此外，基于内部成本及资源考虑，四大会计师行现时聚焦较为大型的IPO客户，例如"先A后H"公司，并 会考虑客户所属行业、上市准备程度等来分配人手。 报道提到，香港会财局表示，近日资本市场回暖，新股递表活跃，为会计师带来业务机会的同时，亦增 加对新股质素把关的压力。香港会财局将密切监察相关工作，如发现违规，将按条例采取适当纪律处 分，以维护市场质素及投资者利益。香港会财局主要负责监管会计师，通过查察及调查等工作，确保其 遵守专业标准，包括在IPO担任申报会计师或核数师的工作。 香港证监会、港交所于去年底致函IPO保荐人要保证质量，香港证监会又于上周五再度发函指示上市保 荐人从速进行内部检讨，以纠正招股文件拟备工作的严重缺失。 智通财经APP获悉，内地企业2026年赴港上市(IPO)热潮持续，但港股3月将迎来业绩期，在本地会计界 长期面临人手不足的情况下，新股递表热潮或将稍降温。 据报道，有会计师透露，鉴于要赶及完成现有上市公司客户的年度审计工作，以及需要更新已递表的 IPO客户财务数据，因而已向今年首季才成为IPO客户的公司，表明须待3月底后才"开工"。该名会计师 表示，近期有同事曾在一日内会见6个潜在IPO客户 ...

Core Insights - Blackstone's President Jonathan Gray emphasizes two main points: the disruptive risks posed by AI are now a core consideration in investment evaluations, and the current market environment is favorable for IPO exits from investments [1][4] Group 1: AI Disruptive Risks - Gray highlights that AI's disruptive risks focus on its impact on traditional industries and investment uncertainties, citing examples like JPMorgan using AI to replace advisory roles and Lemonade offering lower premiums to Tesla FSD drivers [3] - Blackstone has elevated AI risk assessment to the top of its investment decision-making process, requiring all transaction memos to clearly outline AI-related risks, leading to the abandonment of certain acquisition plans in vulnerable sectors [3] - Despite caution, Gray acknowledges that AI will ultimately drive significant productivity gains, enhancing employee efficiency and improving profit margins across various industries [3] Group 2: IPO Market Conditions - Gray asserts that the current market has ample liquidity and high investor acceptance, indicating a conducive environment for Blackstone to push for IPO exits from long-held investments, marking one of the largest pipelines in the company's history [4] - The successful IPO of Medline, which raised $7.2 billion and achieved a first-day valuation of $55 billion, serves as a landmark case supporting Blackstone's IPO strategy [4] - Other companies, such as Liftoff Mobile and Jersey Mike's, are also in the process of preparing for IPOs, reflecting the broader trend in the market [4] Group 3: Divergent Perspectives - There is a notable divide in opinions regarding Gray's views on AI risks, with some institutions agreeing that Wall Street underestimates AI's impact on traditional business models, while others see AI as an opportunity for industrial upgrades that could offset disruptions [5] - In the IPO market, supporters believe that the current positive sentiment and liquidity in the U.S. stock market validate Gray's assessment, while skeptics warn of potential valuation pressures if market conditions fluctuate or if the Federal Reserve's interest rate policies lag [5] - Key variables influencing future trends include the pace of AI technology implementation, the evolution of global economic recovery, and geopolitical risks, all of which will affect investment and exit decisions for leading institutions [5]

来源：@央视财经微博 【#SpaceX计划发射100万颗卫星# #马斯克正考虑整合旗下企业#】据路透社1月31日报道，美国太空探 索技术公司也就是SpaceX，于本周五向美国联邦通信委员会提交申请，计划发射多达100万颗卫星，以 打造"轨道数据中心"。作为美国企业家马斯克旗下公司之一，SpaceX此次推进太空算力布局也被市场认 为是马斯克正考虑整合旗下资产的重要动作。本周，路透社援引知情人士的消息披露，马斯克正考虑将 SpaceX与xAI公司合并，并计划于今年内进行大规模IPO。外界猜测，通过此举，SpaceX的在轨数据中 心将为xAI输送庞大算力。彭博社也曾披露，SpaceX或将与特斯拉公司合并的消息。 来源：@央视财经微博 【#SpaceX计划发射100万颗卫星# #马斯克正考虑整合旗下企业#】据路透社1月31日报道，美国太空探 索技术公司也就是SpaceX，于本周五向美国联邦通信委员会提交申请，计划发射多达100万颗卫星，以 打造"轨道数据中心"。作为美国企业家马斯克旗下公司之一，SpaceX此次推进太空算力布局也被市场认 为是马斯克正考虑整合旗下资产的重要动作。本周，路透社援引知情人士的消息披露，马斯 ...

瞭望塔财经近日获悉，广东华汇智能装备股份有限公司（以下简称"华汇智能"）的上市之路已至关键节点。北京证券交易所上市委员会定于2026年2月4日上 午9时召开审议会议，专门审议其公开发行股票并在北交所上市的申请。 在锂电设备行业整体承压的背景下，华汇智能在2022年至2024年间却录得了营业收入年均复合增长率近50%的逆势增长。然而，亮眼的增速背后，其高达 97%以上的客户集中度、持续为负的经营活动现金流，以及实际控制人家庭成员间复杂的任职与股权安排，构成了此次上会前必须厘清的重重疑问。 瞭望塔财经深入分析其最新招股书与问询函回复发现，公司的增长叙事与潜在的经营风险、治理隐忧交织在一起，其IPO成色将面临严格检验。 1、实控权迷雾 张思沅、张思友兄弟二人目前合计控制华汇智能75.84%的股份。根据招股书，两人为兄弟关系，并签署了《一致行动协议》，规定若双方意见不一致时， 以张思沅的意见为准。 更令人关注的是，2018年4月，张思沅将其子张耀城引入公司，转让了30%股权，并让他担任法定代表人、执行董事。奇怪的是，公司在报告期初并未将张 耀城认定为共同实际控制人。 股权代持的背后可能意味着张思沅从一开始就试图保持对 ...

瑞财经 王敏 1月30日，据北交所官网，鹤壁海昌智能科技股份有限公司（以下简称"海昌智能"）北交所 IPO过会，保荐机构为国金证券，保荐代表人为解明、周刘桥。 招股书显示，海昌智能是一家主要从事高性能线束装备研发、生产和销售的高新技术企业，致力于为下 游的线束制造业提供智能化解决方案及相关配套服务，产品可服务于大量使用线束的相关行业，如汽车 工业、信息通讯、光伏储能等领域。 | 项目 | 2025年6月30日 | 2024年12月31 | 202: | | | --- | --- | --- | --- | --- | | | /2025年1月-6月 | 日/2024年度 | 日/ | | | 资产总计(元) | 1.247.059.697.05 | 989.914.077.80 | 793.696.041.67 | 743.531.983.13 | | 股东权益合计(元) | 570,684.255.97 | 509.850.541.37 | 394.398.717.61 | 273.303.937.65 | | 归属于母公司所有者的 | 570.684.255.97 | 509.850.541.37 | ...

Core Viewpoint - Guangdong Zhongtu Semiconductor Technology Co., Ltd. (Zhongtu Technology) is making a second attempt to launch an IPO on the Sci-Tech Innovation Board after nearly four years, despite facing challenges such as declining product prices and significant cash flow volatility [1][4]. Group 1: Company Overview - Zhongtu Technology specializes in the research, production, and sales of patterned substrate materials required for Gallium Nitride (GaN) epitaxy, with key products including 2 to 6-inch patterned sapphire substrates (PSS) and 4 to 6-inch patterned composite material substrates (MMS) [2][3]. - The company was established at the end of 2013 and completed its shareholding reform in September 2020, initially attempting to go public in March 2021 with a fundraising target of 1.003 billion yuan [2]. Group 2: Financial Performance - From 2022 to the first half of 2025, Zhongtu Technology reported revenues of 1.063 billion yuan, 1.208 billion yuan, 1.15 billion yuan, and 532 million yuan, with net profits of 42.2 million yuan, 74.4 million yuan, 94.5 million yuan, and 42.1 million yuan respectively [5]. - The average selling price of PSS decreased from 71.26 yuan to 52.79 yuan, and MMS from 75.55 yuan to 56.4 yuan during the same period, indicating a significant price drop in core products [5][6]. Group 3: Cash Flow and Financial Stability - Zhongtu Technology experienced significant cash flow volatility, with net cash flow from operating activities totaling -283 million yuan over the past three and a half years [6]. - The company’s accounts receivable and inventory levels have been high, with accounts receivable reaching 493 million yuan and inventory at 736 million yuan by the end of the reporting period [6]. Group 4: Customer and Supplier Concentration - The company has a high concentration of customers and suppliers, with over 80% of sales and purchases attributed to the top five customers and suppliers respectively [1][7]. - Notably, there is a complex relationship with its largest customer, HC Semitek, which also serves as a supplier, raising potential regulatory concerns regarding business independence and pricing fairness [7][8]. Group 5: IPO Plans and Use of Proceeds - In its upcoming IPO, Zhongtu Technology aims to raise 1.05 billion yuan, with plans to invest in projects related to Mini/Micro LED and automotive LED chip substrate industrialization, as well as to supplement working capital [3][4]. - The company has recently implemented a cash dividend of 20 million yuan, its first in nearly four years, which may attract regulatory scrutiny regarding the necessity of the fundraising and financial stability [4].

Despite the skyrocketing valuations of the Magnificent Seven and anxiety over massive AI capital expenditures, one top economist argues that the U.S. stock market is missing the most critical ingredient of a financial mania: the exit of the “smart money.”Owen Lamont, a portfolio manager at Acadian Asset Management and a former University of Chicago finance professor, said that while the market looks and feels frothy, we are not currently in an AI bubble. As he talked to Fortune from his office in Boston, th ...

Lamont’s bubble-detection framework relies on “Four Horsemen”: overvaluation, bubble beliefs, issuance, and inflows. While he conceded that three of these are present in the market of early 2026—valuations are high, retail investors are piling in, and sentiment is frothy—the absence of issuance disqualifies the current cycle from bubble status. In fact, it’s “baffling” that there aren’t more IPOs. “They haven’t come yet, and maybe they’re coming in 2026,” he said. In 1999, for instance, the market absorbed ...

Group 1: IPO Dynamics - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 28, 2026, becoming the "first stock of snack retail" in Hong Kong with the stock code "1768" [3] - Mingming Hen Mang issued a total of 15,511,200 H-shares, raising a total of HKD 3.67 billion at an issue price of HKD 236.60 per share, with a subscription rate of 1,899.49 times for public offerings and 44.44 times for international offerings [3][4] - The company has a strong cornerstone investor lineup, including Tencent and Temasek, which subscribed for USD 45 million and USD 45 million respectively, and BlackRock for USD 35 million [4] Group 2: Company Performance - As of September 30, 2025, Mingming Hen Mang operated 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [5] - The company achieved a GMV of RMB 66.1 billion in the first three quarters of 2025, a year-on-year increase of 74.5%, serving 2.1 billion consumers [5] - The founder and CEO expressed the company's vision to provide affordable snacks and create a joyful experience for consumers [6] Group 3: Aixin Yuanzhi Semiconductor - Aixin Yuanzhi Semiconductor Co., Ltd. plans to list on the Hong Kong Stock Exchange on February 10, 2026, with the stock code "0600" [7] - The company aims to raise up to HKD 2.958 billion by issuing 104,915,200 H-shares at an issue price of HKD 28.20 per share, with a cornerstone investment of USD 185 million [8][9] - Aixin Yuanzhi has become the fifth largest visual edge AI inference chip supplier globally, with a market share of 24.1% in the high-end segment [9][10] Group 4: Zhuozheng Medical - Zhuozheng Medical Holdings Limited plans to list on the Hong Kong Stock Exchange on February 6, 2026, with an IPO target of over HKD 300 million [11][12] - The company has a diverse cornerstone investor base, including notable figures from the medical and technology sectors [12] - Zhuozheng Medical's revenue from 2022 to 2024 showed a compound annual growth rate of 42.2%, with a significant increase in gross profit [13] Group 5: Robotics and Automation - Tianjin Atonmo Robot Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange on January 28, 2026, focusing on high-precision robots [14][15] - The company has maintained the highest market share in domestic parallel robots for five consecutive years, with a revenue increase of 72.5% in the first three quarters of 2025 [15][16] - Atonmo's products have been applied in over 1,000 scenarios across various industries [14] Group 6: Digital MRO Services - Shanghai Xinyi Linhe Technology Co., Ltd. aims to list on the Hong Kong Stock Exchange, focusing on digital MRO procurement services [20] - The company reported a cumulative transaction volume of approximately RMB 8.5 billion in 2023, with a significant increase in revenue [21][22] - Xinyi Linhe has established partnerships with over 3,000 MRO product manufacturers and suppliers, covering more than 220,000 retail hardware stores [20] Group 7: FA Equipment Procurement - YESMRO Holdings Limited submitted its IPO application to the Hong Kong Stock Exchange, focusing on digital transformation in FA equipment procurement [24][25] - The company has achieved over 81.3% in stock availability and 96.5% in on-time delivery rates, setting industry benchmarks [24] - YESMRO has served over 24,000 different scale automation equipment manufacturers across multiple industries [25] Group 8: Skincare Industry - Shenzhen HBN Technology (Group) Co., Ltd. aims to become the "first stock of true efficacy skincare" in China, with a focus on sustainable brand development [28] - HBN has established itself among the top ten domestic skincare brands in China, with a significant market share in the improvement skincare segment [28][29] - The company reported a revenue of RMB 2.08 billion in 2024, with a notable increase in adjusted net profit [29] Group 9: Automotive Technology - Zhejiang Konghui Automotive Technology Co., Ltd. has initiated its A-share IPO process, focusing on air suspension systems [36][37] - The company has delivered over 1 million air suspension systems and established partnerships with more than 20 mainstream automotive brands [36] - Konghui has successfully entered the supply chain of international luxury automotive brands [37]

Core Insights - The global IPO market is showing signs of recovery in 2026, with an increase in listing projects across multiple exchanges, particularly in AI, hard technology, energy, and advanced manufacturing sectors, indicating a potential restoration of risk appetite in capital markets [1][2] - However, this IPO wave does not align with typical characteristics of past cyclical recoveries, as the types of companies successfully pursuing IPOs have significantly changed [2][4] Changes in Company Types - Companies that can successfully advance to IPOs are now concentrated in a few high-capital-density industries with long investment cycles and strong policy connections, while many light-asset and narrative-driven companies remain outside the listing doors [2][4] Shifts in IPO Pricing Logic - The pricing logic for IPOs is shifting from a focus on "growth potential" to prioritizing strategic necessity, cash flow verifiability, and long-term capital sustainability due to high interest rates and geopolitical factors [3][11] - This indicates a transition of IPOs from a "market reward mechanism" to a strategic asset selection and pricing mechanism [4][15] Strategic IPOs - A new category of "strategic IPOs" is emerging, characterized by companies that are critical to industry chains, have capital-intensive operations with verifiable cash flow paths, and are closely tied to national development goals or global industrial patterns [12][14] - The existence of these companies is deemed essential, leading to a higher threshold for IPO eligibility, as capital markets now differentiate between "replaceable product innovation" and "irreplaceable system capabilities" [14][15] Market Differentiation - The 2026 IPO landscape is not a uniform recovery but rather a highly differentiated and selective return, with capital becoming more concentrated and cautious [4][16] - Different markets are pricing entirely different types of assets, reflecting their unique industrial structures, policy goals, and capital systems [17][18] Regional Insights - In the U.S. market, IPOs are focused on "future infrastructure" pricing, with companies embedded in national or global systems receiving significant premiums [20][21] - In China, IPOs serve as an extension of industrial policy rather than a reflection of market sentiment, with a focus on companies that align with long-term industrial frameworks [21][22] - Emerging markets like India are selling long-term options based on population and digital penetration, with a different pricing logic compared to the U.S. and China [22][29] Conclusion - The 2026 IPO market represents a structural reset rather than a mere emotional recovery, emphasizing the need for companies to demonstrate long-term viability and strategic importance to be recognized as worthy of public capital [75][81]