Group 1 - The Beijing Municipal Financial Work Committee and the local financial management bureau support eligible enterprises in the Beijing-Tianjin-Hebei region to list on the Beijing Stock Exchange and to be listed on the New Third Board [1] - As of October 29, there are 280 companies listed on the Beijing Stock Exchange and 6,050 companies on the New Third Board [1] - Among these, there are 34 companies from the Beijing-Tianjin-Hebei region listed and 987 companies registered on the New Third Board [1]

Group 1 - The board of directors of Xinxing Electronics approved the listing application of Suzhou Qunce Technology on the Hong Kong Stock Exchange, with an expected submission for discussion at the 2026 shareholders' meeting and a projected listing time in 2027 [1] - Suzhou Qunce Technology aims to enhance global competitiveness, attract and motivate talented professionals, and expand its business in mainland China through the listing [1] - The listing will allow Suzhou Qunce to leverage the international funding platform of the Hong Kong Stock Exchange to raise funds, strengthen its financial structure, and improve financial flexibility, thereby accelerating Xinxing's development globally and in mainland China [1] Group 2 - Xinxing Electronics, established in 1990, is a world-class supplier in the PCB and IC carrier industries, with multiple production facilities in Taiwan and mainland China [2] - The company is a leading supplier of advanced mobile HDI boards and IC packaging substrates, actively developing flexible boards and rigid-flex boards [2] - Suzhou Qunce Technology, as a production base of Xinxing Group, primarily produces IC carriers used in various consumer electronics, with customers distributed globally [2]

Core Points - Eight Horses Tea has successfully completed its IPO after 13 years of efforts, with shares starting trading on October 28, 2023, and experiencing a significant price increase of 86.70% by the end of the trading day [2][4] - The company raised approximately HKD 390 million through the global offering, with a total of 9 million shares issued, of which 90,000 shares were available for public offering in Hong Kong, resulting in a subscription rate of 2,680.04 times [2][5] Company Overview - Founded in 1997 by the Wang brothers, Eight Horses Tea has developed a comprehensive product matrix covering various types of tea and related products, with tea sales accounting for 86.5% to 90.2% of total revenue from 2022 to the first half of 2025 [5][6] - According to a report by Frost & Sullivan, Eight Horses Tea ranks first in the Chinese tea market by the number of tea chain stores and also leads in the high-end tea market by sales revenue [5] Market Position and Challenges - The IPO's positive reception is attributed to the overall increased interest in domestic tea brands following the listing of other companies like Mixue Ice Cream [4] - Despite being a leading player, Eight Horses Tea faces challenges in expanding its market share, as it holds only 1.7% of the high-end tea market, with the top five players collectively holding just 5.6% [8][11] Financial Performance - The company has invested heavily in marketing, spending approximately HKD 875 million on advertising over three and a half years, yet its revenue growth has been modest, with 2023 revenue growth slowing to single digits [9][12] - In the first half of 2025, the company reported a revenue decline of about 4.2% year-on-year, with net profit decreasing by approximately 17.8% [12][13] Franchise and Distribution Challenges - Eight Horses Tea's sales heavily rely on franchise stores, which accounted for about 50% of total revenue from 2022 to the first half of 2025 [13][14] - The growth of franchise numbers has slowed significantly, with a net increase of only 50 franchisees in 2024 and a decrease of 24 in the first half of 2025 [14][16] - Legal challenges from former franchisees may further complicate the company's operational landscape [16]

Core Points - The company TaiKaiYing has been listed on the Beijing Stock Exchange, with a closing price of 21.64 yuan, representing a 188.53% increase from the opening price of 19.05 yuan, and a total market capitalization of 4.788 billion yuan [1] - TaiKaiYing focuses on the global mining and construction tire market, specializing in the design, research and development, sales, and service of mining and construction tires [1] - The company raised a net amount of approximately 290.44 million yuan from its IPO, which will be used for product upgrades, technology research and development, and management system enhancements [4] Financial Performance - In recent years, TaiKaiYing's revenue has shown a steady increase, with reported revenues of 1.803 billion yuan in 2022, 2.031 billion yuan in 2023, and 2.295 billion yuan in 2024, with a projected revenue of 1.242 billion yuan for the first half of 2025 [5][6] - The net profit attributable to the parent company was 108 million yuan in 2022, 138 million yuan in 2023, and 157 million yuan in 2024, with a projected net profit of approximately 87.4 million yuan for the first half of 2025 [5][6] - The company expects to achieve a revenue of 1.9 billion to 1.965 billion yuan for the first nine months of 2025, representing a year-on-year growth of 12.08% to 15.92% [9][10] Shareholding Structure - Before the IPO, TaiKaiYing Holdings directly held 129,106,698 shares, accounting for 72.94% of the total share capital, and after the IPO, this percentage decreased to 58.35% [2] - The actual controllers of the company, Wang Chuan Zhu and his spouse Guo Yong Fang, held a combined total of 63.77% of the shares after the IPO [2]

Core Viewpoint - Sany Heavy Industry, an excavator manufacturer, is set to list in Hong Kong, marking it as the seventh Chinese company to achieve a billion-dollar listing in the city this year [1] Summary by Categories Company Information - The stock is priced at HKD 21.30 per share, positioned at the high end of the offering range [1] - Key cornerstone investors, including Temasek Holdings, Hillhouse Capital, and BlackRock, have agreed to subscribe to approximately USD 758 million worth of Sany Heavy Industry's shares [1] Financial Details - The fundraising from this issuance is expected to reach HKD 12.4 billion (USD 1.6 billion), excluding any potential increase in the issuance size [1]

（来源：河北日报） 轩竹生物总部坐落于石家庄市国际生物医药园内，是一家创新型制药企业，聚焦消化系统疾病、肿瘤及 非酒精性脂肪性肝炎等重大疾病药物的研发。目前，该公司拥有发明专利200余件，并承担和参与了9项 国家重大新药创制专项，在研创新药超过20项。 据介绍，此次公开发行股票募集的资金将主要用于消化系统疾病、肿瘤及非酒精性脂肪性肝炎三大核心 治疗领域的产品研发与商业化。"此次融资，对这些治疗领域产品研发将起到加速作用。"该公司公共事 务副总经理郑少君介绍。 "公司能够顺利上市，与河北大力推进企业挂牌上市工作密不可分。"郑少君表示，省委金融办协调银行 提供金融贷款支持，并开展包联走访等服务；石家庄高新区对上市所需材料和事项坚持优先快办、特事 特办，就拿合规证明来说，涉及十余个部门，不到两天就办理完成了。 今年，省委金融办制定《全省推动企业上市工作方案》，通过包联走访、上市培训、专家辅导、资源对 接等举措，为企业上市排忧解难。截至目前，我省上市企业达121家（含A+H股4家），其中港交所上 市企业34家。"我们将继续深化常态化包联走访机制，对企业需要帮助解决的问题和诉求早收集、早研 究、早应对、早解决。"省委金 ...

Core Viewpoint - Jiangsu Beltford New Materials Co., Ltd. successfully listed on the New Third Board, marking a significant milestone in its development and aiming to leverage capital markets for future growth [1][2]. Group 1: Company Overview - Beltford specializes in the research, production, and sales of synthetic leather base materials, specifically leather base cloth, primarily used in automotive interior applications [1]. - The company’s products are widely utilized by renowned automotive brands including Volkswagen, General Motors, Mercedes-Benz, BMW, Audi, Honda, Toyota, Tesla, and others [1]. Group 2: Financial Performance - Projected revenues for Beltford are 244 million yuan for 2023 and 271 million yuan for 2024, with net profits expected to be 19.1 million yuan and 21.6 million yuan respectively [1]. Group 3: Future Development Plans - The company plans to enhance its research and development capabilities and introduce more innovative products to meet market demands [2]. - Beltford aims to expand production capacity and strengthen collaboration with upstream and downstream enterprises to build a more comprehensive industrial chain ecosystem [2]. Group 4: Market Context - The Changzhou Economic Development Zone has established a nurturing ecosystem for companies, facilitating their growth from potential startups to listed enterprises [2][3]. - The number of listed companies in the Changzhou Economic Development Zone has reached 16, with a total of 31 companies listed on the New Third Board, indicating a growing capital market that serves as a key driver for regional economic advancement [3].

Core Viewpoint - This week (October 27 - October 31), three companies are scheduled for initial public offering (IPO) meetings according to the announcements from the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange [1] Group 1: Companies and Their IPO Plans - Redboard Technology plans to list on the Shanghai Main Board, with an expected fundraising amount of 2.057 billion yuan, primarily for a project to produce 1.2 million square meters of high-precision circuit boards [2][3] - Taijin New Energy aims for an IPO on the Sci-Tech Innovation Board, seeking to raise 990 million yuan for high-end green electrolysis equipment and titanium electrode projects [2][4] - Jiangtian Technology is set to list on the Beijing Stock Exchange, with a planned fundraising of 531 million yuan, focusing on label printing products and integrated solutions [2][5] Group 2: Regional Distribution - Among the three companies scheduled for IPO meetings this week, one company each is from Jiangxi Province, Shaanxi Province, and Jiangsu Province [2]

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. has submitted its prospectus for an IPO on the Growth Enterprise Market, aiming to raise approximately 424 million yuan for various projects and working capital [1][3]. Fundraising and Project Allocation - The company plans to raise 424 million yuan, with allocations as follows: 128 million yuan for enhancing measurement and testing capabilities at its Shenzhen headquarters, 175 million yuan for regional testing laboratory construction, 31.67 million yuan for a digital center, and 90 million yuan for working capital [3][4]. - Tian Su Measurement will initially use self-raised funds for projects before the IPO proceeds are available, with plans to replace these funds once the IPO capital is secured [3][4]. Business Overview - Tian Su Measurement is an independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services across various sectors, including biomedicine, automotive, new energy, rail transportation, and power [5]. - The company's revenue for 2022, 2023, 2024, and the first half of 2025 is projected to be approximately 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan, respectively, with net profits of about 84.39 million yuan, 101 million yuan, 111 million yuan, and 55.58 million yuan [5][6]. Financial Performance - The revenue from calibration services is a significant contributor to the company's performance, accounting for approximately 91.11%, 87.23%, 85.73%, and 84.05% of total revenue during the reporting periods [6]. - For the fiscal year 2025, the company anticipates revenue between 865 million yuan and 900 million yuan, representing a year-on-year growth of 8.11% to 12.48%, and a net profit of approximately 120 million yuan to 125 million yuan, reflecting a growth of 8.05% to 12.56% [7]. Company Structure and Shareholding - Tian Su Measurement was established in June 2009, with a registered capital of approximately 48.91 million yuan. The main shareholders include Gong Tianbao and Shenzhen Tian Su Measurement Management Center [7][8]. - Gong Tianbao holds a 69.31% stake, making him the controlling shareholder, while he and his spouse, Wu Baixiang, collectively control 85.86% of the voting rights [9][11].

Core Viewpoint - CGL Logistics Holdings Limited, also known as 华洋航运, has filed for an IPO with the SEC to raise $15 million by offering 3.75 million shares at $4 each, aiming to list on the NASDAQ under the ticker "CGL" [1]. Company Overview - 华洋航运 is an international freight forwarding service provider headquartered in Hong Kong, established in 1999. The company has developed a diversified service system covering sea freight, air freight, express delivery, and specialized logistics [3]. - Core services include: - Sea freight services offering comprehensive international shipping solutions, including full container and less-than-container load services. - Air freight services providing fast international air logistics. - Express services in collaboration with international express giants for door-to-door document and parcel delivery. - Amazon FBA first-mile services, offering warehousing, labeling, customs clearance, and transportation for sellers on the Amazon platform. - An operational network established through subsidiaries in major cities in mainland China, including Shanghai, Beijing, Shenzhen, Guangzhou, Xiamen, and Qingdao [3]. Financial Performance - For the fiscal years ending September 30, 2023, and 2024, the company reported revenues of $20.87 million and $31.81 million, respectively, reflecting a year-over-year increase of 52.4% [7][8]. - Net income for the same periods showed a significant turnaround, with a loss of $0.755 million in 2023 and a profit of $0.2096 million in 2024, indicating a recovery in profitability [7][8]. - Total costs and expenses increased from $22.04 million in 2023 to $29.74 million in 2024, with the cost of revenues rising by 54.2% [8].