Group 1 - The Shenzhen Longhua District government has issued a three-year action plan to promote the cultivation and service of listed companies, emphasizing collaboration with professional financial research institutions to facilitate domestic and overseas listing policy consultations [1] - The plan includes initiatives to support companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, and to enhance the influence of overseas exchanges in Longhua [1] - It aims to establish a bilingual service team and a cross-border service consortium, creating a network for underwriting and sponsorship across different markets, including Hong Kong and the US [1] Group 2 - The action plan emphasizes increasing support for mergers and acquisitions (M&A) and restructuring, focusing on enhancing the quality of industrial supply chains within the Longhua District's "1+2+3" industrial system [2] - It encourages leading enterprises in the supply chain to engage in cross-industry M&A and supports the acquisition of high-quality, unprofitable assets to improve key technological capabilities [2] - A special fund for M&A and restructuring will be established to attract major brokerage firms and large listed companies in the district to participate in funding, along with providing necessary support for land, energy consumption, research and development, and talent [2]

Core Viewpoint - The recent board nomination announcement by Zhongju High-tech (600872.SH) indicates a stable board composition with the introduction of new member Li Ruxiong, a seasoned management expert, which is seen as a significant step in the company's ongoing governance improvement and operational enhancement efforts [1][2] Group 1: Board Changes and New Appointments - The new board member Li Ruxiong is recognized for his extensive experience in large state-owned enterprises, having held key positions in companies like China Resources and CITIC [2] - Li Ruxiong's background includes successful leadership in major mergers and acquisitions, showcasing his capability in strategic transformation and capital operations [2][3] - The recent appointment of a new management team with "China Resources" backgrounds, including General Manager Yu Xiangyang, is expected to enhance the company's understanding of the seasoning industry and its operational advantages [3] Group 2: Strategic Focus and Market Position - Zhongju High-tech has been focusing on its core seasoning business and implementing a dual-driven growth strategy since the return of Torch Group and Dinghui [4] - The company has adopted measures like "controlling inventory and stabilizing prices" to address market challenges, which may impact short-term financials but are aimed at long-term health [4] - In 2024, the company reported a revenue growth of 5.19 billion, with net profit and cash flow from operating activities increasing by 27.97% and 29.20% year-on-year, respectively [4][5] Group 3: Future Outlook and Strategic Goals - Zhongju High-tech aims to complete at least one industrial acquisition by 2025 to strengthen its product categories and achieve revenue growth in line with industry peers [5] - The company is focused on building core capabilities in "refined marketing, continuous innovation, and lean operations" as part of its strategic roadmap [5] - The nomination of Li Ruxiong aligns with the company's strategic needs, and there are high expectations for his contributions to the execution of the company's growth strategy [5]

深圳市龙华区人民政府印发《龙华区促进上市培育服务工作三年行动方案》。其中提到，加大 并购重 组支持力度。围绕龙华区"1+2+3"产业体系布局，聚焦提高产业链供应链质量，支持企业开展产业上下 游并购重组。鼓励产业链龙头企业开展强链补链、跨行业并购重组，支持并购实现关键技术水平提升的 优质未盈利 资产；鼓励中小企业通过并购重组实现跨越式发展，加大对集团（母公司）下属机构落地 龙华区的支持力度；鼓励储备培育库企业收购上市公司控股权，以及作为并购标的参与并购重组。建立 辖区并购重组项目库，对符合龙华区产业导向，落地辖区或发生在外地的但对龙华区经济社会发展形成 贡献的并购重组项目，给予配套支持。设立并购重组专项母基金，吸引头部券商机构、辖区大型上市公 司参与出资，共同做好并购重组资金支持。加强对并购重组落地项目配套服务，依法依规给予用地、能 耗、研发、人才等方面保障，确保企业"来得了、住得下"。 ...

Core Insights - L'Oréal Group continues its acquisition strategy, recently acquiring the hair care brand Color Wow, following the acquisition of Medik8 earlier in June [1][3][4] Group 1: Acquisition Details - The acquisition of Color Wow was officially announced on June 30, with the financial details undisclosed. Color Wow will be integrated into L'Oréal's Professional Products Division [1][4] - Color Wow, founded in 2013 by Gail Federici, is recognized as one of the fastest-growing and most innovative professional hair care brands, boasting over 130 beauty awards [4][6] - The brand's products are priced between $24 and $46, making high-quality hair care accessible [4][6] Group 2: Strategic Implications - Omar Hajeri, President of L'Oréal's Professional Products Division, expressed confidence in Color Wow's potential to become a strong global brand [3][6] - The addition of Color Wow increases the number of brands in L'Oréal's Professional Products Division to ten, enhancing its product portfolio and global growth potential [6][9] Group 3: Market Trends - The acquisition reflects broader changes in the beauty industry, with a growing consumer demand for efficacy and ingredient transparency, particularly in hair and body care [3][12] - The global shampoo market is projected to grow to $56.54 billion by 2032, with an annual growth rate of 5.71%, indicating a rising interest in hair care products [13] - L'Oréal's Professional Products Division has seen consistent sales growth, with a notable increase of 24.8% in 2021, highlighting its importance to the company's overall performance [13][20] Group 4: Competitive Landscape - Other major players in the industry, such as Unilever and Henkel, are also expanding their presence in the hair care market through acquisitions, indicating a competitive environment [16][19] - The rise of domestic brands like Adolph and Lafang showcases the evolving landscape of the hair care market, emphasizing the need for innovation and differentiation [19][20]

Core Viewpoint - The article highlights the increasing support from the capital market for technology innovation, emphasizing the successful IPO of He Yuan Bio and the ongoing reforms aimed at enhancing the inclusivity and adaptability of the market for tech companies [1][2]. Group 1: Market Reforms and Innovations - The capital market is undergoing reforms to enhance its inclusivity and adaptability, with new policies such as the "1+6" policy and the establishment of a green channel for sci-tech bonds [2][3]. - The successful IPO of He Yuan Bio marks a significant milestone as it is the first company to pass the review under the new listing standards of the Sci-Tech Innovation Board [1][2]. - The A-share market is increasingly focusing on technology enterprises, with a notable rise in fundraising activities in sectors like automotive, hardware, and electrical equipment [1][2]. Group 2: Mergers and Acquisitions - The article notes a surge in merger and acquisition activities, with 103 companies disclosing M&A events by July 1, significantly higher than the previous year [3]. - A substantial portion of major restructuring events in 2024 is concentrated in the telecommunications, media, technology, and high-end equipment manufacturing sectors, indicating a trend towards horizontal expansion and vertical integration among "hard tech" companies [3][4]. - New measures such as simplified review processes and installment payment mechanisms for share exchanges are expected to enhance the competitiveness of tech enterprises through effective resource integration [4]. Group 3: Long-term Capital and Investment Strategies - There is a push to cultivate long-term capital and patient capital, with initiatives aimed at increasing participation from pension funds and encouraging private equity investments in technology innovation [5]. - The introduction of a "technology board" in the bond market is expected to facilitate deeper integration between technology and capital, with a significant increase in the issuance of sci-tech bonds [5]. - Future policies are anticipated to focus on innovating bond terms and enhancing credit support measures to improve the investment returns of private enterprise sci-tech bonds and mitigate default risks [5].

Core Viewpoint - The special audit report for Wuxi Micro Research Co., Ltd. indicates that the financial statements for the transition period ending April 30, 2025, fairly reflect the company's financial position and operating results during the specified period [1][2][3]. Group 1: Audit Opinion - The audit opinion states that the financial statements were prepared in accordance with the relevant accounting standards and provide a fair representation of the company's financial status as of April 30, 2025 [1][2]. - The report emphasizes that the financial statements are intended solely for the purpose of asset acquisition by Ningbo Jingda Forming Equipment Co., Ltd. and should not be used for any other purpose [2][3]. Group 2: Management and Governance Responsibilities - The management of Wuxi Micro Research Co., Ltd. is responsible for preparing the financial statements in accordance with accounting standards and ensuring that they are free from material misstatements due to fraud or error [2][3]. - The governance body is tasked with overseeing the financial reporting process of the company [3]. Group 3: Basis for Audit Opinion - The audit was conducted in accordance with Chinese CPA auditing standards, and sufficient evidence was obtained to support the audit opinion [2][3]. - The report outlines the responsibilities of the auditors, including assessing risks of material misstatement and evaluating the appropriateness of accounting policies used by management [3][4]. Group 4: Financial Reporting and Transition Period - The transition period for the financial statements is defined as May 1, 2024, to April 30, 2025, during which the company’s assets and liabilities were measured at fair value [9][12]. - The financial statements include a consolidated balance sheet and profit and loss statement for the transition period, reflecting the company's operational results and net asset changes [12][13]. Group 5: Company Background and Ownership Structure - Wuxi Micro Research Co., Ltd. was established in 1994 and has undergone several changes in ownership and capital structure, with the current registered capital being 100 million RMB [7][8]. - As of April 30, 2025, Ningbo Jingda Forming Equipment Co., Ltd. holds 100% of the shares in Wuxi Micro Research Co., Ltd. following a series of equity transfers [8][9]. Group 6: Financial Policies and Estimates - The company has established specific accounting policies and estimates related to accounts receivable, inventory, fixed asset depreciation, and revenue recognition [13][14]. - The financial statements adhere to the principle of materiality, ensuring that significant information is disclosed appropriately [15][16].

Core Viewpoint - Zhongke Environmental Protection has acquired 100% equity of Guangxi Guigang Beikong Water Environmental Protection Co., Ltd. and Guangxi Pingnan Beikong Water Environmental Protection Co., Ltd. through public bidding, enhancing its position in the waste incineration power generation sector [2][3]. Group 1: Acquisition Details - The acquisition price for Guigang Environmental Protection is 303 million yuan, and for Pingnan Environmental Protection is 51.75 million yuan [2]. - After the transfer, both companies will become wholly-owned subsidiaries of Zhongke Environmental Protection [2]. - Guigang Environmental Protection operates a waste incineration power generation project with a total investment of approximately 918 million yuan and a capacity of 1,500 tons per day [2]. - Pingnan Environmental Protection operates a similar project with a total investment of about 531 million yuan and a capacity of 1,200 tons per day [2]. Group 2: Financial Metrics - As of May 31, 2024, Guigang Environmental Protection has a net asset value of 260 million yuan, with a total equity appraisal value of 335 million yuan, reflecting a value increase of 28.74% [2]. - Pingnan Environmental Protection has a net asset value of 57.26 million yuan, with a total equity appraisal value of 57.5 million yuan, showing a value increase of 0.42% [2]. Group 3: Strategic Implications - The acquisition aligns with the company's strategic planning, aiming to expand its waste incineration power generation business and enhance its market presence in Guangxi Zhuang Autonomous Region [4]. - The company has a history of successful acquisitions and operational standardization, which has led to significant profit increases in recent projects [4]. - The company is also expanding its international footprint in Southeast Asia and countries involved in the Belt and Road Initiative, indicating a broader growth strategy [4].

Wind最新数据显示，2025年A股 每3天就有2家 公司启动重组，截止5月底，年内重大资产重组已达 66 单 ，同比激增 144% ，半导体、机器人等硬科技领域占比超 40% ！在 "并购六条"的催化下，今年一 季度跨境并购加速至52单，新能源装备、工业母机等赛道正上演密集产业整合。 扫扫扫扫扫扫扫扫扫描描描描描描描描描下下下下下下下下下方方方方方方方方方二二二二二二二二二维维维维维维维维维码码码码码码码码码，，，，，，，，，000000000元元元元元元元元元报报报报报报报报报名名名名名名名名名直直直直直直直直直播播播播播播播播播！！！！！！！！！ 针对这些问题，我们将携手 国内头部券商保代"并购小猪" 于 7月3日晚8点 直播分享 《924之后并购重 组最新政策和相关案例》 。 本次直播将深度解析新规要点、剖析典型案例，并详解交易设计及风险防 控等实操关键，帮助大家把握政策机遇。 热潮之下， 挑战亦随之而来。新规核心如何精准把握？复杂交易结构如何设计才能提升审核效率？标 的估值与后续整合的风险又该如何有效规避？ ...

文｜白马商评 显示面板行业近期两起并购案几乎同时有了新的进展。 6月27日，TCL科技发布公告显示，公司已经收到证监会的批文，同意其定增及收购事项。与此同时， 另一家同业公司维信诺再次更新收购方案，等候监管审核。 两家公司的收购案有诸多相似之处，都是定增募集资金收购国资股东手中的股权，且在收购前均为标的 公司的小股东。 另外，TCL科技和维信诺都是深交所上市公司，两起并购案的审核流程、办理机构都是一样的，均需通 过深交所并购重组审核委员会的审核。但TCL科技从草案提出到收到批文用时不到4个月；维信诺的方 案距离预案提出已经两年半，还在审批过程中。 无论从维信诺自身的财务状况、标的公司的财务状况和内部治理，还是交易方案本身来看，这起收购案 仍然面临诸多不确定性，能否顺利落地还是未知数。 合肥维信诺是上市公司维信诺于2018年9月发起成立的，成立后仅3个月即增加注册资本，引入了合屏公 司、芯屏基金、兴融公司三家具有合肥国资背景的股东。 增资完成后，兴融公司、芯屏基金、合屏公司在合肥维信诺的持股比例均为27.27%，维信诺持股比例 为18.18%。 当前交易，简单讲就是维信诺收购当时增资时进入合肥维信诺的三家大股东 ...

近年来，随着中国经济的发展，中企的国际化能力日益增强，海外投资需求也逐渐旺盛。而 跨境并购 作为一种成熟、高效的海外市场拓展方式，受到了越来越多企业的关注 ，中企的跨境并购活动也呈现 出新的特点和趋势。但这类交易不仅涉及资金运作，更牵扯复杂的审批流程与法律规则。 那么，下面我们给大家梳理一些跨境并购的要点，例如 当前的市场动态、常见交易模式的选择，以及 关键的法律审核环节 ，帮助大家更好地应对实际操作中的困难： 1、A股跨境并购重组市场最新动态 2、并购重组的证券监管体系&跨境交易方式 （（（（（22222）））））构构构构构成成成成成重重重重重大大大大大资资资资资产产产产产重重重重重组组组组组（（（（（非非非非非借借借借借壳壳壳壳壳上上上上上市市市市市））））） （（（（（11111）））））证证证证证券券券券券监监监监监管管管管管体体体体体系系系系系 （（（（（22222）））））上上上上上市市市市市公公公公公司司司司司跨跨跨跨跨境境境境境交交交交交易易易易易方方方方方式式式式式 3、现金交易：非重大资产重组&重大资产重组 （（（（（11111）））））不不不不不构构构构构成成成成成重重重重重大大大大大资 ...