上海印发《上海市促进高成长企业加快发展三年行动方案(2025-2027年)》。其中提到，支持企业上市发 展。将独角兽企业纳入上市培育库，研究推出独角兽企业上市服务举措，为独角兽企业上市募投项目落 地提供全方位支持。持续举办未来产业之星大赛、"浦江之光"百家企业改制上市系列培训、上市沙龙等 系列活动，开展独角兽企业"一月一链"投融资路演，进行动态对接、精准服务，及时解决企业上市诉 求。 ...

来源|贝多财经 7月7日，LXJ International Holdings Limited（下称"老乡鸡"）递交招股书，报考在港交所主板上市。据贝多财经了解，老乡鸡曾于2025年1月递表，此次 是"失效"后的一次更新资料。 更早之前，老乡鸡曾计划在A股上市，于2022年5月预披露招股书，准备在上海证券交易所主板上市。全面注册制实施后，该公司于2023年2月平移递交上市 申请，原计划募资12亿元。 撰稿|张君 而2023年8月，老乡鸡及其保荐人国元证券撤回上市申请文件。因此，上海证券交易所决定终止对你公司首次公开发行股票并在沪市主板上市的审核。直至 2025年1月，老乡鸡才在港交所递交招股书，"转战"港股。 对于撤回A股上市申请，老乡鸡在此次递交至港交所的招股书称，"考虑到安徽老乡鸡股份于上交所上市所需的预期时间无法与其战略发展及融资计划相一 致，安徽老乡鸡于2023年8月23日自愿撤回其A股上市申请"。 此次报考上市，老乡鸡成色几何？又意欲何为？ 一、有股东"临场"退出 据招股书披露，老乡鸡的历史始于2003年，其于中国安徽省合肥开设首家「肥西老母鸡」快餐店，创始人为束从轩（于2023年11月退任所有职务 ...

近日，湖南省邵阳市新邵县本土企业湖南广信科技股份有限公司（以下简称"广信科技"）在北京证券交易所举行上市仪式，成为今年湖南首家登陆A股市场 的上市公司。 广信科技，是国家级专精特新"小巨人"企业，在国内绝缘材料企业中居领先地位。产品主要应用于输变电系统、轨道交通牵引变压系统、新能源产业等领 域。自2004年成立以来，广信科技持续深耕绝缘材料领域，攻克了多项特高压绝缘相关的技术难题，是国内少数具备750kV以上特高压等级绝缘纤维材料产 品生产能力的企业之一。广信科技已拥有有效专利67项，其中包括13项发明专利，还参与制定了多项国家标准和行业标准。 企业成功上市得益于当地政府的悉心培育。近年来，新邵县始终将"送解优"行动作为优化营商环境、激发市场活力、推动高质量发展的关键抓手，着力破解 急难愁盼问题，对企业反映的问题，特别是拟上市企业的核心诉求，坚持挂号交办、限时解决、跟踪问效、闭环销号。针对广信科技筹备上市，新邵县工作 专班全程代办手续报批20余次，入企走访服务7次，精准解决生产经营中的具体问题5个，确保事事有回音、件件有着落。 同时，新邵县出台《新邵县推进企业上市（挂牌）工作实施办法》等文件，为广信科技等拟上 ...

大家好，我是胡华成，智和岛集团的创始人，也是《上市陪跑》这本书的作者。我敢说，在上市陪跑这个赛道，我是最早入局的一批人，从开创赛道到制定 标准，这么多年一直从事上市陪跑服务工作，见过太多企业倒在了上市的路上。今天我把上市前必须做的100件事掰开了、揉碎了，分享给想上市的各位老 板，照着做，能少走很多弯路。 一、先把心态和认知摆正，上市不是拍脑袋决定的事 很多老板一听说上市能融资、能提升知名度，就急吼吼想冲。但我得先给你们泼盆冷水：上市没那么简单，不是所有企业都适合，更不是你想上就能上的。 这10件事，就是帮你搞清楚自己到底想不想上市、能不能上市。 III III 首先得明确上市愿景。你得想明白，自己上市到底是为了企业长远发展、扩大规模，还是跟风凑热闹？比如有些企业想通过上市融资，研发新产品抢占市 场；有些是为了品牌升级，提高行业地位。只有目标明确了，后面的路才不会走偏。 光有愿景还不够，还得评估上市决心。上市是场马拉松，短则两三年，长则五六年，期间要耗费大量的人力、物力、财力。要是中途打退堂鼓，之前投入的 全打水漂，还可能影响企业正常经营。所以问问自己：能不能扛住压力，能不能坚持到底？ 接下来得培养战略思维。 ...

证券研究报告 受理开闸启升势，量升价稳保增厚 ——25H1新股市场回顾暨25H2展望 证券分析师：彭文玉 A0230517080001 朱敏 A0230524050004 任奕璇 A0230525050002 联系人: 任奕璇 A0230525050002 2025.07.03 摘要 www.swsresearch.com 2 ◼ 发行节奏环比放缓，6月新受理破百，未盈利企业加速入场。25H1，A股发行新股48只（环比-5只），大多属于制造 业企业，首发募资额380亿元（环比+5.5%）；A股新增受理150个IPO项目，其中6月份A股集中受理123家。科创板 深改"1+6"政策发布后，未盈利企业上市通道正式打开，创业板首单未盈利IPO大普微于6月27日获得受理。截止 2025/6/30，A股存量IPO项目共298个，合计拟募资2814亿元。其中，沪深市场排队项目136个，拟募资2206亿元， 双创在审未盈利企业11家，其中2家过会；北交所1家未盈利企业在排。 ◼ 超募情形增多，首日涨幅收窄。 25H1，沪深新股首发PE仍处于低位，平均仅20倍，相对可比公司折价扩大至41%； 4-6月，首发超募情形逐渐增多，单 ...

Core Viewpoint - Beijing Tongrentang Medical Investment Co., Ltd. (Tongrentang Medical) has submitted its IPO application for the third time in a year, aiming to become the fourth listed company under the Tongrentang Group, which includes Tongrentang, Tongrentang Technology, and Tongrentang Guoyao [1][8] Company Overview - Tongrentang Medical, established in 2015, is the largest private traditional Chinese medicine hospital group in China, holding a market share of 1.7% in terms of outpatient and inpatient visits in 2024 [1] - The company ranks second in the private traditional Chinese medicine medical service industry with a market share of 0.2% in total medical service revenue, accounting for 46.5% of the market size of the traditional Chinese medicine medical service industry in China [1] Financial Performance - Revenue from Tongrentang Medical has shown growth from approximately 911 million yuan in 2022 to 1.175 billion yuan in 2024, with net profits turning positive in 2022 after a series of acquisitions [3][4] - The company reported net profits of -9.23 million yuan in 2022, 42.63 million yuan in 2023, and 46.19 million yuan in 2024 [3] Acquisition Strategy - The company's growth has been primarily driven by acquisitions, with plans to acquire five profit-making medical institutions by the end of 2029, focusing on economically active regions such as Beijing and the Yangtze River Delta [5][8] - Tongrentang Medical has increased its total number of medical visits from 1.3 million in 2022 to 3 million in 2024, with a compound annual growth rate of 51.9% [4] Debt and Financial Risks - The company's debt ratio has risen significantly from less than 10% in 2021 to 45.2% in 2024, raising concerns about the sustainability of its growth [2][7] - As of April 30, 2024, the total outstanding bank loans amounted to 142 million yuan, with a significant portion of its equity pledged to secure financing [7] Market Position and Competition - The number of participants in China's private traditional Chinese medicine medical service industry has increased from 2,525 in 2019 to 3,614 in 2024, indicating intensified competition [9] - Despite the competitive landscape, Tongrentang Medical benefits from the strong brand recognition of the "Tongrentang" name and has a well-established business model that includes medical services, management services, and health product sales [9] IPO Objectives - The funds raised from the IPO are intended for expanding the company's medical service network, enhancing service capabilities, repaying bank loans, and general corporate purposes [8] - The repeated submissions of the IPO application may indicate challenges in meeting market expectations or regulatory requirements [8]

来源|贝多财经 近日，欣强电子（清远）股份有限公司（下称"欣强电子"）递交招股书，报考在深圳证券交易所创业板 上市。本次报考上市，欣强电子计划募资约9.62亿元，均将用于高多层高密度互连印制电路板改扩建项 目。 天眼查App信息显示，欣强电子成立于2005年8月，位于广东省清远市。目前，该公司的注册资本约为 4.59亿元，法定代表人为俞孝璋，主要股东包括YU FAMILY HOLDING PTE. LTD.、欣立投资（深圳） 合伙企业（有限合伙）等。 据欣强电子介绍，此次转让股份分别用于三个持股平台的员工激励，受激励员工在持股平台受让股份后 对平台进行增资，员工持股平台增资价格为2.80元/出资额，对应2024年净利润的市盈率倍数为7.68倍， 估值总额为12.85亿元。 转让完成后，形成了欣强电子本次上市前的股权架构。其中，YU FAMILY持股94.35%，该公司的控股 股东。穿透股权，俞孝璋、俞宛伶分别持有AKO BVI 60.00%、40.00%的股权，AKO BVI 持有 YU FAMILY 100.00%的股权，间接控制欣强电子94.35%的股权。 另外，欣承投资、欣立投资、金宥公司分别持有欣强电 ...

2025年，餐饮行业掀起新一轮资本热潮。 蜜雪冰城、沪上阿姨、古茗等头部餐饮品牌相继登陆资本市场，老乡鸡、遇见小面等新锐品牌也接连递 交上市申请。一时间，港股成为餐饮企业的聚集地，第二波餐饮企业上市浪潮正以蓬勃之势席卷而来。 作为火锅赛道的高品质代表，巴奴也正式加入这场资本角逐。 6月16日，巴奴国际控股有限公司首次向港交所递交招股书，由中金公司、招银国际担任联席保荐人， 标志着其正式开启港股上市征程。 不过，在资本动作背后，业界对巴奴的上市时机充满猜想。诚然，当前餐饮企业赴港上市热度高涨，但 结合火锅行业现状来看，"价格内卷"已使市场竞争进入白热化阶段，多家品牌业绩增速普遍放缓，部分 企业甚至尚未完全走出疫情恢复期。 在这样的行业背景下启动IPO，自然引发业内对于其资本战略的深度关注——若巴奴成功叩关港股，预 计将在火锅赛道掀起新一轮上市潮，后续或有更多品牌跟进资本动作。 不过，尽管市场猜测纷繁复杂，但巴奴能否在港股市场突破重围，仍需等待资本市场的最终验证。 增速放缓，"高价"弊端显现 事实上，近三年来巴奴的业绩表现持续向好。 据招股书披露，2022年至2024年巴奴收入分别为14.33亿元、21.12亿元 ...

Core Viewpoint - The Hong Kong stock market is experiencing a surge in technology company listings, with many firms possessing core technologies and global advantages flocking to the Hong Kong Stock Exchange (HKEX) [1][2]. Group 1: Technology Companies Listing Trend - A variety of technology companies, including Black Sesame Intelligence, Horizon Robotics, and CATL, have either successfully listed or are preparing to list on the HKEX, covering sectors such as artificial intelligence, semiconductors, and new energy [2]. - The HKEX has introduced a "Tech Company Special Line" which has received positive feedback, indicating strong interest from technology firms in listing [2]. Group 2: Market Transformation - The HKEX is evolving into a global hub for technology capital, connecting thriving mainland tech companies with global investors, thereby enhancing its strategic position in the international financial landscape [1][3]. - The listing of CATL, a leading global new energy company, is seen as a milestone for the Hong Kong capital market, showcasing the HKEX's ability to attract international-level tech firms [3]. Group 3: Institutional Optimization - The surge in technology listings is attributed to continuous institutional optimizations by the HKEX, which have created a more favorable financing environment for tech companies [4][5]. - Recent reforms, such as allowing dual-class shares and enabling unprofitable biotech firms to list, have attracted numerous mainland enterprises to the HKEX [4]. Group 4: Positive Interaction with Industry Capital - The successful listing of CATL has encouraged other tech companies planning to list in Hong Kong, indicating a more rational valuation environment for leading tech firms [5]. - The HKEX is becoming a "super connector" for global tech capital, facilitating a positive interaction between tech companies and the capital market [5][6]. Group 5: Long-term Market Appeal - The stable financing environment of the HKEX aligns with the long-term development needs of tech companies, especially in light of global economic recovery and unique issuance rhythms [6]. - The HKEX is positioned to remain an important bridge for mainland tech companies seeking international capital, particularly amid increasing geopolitical uncertainties [6].

Group 1 - Longqi Technology announced the early termination of share reduction plans by shareholders and the results of the share reduction [1][3] - Tianjin Jinmi reduced approximately 13.75 million shares, accounting for 2.96% of the total share capital, with a total reduction amount of approximately 546 million yuan [3][4] - Suzhou Shunwei reduced approximately 13.95 million shares, accounting for 3.00% of the total share capital, with a total reduction amount of approximately 548 million yuan [4][5] Group 2 - The combined cashing out from both Tianjin Jinmi and Suzhou Shunwei is nearly 1.1 billion yuan, with both shareholders' holdings dropping below 5% [4][6] - Longqi Technology submitted a prospectus to the Hong Kong Stock Exchange, with Citigroup, Haitong International, and Guotai Junan International acting as joint sponsors [7] - Longqi Technology is the second-largest consumer electronics ODM manufacturer globally and the largest smartphone ODM manufacturer based on 2024 shipment volume [8] Group 3 - Longqi Technology's revenue for 2022, 2023, and 2024 was 29.34 billion yuan, 27.18 billion yuan, and 46.38 billion yuan respectively, with net profits of 561 million yuan, 605 million yuan, and 501 million yuan [9][10] - In Q1 2025, Longqi Technology achieved revenue of 9.38 billion yuan, a year-on-year decrease of 9.27%, while net profit attributable to shareholders increased by 20.33% to 154 million yuan [11]