又比如，对超募资金的监管，募资管理规则规定，超募资金应当用于在建项目及新项目、回购本公司股 份并依法注销。实际上，在超募资金用途方面，超募资金还应该可以返还投资者，包括叫停的募投项 目，其资金同样也可以返还给投资者。当然，这种返还在操作上可以采取类似于现金分红的方式，但返 还的对象仅限于公众投资者，IPO时的限售股股东应全部排除在外。 当然，在募资监管方面，尤其需要重视的一个内容，就是要对募资用于补充流动资金的监管，这一条直 接影响到募资的使用效益，因此务必要认真对待。 实际上，在IPO环节，就应该要从严监管募资补流的事宜。一方面要明确规定，募资用于补流及还贷的 比例不得超过募资总额的20%，个别IPO公司将募资全部用于补流与还贷的做法，应坚决予以制止。另 一方面，对于报告期存在现金分红现象的IPO公司，其募资不得用于补流及还贷，IPO公司前脚分红后 脚补流的做法，明显损害了公众投资者的利益，要明确予以制止。 皮海洲 | 立方大家谈专栏作者 为了加强对上市公司募集资金的监管，提高募集资金使用效益，最近，证监会发布了《上市公司募集资 金监管规则》，并规定，该项监管规则将自2025年6月15日起施行。 证监会这次 ...

Core Viewpoint - The management of Lite-On Optoelectronics has undergone significant changes, with five directors resigning amid ongoing share reductions by major shareholders, which raises concerns about the company's governance and future direction [1][2][3] Management Changes - Five directors, including Xue Zhen and Dong Zhenhua, have collectively resigned, with two being recommended by major shareholders [1][2] - The board is being restructured to reduce the number of directors from 11 to 7, indicating a shift in governance strategy [2] Shareholder Activity - Major shareholders Junlian Chengye and Junlian Huicheng have reduced their combined shareholding from 9.48% at IPO to 3.9% as of March 2025, following the expiration of their lock-up period [1][3] - The reduction in shareholding coincides with the management changes, suggesting potential instability or lack of confidence in the company's future [1][3] Fundraising and Project Delays - The company plans to raise up to 300 million yuan through a simplified procedure for specific projects and to supplement working capital, with shareholder approval already obtained [1][4] - The "OLED Terminal Material R&D and Industrialization Project" has faced two delays, now expected to be completed by August 2026, with less than 50% of the investment progress made as of November 2024 [1][4][6] Financial Performance - Lite-On Optoelectronics reported a revenue of 472 million yuan in 2024, a year-on-year increase of 56.9%, and a net profit of 167 million yuan, up 117.17% [4] - In Q1 2025, the net profit reached 60.87 million yuan, reflecting a growth of 39.90% compared to the previous year [4] Production Capacity and Market Response - As of the end of 2024, the company has established an annual production capacity of 12 tons for OLED terminal materials, with plans to continue expanding capacity in line with market demand [5] - Despite the high growth in sales revenue, the company has faced scrutiny regarding its ability to meet production timelines and manage project delays effectively [5][6]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") has submitted a new version of its prospectus to the Shanghai Stock Exchange and responded to the first round of inquiries regarding its planned IPO on the Sci-Tech Innovation Board [1][3]. Group 1: IPO and Fundraising - Hengkang New Materials initially planned to raise 1.2 billion yuan for projects including the second phase of integrated circuit precursors, SiARC development and industrialization, and advanced materials for integrated circuits. However, the total fundraising amount has been reduced to 1.007 billion yuan after the removal of the SiARC project from the fundraising plan [3][4]. - The company aims to allocate the raised funds primarily for the second phase of integrated circuit precursors and advanced materials projects, with total investments of approximately 5.191 billion yuan and 9.091 billion yuan respectively [4][5]. Group 2: Production Capacity and Utilization - As of the end of 2024, Hengkang New Materials operates several production lines, including 7 SOC lines and 16 BARC lines, but the capacity utilization rates remain low. For instance, the utilization rates for SOC, BARC, KrF, i-Line, and TEOS were approximately 57.42%, 21.43%, 17.55%, 46.67%, and 46.47% respectively in 2024 [6][7]. - The company has acknowledged that despite low utilization rates, it still seeks to expand production capacity through fundraising [6]. Group 3: Financial Performance - Hengkang New Materials reported revenues of approximately 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of approximately 99.73 million yuan, 89.76 million yuan, and 96.91 million yuan during the same periods [9]. - The total assets of the company reached approximately 2.645 billion yuan by the end of 2024, with a debt-to-asset ratio of 43.26% [10]. Group 4: Cash Flow and Funding Management - The company has a cash balance of approximately 291 million yuan and short-term borrowings of about 400 million yuan as of the end of 2024. It anticipates a funding gap of approximately 1.628 billion yuan over the next three years [8][12]. - Hengkang New Materials has indicated that the scale of its fundraising is reasonable, as only 5.31% of the funds will be allocated for R&D and working capital [8]. Group 5: Governance and Management - The chairman and general manager, Yi Rongkun, is the controlling shareholder, holding 19.52% of the voting rights directly and an additional 16.13% indirectly through related entities [17]. - The company has faced inquiries from the Shanghai Stock Exchange regarding the governance structure and the roles of key management personnel, particularly concerning the involvement of family members in decision-making processes [18].

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. is planning to raise up to 160 million yuan through a private placement to improve liquidity and address a funding gap of approximately 206.95 million yuan over the next three years [1][4]. Company Announcements - The company intends to issue shares to specific investors, with the total amount not exceeding 160 million yuan, aimed at supplementing working capital [1][4]. - The company is involved in three litigation/arbitration cases, with a total amount in dispute of 61.95 million yuan [1][4]. Financial Performance - For the fiscal year 2024, the company reported total revenue of approximately 7.42 billion yuan, reflecting a year-on-year growth of 15.44% [2]. - The net profit for 2024 reached approximately 965.75 million yuan, marking a significant year-on-year increase of 100.78% [2][4]. - The company’s total assets as of December 31, 2024, amounted to approximately 26.99 billion yuan, with total liabilities of about 8.41 billion yuan [2]. Shareholder Changes - The company plans to issue A-shares to its controlling shareholder, Airport Group, at a price of 7.63 yuan per share, with a maximum issuance of 209,698,558 shares [3][4]. - The issuance is subject to approval from the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [3].

Core Viewpoint - The company, Zhuangzi Island, is facing continuous losses and high debt levels, prompting a significant capital increase through a private placement to improve liquidity and reduce bank borrowings [1][4][6]. Financial Situation - Zhuangzi Island plans to raise no more than 521.86 million yuan through a private placement to supplement working capital and repay bank loans [1][4]. - As of March 2025, the company's total liabilities amount to approximately 2.125 billion yuan, with an asset-liability ratio of 95.80% [5][6]. - The company reported a net profit loss of approximately 21.91 million yuan in 2024, a decline of 355.15% year-on-year, attributed to weak domestic demand and increased market competition [16]. Shareholder Changes - Following the private placement, the controlling shareholder will shift from Yanhua Group to Haifa Group, with Haifa Group expected to hold over 30% of the shares [7][8]. - Before the issuance, Yanhua Group held about 15.46% of Zhuangzi Island's shares, which will decrease to 12.50% post-issuance [7]. Asset Management - To enhance profitability, the company plans to lease out part of its assets, potentially generating an annual cash recovery of approximately 8.3968 million yuan and increasing profits by about 7.9215 million yuan [2][18]. - The company has been in a state of loss since 2014, primarily due to adverse environmental conditions affecting its marine resources [10][12]. Market Performance - As of May 23, 2023, Zhuangzi Island's stock price was 4.05 yuan per share, with a total market capitalization of approximately 2.88 billion yuan [3][9].

云中马（603130）5月23日晚间披露定增预案，拟募资不超过6.4亿元，用于年产13.5万吨DTY丝及12万 吨高性能革基布坯布项目。 本次发行对象为不超过35名特定投资者，包括符合证监会规定条件的证券投资基金管理公司、证券公 司、信托投资公司、财务公司、保险机构投资者、合格境外机构投资者以及其他符合法律法规规定的法 人、自然人或其他机构投资者。发行价不低于定价基准日前20个交易日股票交易均价的80%，发行股数 不超过4125.43万股，不超过本次发行前公司总股本的30%。 云中马表示，该项目扩大了公司高性能革基布坯布产能，解决公司坯布产能瓶颈，从源头DTY丝开始 把控产品质量稳定性，提升公司产品市场竞争力，从而进一步巩固和提升公司在行业内的地位。 同时，本次定增完成后，公司总资产与净资产规模将同时增加，有利于增强公司抵御财务风险的能力， 进一步优化资本结构，降低财务成本和财务风险，增强未来的持续经营能力。 本次发行前，公司实控人叶福忠及其一致行动人持有公司63.43%的股份。按照增发股数的上限测算， 本次发行完成后，叶福忠及其一致行动人持有公司48.80%的股份，叶福忠持有公司34.78%的股份，仍 为公 ...

撰 文 / 周 洲 设 计 / 赵昊然 高合能否成为第一家复活的新势力？ 5月22日，根据企查查信息，一家名叫江苏高合汽车有限公司（下称高合汽车）的新公司注册成 立，注册资本约1.4326亿美元（约合10.3亿元人民币）。 其中，大股东为一家黎巴嫩初创电动汽车企业EV Electra Ltd.,持股比例为69.8%；剩下的高合母公 司华人运通（江苏）技术有限公司（下称华人运通）持股30.2%。 "新"高合汽车的重要高管清一色来自EV Electra方。董事长吉哈德·穆罕穆德（Jihad Mohammad）， 总经理安东尼奥·阿梅里科（DA CUNHA LIMA ANTONIO AMERICO），其他7名董事中，只有傅 业菲来自高合。 这家打算生产电动跑车的汽车初创公司成立于2016年，除了在欧美有一些并购之外，迄今为止没有 量产车，还身陷金融诈骗和设计抄袭争议。 穆罕穆德宣称其沉寂了两年之后强势复出，公司通过并购和资产运作估值已达700亿美元，收购高 合是收购了"来自中国的电动迈巴赫"，因此站在全球电动汽车发展前沿。 热衷于收购豪华电动汽车的黎巴嫩商人成了高合老板，究竟在多大程度上能盘活高合？这是真金白 银的 ...

Core Viewpoint - Xinde New Materials (信德新材) is currently facing a decline in stock price, with a significant drop since its IPO, leading to a market capitalization of 3.407 billion yuan and a share price of 33.40 yuan, down 4.46% [1] Group 1: Company Overview - Xinde New Materials was listed on the Shenzhen Stock Exchange's ChiNext board on September 9, 2022, with an initial public offering (IPO) of 17 million shares at a price of 138.88 yuan per share [1][2] - The company raised a total of 236.096 million yuan through the IPO, with a net amount of 216.58238 million yuan after deducting issuance costs, exceeding the original fundraising plan by 151.58238 million yuan [2] Group 2: Financial Details - The total issuance costs for Xinde New Materials amounted to 19.51362 million yuan, with the lead underwriter, CITIC Securities, receiving 17.50674 million yuan as underwriting fees [3] - The company announced a dividend distribution plan based on its total share capital of 68 million shares as of December 31, 2022, proposing a cash dividend of 10.00 yuan per 10 shares and a capital reserve conversion of 5 additional shares for every 10 shares held [3]

| 金 流 量 净 | | | --- | --- | | 额 | | | | L. Het L. H. I. | 明冠新材2025年第一季度报告显示，公司实现营业收入1.74亿元，同比下降46.94%；归属于上市公司股 东的净利润-2317.15万元，上年同期为792.94万元；归属于上市公司股东的扣除非经常性损益的净利 润-2397.38万元，上年同期为744.14万元；经营活动产生的现金流量净额-1.29亿元，上年同期为-5534.77 万元。 中国经济网北京5月21日讯明冠新材(688560.SH)近期披露2024年年度报告显示，2024年公司实现营业收 入8.64亿元，同比下降38.13%；归属于上市公司股东的净利润-6707.73万元，上年同期为-2387.54万元； 归属于上市公司股东的扣除非经常性损益的净利润-6816.46万元，上年同期为-3586.43万元；经营活动 产生的现金流量净额1.47亿元，同比下降30.97%。 | 元 | | --- | | 币种: | | 单位 人民币 : | | 主要会计 | | | 本期比上年 | | | --- | --- | --- | --- | - ...

Core Viewpoint - Naxin Micro (688052.SH) plans to conduct a shareholder inquiry transfer of 4,851,800 shares, representing 3.40% of its total share capital, due to the shareholders' funding needs [1][2]. Group 1: Shareholder Inquiry Transfer - The shareholders involved in the inquiry transfer are Suzhou Naxin No.1, No.2, and No.3 Information Consulting Partnerships, which are controlled by the actual controller of the company [1][2]. - The transfer will not occur through centralized bidding or block trading, and the shares acquired through this transfer cannot be transferred within six months [1][2]. - The total number of shares to be transferred includes 2,300,946 shares from Suzhou Naxin No.1 (1.61% of total capital), 1,791,254 shares from Suzhou Naxin No.2 (1.26%), and 759,600 shares from Suzhou Naxin No.3 (0.53%) [2]. Group 2: Financial Performance - In Q1 2025, Naxin Micro reported revenue of 717 million yuan, a year-on-year increase of 97.82%, while the net profit attributable to shareholders was -51.34 million yuan, improving from -150.03 million yuan in the same period last year [4][5]. - For the full year 2024, the company achieved revenue of 1.96 billion yuan, a 49.53% increase compared to 2023, but still reported a net loss of -403 million yuan [6][7]. - The operating cash flow for 2024 was 95.05 million yuan, a significant improvement from -1.39 billion yuan in 2023 [6][7]. Group 3: Future Plans - Naxin Micro intends to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international competitiveness and diversify its financing channels [8].