Experts provided comprehensive insights on global cross-border regulatory dynamics, compliance risks, and development opportunities specific to the electromechanical and cross-border e-commerce industries [1] - A specialized team will diagnose individual companies' compliance risks and produce tailored "one-on-one" compliance risk assessment reports [2] - The Hangzhou Council for the Promotion of International Trade aims to strengthen cooperation with local trade promotion agencies and address legal challenges faced by enterprises in international operations [2]

这两年， 全球风投市场跟着技术和地缘局势悄悄重新洗牌 ：根据毕马威的数据，2025年Q1全球VC投 资总额增长至1263亿美元，且资本越来越往头部集中，AI成了投资热门。但伴随而来的就是 合规风险 也在增长 ，从投资架构到反垄断审查，处处藏着不少坑。 1、交易文件关注要点 一一一一一一一一、、、、、、、、 CCCCCCCCVVVVVVVVCCCCCCCC 的的的的的的的的投投投投投投投投资资资资资资资资特特特特特特特特点点点点点点点点 1、CVC和IVC的区别 | | | 独立风险投资 (IVC) | 企业风险投资 (CVC) | | | --- | --- | --- | --- | --- | | 投资基础 | | 成功投资的声誉 | 公司商业、技术成功的声誉 | | | | | 投资团队水平、过往业绩 | 公司内部执行经验 | | | 投资目标 | | 财务回报 | 业务整合和协同、前沿领域的早期竞争优势（技术、市 场、团队等）、早期干预潜在竞争对手的独立成长 | | | 窓原优势 | | 专业的投资团队和投资关系网络 | 产业经验和资源,可以向被投企业提供商业合作机会 | | | 募资环节 | | 有 ...

排版：刘珺宇 校对： 吕久彪 百万用户都在看 超级空头，突袭！ 北交所，突然大异动！发生了什么？ 直线拉升！特朗普，突然宣布！ 哈佛大学，突发！ 最新！特朗普，签了！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 5月23日，深圳证监局发布了《深圳私募基金监管情况通报（2025年第3期）》，就私募检查发现的问题及 监管要求进行了通报。 通报指出，有的私募出借私募基金证券账户或持仓股票。个别私募机构从业人员向外部人员出借基金持仓股票 用于日内回转交易，允许外部人员接入公司投资交易系统、以公司名义下达交易指令，相关人员因涉嫌非法经 营犯罪被公安机关侦办。有的私募机构将其在管私募基金证券账户提供给第三方机构或个人运作，用于开展大 宗交易、定向增发等交易。还有个别私募机构向第三方机构或个人出借部分私募基金证券账户，用于规避监管 从事市场操纵等证券违法行为或非法配资活动，对第三方机构或个人利用私募基金从事违法犯罪活动持放任心 态，合规风险突出。 责编：罗晓霞 ...

Core Viewpoint - Xiaomi's internal work hour management policy has come under scrutiny due to reports of excessive working hours and potential violations of labor laws, particularly in relation to the upcoming EU regulations on forced labor [1][2][5]. Group 1: Internal Work Hour Policies - Reports indicate that Xiaomi enforces a strict work hour ranking system, requiring employees to average at least 11.5 hours per day, with some departments demanding up to 15 hours [1][5]. - Employees are penalized for working less than 8 hours in a day, needing to provide written explanations, which may create psychological pressure [6]. - External contractors are also subjected to rigorous work hour requirements, with daily minimums set at 11 hours [1]. Group 2: Legal Compliance Issues - Xiaomi's work hour policy appears to violate China's labor laws, which stipulate a maximum of 8 hours per day and 40 hours per week, with a maximum of 36 hours of overtime per month [2]. - The implementation of a work hour ranking system may constitute a form of "last place elimination," which is not compliant with labor laws [2][5]. - The lack of written documentation for work hour requirements suggests an attempt to evade legal accountability, raising concerns about the company's compliance practices [2][6]. Group 3: Implications of EU Regulations - The EU's upcoming "Forced Labor Prohibition Act" defines excessive working hours as a form of forced labor, which could classify Xiaomi's practices as illegal under EU law [3][5]. - The act requires companies to ensure that their entire supply chain is free from forced labor, which could complicate Xiaomi's operations if any part of its supply chain is found in violation [7]. - Xiaomi's brand image in Europe could be severely damaged if linked to forced labor practices, potentially leading to market access issues [7][9]. Group 4: Strategic Importance of the EU Market - The EU market represents a significant opportunity for Xiaomi, with a market share of around 15% in the competitive smartphone sector [9]. - Losing access to the EU market could not only result in direct revenue loss but also exclude Xiaomi from the global high-end manufacturing supply chain [9][10]. - Xiaomi's ambitions extend beyond smartphones, with plans to enter the European electric vehicle market by 2027, highlighting the strategic importance of compliance in this region [9].

今年以来，中国石油长庆油田第一采气厂深入贯彻油田公司"合规管理提升年"部署要求，强化合规风险 识别、预警和应对，以全流程闭环管理推动合规风险防控水平有效提升。 以"三个聚焦"架起合规风险识别"探照灯"。聚焦法规制度识别风险。根据采气厂生产经营管理涉及的法 律法规、行政监管规定以及规章制度的最新要求，及时更新有效法律和制度清单，作为风险识别的第一 手资料。聚焦管理要求识别风险。收到上级部门印发的合规风险提示函、合规管理建议书以及有关政策 文件、工作通知等，第一时间组织学习研判，将其中的合规要求作为风险识别的重要来源。聚焦问题短 板识别风险。针对内控测试、专项检查、审计巡察等发现的问题，系统梳理、举一反三，纳入厂合规风 险识别范围，杜绝类似问题再次发生。 以"三种载体"打好合规风险提示"组合拳"。制定印发合规风险提示函。详细载明风险点、可能引发的后 果、防控措施建议，发送至厂主页，并要求认真传达对照，及时调整完善，有效促进了合规风险识别与 防控措施落实。组织召开问题剖析专题会。针对阶段性发现的典型合规问题召开专题会，集中通报业务 领域典型问题，提示相关合规风险，逐项剖析成因、制定整改措施，推进问题整改闭环。推动业 ...