出品 | 子弹财经 作者 | 邢莉 编辑 | 蛋总 美编 | 倩倩 审核 | 颂文 近日，中西部资产规模最大的城商行——徽商银行股份有限公司（以下简称：徽商银行）迎来挂牌成立二十周年的重要节点。 诞生于金融深化改革的大潮中的徽商银行，是全国首家由城市商业银行、城市信用社联合组建的银行业。2005年12月28日，徽商银行并合并安徽省5家城 商行、7家城信社正式挂牌成立。 经过二十年的发展，徽商银行资产规模站上2万亿台阶。截至2025年9月末，徽商银行未经审计的资产总额为2.3万亿元，较年初增长了14.1%。 规模扩张的光环之下，挑战犹在。自2019年启动A股上市辅导备案以来，徽商银行历经六年辅导仍未走出僵局。 2025年10月，中信证券、国元证券联合发布徽商银行上市辅导工作进展情况报告。报告显示，公司治理、股权纷争、职工持股，这三大问题成为其登陆A 股的核心阻碍。 未来，这家中西部龙头城商行能否顺利冲出困局、圆梦A股，成为业界的一大关注点。 2025年岁末，国家金融监督管理总局安徽监管局公布的两张罚单显示，徽商银行合计被罚815万元，引发外界关注。 12月5日，监管处罚信息显示，徽商银行存在违规发放贷款、贷后管 ...

香港联交所最新资料显示，12月30日，越疆(02432)股东将股票由中国证券登记结算香港转入花旗银 行，转仓市值10.10亿港元，占比7.57%。 就建议A股上市而言，公司已委聘上市前辅导机构，并已提交A股上市前辅导的登记申请。于公告日 期，除本文所披露的资料外，董事会尚未批准有关建议A股上市的其他计划，亦未就建议A股上市向中 国或任何其他地区的相关监管机构提出任何申请。 越疆发布公告称，于2025年12月29日，公司董事会宣布，为推动业务发展、增强其整体竞争力，并确保 达成运营目标及长远发展策略，公司已决定启动首次公开发行人民币普通股及于深圳证券交易所上市计 划。董事会已议决及批准开始有关建议A股上市的相关工作。 ...

就建议A股上市而言，公司已委聘上市前辅导机构，并已提交A股上市前辅导的登记申请。于公告日 期，除本文所披露的资料外，董事会尚未批准有关建议A股上市的其他计划，亦未就建议A股上市向中 国或任何其他地区的相关监管机构提出任何申请。 智通财经APP获悉，香港联交所最新资料显示，12月30日，越疆(02432)股东将股票由中国证券登记结算 香港转入花旗银行，转仓市值10.10亿港元，占比7.57%。 越疆发布公告称，于2025年12月29日，公司董事会宣布，为推动业务发展、增强其整体竞争力，并确保 达成运营目标及长远发展策略，公司已决定启动首次公开发行人民币普通股及于深圳证券交易所上市计 划。董事会已议决及批准开始有关建议A股上市的相关工作。 ...

格隆汇12月29日丨越疆(02432.HK)公告，于2025年12月29日，公司董事会宣布，为推动业务发展、增强 其整体竞争力，并确保达成运营目标及长远发展策略，公司已决定启动首次公开发行人民币普通股及于 深圳证券交易所上市计划(「建议A股上市」)。董事会已议决及批准开始有关建议A股上市的相关工 作。 ...

Core Viewpoint - Chongqing Yulong Optoelectronics Technology Co., Ltd. (Yulong Technology) has officially submitted its application for an initial public offering (IPO) on the ChiNext board, with the backing of Shaanxi tycoon Wang Yalong, marking a significant step towards becoming the second A-share listed company for him [1][13]. Group 1: Company Overview - Yulong Technology, established in 2014, specializes in the research, production, and sales of intelligent control cards and precision functional devices for new semiconductor display panels, serving various consumer electronics [1]. - The company has become the leading supplier of intelligent control cards for major clients such as BOE Technology Group and Hehui Optoelectronics, achieving a market share of approximately 14% in China for 2024 [2]. Group 2: Financial Performance - Yulong Technology's total assets reached approximately 1.49 billion yuan in the first half of 2025, with a net profit of approximately 70.33 million yuan for the same period [3]. - The company's revenue from its main business segments, particularly intelligent control cards, accounted for 61.07% to 66.29% of total revenue over the past few years, indicating a strong reliance on this segment [4]. Group 3: IPO Details - The IPO plans to issue no less than 43.03 million new shares, aiming to raise up to 1 billion yuan, with funds allocated for production base projects and working capital [7]. - This is not Yulong Technology's first attempt at going public; it previously withdrew its application for an IPO on the Shanghai Stock Exchange in March 2023 [6]. Group 4: Ownership and Control - Wang Yalong and his wife hold a combined 74.16% stake in Yulong Technology, making them the actual controllers of the company [9]. - Wang Yalong is also the actual controller of another listed company, Lite Optoelectronics, indicating a significant presence in the A-share market [10][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company plans to issue shares in the A-share market, which is expected to enhance its valuation. The issuance will involve up to 800 million shares, potentially diluting EPS by 11.5%, but the high return from overseas projects may offset this short-term dilution [7] - The company has received national subsidy funds of 2.064 billion HKD, which is expected to improve cash flow and reduce impairment risks. The company has also increased its interim dividend to 0.15 HKD per share, reflecting its commitment to shareholder returns [7] - The forecasted net profit for 2025-2027 is 3.53 billion, 3.70 billion, and 3.92 billion HKD respectively, with corresponding P/E ratios of 8.57, 8.18, and 7.72. The expected dividend yield for the same period is 4.9%, 5.1%, and 5.4%, indicating a low valuation and high dividend value [7] Summary by Sections Market Performance - Closing price as of November 14, 2025, is 4.93 HKD with a market capitalization of 30,284.87 million HKD [3] Financial Forecasts and Valuation - Revenue projections for 2025 are 29,185.72 million HKD, with a year-on-year decline of 3.5%. Net profit for 2025 is estimated at 3,532.57 million HKD, reflecting a growth of 4.6% [6] - The company’s P/E ratio is projected to be 8.57 for 2025, indicating a relatively low valuation compared to its earnings potential [6] Cash Flow Analysis - The net cash flow from operating activities is expected to be 7.56 million HKD in 2025, with capital expenditures of -3.27 million HKD [9]

Group 1 - The Vice Chairman and Co-President of XPeng Motors, He Hong, indicated that over 20% of shareholders invest in XPeng through the Hong Kong stock market, suggesting a significant interest from mainland investors [1] - He mentioned that the company is actively observing opportunities for a potential listing on the A-share market, although there are uncertainties regarding specific requirements for such listings [1] - The company is engaging with various A-share investors and large domestic RMB funds, indicating a trend towards increasing interest from domestic institutional investors [1]

Core Viewpoint - Huishang Bank has been penalized for compliance violations, revealing significant internal management issues as it prepares for its A-share listing, which has faced delays due to ongoing governance and legal challenges [1][20]. Regulatory Penalties - Huishang Bank was fined 2.4 million yuan for imprudent loan product management and inadequate due diligence, with key personnel facing bans from the banking industry [4][2]. - The bank's Hefei Baohe Industrial Park branch was fined 300,000 yuan for insufficient pre-loan investigations, and a senior manager received a lifetime ban from the banking sector [4][2]. - In 2024, Huishang Bank faced a total of 41 penalties amounting to nearly 25 million yuan, making it the city commercial bank with the highest regulatory fines [7]. Internal Management Issues - The bank has a history of compliance failures, with multiple senior executives facing legal issues, including former chairman Li Hongming, who was sentenced to 14 years in prison for corruption [7][8]. - Three out of five past chairmen have been investigated for serious violations, indicating systemic governance problems within the bank [8]. Financial Performance - Huishang Bank's revenue growth has significantly slowed, with 2021-2023 revenues of 35.514 billion, 36.230 billion, and 36.365 billion yuan, reflecting a decline in growth rates [10]. - The bank's net profit for 2024 was 15.917 billion yuan, with a growth rate of only 6.18%, further indicating a downward trend in profitability [12]. - For the first half of 2025, the bank reported a revenue of 21.157 billion yuan, a year-on-year increase of 2.25%, but its net interest income fell by 1.06% [14]. Asset Quality Concerns - As of June 2025, Huishang Bank's non-performing loans totaled 10.765 billion yuan, with a non-performing loan ratio of 0.98%, indicating ongoing challenges in asset quality management [16]. - The bank's overdue loans increased by 5.43% to 13.346 billion yuan, raising concerns about future asset quality deterioration [18]. A-share Listing Challenges - Huishang Bank's A-share listing has been stalled for over six years due to governance issues, including overdue board member terms and unresolved shareholder disputes [20][22]. - The ongoing legal disputes between major shareholders have further complicated the bank's ability to proceed with its A-share listing plans [22][23].

Regulatory Focus - Chinese regulators are pushing for leading domestic chip manufacturers to list on the mainland stock exchanges [1] - The aim is to better control the types of investors who can purchase shares in these strategically important companies [1] - Regulators have concerns about chipmakers' Hong Kong IPOs due to difficulties in identifying the actual backers of international investors [1] Company Actions - Changxin Memory Technologies (长鑫储存) adjusted its Hong Kong IPO to an A-share listing following regulatory advice [1]

Group 1 - Xinjiang Xinxin Mining announced plans to issue A-shares and list on a Chinese stock exchange to promote sustainable growth in revenue and shareholder returns, with the board's approval on September 25, 2025 [1] - The company appointed Shenwan Hongyuan Securities as the pre-listing advisory institution for the A-share issuance [1] - Xinjiang Huao Mining's 1.2 million tons per year fluorite mining project commenced production on September 20, 2023, in Ruoqiang County [1] Group 2 - In February, Xinjiang Xinxin Mining announced its intention to acquire a 51% stake in Xinjiang Huao Mining for approximately RMB 1.098 billion, which will result in the target company becoming a non-wholly-owned subsidiary [1] - Following the acquisition, the financial data of the target company will be consolidated into Xinjiang Xinxin Mining's financial statements [1]