Core Points - The issuer, Yangzhou Tianfulong Group Co., Ltd., has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and listing on the main board from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][2] - The total number of shares to be issued is 40.01 million, with an initial strategic placement of 4.001 million shares, representing 10% of the total issuance [2] - The final strategic placement amount is 3.347457 million shares, approximately 8.37% of the total issuance, with the difference being allocated to offline issuance [2] Issuance Structure - The issuance will combine strategic placement, offline issuance to qualified investors, and online issuance to the public [1] - After the strategic placement adjustment, the offline issuance will consist of approximately 25.86 million shares, accounting for 70.54% of the remaining shares, while online issuance will consist of about 10.80 million shares, representing 29.46% [2] - The final issuance price is set at RMB 23.60 per share [2] Payment and Subscription Details - Investors must fulfill their payment obligations by July 30, 2025, and ensure that funds are available in their accounts [3] - Offline investors are required to adhere to a 10% lock-up period for their allocated shares, lasting six months from the listing date [4] - If the total subscription from offline and online investors does not meet 70% of the adjusted issuance amount, the offering will be suspended [5] Subscription Statistics - The online issuance received 12,614,961 valid applications, totaling 88,444,640,500 shares, resulting in an initial online winning rate of 0.01221385% [6] - The online issuance's effective subscription multiple was approximately 8,187.42 times, prompting the activation of the allocation adjustment mechanism [6] - Following the adjustment, the final online winning rate increased to 0.02879541% [6] Lottery and Announcement - The lottery for online subscriptions is scheduled for July 29, 2025, with results to be published on the Shanghai Stock Exchange website on July 30, 2025 [7]

Core Viewpoint - The report outlines the strategic placement of investors in the initial public offering (IPO) of Guangdong Provincial Architectural Science Research Institute Group Co., Ltd. (Guangdong Jian Ke), highlighting the approval process and the strategic partnerships involved in the issuance [1][4][6]. Group 1: Approval and Authorization - The IPO application for Guangdong Jian Ke was approved by the Shenzhen Stock Exchange on August 17, 2023, and received registration consent from the China Securities Regulatory Commission on June 17, 2025 [1][4]. - The board of directors and the shareholders' meeting of the issuer approved the IPO and related matters on May 8, 2021, and June 2, 2023, respectively [3][4]. Group 2: Strategic Placement of Investors - The strategic investors participating in the IPO include large enterprises with long-term cooperation visions, such as Science City (Guangzhou) Investment Group Co., Ltd., Guangzhou Yuexiu Industrial Investment Co., Ltd., Guangdong Provincial Tourism Holding Group Co., Ltd., and Southern Industrial Asset Management Co., Ltd. [2][6]. - The initial strategic placement quantity is set at 31,398,000 shares, accounting for 30% of the total issuance, with a total public offering of 10,466,000 shares [6][8]. Group 3: Compliance and Investor Qualification - The strategic placement investors were selected based on their strategic cooperation relationship with the issuer and their long-term investment intentions, complying with the relevant regulations [5][8]. - The report confirms that the participating investors, including招商证券投资有限公司 (招商投资), meet the qualifications for strategic placement as outlined in the regulations [9][10]. Group 4: Financial and Operational Details - The total share capital after the public offering will be 41,856,000 shares, with the public offering shares representing approximately 25% of the total [6]. - The strategic investors' subscription amounts are capped at 30,995 million yuan, with specific limits on the number of shares they can acquire [7][8]. Group 5: Future Collaborations and Commitments - The strategic partnerships established through the IPO are expected to enhance collaboration in various sectors, including construction engineering testing and environmental monitoring, contributing to the high-quality development of the Guangzhou Development Zone [14][33]. - The investors have committed to maintaining their shareholding for specified periods, ensuring stability and support for the issuer's growth [11][28].

Core Viewpoint - The legal opinion letter confirms the eligibility of strategic investors participating in the initial public offering (IPO) of Guangdong Provincial Architectural Science Research Institute Group Co., Ltd. on the ChiNext board, highlighting the strategic partnerships and qualifications of the involved investors [2][3][4]. Group 1: Strategic Investors - The strategic investors include招商证券投资有限公司 (招商投资), 科学城（广州）投资集团有限公司 (科学城集团), 广州越秀产业投资有限公司 (越秀产业投资), 广东省旅游控股集团有限公司 (旅控集团), and 南方工业资产管理有限责任公司 (南方资产) [2][4][5]. - 招商投资 is a wholly-owned subsidiary of 招商证券, established as an alternative investment subsidiary, and is qualified to participate in the strategic placement [5][6]. - 科学城集团, a large enterprise with a registered capital of approximately 52.31 billion RMB, reported total assets exceeding 150 billion RMB and a net profit of -3.23 billion RMB for 2024 [10][11]. - 越秀产业投资, a subsidiary of 越秀资本, is involved in various financial services and has a significant operational scale, with 2023 revenue of 147.93 billion RMB [17][18]. - 旅控集团, a state-owned enterprise with total assets of 14.1 billion RMB and a net profit of 238 million RMB in 2024, is recognized as a major player in the tourism industry [24][25]. - 南方资产, a subsidiary of 中国兵装集团, focuses on strategic investments and has total assets of 17.843 billion RMB, with a net profit of 882 million RMB in 2024 [31]. Group 2: Investor Qualifications - The selection criteria for strategic investors include having a strategic partnership or long-term cooperation vision with the issuer [4][10]. - Each strategic investor has been verified to ensure compliance with relevant regulations and does not fall under the category of private investment funds requiring registration [4][6][24]. - The strategic investors have committed to using their own funds for the subscription and have sufficient liquidity to cover the investment amounts [6][12][29]. Group 3: Strategic Cooperation Agreements - The strategic cooperation agreements between the issuer and the investors outline collaborative efforts in various sectors, including construction engineering testing, urban development, and environmental management [11][25][27]. - Specific projects include joint research and development in green building technologies, urban infrastructure, and financial services to support the issuer's growth [20][28]. - The agreements emphasize mutual benefits and resource optimization to enhance competitiveness and drive growth in the respective industries [26][28].

Group 1 - The company, Guangdong Provincial Institute of Building Science Group Co., Ltd., has received approval for its initial public offering (IPO) and listing on the ChiNext board [1][2] - The total number of shares to be publicly issued is 10,466,000, representing approximately 25% of the company's total shares post-issuance [2] - The initial strategic placement will consist of 31,398,000 shares, accounting for 30% of the total issuance, with the underwriter's related subsidiaries participating with 5% of the issuance [2] Group 2 - The offering will be conducted through a combination of strategic placement, offline inquiry-based placement, and online pricing issuance for public investors [1][2] - The final distribution of shares between offline and online offerings will be determined based on the allocation mechanism, with the results published on August 5, 2025 [2] - The company and its underwriter will hold an online roadshow to provide investors with information regarding the company and the IPO process [3]

Core Viewpoint - Hansan (Nanjing) Technology Co., Ltd. has successfully completed its initial public offering (IPO) and received approval for listing on the ChiNext board, with the issuance of 32.25 million shares priced at RMB 28.91 per share [1][2]. Summary by Sections IPO Details - The IPO has been approved by the Shenzhen Stock Exchange ChiNext Listing Committee and registered by the China Securities Regulatory Commission [1]. - The total number of shares issued is 32.25 million, with a price of RMB 28.91 per share [2]. Issuance Mechanism - The issuance combines strategic placement, offline inquiry placement, and online issuance to public investors holding non-restricted A-shares and non-restricted depositary receipts [1]. - The strategic placement initially set at 6.45 million shares was adjusted to 3.67 million shares after a reallocation to offline issuance [3]. Subscription and Allocation - The final strategic placement quantity was 3.67 million shares, accounting for 11.37% of the total issuance [3]. - The online issuance received 12,539,810 valid applications, totaling 77,638,699,500 shares, resulting in an effective subscription multiple of 10,030.84 times [7]. Pricing and Payment - Investors must ensure timely payment of subscription funds by July 29, 2025, or risk invalidation of their allocations [4][5]. - The online issuance has no restrictions on circulation, allowing shares to be traded immediately upon listing [5]. Lock-up Periods - For offline investors, 90% of the allocated shares will have no lock-up period, while 10% will be subject to a 6-month lock-up [6]. - Strategic placement investors will face a 12-month lock-up period starting from the listing date [6]. Lottery and Results Announcement - The lottery for online subscriptions is scheduled for July 28, 2025, with results to be announced on July 29, 2025 [8].

Core Viewpoint - The report outlines the strategic placement of investors in the initial public offering (IPO) of Yangzhou Tianfulong Group Co., Ltd., detailing the number of shares, participants, and compliance with regulations [1][2][20]. Group 1: Strategic Placement Overview - The company plans to issue 40.01 million shares, representing 10% of the total share capital post-issuance [1][4]. - The initial strategic placement involves 4.001 million shares, also accounting for 10% of the total issuance [1][4]. - The final number of shares for strategic placement will be adjusted based on the established mechanism [1]. Group 2: Participants in Strategic Placement - Participants in the strategic placement include senior management and core employees through a dedicated asset management plan [2][7]. - Only one investor is involved in the strategic placement, which complies with the requirement of not exceeding ten participants [4][7]. - The lock-up period for shares acquired through strategic placement is set at 12 months from the date of listing [4][20]. Group 3: Compliance and Regulations - The selection criteria for strategic placement participants align with the regulations, ensuring that the number of shares allocated does not exceed 20% of the total issuance [5][20]. - The asset management plan is registered and meets the qualifications for participation in the strategic placement [8][9]. - Legal opinions confirm that the strategic placement adheres to all relevant laws and regulations, with no prohibited circumstances present [20].

Group 1 - Investors must confirm their asset scale before entering the initial inquiry stage for new stock subscriptions, ensuring that their proposed subscription amount does not exceed their asset scale [1][2] - Investors are responsible for the accuracy of the information provided for each allocation object, ensuring compliance with industry regulations [2][3] - Invalid declarations by offline investors include failure to register by the specified deadline, discrepancies in registration information, and exceeding the maximum subscription quantity [3][4][5] Group 2 - The issuance price will be determined after the inquiry period, with the issuer and underwriter verifying the qualifications of the investors [7][8] - The final issuance price and the number of shares will be disclosed in the issuance announcement, along with details of the effective subscription amounts from investors [8][9] - A mechanism for adjusting the allocation between offline and online subscriptions will be implemented based on the overall subscription situation [15][17] Group 3 - The offline subscription period is set for August 1, 2025, and investors must enter their subscription records on the designated electronic platform [12][13] - Online investors must have a minimum market value of 10,000 yuan in non-restricted A-shares to participate in the subscription [13][14] - The subscription process includes specific requirements for payment and the handling of any defaults or insufficient payments [25][28][30] Group 4 - The allocation of shares will be conducted based on a proportional distribution method, with different categories of investors receiving different allocation ratios [19][20] - A lock-up period of six months will apply to 10% of the shares allocated to offline investors, while 90% will be freely tradable [24] - The handling of any unallocated shares due to insufficient subscriptions will be managed by the underwriter [31][32]

Core Viewpoint - The company is set to issue 10,466 million shares in an initial public offering (IPO) on the ChiNext board, with a strategic placement of 31,398,000 shares, accounting for 30% of the total issuance [8][11][23]. Group 1: Issuance Details - The initial strategic placement will consist of 31,398,000 shares, with the underwriter's related subsidiary participating with 5% of the total issuance, equating to 5,233,000 shares [11][23]. - The total number of shares for offline issuance is 58,610,000, representing 80% of the remaining shares after deducting the initial strategic placement, while online issuance will account for 14,652,000 shares, or 20% [12][24]. - The final number of shares for both offline and online issuance will be determined based on the allocation mechanism and will be disclosed in the announcement on T+1 day [12][24]. Group 2: Investor Participation - The issuance will adopt a combination of directed placement to strategic investors, offline inquiry for qualified investors, and online pricing for public investors holding non-restricted A-shares [2][8]. - Only qualified institutional investors, such as registered securities companies, fund management companies, and insurance companies, can participate in the offline inquiry [32][33]. - Each participating entity in the offline issuance has a minimum subscription of 1 million shares, with a maximum of 30 million shares [4][5]. Group 3: Pricing and Allocation Mechanism - The pricing for the issuance will be determined through offline inquiries without cumulative bidding [16][32]. - The allocation mechanism will allow for adjustments between offline and online issuance based on demand, with the final allocation details to be published in the preliminary allocation results announcement [9][10][25]. - The strategic placement will be subject to a lock-up period of 12 months for other investors and 24 months for the underwriter's subsidiary [30][31]. Group 4: Important Dates - The preliminary inquiry period is set for July 29, 2025, from 9:30 AM to 3:00 PM [13][19]. - The online roadshow will be organized on July 31, 2025, to provide further information to investors [4][22]. - The final strategic placement results will be disclosed on August 5, 2025 [25].

Core Viewpoint - The report outlines the strategic placement of investors in the initial public offering (IPO) of Hansang (Nanjing) Technology Co., Ltd., detailing the qualifications and selection criteria for participating investors [1][2][22]. Group 1: Strategic Placement Overview - The IPO will utilize a combination of strategic placement to selected investors, offline inquiries to qualified investors, and online pricing for the general public [2][3]. - The lead underwriters, China International Capital Corporation and China Post Securities, are responsible for verifying the qualifications of the participating strategic investors [2][3]. Group 2: Investor Selection Criteria - Eligible investors for strategic placement include large enterprises with strategic cooperation relationships, large insurance companies, national investment funds, and other qualified investors as per relevant regulations [3][4]. - Specific criteria for investor selection include long-term investment intentions and the requirement for self-owned funds for subscription [3][4]. Group 3: Participating Investors - Three investors are participating in the strategic placement: Shenzhen Anpeng Venture Capital Fund, a special asset management plan for employees of Hansang, and China CICC Wealth Securities [4][12]. - Shenzhen Anpeng Venture Capital Fund is a subsidiary of Beijing Automotive Group, which is a large enterprise with significant assets and revenue [5][7][8]. Group 4: Financial and Operational Details - As of April 28, 2025, Anpeng Venture Capital Fund has a total subscribed capital of 930.48 million RMB, with Beijing Automotive Group being its ultimate controller [5][6]. - The strategic cooperation between Anpeng and Hansang focuses on enhancing cabin audio systems and developing new technologies for smart cabins [8][10]. Group 5: Asset Management Plan - The employee asset management plan, named CICC Hansang Technology No. 1, has a subscription cap of 46 million RMB and is managed by China International Capital Corporation [12][14]. - The plan is designed to ensure that the funds used for subscription are from the personal assets of the participating employees, complying with regulatory requirements [14][15]. Group 6: Compliance and Legal Review - The report confirms that the strategic placement does not violate any prohibitive conditions outlined in the applicable regulations [21][22]. - Legal counsel has verified that the participating investors meet the selection standards and that the strategic placement adheres to the relevant legal frameworks [22].

Core Viewpoint - The legal opinion letter issued by Haiwen & Partners confirms the compliance of investors participating in the strategic placement of HANSAN (Nanjing) Technology Co., Ltd.'s initial public offering (IPO) on the Shenzhen Stock Exchange's Growth Enterprise Market, ensuring adherence to relevant laws and regulations [2][4][27]. Group 1: Strategic Placement Overview - HANSAN Technology is applying for an IPO on the Shenzhen Stock Exchange, utilizing a combination of strategic placement, offline inquiry, and online pricing for qualified investors [3][4]. - The strategic placement involves targeted allocation to investors with strategic cooperation relationships or long-term investment intentions, including large enterprises and investment funds [6][7]. Group 2: Investor Qualifications - Eligible investors for the strategic placement include large enterprises with strategic cooperation, large insurance companies, national-level investment funds, and other qualified investors as per the regulations [6][7]. - The legal opinion confirms that the participating investors meet the selection criteria outlined in the relevant regulations [27]. Group 3: Specific Investors - Three investors are participating in the strategic placement, including Shenzhen Anpeng Venture Capital Fund and the employee asset management plan of HANSAN Technology [7][24]. - Anpeng Venture Capital Fund is a subsidiary of Beijing Automotive Group, which is a large enterprise with significant market presence [10][11]. Group 4: Financial Commitments - The total number of shares for the initial issuance is 32.25 million, with 6.45 million shares allocated for strategic placement, representing 20% of the initial issuance [24][26]. - The commitments from participating investors include a maximum subscription amount of 46 million yuan for the employee asset management plan [24][28].