证券时报记者 吴瞬 按照这一募资规模计算，紫金黄金国际将成为2025年以来，港股市场上仅次于宁德时代的第二大IPO。此前宁德时 代港股上市时，预计募资310亿港元，但实际募资超过410亿港元，而目前排名第二的恒瑞医药实际募资为113亿港 元。 证券时报记者统计发现，2025年以来共有赤峰黄金、南山铝业国际和佳鑫国际资源3家资源型企业在港成功上市。 而在港股今年已递表的资源型新股名单中，仍有金浔股份、智汇矿业、创新国际、金岩高新、建邦高科5家公司。 值得注意的是，从目前寻求赴港上市的资源型企业来看，其上市目的多为开发国际市场或收购海外项目，因此更 为国际化、投资者来源更加多元的香港资本市场成为这些企业的不二选择。 如赤峰黄金此前表示，赴港上市是为满足公司业务发展的需要，进一步提升公司治理水平和核心竞争力，深入推 进公司全球化战略。 南山铝业此前也表示，通过分拆，南山铝业国际将借助香港资本市场融资登陆国际资本市场，独立上市将有助于 南山铝业国际进一步深耕印尼及周边市场业务，持续开拓印尼铝土矿资源，通过提升在东南亚区域的影响力以更 好地践行"一带一路"倡议，提升拟分拆资产的国际市场影响力以及上市公司的综合竞争力。 ...

Group 1 - The Hong Kong IPO market has been active since 2025, with notable listings in the biopharmaceutical, technology, and consumer sectors, as well as a significant increase in resource companies going public [1][2] - Zijin Gold International, a spin-off from Zijin Mining Group, is set to launch its IPO on September 29, 2025, with an expected fundraising of approximately HKD 249.84 billion, making it the second-largest IPO in Hong Kong this year [2][3] - The funds raised by Zijin Gold International will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities [2][3] Group 2 - Since 2025, three resource companies have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with unique listing strategies [3][4] - Chifeng Jilong Gold Mining adopted a "A-share first, then H-share" model, aiming to enhance its international presence and attract global investment [3][5] - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, while Jiexin International Resources is notable for being dual-listed in both Hong Kong and Kazakhstan [3][4] Group 3 - Several resource companies, including Jinxun Co., Zhihui Mining, and Jinyan High-tech, are currently in the process of seeking IPOs in Hong Kong, primarily to develop international markets and acquire overseas projects [4][5] - The trend indicates a growing preference for the Hong Kong capital market among resource companies due to its internationalization and diverse investor base [4][5]

关于下属公司及分支机构，请在法律意见书中补充公司下属公司及分支机构情况，并说明公司及其下属 公司、分支机构的经营范围是否涉及《外商投资准入特别管理措施(负面清单)(2024年版)》领域。 据招股书披露，欣旺达是全球锂电池科技企业，致力于提供绿色及高效的新能源一体化解决方案。公司 主要从事锂电池研发、设计、制造和销售，覆盖包括消费类电池、动力类电池及储能系统在内的丰富产 品矩阵，向全球客户提供自电芯、模组到系统以及电池检测及回收的全面解决方案。 公司与全球领先的科技公司建立了长期稳定的合作关系，包括全球最大的智能手机公司、小米、联想、 OPPO、vivo、荣耀及传音等重要行业参与者的主要厂商。目前为止， 2024年销量前十名的全球手机厂 商均是公司的客户。 (2)请说明最近一年新增股东情况。如无法核查的，请说明具体原因； (3)请说明公司是否存在股权代持，包括历史沿革中是否存在股权代持，不限于控股股东、实际控制 人； (4)请说明已经制定或实施的股权激励及相关安排情况，不限于报告期内实施的员工持股计划和股权激 励计划，并就是否合法合规、是否存在利益输送出具明确结论性意见。 9月19日，中国证监会公布境外发行上市 ...

智通财经APP获悉，9月19日，中国证监会公布境外发行上市备案补充材料要求公示(2025年9月12日— 2025年9月18日)。证监会要求欣旺达(300207.SZ)就公司设立及历次股权变动是否合法合规出具结论性意 见。据港交所7月30日披露，欣旺达向港交所递交上市申请，高盛、中信证券为其联席保荐人。 同时，说明关于控股股东、实际控制人。(1)请结合质押原因、偿债能力、合同履行等情况，补充说明 发行人控股股东和实际控制人股权质押是否可能导致发行人控制权发生变化，是否导致发行人存在《境 内企业境外发行证券和上市管理试行办法》第八条规定的禁止性情形；(2)请补充说明备案材料对控股 股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确结论性意见。 关于股本情况：(1)请说明公司现有股东的基本情况，以及现有股东之间的关联关系或一致行动关系。 如无法核查，请说明具体原因； (2)请说明最近一年新增股东情况。如无法核查的，请说明具体原因； (3)请说明公司是否存在股权代持，包括历史沿革中是否存在股权代持，不限于控股股东、实际控制 人； (4)请说明已经制定或实施的股权激励及相关安排情况，不限于报告期内实施的 ...

Group 1 - The Hong Kong IPO market has been active since 2025, with notable listings in the biopharmaceutical, technology, and consumer sectors, as well as a significant increase in resource-based companies going public [1][2] - Zijin Gold International, a spin-off of Zijin Mining Group, is set to launch its IPO on September 29, 2025, with an expected fundraising of approximately HKD 249.84 billion, making it the second-largest IPO in Hong Kong this year [2][3] - The funds raised by Zijin Gold International will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities [2][3] Group 2 - Since 2025, three resource-based companies have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with unique listing strategies [4][5] - Chifeng Jilong Gold Mining adopted a "A-share first, then H-share" model, aiming to enhance its international presence and attract global investment [4][7] - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, utilizing a low-temperature Bayer process for alumina production [4][7] Group 3 - Jiexin International Resources, based in Kazakhstan, is notable for being the first company to dual-list in both Hong Kong and the Astana International Exchange, with significant tungsten resources [5] - Several resource-based companies, including Jinxun Co., Zhihui Mining, and Innovation International, are currently in the pipeline for IPOs in Hong Kong, primarily aiming to develop international markets and acquire overseas projects [6][7] - The trend of resource companies seeking Hong Kong listings reflects a strategy to enhance governance, competitiveness, and market influence in the context of globalization and the Belt and Road Initiative [7]

Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with notable listings from sectors such as biomedicine, technology, and consumer goods, alongside a significant increase in resource-based companies seeking to go public [1][2]. Group 1: Recent IPOs - Zijin Gold International, a spin-off from Zijin Mining Group with a market cap exceeding 600 billion yuan, is set to launch its IPO, aiming to raise approximately 24.984 billion HKD, making it the second-largest IPO in Hong Kong this year after CATL [3][4]. - The IPO price for Zijin Gold International is set at 71.59 HKD per share, with the net proceeds intended for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, and general corporate purposes [3][4]. Group 2: Characteristics of Listed Companies - The article highlights three resource-based companies that have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with distinct listing strategies [5]. - Chifeng Jilong Gold Mining is the first A-share company to adopt the "A first, then H" model for its Hong Kong listing, aiming to enhance its international presence and attract global investment [5]. - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, utilizing a low-temperature Bayer process for alumina production [5]. - Jiexin International Resources, based in Kazakhstan, is notable for being the first company to have dual primary listings in both Hong Kong and Kazakhstan's Astana International Exchange [5]. Group 3: Upcoming Listings - Several resource-based companies are currently in the pipeline for IPOs in Hong Kong, including Jinxun Co., Zhihui Mining, Innovation International, Jinyan High-tech, and Jianbang High-tech, all of which submitted their applications this year [7]. - The primary motivation for these companies to seek listings in Hong Kong is to develop international markets and acquire overseas projects, leveraging the diverse investor base available in the Hong Kong capital market [8][9].

Core Viewpoint - The recent share transfer by Kexing Pharmaceutical indicates a strategic move towards preparing for a potential IPO in Hong Kong, with significant capital operations involving both share reduction by the controlling shareholder and bond issuance by the company [1][2][3] Group 1: Share Transfer Details - Kexing Pharmaceutical's controlling shareholder, Koyi Medicine, transferred 10.0628 million unrestricted shares at a price of 30.88 yuan per share, totaling approximately 311 million yuan, which represents 5% of the total share capital [1] - The transfer price reflects a nearly 30% discount compared to the average price over the previous 20 trading days and a significant drop from the 36.7 yuan per share price in early August [1] - The effective subscription multiple was only 1.01 times, indicating weak demand from institutional investors [1] Group 2: Financial Performance and Future Plans - Koyi Medicine has raised a total of 754 million yuan through various share reduction methods over the past three months [1] - Kexing Pharmaceutical plans to issue up to 800 million yuan in technology innovation bonds, creating a dual funding flow strategy of shareholder reduction and corporate bond issuance [1][2] - The company reported a net profit of 80.3445 million yuan in the first half of the year, a year-on-year increase of 576.45%, with cash flow from operating activities turning positive [2] Group 3: Market Implications and Investor Sentiment - The high discount and rapid pace of share reduction suggest a pressing need for cash by the controlling shareholder and a cautious outlook on short-term stock price movements [2][3] - Koyi Medicine's shareholding has decreased from 66.01% to 54.5%, still above the 25% public holding requirement for Hong Kong listings, indicating that further share distribution will be necessary for a successful IPO [2] - The introduction of 35 institutional investors through the share transfers enhances the diversity and stability of the company's shareholder structure, potentially boosting confidence among international investors for the upcoming IPO [2]

Core Viewpoint - Bidar Pharmaceuticals is making its third attempt to list on the Hong Kong Stock Exchange, facing significant financial pressures and reliance on its core product, Camrelizumab, for revenue generation [1][2][4]. Group 1: Company Background - Bidar Pharmaceuticals, listed on the Shenzhen Stock Exchange since 2016, has become a representative enterprise in the domestic innovative drug sector [2]. - The company has eight listed drugs, focusing on areas such as lung cancer, kidney cancer, and breast cancer [1]. Group 2: Financial Performance - In the first half of 2025, Bidar achieved revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but its net profit dropped by 37.53% to 140 million yuan [3]. - Historical revenue growth from 2021 to 2024 shows fluctuations in net profit, with figures of 383 million, 145 million, 348 million, and 403 million yuan respectively [3]. Group 3: Financial Challenges - As of June 30, 2025, the company had cash reserves of 527 million yuan, with current liabilities reaching 1.757 billion yuan, indicating significant short-term debt pressure [4]. - Bidar has overdue payments of 180 million yuan to its partner, Yifang Bio, which has led to the latter recognizing bad debt provisions of 18 million yuan [4]. Group 4: Research and Development - The company has maintained high R&D expenditures, with amounts of 861 million, 977 million, 1.002 billion, and 717 million yuan from 2021 to 2024, often exceeding 40% of revenue [5]. - In the first half of 2025, Bidar invested 299 million yuan in various ongoing projects, including Ensartinib and other candidates [5]. Group 5: Market Context - The push for H-share listing is part of a broader trend among innovative drug companies in China seeking to access international capital markets [5]. - Successful H-share listings can enhance a company's risk resilience and brand influence, as seen with other companies like Hengrui Medicine and Kexing Pharmaceutical [5].

Core Insights - The Hong Kong IPO market has shown signs of recovery in the first nine months of 2025, with the "A+H" listing model becoming mainstream [1] - A total of 11 A-share companies completed dual listings, raising HKD 91.689 billion, with CATL raising HKD 41.01 billion, marking the largest Hong Kong IPO in nearly four years [1] - There are currently 161 "A+H" listed companies, with over 51 A-share companies in the queue [1] Group 1 - Innovative methods such as share swaps and mergers are simplifying processes and reducing costs for companies [1] - The channel for Chinese concept stocks to return to Hong Kong is also open, with the Hong Kong Stock Exchange launching a "Tech Company Special Line" in May to facilitate listings for specialized tech firms [1] - On September 16, Hesai Technology achieved a dual listing in Hong Kong and the US, raising over HKD 4.16 billion, becoming the largest Chinese concept stock IPO in Hong Kong in nearly four years [1] Group 2 - The Chief Executive of Hong Kong, John Lee, has expressed intentions to optimize the "same share, different rights" regulations [1] - Industry experts suggest relaxing restrictions on market capitalization, earnings, and voting rights to strengthen Hong Kong's position as the preferred destination for the return of Chinese concept stocks [1]

张国光律师指出，境内企业选择港股上市时首先需确保公司设立及历史沿革完全符合法律要求，且股权清晰明确。此外，业务经营是否合法合规、所需资 质是否已依法取得、是否依法完税、是否与员工依法签署劳动合同并足额缴纳社会保险、知识产权是否完全由公司合法拥有或合法使用且不存在纠纷，以 及是否存在重大未决诉讼、仲裁或行政处罚等，均是上市过程中必须严格审查的关键环节。 在夯实合规基础后，企业需结合自身实际选择适配的重组及上市架构。张国光律师介绍，当前境内企业赴港上市主要可选择H股模式或红筹模式（其中包 含传统股权架构与VIE架构两种具体路径）。他强调，企业需深入研究不同上市架构的核心特点、优劣势及对应的监管规则，结合自身业务、融资需求等 因素作出合理选择。 此外，针对企业普遍关注的监管备案环节，张国光律师还详细分享了中国证监会备案的相关要求、操作流程及实践经验，帮助企业提前熟悉备案要点、规 避常见风险，为拟赴港上市企业搭建起从合规准备到架构落地、再到监管备案的全流程法律支持体系。 张国光律师 浩天作为中国较早从事资本市场业务的律师事务所之一，拥有在复杂多变的资本市场交易中为客户提供全方位法律服务的深厚经验。浩天已先后累计为几 ...