Dubai’s Dubizzle plans to test investor appetite for an IPO next week, joining a wave of firms riding the city’s property boom https://t.co/2FeSW0fswz ...

Group 1: IPO Market Trends - In September 2025, the A-share market saw 12 new IPOs, raising a total of 11.9 billion yuan, a 308% increase month-on-month[9] - The Shanghai and Shenzhen markets issued 8 new stocks in September, with a total fundraising of 10.6 billion yuan, marking a 607% increase month-on-month[9] - The average first-day closing price increase for new stocks in the Shanghai and Shenzhen markets was 207%, maintaining a "zero break" status for the year[33] Group 2: Valuation and Investor Participation - The average first-day PE ratio for new stocks was 24 times, with a 31% discount compared to comparable companies, indicating a narrowing valuation gap[20] - The average subscription rate for A/B class investors in the Shenzhen market was 0.0216%/0.0182%, reflecting a decrease of 1% and 15% respectively month-on-month[27] - The average number of offline inquiry products in the Shenzhen market reached a new high, with 8,275 products participating in September[24] Group 3: Regulatory Environment and Future Outlook - As of September 2025, there were 118 IPO projects pending approval in the Shanghai and Shenzhen markets, with a total proposed fundraising of 208.8 billion yuan[59] - The approval and registration process for IPOs has accelerated, with 12 projects reviewed and 13 registered in September, both hitting yearly highs[54] - Risks include potential changes in the IPO review pace, adjustments in issuance systems, and fluctuations in investor participation[48]

ll . the form o Se a 201 t 4 te . 智谱AI上市辅导期，CFO却离职了！ 公开资料显示，彭建标2023年5月加入智谱AI前，曾担任Magic Data（爱数智慧）CFO，更早前在毕马威中国香港（KPMG）出任并购咨询合伙人，拥有超 10年财务高管经验，擅长财务分析、投融资管理等核心职能。 上市辅导备案后 CFO 离职并非个例，往往是企业战略调整、财务合规压力或市场环境变化等多重因素交织的结果。资本市场更关注离职动因与企业后续应 对：若属于双方战略分歧或个人职业选择，且企业能快速补位专业人才，对 IPO 进程的影响通常可控；但若是因财务合规问题或内部治理矛盾而导致的 CFO离职，则可能延缓上市节奏。截至目前，智谱 AI 尚未披露彭建标离职的具体原因，也未公布 CFO 职位的接任人选，这进一步放大了市场疑虑。 值得注意的是，彭建标的离职并非智谱 AI 近期唯一的人事动荡。2025 年以来，公司核心管理层已出现多起变动：7 月，任职两年的首席运营官（COO）张 帆离职。张帆于 2023 年 2 月加入，主要负责商业化落地业务。更早前的 1 月，据36kr旗下的《智能涌现》报道，智谱 ...

Core Insights - Yijia Additive Manufacturing submitted an updated prospectus for its IPO, which has drawn significant market attention due to changes in its top five customers [2] Company Overview - Yijia Additive Manufacturing, established in 2015, focuses on the research, production, and sales of industrial-grade additive manufacturing (3D printing) equipment, serving sectors such as aerospace, scientific research, industrial molds, and consumer electronics [4] - The company plans to raise 1.205 billion yuan through its IPO on the Sci-Tech Innovation Board, aimed at funding projects related to technology service networks, R&D centers, industrialization of additive manufacturing equipment, and expansion of 3D printing capacity [4] Financial Performance - Revenue figures from 2022 to the first half of 2025 are as follows: 247 million yuan (2022), 409 million yuan (2023), 471 million yuan (2024), and 254 million yuan (2025 H1), with a notable 50.19 percentage point decline in revenue growth for 2024 [4] - Net profit for the same period was 29 million yuan (2022), 69 million yuan (2023), 99 million yuan (2024), and 51 million yuan (2025 H1), with a drastic 93.01 percentage point drop in net profit growth for 2024 [4] - The company reported negative cash flow from operating activities for 2024 and the first half of 2025, with net outflows of 94 million yuan and 30 million yuan, respectively, marking the first cash flow loss [4] Accounts Receivable - Accounts receivable increased significantly, from 82 million yuan in 2022 to 259 million yuan in the first half of 2025, with the proportion of accounts receivable to revenue rising from 33.30% to 101.97% [4] - The top five customers for accounts receivable and contract assets in the first half of 2025 were Jingye Additive, Jiangsu Yangwang, Customer A, Shanghai Xinfeng, and Xi'an Aerospace, with respective balances of 118 million yuan, 21 million yuan, 20 million yuan, 12 million yuan, and 9 million yuan [5] - Notably, Jingye Additive's balance increased 3.6 times compared to 2024, although it was not the largest customer, and there was a discrepancy in the ranking of Customer A and Jiangsu Yangwang in the prospectus [5][6] Customer Changes - The top five customers in the first half of 2025 included three new companies compared to 2024, with only Jingye Group remaining from previous years, indicating a significant turnover in major clients [6] Internal Control Issues - Yijia Additive has been noted for internal control issues, including practices where loan funds are first paid to suppliers and then returned to the company, as well as cash transactions and payments through personal accounts [7]

仅仅历时3个月，长鑫科技集团股份有限公司（简称"长鑫科技"）IPO辅导工作完成，引发市场高度关注。 根据中国证监会披露的报告，2025年7月4日，中金公司、中信建投分别与辅导对象签署了辅导协议，并按照《首次公开发 行股票并上市辅导监管规定》等相关规定及辅导协议约定开展辅导工作。 辅导机构认为，辅导对象具备成为上市公司应有的公司治理结构、会计基础工作、内部控制制度；辅导对象及其董事、高 级管理人员、持有百分之五以上股份的股东已掌握发行上市、规范运作等方面的法律法规和规则、知悉信息披露和履行承 诺等方面的责任和义务，树立了进入证券市场的诚信意识、自律意识和法治意识。 企查查显示，长鑫科技成立于2016年6月，注册资本601.93亿元，法定代表人赵纶，主要从事动态随机存取存储器 （DRAM）产品的研发、设计生产及销售。公司无控股股东，第一大股东合肥清辉集电企业管理合伙企业（有限合伙）持 有公司股份24.32%。 长鑫科技官网显示，2016年公司（合肥）DRAM基地一期项目诞生；2018年合肥基地一期厂房建设完成，开始设备搬入； 2018年7月，公司开始验证投片，试产8Gb DDR4工程样品。2019年，公司的8Gb ...

Group 1 - Atlas Critical Minerals has completed a reverse stock split and submitted an amendment to the SEC, paving the way for future capital market actions [1] - The company plans to issue 800,000 shares at a price range of $9 to $11 per share, aiming for a total fundraising of $8 million [1] - Post-reverse split, the company's market capitalization is expected to rise to approximately $93 million, exceeding the $50 million threshold set by some institutions for IPO eligibility [1] Group 2 - Atlas Critical Minerals focuses on the exploration and development of various strategic mineral resources in Brazil, including rare earths, titanium, graphite, copper-nickel, and uranium [1] - The company is headquartered in Belo Horizonte, Brazil, and was established in 2016 [2] - For the 12 months ending June 30, 2025, the company reported revenue of $413,000 [2] - Atlas Critical Minerals is advancing its process for listing on NASDAQ under the ticker symbol ATCX, with AGP and Bradesco BBI serving as joint book-running managers [2]

In a development born of the government shutdown, the SEC announced Thursday that companies can proceed with IPOs using an obscure automatic approval process, now with the added bonus of skipping pricing information entirely. What’s happening is that with 90% of SEC staff furloughed, startups can file their paperwork and have it automatically become effective after 20 days. This option always existed; firms just rarely use it because they prefer having SEC reviewers actually look at their disclosures bef ...

IPOs in India could raise as much as $20 billion over the next 12 months, helping the country to cement its position as one of the world’s busiest listings markets, according to Citigroup https://t.co/4bnAb5b0Dt ...

HashKey Group, the operator of Hong Kong’s biggest licensed crypto exchange, has confidentially filed for an IPO in the Asian financial hub, sources say https://t.co/Cr7FjHy6PJ ...

Core Insights - The SEC has issued new guidance allowing companies planning IPOs to submit registration documents without specifying the offering price during government shutdowns, aimed at alleviating regulatory bottlenecks [1] Group 1 - The new measure simplifies the IPO process for companies amid government shutdowns [1] - The SEC emphasizes that it may still question or require revisions to companies' financial statements after the initial submission [1]