Core Viewpoint - King Leaf International Group Limited is undergoing a listing hearing on the Hong Kong Stock Exchange's Growth Enterprise Market, with Sun Hung Kai Financial as its exclusive sponsor [1] Company Overview - King Leaf International is an established contractor in the electromechanical engineering sector, with a history dating back to 2006. The company specializes in the supply, installation, maintenance, and repair of heating, ventilation, and air conditioning systems, electrical installation systems, and water supply systems [3] - The company primarily serves private projects, with revenue from private projects accounting for approximately 97.7% and 98.2% of total revenue for the fiscal years 2023/24 and 2024/25, respectively [3] - King Leaf International has mainly provided services to existing commercial properties in Hong Kong, managed by several large property management companies [3] Project and Contract Types - The company undertakes various types of contracts, including fixed-price contracts, maintenance contracts, and regular contracts with pre-agreed rate tables. For the fiscal years 2023/24 and 2024/25, the company has taken on over 1,000 projects, with most contributing less than 500,000 HKD each [4] - As of July 31, 2025, the company has 187 projects on hand, with an uncompleted order value of approximately 62.8 million HKD [4] Financial Performance - For the fiscal years 2023/24 and 2024/25, the company's projected revenues are approximately 123.01 million HKD and 154.53 million HKD, respectively. The corresponding net profits are expected to be around 10.37 million HKD and 14.07 million HKD [5]

Summary of Key Points Core Viewpoint - Shanghai Jianda Zhixin Medical Technology Group Co., Ltd. is set to list its ordinary shares on the Shenzhen Stock Exchange's ChiNext board on September 25, 2025, following approval from the Shenzhen Stock Exchange [1]. Company Overview - Stock Name: Jianda Zhixin - Stock Code: 301584 - Total Shares Post-IPO: 421,288,509 shares - Number of New Shares Issued: 63,193,277 shares, with no existing shares being transferred [5]. Industry Context - The company belongs to the "F51 Wholesale Industry" as per the classification by the China Association of Listed Companies [3]. - As of September 10, 2025, the average static P/E ratio for the "F51 Wholesale Industry" was 25.73 times [3]. Financial Metrics - The IPO price is set at 7.05 RMB per share, which corresponds to a diluted P/E ratio of 13.29 times based on the lower of the 2024 net profit attributable to the parent company, excluding non-recurring gains and losses [3]. - This P/E ratio is lower than the industry average of 25.73 times but higher than the average P/E ratio of comparable listed companies, which is 11.27 times, indicating a premium of approximately 17.92% [3]. Market Risks - The ChiNext board is characterized by higher investment risks, including unstable performance, operational risks, and a greater likelihood of delisting [3]. - Investors are advised to be aware of the potential for stock price declines and to assess the reasonableness of the IPO pricing carefully [3].

苏州汇川联合动力系统股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：国泰海通证券股份有限公司 一、上市概况 4、首次公开发行股票数量：28,857.4910万股，占发行后公司总股本的比例 为12.00%，本次公开发行全部为新股，无老股转让。 1 1、股票简称：联合动力 2、股票代码：301656 3、首次公开发行后总股本：240,479.0910万股 二、风险提示 本公司股票将在深圳证券交易所创业板市场上市，该市场具有较高的投资风 险。创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，苏州汇川联合动力系统股份有限公司（以下简 称"发行人"或"本公司"）发行的人民币普通股股票将于2025年9月25日在深 圳证券交易所创业板上市，上市公告书全文和首次公开发行股票并在创业板上市 的招股说明书全文披露于中国证券监督管理委员会指定的信息披露 ...

Core Viewpoint - Yunhan Chip City (Shanghai) Internet Technology Co., Ltd. is preparing for its initial public offering (IPO) and listing on the ChiNext board, following various regulatory guidelines and rules set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1][2]. Group 1: Issuance Process - The issuance will be conducted through a combination of strategic placement, offline inquiry placement, and online issuance to public investors holding non-restricted A-shares and non-restricted depositary receipts [2][3]. - The strategic placement will involve the company's senior management and core employees participating through a special asset management plan, along with potential investments from the sponsor's related subsidiaries [3][4]. - The pricing for the offline issuance will be determined directly through preliminary inquiries, eliminating the need for cumulative bidding [4]. Group 2: Investor Participation - Investors are encouraged to pay close attention to the issuance methods, processes, and mechanisms for subscription and payment, as well as the handling of abandoned shares [2][3]. - The total number of shares allocated to strategic placement investors, subscription amounts, and holding periods will be disclosed in the issuance announcement [4].

Core Viewpoint - Yunhan Chip City (Shanghai) Internet Technology Co., Ltd. is preparing for its initial public offering (IPO) and listing on the ChiNext board, following the regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1][2]. Group 1: Issuance Process - The issuance will be conducted through a combination of strategic placement, offline inquiry placement, and online issuance to public investors holding non-restricted A-shares and depository receipts [2][3]. - The strategic placement will involve the company's senior management and core employees participating through a special asset management plan, along with potential investments from subsidiaries of the sponsor [3][4]. - The pricing for the offline issuance will be determined directly through preliminary inquiries, eliminating the need for cumulative bidding [5]. Group 2: Investor Participation - The offline issuance targets qualified investors as defined by the relevant regulations, ensuring compliance with the guidelines set forth by the China Securities Association [5]. - The total number of shares allocated to strategic placement investors, subscription amounts, and their proportion of the total issuance will be disclosed in the official issuance announcement [4].

Core Points - The company, Suzhou Huichuan United Power System Co., Ltd., has received approval for its initial public offering (IPO) of 288.574910 million shares on the ChiNext board, with the registration approved by the China Securities Regulatory Commission [1] - The IPO will utilize a combination of strategic placement, offline issuance to qualified investors, and online issuance to the public, with the offline pricing determined through initial inquiries [1][2] - After the IPO, the total share capital of the company will be 2,404.790910 million shares, with the public offering accounting for 12% of the total [1] Strategic Placement - The initial strategic placement will consist of 86.572473 million shares, representing 30% of the total issuance [2] - The underwriter's related subsidiaries will participate with an initial investment of 3% of the total issuance, equating to 8.657247 million shares [2] - Senior management and core employees are expected to subscribe up to 10% of the total issuance, which is 28.857491 million shares, with a maximum investment of 240 million yuan [2] Issuance Details - Before the activation of the placement mechanism, the initial offline issuance quantity is set at 161.602437 million shares, approximately 80% of the remaining issuance after strategic placement [3] - The initial online issuance quantity is 40.400000 million shares, accounting for 20% of the remaining issuance [3] - The final numbers for offline and online issuance will be confirmed based on the strategic placement results and will be published in a preliminary allocation results announcement on September 17, 2025 [3] Investor Engagement - The company and the underwriter will hold an online roadshow to provide potential investors with information about the company and the IPO process [3] - The roadshow is scheduled for September 12, 2025, from 14:00 to 17:00 [6]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. has received approval for its initial public offering (IPO) and listing on the ChiNext board, with the underwriting managed by Guotai Junan Securities Co., Ltd. [1] Group 1: IPO Details - The IPO application has been approved by the Shenzhen Stock Exchange and registered by the China Securities Regulatory Commission [1] - The IPO will take place on September 15, 2025, with both offline and online subscription periods [2][17] - Investors do not need to pay subscription funds on the day of the IPO [17] Group 2: Subscription Process - Offline subscription will occur from 9:30 AM to 3:00 PM, while online subscription will be from 9:15 AM to 11:30 AM and 1:00 PM to 3:00 PM on the same day [2][17] - Investors must submit verification materials by September 9, 2025, to participate in the offline subscription [8] - The issuance will combine strategic placement, offline inquiry placement, and online issuance [2][3] Group 3: Investor Requirements - Offline investors must be registered securities companies, fund management companies, and other qualified institutional investors [5] - Minimum subscription amounts and asset requirements are set for both offline and online investors [15][16] - Investors must ensure their subscription amounts do not exceed their reported total assets [9][10] Group 4: Pricing and Allocation - The initial inquiry period for pricing is set for September 10, 2025 [6] - The pricing will be determined based on the inquiry results, with a mechanism to exclude invalid quotes [11][12] - The final issuance price will be disclosed in the issuance announcement [4] Group 5: Lock-up Period and Trading - For offline investors, 30% of the allocated shares will have a lock-up period of six months, while 70% will be tradable immediately [13][14] - Online investors will have no restrictions on the shares they acquire [13] Group 6: Risk Management - The underwriting process will be monitored by legal counsel to ensure compliance with regulations [12] - Investors are advised to understand the risks associated with investing in the ChiNext board, which includes high volatility and potential for loss [21]

Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd., is preparing for its initial public offering (IPO) and listing on the ChiNext board, following the regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1]. Group 1: IPO Process - The IPO will be organized by the lead underwriter, Guotai Junan Securities Co., Ltd., and will involve a combination of strategic placement, offline inquiry, and online issuance [2][3]. - The strategic placement will include participation from the underwriter's subsidiaries, senior management, and core employees, along with other investors [3]. - The total number of shares allocated to strategic investors, subscription amounts, and holding periods will be disclosed in the IPO announcement [4]. Group 2: Offline Inquiry and Issuance - The offline issuance targets professional institutional investors registered with the China Securities Association, including securities companies, fund management companies, and qualified foreign investors [5]. - The initial inquiry period is set for September 10, 2025, during which eligible investors can submit their proposed prices and quantities through the Shenzhen Stock Exchange's electronic platform [6]. - Each participating investor can submit up to three different quotes, with the highest quote not exceeding 120% of the lowest quote [6]. Group 3: Regulatory Compliance - Investors must ensure their proposed subscription amounts do not exceed their asset scale, as determined by the lower of their total assets on August 31, 2025, or their total assets before the inquiry [7][10]. - The underwriter reserves the right to reject or exclude any bids that exceed the asset scale requirements [7]. - Investors are required to submit asset scale reports and comply with internal approval processes before participating in the inquiry [8][9].

Group 1 - The issuer, Taisheng Wind Power Group Co., Ltd., is applying for a specific object stock issuance and listing on the ChiNext board, with Huatai United Securities as the sponsor [1][3] - The total share capital of the issuer as of June 30, 2025, is 934,899,232 shares, with 30.85% being restricted shares and 69.15% being unrestricted shares [7] - The top ten shareholders hold a total of 369,298,730 shares, accounting for 39.49% of the total share capital [7] Group 2 - The issuer's business includes sales of metal structures, onshore and offshore wind turbine sales, and manufacturing of marine engineering equipment [7] - As of June 30, 2025, the issuer's total assets amount to 1,015,133.58 million, with total liabilities of 559,493.05 million and shareholders' equity of 455,640.52 million [11] - The issuer's revenue for the first half of 2025 is reported at 229,854.49 million, with a net profit of 11,506.27 million [11] Group 3 - The fundraising amount for the stock issuance is expected to be no more than 117,592.92 million, which will be used to supplement working capital [25][26] - The issuance price is set at 6.76 per share, which complies with the regulations of not being lower than 80% of the average stock price over the previous 20 trading days [27][28] - The issuer has completed the necessary internal decision-making procedures for the stock issuance, including board and shareholder meetings [17][18]

Core Viewpoint - Jiangxi Aifenda HVAC Technology Co., Ltd. has received approval for its initial public offering (IPO) of up to 21.67 million shares on the ChiNext board, with the underwriting led by Zheshang Securities Co., Ltd. [1] Summary by Sections Issuance Details - The total number of shares for this issuance is set at 21.67 million, with a price of RMB 27.69 per share [2] - The issuance will involve a combination of strategic placement, offline pricing for qualified investors, and online issuance for public investors holding non-restricted A-shares [1][2] Strategic Placement - The initial strategic placement is 4.33 million shares, accounting for 20% of the total issuance [3] - The final strategic placement consists of 4.26 million shares, which is 19.67% of the total issuance, with a portion allocated to senior management and core employees [3] Issuance Process - The online issuance of 520,050 shares will occur on September 1, 2025, with payment obligations due by September 3, 2025 [4] - Investors must ensure that their funds are available by the specified date to avoid invalidation of their share allocation [5] Lock-up Periods - Online issued shares have no restrictions and can be traded immediately upon listing, while 10% of the offline issued shares will have a six-month lock-up period [6] - Shares allocated through strategic placement will have a 12-month lock-up period [6] Subscription Statistics - The online issuance received 12,841,532 valid applications, totaling 57,073,257,500 shares, with a total of 114,146,515 allocation numbers [9] - The initial effective subscription multiple for online investors was 10,974.57, leading to a decision to implement a reallocation mechanism [10] Reallocation Mechanism - Following the reallocation, the final offline issuance will be 8.73 million shares (50.13% of the adjusted total), while the online issuance will be 8.68 million shares (49.87% of the adjusted total) [10] - The final online issuance success rate is 0.0152% with an effective subscription multiple of 6,573.37 [10] Lottery and Results Announcement - A lottery for share allocation will take place on September 2, 2025, with results announced on September 3, 2025 [11]