港交所1月18日披露，上海富友支付服务股份有限公司（简称：富友支付）向港交所主板递交上市申请书，中信证券、申万宏源香港为其联席保荐人。 2024年4月30日，富友支付首次向港交所提交上市申请，申请于同年10月失效；2024年11月8日，富友支付第二次向港交所递交上市申请，2025年5月8日再次 失效。同年5月9日，富友支付第三次向港交所递交上市申请，于当年11月9日失效。 事实上，富友支付及其母公司富友集团筹划上市已久，申请港股上市之前，还曾在A股申请上市。 早在2015年，富友集团就与兴业证券签署辅导协议。2018年，富友支付又和东方证券达成辅导协议。2021年，富友支付将辅导机构更换为国金证券，拟冲刺 A股。但以上努力最终无果。 根据弗若斯特沙利文报告，按2024年的TPV计，富友支付在中国综合数字支付服务提供商中排名第八位，市场份额为0.8%。作为独立综合数字支付服务供应 商，公司于2024年按TPV计位列中国第四，市场份额为4.5%。 业绩方面，2022年～2025年截至10月31日止十个月，公司实现收入分别约为11.42亿元、15.06亿元、16.34亿元、13.07亿元。 期内，公司录得毛利分别约 ...

专注于刻蚀设备关键零部件近20年，伴随着国内半导体产业的快速发展，超纯股份的盈利能力呈现高速 增长态势。但长江商报记者同时注意到，公司存在上下游客户、供应商"双集中"的风险。2025年上半 年，公司前五大客户销售收入占比高达87.89%，且向前五大供应商采购金额占比也达到52.03%。 其中，超纯股份的第二大客户"客户B"经多方证据指向半导体设备龙头中微公司。经过多轮增资稀释之 后，中微公司目前仍直接持有超纯股份4.26%股份，比亚迪则持股4.58%。 长江商报消息中微公司、比亚迪加持，半导体核心零部件供应商成都超纯应用材料股份有限公司（以下 简称"超纯股份"）闯关创业板IPO。 日前，超纯股份的IPO审核状态变更为"已问询"。按照计划，公司拟募资11.25亿元，主要用于产能扩 张、加大研发投入、补充流动资金等。 资料显示，超纯股份最早成立于2005年，2024年12月完成股份制改制。2025年末，深交所正式受理了超 纯股份的首发申请。2026年1月15日，公司审核状态变更为"已问询"。 自设立以来，超纯股份专注于半导体设备特殊涂层零部件、精密光学器件和特种材料的研发、制造与销 售。深耕半导体设备特殊涂层零部 ...

Group 1: New IPOs - This week, there are three new stocks available for subscription, including one on the Shanghai main board, one on the Shenzhen main board, and one on the Beijing Stock Exchange [1] - The Shanghai main board new stock, Zhenstone Co., has an issue price of 11.18 yuan and a price-to-earnings ratio of 32.59, while the Beijing Stock Exchange new stock, Nongda Technology, has an issue price of 25 yuan and a price-to-earnings ratio of 13.4 [2] Group 2: Zhenstone Co. - Zhenstone Co., established in September 2000, specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector and is recognized as a national high-tech enterprise [2] - Zhenstone Co. has become a global leader in wind turbine blade materials, with a market share exceeding 35% in 2024, and has pioneered the large-scale production of high-modulus glass fiber pultruded profiles and carbon-glass hybrid pultruded profiles [2][3] - The company has established stable partnerships with well-known clients globally, including Vestas, Siemens Gamesa, and domestic clients like Mingyang Smart Energy and Sany Heavy Energy [3] Group 3: Fundraising Plans - Zhenstone Co. plans to raise funds for the construction of glass fiber product production bases, composite material production bases, a production project in Spain, and the establishment of a research and development center [3] Group 4: Shiemeng Co. - The Shenzhen main board new stock, Shiemeng Co., focuses on providing customized, integrated, and embedded supply chain logistics solutions for multinational manufacturing enterprises [4] - Shiemeng Co. has established a strong competitive advantage and has built relationships with leading companies in various manufacturing sectors, including Beijing Benz and Maersk [4] Group 5: Fundraising Plans for Shiemeng Co. - Shiemeng Co. intends to use the funds raised for expanding supply chain operations, constructing an operations center, upgrading information technology, and supplementing working capital [4] Group 6: Other IPOs - Six companies are scheduled for IPO meetings this week, including Huikang Technology, a leading manufacturer of ice machines, which plans to raise 1.797 billion yuan [5][7] - Huikang Technology has been recognized as a "national manufacturing single champion" and holds the top market share in both domestic and global markets for ice machines [7]

长江商报消息 中微公司、比亚迪加持，半导体核心零部件供应商成都超纯应用材料股份有限公司（以 下简称"超纯股份"）闯关创业板IPO。 日前，超纯股份的IPO审核状态变更为"已问询"。按照计划，公司拟募资11.25亿元，主要用于产能扩 张、加大研发投入、补充流动资金等。 专注于刻蚀设备关键零部件近20年，伴随着国内半导体产业的快速发展，超纯股份的盈利能力呈现高速 增长态势。但长江商报记者同时注意到，公司存在上下游客户、供应商"双集中"的风险。2025年上半 年，公司前五大客户销售收入占比高达87.89%，且向前五大供应商采购金额占比也达到52.03%。 其中，超纯股份的第二大客户"客户B"经多方证据指向半导体设备龙头中微公司。经过多轮增资稀释之 后，中微公司目前仍直接持有超纯股份4.26%股份，比亚迪则持股4.58%。 值得一提的是，IPO前，2023年10月超纯股份曾进行利润分配，派现5000万元。此次分红中，公司控股 股东、实控人柴杰及其一致行动人、其兄弟柴林获得分红3731.5万元，占公司2022年归母净利润的比例 约为65%。 业绩快速增长应收账款占总资产两成 资料显示，超纯股份最早成立于2005年，20 ...

来源：一云投资 导语 开年A股IPO审核快，本周和下周，均审核6家。 本周五首现IPO审核暂停，拟登陆北交所的信胜科技被暂缓审议！ 2024年净利润1.2亿元的信胜科技，未能过关，到底啥原因？本期一云投资有专家最新解读！ 下周上会6家又是啥成色？ 2026年A股IPO后备力量充足！一云投资最新统计显示，2025年共有410家企业辅导备案，332家新三板 挂牌。 哪些券商机构排名靠前？哪些省份、城市IPO潜力更大？ 本期一云投资详细统计。 小金、媛媛|作者 小海|编辑 A 最新IPO看点 1 开年首现上会企业暂缓！ 北交所净利润过亿，啥原因？ "暂缓审议"！周五（1月16日）晚间，北交所公布了当日下午对信胜科技上会审议的结果。2026年以 来，北交所上市审核的节奏明显提速，仅仅半个月时间，北交所就已经召开5次上市委审议会议，信胜 科技是2026年开年第一家被上市审议委员会暂缓审议的公司。 信胜科技在2023年和2024年，净利润分别达到了5886.2万和1.2亿元，2025年上半年超8000万！为何会暂 缓审议？ 今天，IPO专业人士有如下分析： 首当其冲的即为关于信胜科技经营业绩真实性。 信胜科技第三方回款的 ...

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting several companies that have submitted their prospectuses for listing on the Hong Kong Stock Exchange. Group 1: Yuanji Food - Yuanji Food Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, aiming for a main board listing, with Huatai International and GF Securities as joint sponsors [3] - Established in 2017, Yuanji Food has become the largest Chinese fast-food enterprise globally and the largest dumpling and wonton company in China, focusing on "handmade, freshly wrapped and cooked" products [3] - As of September 30, 2025, Yuanji Food operated 4,266 stores across China and Southeast Asia, with a GMV of 47.72 billion yuan in 2023 and 62.47 billion yuan in 2024, representing a year-on-year growth of 30.9% [4] Group 2: Qian Dama - Qian Dama International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, with CICC and Agricultural Bank of China International as joint sponsors [6] - Founded in 2014, Qian Dama focuses on providing fresh, high-quality products and has pioneered the "discount day clearance" sales model, becoming the absolute leader in the community fresh food retail market in South China [6] - As of September 30, 2025, Qian Dama had 2,938 community stores across 14 provinces, with a GMV of 148 billion yuan in 2024 [7] Group 3: Big Pizza - Big Restaurant International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with Bank of China International as the sole sponsor [10] - Established in 2002, Big Pizza operates 342 stores across 28 provinces and cities in China, with plans to open approximately 610 to 790 new stores from 2026 to 2028 [10] - In the first three quarters of 2025, Big Pizza achieved a GMV of 17 billion yuan, ranking first among domestic pizza restaurants [10] Group 4: Zeling Bio - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as joint sponsors [14] - Founded in 2019, Zeling Bio focuses on developing innovative small molecule therapies for unmet medical needs in blood system diseases, tumors, and CNS diseases [14] - As of January 5, 2026, Zeling Bio has established a pipeline of eight proprietary assets, including two core products in Phase 3 clinical trials [14] Group 5: Jia Yin Bio - Exegenesis Bio Inc. submitted its prospectus to the Hong Kong Stock Exchange on January 14, 2026, with Jianyin International as the sole sponsor [18] - Founded in 2019, Jia Yin Bio specializes in gene therapy and oligonucleotide drugs, with a focus on developing a diverse and scalable product pipeline [18] - The core candidate product EXG001-307 is a potential best-in-class therapy for spinal muscular atrophy (SMA) type 1, currently in the registration clinical trial phase [19] Group 6: Yu Yan Tang - Harbin Yu Yan Tang Traditional Chinese Medicine Clinic Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with 招银国际 and 国元国际 as joint sponsors [21] - Established in 2018, Yu Yan Tang provides a full lifecycle of TCM medical services, operating a network of 48 licensed medical institutions in northern China [21] - The company ranked fifth among private chain TCM service providers in China by total revenue in 2024, with a customer repurchase rate of 81.1% in the first three quarters of 2025 [22] Group 7: Lao Xiang Ji - LXJ International Holdings Limited updated its prospectus to continue the listing process on the Hong Kong Stock Exchange, with CICC and Guotai Junan as joint sponsors [24] - Founded in 2003, Lao Xiang Ji operates 1,658 stores across 61 cities in China, with a market share of 0.9% in the Chinese fast-food industry [24] - The company reported revenues of 45.28 billion yuan in 2022, 56.51 billion yuan in 2023, and 62.88 billion yuan in 2024, with a 10.9% increase in revenue in the first eight months of 2025 [26]

Estimates for a potential IPO range from $800 billion to well over $1 trillion, a scale that would make it the largest offering in history and help make its founder, Elon Musk, the planet’s first trillionaire .Once narrowly perceived as a launch services company, SpaceX has evolved into a global aerospace and communications platform tied to the AI revolution . Its Starlink satellite network now generates recurring revenue, provides strategic geopolitical infrastructure and gives the company a valuation prof ...

Core Viewpoint - The IPO application of Lichi Intelligent Equipment Co., Ltd. reveals significant discrepancies between its impressive financial growth and underlying governance issues, particularly concerning the actual controller's capital operations and the company's financial practices [1][31]. Group 1: Financial Performance and Concerns - Lichi Intelligent's revenue surged from 619 million to 2.173 billion over three years, with net profit increasing from 107 million to 270 million [24][31]. - The company heavily relies on tax incentives, with total tax benefits amounting to 132 million from 2022 to 2024, constituting over 20% of net profit during the same period [4][26]. - The company's cash dividend distribution of approximately 1.07 billion to the actual controller raises questions about the authenticity of its funding needs, as it simultaneously seeks to raise 200 million for operational liquidity [4][13]. Group 2: Governance and Compliance Issues - The actual controller, Lu Haodong, acquired shares worth 52.4 million through various low-cost channels, raising compliance concerns regarding the legitimacy of these stock incentives [3][12]. - Lichi Intelligent has faced multiple legal disputes, including customs violations and contract disputes totaling over 13.57 million, indicating systemic flaws in compliance and contract management [4][30][31]. - The company has a history of compliance issues, including administrative penalties for customs violations, reflecting systemic management deficiencies [29][30]. Group 3: Business Structure and Market Risks - The company's business is highly concentrated in the lithium battery sector, with over 90% of revenue derived from this industry from 2022 to 2024, making it vulnerable to market fluctuations [5][21]. - Major clients account for a significant portion of revenue, with the top five clients contributing 86.87%, 81.67%, and 74.27% of sales from 2022 to 2024, indicating a lack of diversification [5][7]. - The company's product structure shows instability, with a 79.02% decline in single machine equipment revenue, despite significant growth in material intelligent processing systems [21][22]. Group 4: IPO Process and Market Position - Lichi Intelligent's IPO application was accepted on June 26, 2025, and quickly entered the inquiry stage, indicating a rapid progression in the listing process [8]. - The company claims a market share increase in lithium material intelligent processing systems from 27% in 2023 to 43% in 2024, although this growth occurred amid a slowing industry [23]. - The underwriting firm, Guotai Junan Securities, has experience in the equipment manufacturing sector but may face challenges in conducting thorough due diligence due to managing multiple similar projects simultaneously [10].

Core Viewpoint - Yunfeng Moganshan Ecological Home Furnishing Co., Ltd. has submitted an application for a mainboard listing, with its core products primarily relying on outsourced production, and its predecessor, Yunfeng New Materials, faced regulatory warnings due to violations during its IPO attempt [1][12]. Company Overview - Founded in 1995, Yunfeng Moganshan specializes in providing green artificial boards and customized home furnishing products and services, establishing "Moganshan" as a nationally recognized brand in China [4]. - According to Zhaoshang Consulting, the company is the third-largest green artificial board service provider in China and among the top fifteen green customized home furnishing providers based on projected revenue for 2024 [4]. Financial Performance - The company's revenue for the years 2023, 2024, and the first three quarters of 2025 were approximately RMB 3.39 billion, RMB 3.46 billion, and RMB 2.52 billion, respectively, with profits of RMB 320 million, RMB 320 million, and RMB 279 million during the same periods [6][8]. - The cost of sales for the same periods was approximately RMB 2.64 billion, RMB 2.68 billion, and RMB 1.99 billion, resulting in gross profits of RMB 754 million, RMB 775 million, and RMB 558 million [8]. Production and Supply Chain - The main products, artificial boards and flooring, are primarily produced through partnerships with outsourced manufacturers, with OEM outsourcing costs accounting for approximately 76.0%, 75.6%, and 72.3% of the cost of sales during the reporting periods [9][10]. - The company has set strict quality standards for outsourced production, but it cannot ensure compliance due to limited operational control over manufacturers [9][10]. Revenue Sources - Revenue from distributors accounted for 90.3%, 85.6%, and 76.0% of total revenue during the reporting periods, indicating a significant reliance on distributor relationships for business growth [11]. Historical Context - The company was established as a holding company for Yunfeng New Materials Group after a restructuring process that did not change the economic substance of ownership and operations [13]. - Yunfeng New Materials previously withdrew its IPO application in April 2025 due to regulatory scrutiny over violations during the application process [14]. Financial Liabilities - As of December 31, 2023, and December 31, 2024, the company recorded net current liabilities of RMB 2.12 billion, with trade and other receivables amounting to RMB 1.32 billion, RMB 1.05 billion, and RMB 2.61 billion during the reporting periods [15][17].

本次冲击上市，拓普泰克拟募集资金约3.14亿元，扣除发行费用后的净额拟投资于智能控制器扩产项 目、研发中心建设项目。 据了解，拓普泰克主要从事智能控制器及智能产品的研发、生产和销售，产品广泛应用于消费电子、电 动工具、工业自动化、汽车电子和新能源等领域。公司IPO于2024年12月30日获得受理，2025年1月23 日进入问询阶段。 北京商报讯（记者 王蔓蕾）根据安排，深圳市拓普泰克技术股份有限公司（以下简称"拓普泰克"）北 交所IPO将于1月23日上会迎考。 ...