量化派曾向中国内地相关金融监管机构承诺，日后不会再开展已停止向金融机构提供撮合服务（或贷款便利化及流量分流服务）等业务，而合作渠道"便荔 卡包" 经营主体和APP运营关联方主体均属于该公司旗下。 2025年11年27日，量化派经过6次上市申请（1次美国、5次香港），在第六次成功"鸡肋募资"上市了。 募资1.31亿元，扣除上亿元的上市费用后，募资净额约千万元左右，且绝大部分融资都将用于支付IPO费用。 | 序号 | 申请时间 | 量化派的上市阶段 | 申请结果 | | --- | --- | --- | --- | | 1 | 2017年8月 | 首次以保密形式向美国 SEC 提交 IPO 申请 | 因监管与市场环境撤回 | | 2 | 2022年6月 | 首次向港交所主板递表 | 6个月内未聆讯,招股书失效 | | 3 | 2023年2月 | 第二次向港交所递表 | 未通过聆讯,招股书失效 | | 4 | 2024年5月 | 第三次向港交所递表 | 未通过聆讯,招股书失效 | | 5 | 2024年12月31 日 | 第四次向港交所递交招股书 | 未通过聆讯,招股书失效 | | 6 | 2025年3月28日 ...

71岁王健林"限高"刚被撤销，就又传来一个坏消息！ 从"一个亿的小目标"到如今为不到两个"小目标"陷入困境，首富落魄的背后，藏着不为人知的体面。 那一年，王健林、马云和李嘉诚如同三头雄狮，轮流坐庄，财富差距常常只有数亿美元。 2016年，亚洲首富的位置如同旋转木马般在三位华人企业家间轮换。 王健林抓住了中国房地产的黄金时期，成为中国商业地产的代表性人物，他放下豪言： "万达广场开到哪里，哪里就成为城市中心。" 那段时间，他与马云的"首富之战"尤为精彩。 2016年4月，蚂蚁金服完成45亿美元B轮融资，马云个人财富飙升至333亿美元，一举超越王健林成为亚洲首富。 但王健林也并没有落后太久，他在短短两个月内又通过业务重组夺回宝座。 当时的王健林不会想到，这种激烈竞争不过是自己商业巅峰的最后荣光。 2016年，站在顶峰的王健林做出了一个改变万达命运的决定： 让万达商业从香港退市，计划回归A股市场。 为了完成这个计划，王健林与投资者签订了对赌协议，承诺在2018年前完成上市。 然而，当时的王健林并未预料到，中国A股市场对房地产企业IPO的严控政策将持续如此之久。 万达商业的A股上市计划一再延期，随着对赌协议到期日的临 ...

作者：Jasper 来源：IPO魔女 2025年12月9日，广州慧谷新材料科技股份有限公司（以下简称"慧谷新材"）将迎来深交所科创板上市委员会上市审核，公司保荐机构为中信证券，拟募 集资金9亿元。 据上会稿披露，慧谷新材在报告期内功能性树脂和涂层材料产量最高为7.78万吨，而本次拟募资的项目中有4亿元左右，用于年产13万吨环保型涂料及树 脂扩建项目，此外，慧谷新材及其下属公司清远慧谷的总计审批产能功能性树脂1.8540万吨，涂层材料5.2万吨，近一倍的扩产产能是否能够被充足的消 化？审批产能是否跟上扩产产能？这有待进一步披露。另外，作为此次科创板企业，技术领先，拥有技术壁垒才能在行业竞争中站稳脚跟，然而，在上会 稿中并未详细披露相关技术参数以及市场份额，这是否表明公司并未拥有核心竞争力？ 据上会稿披露，本次拟募资的项目中有4亿元左右，用于年产13万吨环保型涂料及树脂扩建项目，而慧谷新材在报告期内 功能性树脂和涂层材料产量为 5.54万吨、6.23万吨和7.78万吨，此外，慧谷新材及其下属公司清远慧谷的审批产能分别是，慧谷新材环评审批产能功能性树脂2,040.50吨，环评审批产能 涂层材料22,000.00吨， ...

科技公司产品停滞、创始人魅力透支，大厂尽调后弃投 据知情人士透露，某知名创业者的项目产品卡住了，迭代升级遇到了瓶颈。前几轮融资主要靠创始人的个 人信用和魅力，几轮下来已经透支了，人设也已经卖到顶。个人品牌可以拉来投资，但最终还是要落在产 品上，给了两三亿估值但产品迟迟没研发出来，下一轮投资就没人愿意买单。 为了维持项目发展，创始人选择收购其它项目，把IP、资产全塞进来，看上去是在扩大规模，但这种玩法 被资方看得透透的，不会轻易被忽悠。某头部互联网企业在尽调之后也选择了放弃。据了解，该企业的投 资逻辑极为务实，"只看数据，不吃故事"，不会为创始人光环或宏大叙事买单，这与愿意押注"下一个明星 创始人"的企业完全是不一样的投资逻辑。（更多明星项目信息和细节可添加微信 ydinitialheart 交流。） 某大厂eBike部门面临危机，员工流失殆尽 某大厂eBike部门正面临团队危机。本来这个品类就没那么好做，又是创始人的个人兴趣驱动成立的，没 有太大的业务指标。创始人选了一个比较年轻的人来当一号位，但因为管不住下面的人被降级了，团队也 陷入群龙无首的状态。 今年4月份该部门又走了一批核心员工，其中不乏部分自主创业 ...

转自：中国经营报 中经记者 陈婷 赵毅 深圳报道 一场作价6.8亿美元的并购，即将以"零现金"交易的形式展开…… 近日，心通医疗（2160.HK）正式公告收购微创心律管理有限公司（以下简称"心律管理"）100%股权， 对价为6.8亿美元（约合人民币48亿元），心通医疗通过向心律管理股东发行新股支付，即不涉及任何 现金交易。新股发行数量约39.54亿股，相当于心通医疗已发行股本约164%，价格为每股1.35港元。 这是一次关联交易。心通医疗、心律管理的控股股东均是微创医疗（0853.HK），且这两家公司目前均 处于亏损状态。其中，心通医疗在今年上半年亏损约人民币220万元，心律管理亏损4162万美元（约合 人民币近3亿元）。 此次交易的时间节点耐人寻味。4年前，微创医疗为心律管理引入投资机构，彼时约定若心律管理未能 在2025年7月17日前上市，或上市时市值少于15亿美元且募资额低于1.5亿美元，心律管理将面临赎回风 险。2023年5月，心律管理曾向港交所递交招股书谋求上市，但至今无果。就在上述约定心律管理上市 期限前1天，微创医疗宣布拟重组心律管理业务，将其与心通医疗合并。 此次并购是否为化解微创医疗对赌协议 ...

据披露，本次控制权变更的前期协议转让环节已顺利完成。天普股份介绍，该协议转让交易已取得上海 证券交易所合规性确认，于11月3日完成股权过户，并在11月4日收到中国证券登记结算有限责任公司出 具的《证券过户登记确认书》。本次过户股数为2514万股，占公司总股本的18.75%，且均为无限售流 通股。交易完成后，天普控股仍保持控股股东地位，尤建义继续担任公司实际控制人。 12月2日，天普股份（605255.SH）针对控制权变更及全面要约收购相关事宜召开投资者交流会，就市 场关切的交易进展、要约安排、风险提示等核心问题作出详细回应。此次交易涉及协议转让、增资及全 面要约收购等多重环节，收购方中昊芯英拟通过系列操作获得公司68.29%股权，而投资者接受要约可 能面临的大额经济损失成为本次交流的焦点。 后续关键环节中，中昊芯英计划对天普控股进行增资。增资完成后，中昊芯英及其一致行动人将合计控 制天普股份68.29%的股份，该比例超过30%的法定阈值，从而触发全面要约收购义务。11月17日，公司 正式收到中昊芯英出具的《要约收购报告书》，明确要约收购价格为23.98元/股，要约收购期限自2025 年11月20日起至2025 ...

Group 1: Company Overview and Investment - Suzhou Kede Education Technology Co., Ltd. holds a 5.53% stake in Zhonghao Xinying, a company specializing in TPU architecture AI chip technology and mass production [4][8]. - Zhonghao Xinying has initiated the process for its IPO and is currently undergoing a share reform [7][20]. - In 2024, Zhonghao Xinying is expected to contribute an investment income of 5.9299 million CNY to Suzhou Kede, based on its shareholding [20]. Group 2: Market Strategy and Value Management - The company emphasizes value management, having established a value management system to enhance corporate governance and improve information disclosure quality [3]. - Suzhou Kede aims to leverage AI technology in education, focusing on integrating new technologies and products to enhance competitiveness [10][16]. - The company is actively seeking to optimize its business operations and explore new market opportunities to ensure sustainable growth [15][16]. Group 3: Financial Performance and Investment Insights - The company's R&D expenses for the first three quarters of 2025 reached 18.7236 million CNY, reflecting a 52.03% increase compared to the previous year [21]. - The company reported a decrease in accounts receivable compared to the beginning of the year, while inventory saw a slight increase due to preparations for the National Day holiday [20]. - The company has a long-term investment strategy focused primarily on Zhonghao Xinying, which is expected to enhance its investment value [6][12].

Core Viewpoint - The company Kunshan Changying Hard Material Technology Co., Ltd. (referred to as "Changying Hard Science") has submitted an IPO application to the Beijing Stock Exchange, following a previous unsuccessful application to the Shanghai Stock Exchange. The company has undergone significant changes in its shareholding structure and governance prior to this new application [2][3][8]. Group 1: IPO Application and History - Changying Hard Science's IPO application was accepted by the Beijing Stock Exchange on June 30, 2025, and the company received its first round of inquiry on July 28, 2025 [2]. - The company previously submitted an IPO application to the Shanghai Stock Exchange on March 1, 2023, but withdrew it in June 2024 after responding to inquiries [2][8]. - Before the current IPO application, the founders executed a buyback obligation to external investors, repurchasing shares at a price of 18.98 yuan per share [2][9]. Group 2: Shareholding and Governance Changes - The controlling shareholders, Huang Qijun and Chen Bi, have reduced their share lock-up period from 36 months to 12 months compared to their previous IPO application [3][15]. - Two other founders, Yang Tiefei and Dai Xinguang, have exited their positions in the board and management prior to the IPO, which the company claims is part of governance optimization [3][16]. - As of the signing date of the prospectus, Huang Qijun and Chen Bi control 68.55% of the company, while Yang Tiefei and Dai Xinguang hold 16.63% and 8% respectively [5][13]. Group 3: Financial Obligations and Agreements - The founders signed multiple agreements with external investors, including buyback rights, which allow investors to require the original shareholders to repurchase shares if certain conditions are not met [6][7]. - The total amount required for the buyback obligations, if triggered, could reach approximately 99.91 million yuan [15]. - The company has stated that the special rights of investors will automatically terminate upon the acceptance of the IPO application by the Beijing Stock Exchange [14].

Core Insights - Shenzhen Hongfucheng New Materials Co., Ltd. has completed its IPO counseling report with Huayuan Securities as the counseling institution [2] - The company signed a counseling agreement with Huayuan Securities on February 7, 2023, and conducted eleven counseling sessions up to the report date [2] Company Overview - Hongfucheng was established in May 2003 and specializes in the research, manufacturing, and sales of thermal interface materials [4] - The company's main products include shielding materials, thermal interface materials, and wave-absorbing materials, which are essential for electronic devices [4] - These materials have wide applications in mobile phones, tablets, new energy vehicles, and network communications [4] Shareholder Information - The company is primarily controlled by Sun Aixiang, who holds a 51% stake, while Zhao Jianping holds a 49% stake [5] - Sun Aixiang serves as the chairman of the company, and Zhao Jianping is a director [5] Financial Agreements - The counseling report indicates that certain agreements with shareholders contained performance-based clauses and special rights, which have been terminated and deemed invalid [4] - The termination of these clauses occurred before the issuance of the financial report and prior to the submission of the listing application materials [4]

Group 1 - The core point of the article highlights that Quantipai has finally listed on the Hong Kong Stock Exchange after an eight-year journey, but the IPO is characterized by significant financial strain, with 95% of the raised funds consumed by listing expenses [1][3]. - The company raised approximately HKD 124 million through its IPO, but after accounting for listing expenses of HKD 118 million, the net proceeds amount to only HKD 5.8 million, making it the smallest IPO in terms of issuance scale this year [3][5]. - Quantipai faces a critical financial challenge with a redemption obligation of RMB 1.839 billion due by September 2025, stemming from previous financing agreements, which poses a severe liquidity risk given its cash reserves of only RMB 362 million [5][9]. Group 2 - The company has undergone a significant business transformation from a lending platform to a consumer e-commerce platform, with its core product now being "Yang Xiaomei" [3][7]. - The revenue from its original lending services has drastically decreased from 76.8% in 2021 to just 3.2% in 2024, while the contribution from product trading has surged to 98.1% [7][9]. - Despite the transformation, there are concerns regarding the sustainability of its business model, particularly due to ongoing related-party transactions and a high volume of user complaints [9][11]. Group 3 - The company plans to allocate 55% of the net proceeds from the IPO to research and development and 45% to business promotion, but the amount raised is insufficient for substantial growth, covering only about 10% of its annual R&D expenses [13][15]. - The performance of its secondary growth initiative, the "Consumption Map" platform, has been disappointing, generating only RMB 1.447 million in revenue in the first half of 2024, which is just 3.8% of total revenue [13][15]. - The company is heavily reliant on a single revenue stream, which poses risks for future operations, especially in a competitive e-commerce landscape dominated by larger players [15].