Core Viewpoint - The article discusses the integration of major securities firms led by CICC, highlighting its industry strength and the historical relationship between CICC and the investment firm Dinghui, particularly through the case study of Nanfu Battery [1][3][6]. Group 1: CICC and Industry Dynamics - CICC, despite losing several key figures this year, continues to lead the integration of securities firms, demonstrating its strength and position in the industry [2][3]. - The integration of CICC, Dongxing Securities, and Xinda Securities may signify a trend towards consolidation in the securities industry, following the previous merger of Guotai Junan and Haitong [1]. Group 2: Dinghui Investment and Nanfu Battery - Dinghui Investment, established in 1995 as CICC's direct investment department, has a long-standing relationship with Nanfu Battery, which dates back over 20 years [6][8]. - The history of Nanfu Battery includes its establishment in 1988 through a joint venture, and by 1999, it had achieved a 50% market share globally, prompting the Fujian government to consider its listing [12][14]. - CICC was invited by the Fujian government in 1999 to help facilitate Nanfu's potential listing, involving international investors like Morgan Stanley and the Singapore Government Investment Corporation [15][16]. Group 3: Acquisition and Sale of Nanfu Battery - Dinghui sold Nanfu Battery to Gillette in 2003 after initially acquiring it through a joint venture, which led to a series of challenges for the brand under foreign ownership [19][20]. - Under Gillette and later Procter & Gamble, Nanfu faced restrictions on exports and was forced to shift its sales strategy, which negatively impacted its development [22][23]. - In 2014, Dinghui reacquired Nanfu Battery for $580 million after Procter & Gamble decided to divest non-core brands, marking a significant turnaround for the company [26]. Group 4: Financial Maneuvering and Challenges - Following the reacquisition, Dinghui attempted to facilitate Nanfu's listing through a series of complex financial maneuvers involving the establishment of a shell company, which ultimately faced setbacks [30][33]. - The valuation of Nanfu Battery significantly decreased over the years, with a 2021 acquisition valuing it at approximately 5.5 billion yuan, compared to previous valuations of 10.7 billion and 14 billion yuan in 2017 and 2018 respectively [38]. Group 5: Key Figures in Nanfu's History - Two key figures, Chen Laimao and Cai Yunqi, played crucial roles in advocating for Nanfu's interests during its tumultuous years under foreign ownership, with Chen being a founding member and former chairman [41][42]. - Cai Yunqi, as a manager at the employee stockholding platform, was instrumental in legal actions against Gillette and Procter & Gamble to protect Nanfu's brand and market position [42].

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, including a request for Jiangsu Shouxihu Cultural Tourism Co., Ltd. to clarify its business operations and data protection measures [1] - Shouxihu Cultural Tourism is the only licensed operator of waterborne sightseeing boats in Yangzhou, holding exclusive operational rights for over 20 years in the Shugang-Shouxihu scenic area [2] - The company operates under an indefinite exclusive arrangement for waterborne sightseeing services in the ancient canal area, with no time restrictions on its operations since its establishment [2] Group 2 - The CSRC has requested Shouxihu Cultural Tourism to provide details on its subsidiaries' business scope, including publishing, advertising, and performance, and to confirm compliance with foreign investment policies [1] - The company must also disclose information regarding its websites, apps, and mini-programs, including user data collection practices and measures for personal information protection [1]

本次IPO的辅导机构为东吴证券股份有限公司，律师事务所为上海市锦天城律师事务所，会计师事务所为天衡会计师事务所(特殊普通合伙)。 瑞财经 吴文婷11月19日，苏州美昱新材料股份有限公司（以下简称"美昱新材"）启动北交所IPO。 | 辅导协议签署 | | 2025 年 11月 13 日 | | --- | --- | --- | | 时 | 间 | | | 辅 导 机 构 东吴证券股份有限公司 | | | | 律师事务所 上海市锦天城律师事务所 | | | | 会计师事务所 天衡会计师事务所(特殊普通合伙) | | | 美昱新材自成立之初即专注于改性塑料的材料研发、性能升级和工艺优化。公司已经形成了一套具备丰富物理、化学性能特点的产品体系，被广泛应用在电 气、汽车、光伏、消费电子、医疗等领域的产品中。 业绩方面，2023年、2024年，美昱新材实现营收分别为9.45亿元、10.07亿元；归母净利润分别为5737.92万元、7566.99万元。 | 项目 | 2024 年度 | 2023 年度 | | --- | --- | --- | | 营业收入(万元) | 100, 683, 77 | 94, 466. 7 ...

Core Viewpoint - The Zhenjiang Economic Development Zone is actively enhancing financial services to support the high-quality development of enterprises, facilitating their access to capital markets and promoting regional economic growth [1][2][3] Group 1: Financial Support Initiatives - The Zhenjiang Economic Development Zone has implemented various practical measures to inject capital vitality into enterprises, including training for potential listed companies and regular assessments of their listing progress [1] - The zone has established a multi-tiered capital market cultivation system, prioritizing key enterprises for listing support and maintaining a dynamic pool of around 10 companies in the listing preparation phase [2] Group 2: Capital Market Development - As of now, there are seven A-share listed companies in the Zhenjiang Economic Development Zone, accounting for nearly one-third of the total in the city, with a total market value exceeding 60 billion and cumulative financing surpassing 11 billion [1] - The zone has created a distinctive capital market segment, focusing on industries such as new materials, life health, and high-end equipment manufacturing [1] Group 3: Efficiency and Coordination - The Zhenjiang Economic Development Zone has optimized coordination mechanisms to expedite project approvals related to enterprise listings and refinancing, significantly improving processing efficiency [3] - The zone's economic development bureau conducts regular visits to listed and potential listed companies to provide tailored support based on their development stages [2][3] Group 4: Future Directions - The Zhenjiang Economic Development Zone plans to deepen financial reform and innovation, focusing on the entire lifecycle of enterprises to further streamline financing channels and enhance the financial service ecosystem [3]

Group 1 - The beverage industry is witnessing new IPO rumors, particularly for the new tea brand Cha Yan Yue Se and the coffee chain MANNER, both planning to list on the Hong Kong Stock Exchange [1][2] - MANNER, backed by ByteDance, is considering an IPO as early as 2026, aiming to raise several hundred million dollars with a potential valuation of up to $3 billion [1] - MANNER has expanded from Shanghai to 12 cities, with approximately 2,234 direct-operated stores expected by November 2025 [1] Group 2 - Cha Yan Yue Se, previously planning to list on NASDAQ, is now considering a shift to the Hong Kong market, engaging with investment banks for its IPO discussions [2] - Despite multiple rumors regarding its IPO, Cha Yan Yue Se has stated that there are currently no plans for an IPO [2] - The company has over 1,200 self-operated stores in regions like Hunan, Hubei, Chongqing, and Jiangsu, and is launching a new coffee sub-brand "Cha Yan Coffee" to cater to all-day consumer needs [3]

瑞财经 刘治颖 11月17日，宁波帅特龙汽车系统股份有限公司（以下简称：帅特龙）在宁波证监局完成 IPO辅导备案，辅导机构为国金证券股份有限公司。 吴锡辉、周伟力系吴志光、周小平之子，吴蕾蕾、吴一扬系吴志光、周小平之女。 目前，吴志光担任公司董事长， 吴志光，男，1953年3月出生，无境外居留权，中国国籍。高中学历，高级经济师，1993年10月至1994 年10月任鄞县星光汽车内饰厂厂长；1994年10月至2013年5月任宁波帅特龙车辆部件有限公司执行董事 兼总经理；2010年3月至今任长春蕾扬进出口贸易有限公司执行董事、总经理；2012年1月至今任上海蕾 扬进出口有限公司执行董事、总经理；2013年5月至2024年6月任宁波帅特龙集团有限公司董事长；2015 年2月至今任宁波蕾扬进出口有限公司执行董事、总经理，任宁波奥列德进出口有限公司董事长、总经 理；2024年6月至今任宁波帅特龙汽车系统股份有限公司董事长。 帅特龙创办于1994年，法定代表人为吴志光，注册资本为6000万元，是一家集设计、研发、制造、销售 汽车功能性内外饰件总成为一体的国家高新技术企业。公司已于2025年9月挂牌新三板。 2023年、2 ...

放眼更广阔的商业图景，企业的价值实现有多重维度。上市只是企业发展的一种方式，更重要的是企业能否在专业 领域持续深耕，能否构建独特的竞争优势，能否在时代变革中保持创新活力。这些深层次的追求，往往比上市本身 更能定义企业的未来。 在资本市场的舞台上，企业的上市进程总是牵动人心。这不仅关乎企业自身的发展阶段，也折射出市场对优质企业 的期待与认可。对于关注企业成长的人们而言，上市既是一个里程碑，更是一段新征程的起点。 在当下的市场环境中，投资者展现出更加理性的判断力。他们不仅关注企业的规模与增速，更看重其商业模式的可 持性、创新能力的持续性，以及治理结构的规范性。那些在这些方面表现出色的企业，自然会获得资本市场的青 睐。 对于关注企业发展的各方而言，与其执着于某个具体时点，不如将目光投向更深远的价值创造。企业的真正价值， 不仅体现在是否上市这个形式，更在于其能否持续为行业带来创新，为客户创造价值，为员工提供成长空间。 在创新驱动发展的时代背景下，资本市场始终向优质企业敞开怀抱。那些坚持长期主义、专注主业创新、恪守商业 道德的企业，终将在资本市场上找到属于自己的位置。这个过程需要耐心，也需要各方给予更多的理解与支持。 ...

在物流行业蓬勃发展的当下，世盟股份的上市进程始终是市场关注的焦点。截至2025年11月17日，这家 深耕供应链物流领域的企业，虽已迈过多个关键节点，但尚未正式完成上市。 回溯过往，世盟股份的上市之路可谓稳扎稳打。早在2023年10月26日，其IPO申请便已获得深交所上市 委会议的通过，这一消息无疑为市场注入了一剂强心针。此后，公司并未急于求成，而是选择以更加稳 健的步伐推进后续工作。期间，因财务资料更新等必要程序，其上市进程曾短暂中止，但每一次都能迅 速恢复，展现出强大的执行力和应对能力。 2025年11月13日，世盟股份再次更新提交了相关财务资料，这一动作不仅彰显了其规范运作的决心，也 为后续流程的顺利推进奠定了坚实基础。从受理到问询，再到上市委会议通过，每一步都凝聚着世盟人 的努力与汗水，也见证了其在物流行业的深厚积累与扎实功底。 面对上市这一重要里程碑，世盟股份始终保持着清醒的认知。它深知，上市不仅是资本的融合，更是责 任与担当的升级。因此，在推进上市进程的同时，公司不断优化内部管理、强化风险防控，力求以更稳 健的姿态迎接资本市场的检验。 虽然目前世盟股份尚未正式敲响上市钟声，但市场普遍对其充满信心。凭 ...

企业的发展如同四季更迭，每个阶段都有其独特的韵律与节奏。在资本市场这片沃土上，企业的成长轨 迹往往遵循着内在的发展逻辑，既需要积极进取，也讲究水到渠成。 观察一家企业的上市进程，犹如 欣赏一幅徐徐展开的水墨画。重要的不是某个时间节点的快慢，而是整幅画卷的气韵与格局。那些在专 业领域深耕不辍的企业，其价值终将在适当的时机得到市场的认可。这份认可，既是对过往努力的肯 定，也是未来发展的新起点。从市场发展的规律来看，当前资本市场正展现出更加成熟的姿态。投资者 不再仅仅关注企业的规模与速度，而是更看重其内在品质与发展韧性。那些治理规范、业务扎实、创新 持续的企业，往往能获得市场更长久的青睐。 对于关注企业发展的各方而言，上市进程只是企业发展中的一个环节。比这个环节更重要的，是企业是 否构建了可持续的竞争力，是否在专业领域建立了足够的护城河，是否培育了能够适应市场变化的组织 能力。 在产业升级和创新驱动的大背景下，资本市场始终向优质企业敞开怀抱。那些坚持长期主义、 专注主业创新、恪守商业道德的企业，终将找到最适合自己的发展路径。这个过程需要智慧，也需要各 方给予更多的耐心与理解。 企业的成长是一场没有终点的马拉松。在这 ...

Group 1 - The core viewpoint emphasizes that the process of going public is a natural progression for companies that have established core competencies and stable profit models in their niche markets [1][3] - Companies that focus on their main business, innovate, and maintain sound governance are more likely to find suitable development paths in the capital market [3] - The current market environment sees investors being more rational and pragmatic, valuing both growth potential and sustainable development capabilities of companies [3] Group 2 - The article highlights that the true value of a company lies not just in the timing of its IPO but in its long-term value creation ability [3] - Continuous growth of companies is always worth anticipating, and market attention serves as motivation and encouragement for them [3] - Companies should maintain strategic focus and adhere to their business essence rather than chasing short-term trends, which is crucial for long-term recognition and support [3]