在纽约证券交易所（NYSE）的首次公开募股（IPO）过程中，保荐人（通常由主承销商兼任，或由其他具备资质的金融机构担 任）扮演核心角色，负责确保发行人符合上市标准、信息披露真实准确，并推动发行流程顺利实施。以下从主要职责和核心要 点两方面展开说明： 一、纽交所IPO保荐人的主要职责 保荐人（Sponsor/Underwriter）的核心目标是通过专业服务，帮助发行人满足纽交所上市要求，完成高质量IPO，并维护市场信 心。具体职责涵盖以下环节： 1. 前期筛选与上市可行性评估 1. 尽职调查的"穿透性" 来 纽交所强调保荐人需"合理勤勉"（Reasonable Diligence），避免依赖发行人或第三方中介的表面陈述。例如，若公司收入依赖单 一客户，保荐人需穿透核查该客户的合作稳定性、合同条款及潜在流失风险。 2. 信息披露的"充分性与易懂性" S-1表格需避免模板化表述，风险因素需具体（如"供应链集中在某地区"需量化影响，如"若该地区物流中断，可能导致季度收入 下降20%"）。纽交所和SEC近年加强对"可读性"的要求，冗长模糊的披露可能引发反馈或延迟上市。 3. 申报材料编制与审核 发行人资质审查：保荐人需 ...

在纳斯达克IPO中，"保荐人"这一角色通常由主承销商（Lead Underwriter）承担（美国市场未明确使用"保荐人"术语，更强调 承销商的法律责任）。主承销商是IPO的核心中介机构，负责协调各方、确保发行合规，并对投资者和市场承担重要责任。以下 从职责范围和核心要点两方面展开说明： 一、纳斯达克IPO主承销商（保荐人）的主要职责 主承销商是连接发行人、投资者、交易所及其他中介机构的关键枢纽，核心职责贯穿IPO全流程： 1. 前期筛选与立项评估 3. 估值定价与发行方案设计 4. 文件编制与监管申报 5. 路演推广与投资者配售 主承销商的责任贯穿始终，以下为核心关注领域： 1. 合规性与法律责任 来 2. 信息披露的真实性与完整性 3. 投资者利益保护 4. 市场风险控制 发行人适配性分析：评估企业是否符合纳斯达克上市标准（如全球精选市场的财务指标、流动性要求、公司治理等），判 断业务模式的可持续性、市场竞争力及潜在风险。 战略匹配度：结合自身客户资源、行业经验，决定是否参与承销，并与企业协商承销方式（包销/代销）、发行规模、费 用结构等核心条款。 2. 尽职调查（Due Diligence） 法律与合规 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a warning letter to Guorong Securities Co., Ltd. for inadequate due diligence in the bond issuance and management related to Sanding Holdings Group Co., Ltd. [1][4] Group 1: Regulatory Actions - Guorong Securities failed to conduct thorough due diligence on Sanding Holdings' acquisition of Jinhua Weida Real Estate Co., Ltd., violating the regulations set forth in the Measures for the Administration of Issuance and Trading of Corporate Bonds [1][4] - The Zhejiang Securities Regulatory Bureau decided to issue a warning letter as a supervisory measure, which will be recorded in the integrity file of the securities and futures market [1][4] Group 2: Financial Misstatements - Sanding Holdings had inflated its consolidated financial statements by 1.865 billion yuan in total assets and 1.182 billion yuan in net assets for 2016, and by 1.873 billion yuan in total assets and 1.182 billion yuan in net assets for 2017 due to the improper inclusion of Weida Real Estate [2] - These financial misstatements led to false records in the offering documents and annual reports of several corporate bonds issued by Sanding Holdings [2] Group 3: Ownership Changes - On September 11, 2025, a transfer of shares in Guorong Securities was completed, with West Securities Co., Ltd. acquiring 1,151,433,439 shares, representing 64.5961% of Guorong Securities' total share capital [3]

在企业经营的过程中，有时会遇到业务方向调整、资源整合或投资者退出等情况，这时就可能涉及到一 项特殊的无形资产——企业资质的处理。与实物资产不同，企业资质是一种经过特定积累和审核才能获 得的资格认可，它本身具备一定的市场价值。当原持有者不再需要或无法继续维持该资质时，将其转让 给有需要的另一方，就形成了企业资质转让这一商业行为。本文将围绕这一主题，从几个方面进行阐 述。 1.企业资质的基本概念与价值 企业资质，从广义上讲，是指企业从事某种特定经营活动所多元化具备的法定条件和能力证明。它通常 以证书、许可或备案等形式体现，是企业进入某个行业或领域的"敲门砖"和"通行证"。例如，某些工程 承包、技术服务、特定产品的生产或销售等，都需要相应的资质作为前提。 资质的价值并非凭空产生。它往往意味着企业在该领域具备了一定的专业能力、技术实力、安全保障体 系和过往业绩。获得一项高等级或稀缺的资质，通常需要企业投入大量的时间、资金和人力进行准备和 申请，并接受严格的审查。因此，资质本身承载了企业的前期投入和积累的信用，成为一种有价值的无 形资产。当资质被转让时，其价值便得以在市场中体现。 2.企业资质转让的主要形式 资质转让并 ...

来源：市场资讯 （来源：F金融） 第一部分 尽职调查概述 一、 尽职调查的方法 方法 内容 1、审阅文件资料 通过公司工商注册、财务报告、业务文件、法律合同等各项资料审阅，发现异常及重大问题。 2、参考外部信息 通过网络、行业杂志、业内人士等信息渠道，了解公司及其所处行业的情况。 3、相关人员访谈 与企业内部各层级、各职能人员，以及中介机构的充分沟通。 4、企业实地调查 查看企业厂房、土地、设备、产品和存货等实物资产。 5、小组内部沟通 调查小组成员来自不同背景及专业，其相互沟通也是达成调查目的的方法。 二、 尽职调查遵循的原则 原则 内容 1、证伪原则 站在"中立偏疑"的立场，循着"问题-怀疑-取证"的思路展开尽职调查，用经验和事实来发觉目标企业的投资价值。 2、实事求是原则 要求投资经理依据创业投资机构的投资理念和标准，在客观公正的立场上对目标进行调查，如实反映目标企业的真实情况。 3、事必躬亲原则 要求投资经理一定要亲临目标企业现场，进行实地考察、访谈，亲身体验和感受，而不是根据道听途说下判断。 4、突出重点原则 需要投资经理发现并重点调查目标企业的技术或产品特点，避免陷入眉毛胡子一把抓的境地。 查阅公 ...

经济观察网市场监管总局、中国人民银行印发《经营主体登记申请及代理行为管理办法》。其中提到， 登记代理人应当根据尽职调查所获得的信息，开展委托人洗钱风险分类管理。对于存在长期业务关系或 者发生多笔交易等情形的委托人，登记代理人应当持续关注并评估委托人的风险状况、交易情况和身份 信息变化，及时更新、补充客户有效身份证件或者其他身份证明文件、身份信息或者其他资料，开展持 续的尽职调查，以确认相关业务和交易符合对客户身份背景、业务需求、风险状况的认识。 ...

Core Viewpoint - The article emphasizes the importance of common sense logic over formal documentation in due diligence and risk assessment, advocating for early risk identification to maintain control in investment decisions [1][2][3]. Group 1 - The current work logic often overemphasizes formal documentation, which can obscure understanding [3][4]. - Trusting one's judgment, intuition, and questioning the motives behind actions is crucial in investment analysis [5][6][8]. - When evaluating business financing, it is essential to consider why a company would seek external funding if its business model is performing well [9][10]. Group 2 - The article highlights that quality projects are competitive and not easily accessible, indicating that good investments require thorough understanding and risk assessment [14][17]. - A notable example discussed is the "fake gold" incident, where a company pledged non-existent gold as collateral, leading to significant financial repercussions [18][20][36]. - The author critiques the financial industry for often utilizing low-quality underlying assets to create investment products, which can lead to widespread financial instability [30][31][37]. Group 3 - The article stresses the need for skepticism and critical thinking in financial dealings, advising to always question the underlying motives and the authenticity of presented assets [39][41]. - A strong knowledge base and experience are necessary to discern the complexities and potential pitfalls in financial transactions [42].

Core Insights - The article highlights that the number of IPOs in A-shares for 2024 is only 100, marking the lowest in a decade, prompting many companies to shift towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections - **M&A Trends**: The tightening of IPOs and frequent M&A policies have led to an increase in companies considering M&A as an alternative to going public [1]. - **Practical Guide**: A new manual titled "Corporate M&A Practical Handbook" has been launched to assist in understanding M&A operations [1][4]. - **Content Overview**: The handbook consists of 342 pages and covers 11 chapters, detailing operational points and common issues from the perspectives of buyers, sellers, and intermediaries [4]. - **Key Considerations**: The first chapter emphasizes the importance of communication and understanding between buyers and sellers to avoid failures in M&A [11]. - **Financial Viability**: Buyers must assess the financial viability of sellers before engaging in M&A, as certain industries may have inherent challenges in achieving financial compliance [12]. - **Government Support**: Local government policies may provide financial support for M&A activities, which should be considered by both buyers and sellers [14]. - **M&A Structure**: The handbook outlines essential elements for designing M&A plans, including acquisition ratios, operational timelines, and performance guarantees [18]. - **Valuation Methods**: It discusses four common pricing methods and three evaluation methods, along with considerations for performance guarantees [19]. - **Payment Methods**: The fifth chapter focuses on payment methods and financing arrangements, detailing the pros and cons of various payment options [23]. - **Negotiation Strategies**: The sixth chapter provides insights into negotiation tactics, emphasizing the importance of preparation and strategy during negotiations [25]. - **Public Company M&A**: The ninth chapter elaborates on the operational logic of public company acquisitions, including various acquisition methods and their respective considerations [27]. - **Integration Strategies**: The final chapter shares practical experiences and strategies for integrating acquired companies, focusing on team collaboration and resource sharing [30].

Group 1 - Background investigation is a subset of due diligence, often not conducted independently due to cost and time inefficiencies [2][5][10] - Background checks are typically included as supplementary information in broader due diligence processes [3][9] - The quality and depth of independent background investigations can be uncertain, making them less valuable and harder to quantify [7][10][20] Group 2 - Companies often provide background checks as complimentary services rather than standalone projects due to their limited value [8][25] - The focus on background checks varies by industry, with debt-related investigations placing more emphasis on personal backgrounds and relationships [21][24] - In domestic markets, standalone background checks are less common, with most institutions prioritizing cost-effectiveness and efficiency [31][32] Group 3 - The investigation of personal backgrounds can infringe on privacy, complicating the process of gathering comprehensive information [26] - Key positions may require specific investigations into non-compete agreements, which are labor-intensive and time-consuming [28][29] - Understanding the dynamics between stakeholders and management teams is crucial, but challenging to assess through preliminary due diligence [33][35] Group 4 - The focus should shift to structural issues such as equity distribution, decision-making mechanisms, and internal controls rather than solely on team relationships [38][41] - Post-investment management should prioritize monitoring team dynamics and information flow, leveraging ongoing interactions for deeper insights [46] - The inherent challenges in team relationships are often underestimated, with conflicts being common even among close associates [42][44]

Core Viewpoint - The article emphasizes the practical utility of the "Private Equity Investment Handbook," which covers essential aspects of due diligence, risk management, investment agreements, and dispute resolution in private equity investments [3][6][10]. Summary by Sections Chapter 1: Due Diligence - The first chapter introduces the main processes and methods of due diligence in equity investment, focusing on the "Four Cores" of business due diligence, "Five Definitions" of financial due diligence, and "Six Dimensions" of legal due diligence [6][8]. - It details the "Four Cores" of business due diligence, which include business and product, target company's industry segmentation, R&D capabilities, and core competitiveness [6]. - The chapter provides practical examples, such as the "Seven Axes" used by Muddy Waters for due diligence, which includes reviewing documents, checking related parties, field research, and supplier investigations [6]. Chapter 2: Risk Management - The second chapter outlines three common business risks, four common financial risks, ten common legal risks, as well as valuation risks and risk mitigation strategies [8]. - It includes numerous case studies to illustrate practical applications, particularly focusing on the coherence of business logic and addressing issues like improper equity adjustments and disguised profit transfers during IPO processes [8]. Chapter 3: Investment Agreements - The third chapter discusses the types and functions of investment agreements, detailing nearly 30 key clauses across eight categories and providing sample clauses for practical application [10]. - It highlights the importance of valuation adjustment clauses, which can help manage issues arising from short-term order pressures on long-term company interests [10]. Chapter 4: Betting Clauses - The fourth chapter elaborates on the design of betting clauses from six dimensions, including the parties involved, conditions, repurchase timelines, and methods [11]. - It presents case studies that provoke thought on the legal implications of repurchase claims triggered by betting conditions [11]. Chapter 5: Disputes in Betting and Repurchase - The fifth chapter focuses on seven types of disputes related to betting and repurchase, analyzing numerous cases to clarify judicial reasoning in such disputes [13][15]. - It discusses how ambiguities in betting conditions can lead to conflicting interpretations, affecting case outcomes, and examines scenarios where companies seek both cash compensation and equity repurchase [13][15].