Group 1 - The article highlights the recent surge in Hong Kong IPOs by mainland companies, particularly driven by the successful listing of CATL, which set a record for global IPO financing in 2023 and led to H-shares trading at a premium compared to A-shares [2] - The advantages of H-share listings include a streamlined approval process, typically taking 6-8 months, and a variety of refinancing options available in the Hong Kong capital market [3] - Key listing conditions for H-shares require companies to meet one of three tests related to market capitalization, profitability, or revenue, with specific financial thresholds outlined [4][5] Group 2 - The article details the basic process for A-share companies to issue H-shares, which involves due diligence, regulatory approvals from both the China Securities Regulatory Commission and the Hong Kong Stock Exchange, and subsequent marketing and pricing of the shares [11][12] - It emphasizes the importance of compliance with both A-share and H-share governance rules, noting differences in board structure and independent director requirements [15][17] - The article discusses valuation issues, indicating that H-shares often trade at a discount to A-shares due to various market factors, and outlines strategies companies may use to mitigate dilution effects during H-share issuance [19][20]

证券代码：688099 证券简称：晶晨股份 公告编号：2025-056 第三届监事会第十八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 晶晨半导体（上海）股份有限公司（以下简称"公司"）第三届监事会第十 八次会议于2025年9月5日以通讯表决的方式召开，全体监事一致同意豁免本次监 事会会议的提前通知期限，公司以通讯方式向全体监事发出召开本次会议的通知， 与会的各位监事已知悉与所议事项相关的必要信息。本次会议由监事会主席赵丹 女士召集并主持，会议应到监事3名，实到监事3名，会议的召集和召开程序符合 《中华人民共和国公司法》等法律、法规、部门规章以及《晶晨半导体（上海） 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，作出的决议合 法、有效。 会议以投票表决方式审议通过了以下议案： 一、审议通过《关于变更注册资本、取消监事会并修订 <公司章程> 及相关 议事规则的议案》 根据相关法律法规的规定，结合公司的实际情况及需求，公司将不再设置监 事会，监事会的职权由董事会审计委员会行使，《晶晨半导体（上海） ...

074 证券代码：600728 证券简称：佳都科技 公告编号：2025- 佳都科技集团股份有限公司 关于修订 H 股上市后适用的《公司章程（草案）》及公 司治理制度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 佳都科技集团股份有限公司（以下简称"公司"） 拟发行境外上市外资股（H 股） 股票并申请在香港联合交易所有限公司主板挂牌上市，根据相关规定，拟对《佳都科 技集团股份有限公司章程》（以下简称"《公司章程》"）及其附件《佳都科技股东会 议事规则（草案）》《佳都科技董事会议事规则（草案）》进行修订，形成本次发行 并上市后适用的《公司章程（草案）》及其附件《佳都科技股东会议事规则（草案）》 《佳都科技董事会议事规则（草案）》。《公司章程（草案）》及其附件经股东会批 准通过后，自公司发行 H 股股票经中国证监会备案并在香港联合交易所有限公司上市 交易之日起生效实施。同时，根据公司拟在境外发行股份（H 股）并在香港联合交易 所有限公司主板上市的需要，公司对部分公司治理制度进行修订、制定。现将有关情 况公告如下： 一、 ...

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 to discuss various proposals related to corporate governance and compliance with regulations for the upcoming H-share listing [1][9][15] Group 1: Meeting Procedures - A secretariat will be established to manage the meeting procedures and ensure the orderly conduct of the meeting [1] - Shareholders and their proxies must arrive 30 minutes before the meeting to complete registration and present necessary identification documents [2] - The meeting will confirm the number of attending shareholders and their voting rights before proceeding with the agenda [2][5] Group 2: Agenda Items - The meeting will discuss and vote on several key proposals, including: - Proposal to adjust the company's articles of association and related rules for H-share issuance [10][12] - Proposal to renew the appointment of the auditing firm for the 2025 fiscal year [5][6] - Proposal to abolish the supervisory board and amend the articles of association accordingly [9][10] - Proposal to revise various governance systems to enhance corporate governance [12][13] - Proposal to elect a new independent director [15][17] Group 3: Voting and Rights - Voting will be conducted through both on-site and online methods, with specific time frames for each [5][10] - Shareholders have the right to speak, inquire, and vote during the meeting, but must register in advance for speaking [2][3] - Votes that are not filled out correctly or are illegible will be considered as abstentions [3][4]

Core Viewpoint - The company has re-submitted its application for issuing H-shares and listing on the Hong Kong Stock Exchange on August 29, 2025, indicating a strategic move to access international capital markets [1] Group 1 - The application materials were prepared and published in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The submitted documents are in draft form and may be updated and revised as necessary [1] - If the issuance is implemented, the target investors will be limited to qualified foreign investors and domestic qualified investors who are authorized to conduct overseas securities investments under Chinese laws and regulations [1]

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company's revenue for H1 2025 reached 28.17 billion yuan, a year-on-year increase of 30.06%, while the net profit attributable to the parent company was 1.605 billion yuan, a decrease of 24.9% [1][5]. - The company is expected to benefit from the upcoming H-share IPO, which is anticipated to enhance its valuation and liquidity premium [3][5]. - The overall battery supply chain fundamentals are improving, driven by the demand for electric commercial vehicles and the international expansion of cylindrical batteries [3][5]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 281.70 billion yuan, with a net profit of 16.05 billion yuan, and a non-recurring net profit of 11.57 billion yuan, reflecting a year-on-year decrease of 24.9% and 22.82% respectively [1][5]. - The Q2 2025 revenue was 153.73 billion yuan, with a net profit of 5.04 billion yuan, marking a significant decline of 52.96% year-on-year [1][5]. Battery Business - The company shipped 21.48 GWh of power batteries in H1 2025, with a Q2 net profit per unit of 0.029 yuan/Wh, corresponding to a net profit margin of 4.5% [2]. - The energy storage segment's performance was below expectations, but it is projected to stabilize in H2 2025 due to structural adjustments and business optimizations [2]. Market Outlook - The company is expected to achieve net profits of 4.524 billion yuan, 6.512 billion yuan, and 8.389 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 43.94%, and 28.82% [3][4]. - The anticipated H-share IPO is expected to raise 1 billion USD and is projected to occur in Q4 2025, which could lead to a favorable liquidity premium in the market [3][5].

Core Viewpoint - The company has reported its financial results and significant events for the first half of 2025, including asset impairment losses, changes in shareholding, and plans for H-share issuance in Hong Kong. Group 1: Company Overview - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [3]. - The company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [5]. Group 2: Financial Performance - For the first half of 2025, the company recognized impairment losses of 168.63 thousand yuan for accounts receivable and 19,434.74 thousand yuan for inventory [4]. - In 2024, the company recorded a provision for bad debts of 378.83 thousand yuan and inventory write-downs of 56,629.72 thousand yuan [2][4]. Group 3: Corporate Governance - The company has elected a new independent director, Ms. Deng Meishan, to enhance governance and support international development [4]. - The company has renewed its audit engagement with Ernst & Young Hua Ming for the 2025 fiscal year [4]. Group 4: Shareholder Activities - The National Integrated Circuit Industry Investment Fund plans to reduce its shareholding by up to 4,159,815 shares, which is 1.00% of the total share capital [7]. - As of July 23, 2025, the fund has completed its share reduction, lowering its stake to below 5% [7]. Group 5: Employee Initiatives - The company has approved a housing loan program for employees, with a total fund of up to 100 million yuan, of which 26.02 million yuan has been utilized as of June 30, 2025 [6].

Group 1 - The core point of the article is that Shenghong Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance its global strategy and capital strength [1] - Shenghong Technology aims to use the funds raised from the H-share listing for research and development, expanding overseas production bases, and optimizing its global supply chain [1] - As of August 20, 2023, Shenghong Technology's market capitalization is close to 200 billion yuan, with a year-to-date stock price increase of 435.6%, rising from 41.92 yuan to 224.5 yuan [1] Group 2 - Over the past year, Shenghong Technology has seen a cumulative increase of nearly 550%, ranking ninth among all A-share companies [2] - In the context of H-share listings, other A-share companies, such as Tianwei Food, have also announced plans to pursue H-share listings on the Hong Kong Stock Exchange [4] - The details of these H-share listings are still under discussion with relevant intermediaries, and there is significant uncertainty regarding the approval and implementation process [4]

Core Viewpoint - The company, Shantui Construction Machinery Co., Ltd., has received approval from its controlling shareholder, Shandong Heavy Industry Group Co., Ltd., to issue H-shares and list on the Hong Kong Stock Exchange [1][2]. Group 1 - The company plans to issue H-shares representing 15% of the total share capital post-issuance, resulting in a total share capital of 1,764,873,712 shares [1]. - After the issuance, Shandong Heavy Industry Group will hold 364,399,684 shares, accounting for 20.65% of the total shares, while Weichai Power Co., Ltd. will hold 236,705,601 shares, representing 13.41% [1]. Group 2 - The issuance plan requires approval from the company's shareholders' meeting and must be filed with relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2]. - The company is obligated to disclose information regarding the progress of this issuance in accordance with relevant regulations [2].

Group 1 - Liou Co., Ltd. plans to use up to 3 billion yuan of its own funds for securities investment, including new stock placements, stock and bond investments, and entrusted financial management [1] - Anke Biotech's subsidiary has developed PA3-17 injection, which has been included in the list of proposed breakthrough therapeutic products by the National Medical Products Administration, showing an objective response rate of 84.6% in clinical trials [2] - Shuangyi Technology reported a net profit of 99.87 million yuan for the first half of 2025, a year-on-year increase of 324.5%, driven by increased domestic wind power installations and overseas demand for large MW wind turbines [3] Group 2 - Chuangyuan Co., Ltd. stated that the impact of its new products launched in collaboration with domestic animation IPs on revenue and profit is limited in the short term [4] - Puyuan Precision plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international brand image [5] - Tianyang Technology acquired a 51% stake in Moshuzhijing for 30.6 million yuan, aiming to enhance R&D and expand into international markets [6] Group 3 - Wanxing Technology also plans to issue H-shares and list on the Hong Kong Stock Exchange to further its globalization strategy [8] - Tianfu Communication's shareholder plans to transfer 1.27% of shares due to personal funding needs, with a transfer price based on the average stock price [9] - Hongtian Co., Ltd. reported that orders for its mask and glass substrate equipment have not yet generated revenue or profit [10] Group 4 - Jihua Group is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, clarifying that its main business does not involve brain-computer interface technology [11] - Innovation Medical reported a net loss of 11.36 million yuan for the first half of 2025, an improvement from the previous year's loss of 16.03 million yuan [12] - Shuoshi Biotech's net profit decreased by 86.35% year-on-year, with a proposed cash dividend of 34 yuan per 10 shares [13] Group 5 - Furi Electronics achieved a net profit of 22.08 million yuan in the first half of 2025, recovering from a loss of 93.51 million yuan in the same period last year, driven by improved gross margins in its LED display business [14] - Shiyun Circuit's shareholder plans to reduce its stake by up to 3% [15] - Huaxia Happiness's shareholders plan to reduce their holdings by up to 3% [16] - Henggong Precision's shareholder intends to reduce its stake by up to 3% [17]