旗下子公司前次闯关创业板告败后，潍柴动力（000338）拟推动潍柴雷沃智慧农业科技股份有限公司 （以下简称"潍柴雷沃"）赴港上市。6月21日，潍柴动力披露公告称，公司所属子公司潍柴雷沃向香港 联交所递交了首次公开发行境外上市外资股（H股）并在香港联交所主板上市的申请，且在香港联交所 网站刊登了本次发行上市的申请资料。 曾"折戟"资本市场 招股文件显示，潍柴雷沃是中国领先的智慧农业整体解决方案服务商，目前已打造一套涵盖农业生产全 周期的智慧农业整体解决方案，公司业务基于两大核心支柱，其一，成套智能农机装备，涵盖拖拉机 等，覆盖从耕整、种植、田间管理、收获、秸秆处理与粮食烘干等现代农业生产的各个环节，重点聚焦 高端化、智能化农机装备，助力解决"谁来种地"问题；其二，智慧农业服务，以农机作业实时数据为核 心，融合IoT、人工智能与大数据技术，全面感知土壤、作物与环境状态，借助AI模型智能分析数据生 成精准作业决策，并指导智能农机开展协同化精准作业，提升生产效率与质量。 股权关系方面，潍柴雷沃分别由潍柴动力和潍柴控股直接持有约61.1%和27.26%的股权。潍柴动力由潍 柴控股持有约16.32%的股权，而潍柴控股则由 ...

The Second A Shareholder's and H Shareholder's Class Meeting in 2025 会 议 材 料 紫金矿业集团股份有限公司 紫金矿业集团股份有限公司 ? 会议时间：2025 年 6 月 26 日（星期四）上午 9 点。 ? 网络投票时间：2025 年 6 月 26 日，通过交易系统投票平台：9:15－9:25，9:30 －11:30，13:00－15:00；通过互联网投票平台：9:15－15:00。 ? 会议地点：福建省厦门市思明区环岛东路 1811 号中航紫金广场 B 塔 41 层。 ? 会议主持：陈景河。 ? 参会人员：股东及股东代表、董事、监事、高管、中介机构等。 议 程 主持人宣布大会开幕； 董事会秘书宣布参加本次股东会现场会议的股东人数、代表股份总额； 主持人根据公司章程提议表决票清点人； 本次会议逐项审议下列议案： 定的议案 联交所上市的预案》的议案 人合法权益的议案 股东提供保证配额的议案 （议案1-11为特别决议案，其他为普通决议案。） 现场会议议案表决； 统计并宣布现场投票表决结果； 与会代表休息（等待网络投票结果）； 统计并宣布最终表 ...

| 2球發售的發售股份數目 | | : 41,666,800股股份(視乎超額配股權行使 | | --- | --- | --- | | | | 與合而定) | | 香港發售股份數目 | | : 4.166.800股股份(包括148.200股幅量 | | | | 預留股份,可予更新分配) | | 國際發售股份數目 | .. | 37,500,000股股份(可予重新分配及 | | | | 視乎超額配股權行使與否而定) | | 最高發售價 | .. | 每股股份27.80港元,另加1.0%經紀佣金、 | | | | 0.0027%證監會交易徵費、0.00565%。 | | | | 聯交所交易費及0.00015% 會財局交易徵 | | | | 費(須於申請時以港元繳足,多繳款項可 | | | | 予退還) | | #6 #7 01 28 | | 60777 | 椰子水饮料品牌if母公司IFBH(06603.HK)，于今日(6月20日)起至下周三(6月25日)招股，预计2025年6月 30日在港交所挂牌上市，中信证券独家保荐。 | | 椰子水饮料品牌if母公司IFBH(06603.HK)香港上市招股资料 | | --- ...

2025年6月12日，苏州汇川联合动力系统股份有限公司的创业板过会，以2025年首单"A拆 A"的身份，成为新"国九条"政策框架下监管智慧与市场活力共振的典型样本。 这场过会之所以具有标志性意义，在于其完整呈现了 2024年以来监管政策从"准入管 控"到"生态培育"的进化逻辑。当分拆上市规则体系不再局限于"是否允许分拆"的底线思维， 而是转向"如何让优质企业分拆后更具竞争力"的系统设计，联合动力的闯关路径便成为解读监 管政策红利的最佳注脚。 制度赋能与企业实力共振 联合动力"A拆A"意义 2024年新"国九条"的颁布，标志着我国资本市场分拆上市规则体系迈向"全周期赋能"新阶 段。监管政策从单纯的"准入管控"向"生态培育"转型，既通过量化、细化的审核标准筑牢"严 进"防线，同时以"优中选优、精准筛选"的思路配置资源、提升市场效率。联合动力的过会之 路，便是这一政策变革的最佳注脚。 在 "严进"层面，监管层对分拆上市设置了严苛的量化指标。联合动力需证明其独立性、成长 性、可持续性。这些标准的设定，并非为企业发展设限，而是引导市场资源向真正具备核心竞 争力的企业集聚，避免分拆上市沦为资本游戏。 汇川技术作为母公司， ...

6月12日，苏州汇川联合动力系统股份有限公司（简称 "联合动力"）成功通过深交所首发审核，作为A股上 市公司汇川技术分拆新能源汽车业务的主体，这一标志性事件不仅重塑了分拆上市的审核逻辑，更以制度 创新实践诠释了资本市场服务国家战略的核心路径。 一、分拆上市意味着"优中选优" 2024年4月，国务院发布《关于加强监管防范风险推动资本市场高质量发展的若干意见》，此后分拆上市的 审核环境整体趋冷，短短两月内超14家企业分拆计划搁浅，市场观望情绪弥漫。然而，分拆上市并未完全 停滞，沪深北交易所在新规后均有新增受理项目和成功上市项目。如今联合动力的成功过会，更进一步明 确了监管宗旨——并非叫停分拆，而是遏制盲目分拆和套利行为，优化资源配置、推进高质量发展。其重 点在于"优中选优"，核心区别在于企业是否具备业务独立性、技术先进性、分拆必要性和估值合理性的"清 晰度"。 具体而言，联合动力作为汇川技术体系内运营新能源汽车电驱和电源系统的唯一主体，自2016年设立以来 专注该领域研发生产，与母公司工控产品在核心技术、工艺、应用领域及客户结构上差异显著。财务数据 也印证了其独立性：2022年至2024年，公司营收从50.27亿 ...

近日，苏州汇川联合动力系统股份有限公司（简称"联合动力"）创业板IPO过会受到市场高度关注，这家公司主业独立清晰，市场龙头地位显著，重视研发 且是技术领跑者，为A股市场分拆上市打出一个标杆式样本。 分拆上市是一个从规范到更规范,从透明到更透明的过程。随着分拆上市从政策体系的不断完善到审核积极实践，再到对市场资源配置的优化，各个环节紧 密相扣，确保上市公司分拆出来的子公司业务独立、质地优良、成长性好、具有行业显著竞争优势，为市场注入源源不断的优质活水。联合动力分拆上市标 志着A股分拆上市开始进入"质量优先、精准筛选"的新阶段。通过层层严格审核筛选出真正优质、合规且极具潜力的企业，给予其更多政策支持和资源倾 斜，推动资本市场朝着更加健康、多元、高效的方向发展，为资本市场服务实体经济高质量发展、推动产业升级、培育新质生产力注入强劲动力。 联合动力是汇川技术体系内运营新能源汽车电驱和电源系统的唯一主体，具备独立且完善的车规级产品研发、生产、销售体系，是新能源汽车动力系统的龙 头企业之一。其主要产品涵盖电驱系统（如电控、电机、三合一 / 多合一驱动总成）以及电源系统（像车载充电机、DC/DC 转换器、二合一 / 三合一 ...

Group 1 - The core viewpoint of the news is the ongoing trend of A-share listed companies in China pursuing spin-off listings, with Suzhou Huichuan United Power System Co., Ltd. being the latest example, which is a spin-off from Shenzhen Huichuan Technology Co., Ltd. focusing on the new energy vehicle sector [1] - As of June 15, 2023, a total of 14 A-share listed companies have updated their spin-off listing progress this year, with 4 already completed [1] - The spin-off listings are characterized by industry concentration in high-growth sectors such as high-end equipment, new energy, and smart logistics, indicating a strategic move towards specialization and risk reduction for parent companies [1] Group 2 - The spin-off allows subsidiaries to develop independently and establish clearer business boundaries, as seen with Zijin Mining Group's plan to spin off its subsidiary for independent gold operations [2] - Regulatory requirements for spin-off listings include a minimum of three years of domestic listing, continuous profitability over the last three accounting years, and compliance with industry competition and related transaction regulations [2] - Market conditions can significantly impact the progress of spin-off listings, exemplified by China Southern Airlines' decision to withdraw its subsidiary's listing application due to changing market environments [2] Group 3 - This year, 4 A-share spin-offs have been completed, with destinations including the Sci-Tech Innovation Board, Beijing Stock Exchange, and Shanghai Stock Exchange [3] - Some A-share companies are also planning to spin off subsidiaries for listings in Hong Kong, such as Midea Group and Weichai Power [3]

Core Viewpoint - Huichuan Technology's spin-off subsidiary, United Power, has received approval for its IPO on the ChiNext board, marking a significant development in the A-share spin-off listing landscape after a period of regulatory tightening [1][4]. Summary by Sections Spin-off Listing Progress - United Power's IPO application was approved by the Shenzhen Stock Exchange, representing the first spin-off IPO approval in 2025, signaling a potential revival in A-share spin-off listings [1]. - The new "National Nine Articles" issued in April 2024 has led to stricter regulations on spin-off listings, causing many companies to halt their plans, yet United Power's approval indicates that the process is not entirely stagnant [1][4]. Company Performance and Financials - United Power, established in 2016, focuses on electric drive systems and power systems, with plans to raise 4.857 billion yuan for various projects including production and R&D [1][2]. - The company reported revenues of 5.027 billion yuan in 2022, 9.365 billion yuan in 2023, and projected 16.178 billion yuan in 2024, with net profits turning from a loss of 179 million yuan in 2022 to a profit of 936 million yuan in 2024 [2]. Regulatory Scrutiny and Market Conditions - The Shenzhen Stock Exchange's listing committee emphasized the importance of sustainable revenue growth and the potential risks of being replaced as a third-party supplier during the IPO review [2][3]. - The committee also requested United Power to address the sustainability of its growth in light of industry trends, customer supply chain developments, and price fluctuations [3]. Independence and Strategic Considerations - The new regulations stress the need for the independence of spin-off companies, with a focus on their business independence, technological advancement, and reasonable valuation [4][5]. - Huichuan Technology asserts that United Power maintains a high level of operational independence from its parent company, aiming to enhance clarity in its business structure and reduce risks associated with diversification [5].

6月12日晚，深交所官网显示，苏州汇川联合动力系统股份有限公司（下称"联合动力"）（首发）符合 发行条件、上市条件和信息披露要求。该公司由A股上市公司汇川技术分拆新能源汽车相关业务而来， 是汇川技术体系内运营新能源汽车电驱和电源系统的唯一主体，具备独立且完善的车规级产品研发、生 产、销售体系，是新能源汽车动力系统的龙头企业之一。 2024年4月新"国九条"发布后，分拆上市的审核环境整体趋冷。不过，分拆上市并未完全陷入停滞，沪 深北交易所在新"国九条"后均有新增受理相应项目。新"国九条"旨在遏制盲目分拆和套利行为，并非叫 停分拆，其根本目的还是优化资本市场资源配置，推进资本市场高质量发展。如果分拆子公司具有较高 的"清晰度"，具备业务独立性、技术先进性、分拆必要性和估值合理性，分拆后会形成更加专业的市场 定位，而非与母公司业务重合，也不存在高度依赖关联交易等问题，审核仍在正常推进。目前，在实质 审核进展上做出突破的案例，均符合当前从严监管分拆上市背景下审核要求。 业务清晰度高独立性较强 从此次过会的联合动力来看，其控股股东汇川技术早在2010年9月便成功登陆创业板，截至目前，公司 市值达1700亿元，为国内工控 ...

Core Viewpoint - United Power has successfully passed the listing review by the Shenzhen Stock Exchange for its initial public offering (IPO), aiming to raise approximately 4.857 billion yuan for key projects in the production of core components for new energy vehicles [1] Group 1: Company Overview - United Power was established in 2016 and focuses on the research, production, sales, and technical services of electric drive and power products for new energy vehicles [2] - The company is a wholly-owned subsidiary of Huichuan Technology, which holds 94.51% of its shares, making it the controlling shareholder [3] Group 2: Market Position - According to NE Times statistics, United Power holds approximately 10.7% of the electric control product market share in China's new energy passenger vehicle sector, ranking first among third-party suppliers [3] - The company also ranks first among third-party suppliers in the electric motor product market with a share of about 10.5% [3] Group 3: Financial Performance - United Power is experiencing rapid growth, with total assets projected to reach 9.087 billion yuan, 12.297 billion yuan, and 18.072 billion yuan from 2022 to 2024 [3] - The company's revenue is expected to grow from 5.027 billion yuan in 2022 to 16.178 billion yuan in 2024, with net profit turning from a loss of 179 million yuan in 2022 to a profit of 936 million yuan in 2024 [3] Group 4: Parent Company Performance - Huichuan Technology's revenue from the new energy vehicle and rail transit segment reached 9.920 billion yuan in 2023, accounting for 32.61% of total revenue, and is projected to grow to 16.642 billion yuan in 2024, representing a year-on-year increase of 67.76% [4] - This segment has become the largest revenue contributor for Huichuan Technology, surpassing general automation [4]