活动伊始，企业代表们参观了上交所投资者教育基地及象征着中国资本市场心脏的交易大厅，近距离感受市场脉搏，体验数字化、沉浸式的投教服务。企 业代表们表示，不仅进一步了解了上交所发展历程，深化了对资本运作环境的理解，更激发了企业借助资本市场实现跨越式发展的信心。 在随后的座谈会上，来自上海证券交易所的专家就近期资本市场新政进行了系统解读，聚焦注册制改革深化、板块定位优化及监管最新动态，为企业明晰 上市路径与合规要求提供了权威指引。 对接资本市场，6月18日，"融无限 创未来"静安区上市培育系列活动在上海证券交易所举办。 本次活动为区内近20家优质拟上市企业搭建与政府、交易所、专业机构的高效沟通桥梁，通过政策解读、实务指导与经验交流，赋能企业把握政策红利、 提升核心竞争力，打造静安营商环境"新高地"。 探访上交所：近距离感受资本脉搏 近年来，区投资办积极对接上海国际金融中心、科技创新中心建设，不断深化科技与金融双向赋能，构建"市区协同、部门联动"的跨层级协作机制和"专 人对接服务、专业辅导上市"的精准培育体系，优化"产投融育"相结合的上市发展生态。 记者：黄小清 编辑：路景斓 来自国浩律师事务所的专家则从企业实战角度 ...

李嘉诚次子李泽楷于2013年成立的富卫集团，上市里程可谓一波三折。 富卫有何内在隐忧？ 2013年至2024年间，富卫进行了多项收购：2015年通过收购PT Finansial Wiramitra Danadyaksa的50.1% 权益进入印尼市场，并在2018年增持股权至79.1%；2016年通过收购进入新加坡和越南市场；2017年收 购AIG富士生命保险进入日本市场；2019年至2024年通过收购进入马来西亚和泰国市场；2020年又通过 收购进一步扩大其香港市场和进入柬埔寨市场。 到如今，富卫的业务已遍布香港及澳门、泰国和柬埔寨、日本及包括菲律宾、印尼、新加坡、越南和马 来西亚在内的新兴市场。 2024年，其香港及澳门、泰国及柬埔寨、日本及新兴市场业务占了其新业务合约服务边际的34.2%、 32.6%、15.7%和17.5%。 分散的市场分布，或让其面临较大的经营挑战——需满足各地的监管规定和偿付能力标准，而且更容易 受到地缘风险和关税政策的冲击；此外，其收购交易或面临业绩承诺等条件，对其资产估值或带来挑 战。 富卫最早于2021年启动美股上市计划，但美国证监会通过《外国公司问责法案》后，中概股面临退市风 ...

Core Insights - The article discusses the strategic decision companies face when choosing between domestic and overseas listings, emphasizing the importance of market positioning for fundraising, brand enhancement, and competitive advantage. Differences Between Domestic and Overseas Listings - Regulatory Environment: Domestic listings require strict approval from the China Securities Regulatory Commission, while overseas listings, such as in the US or Hong Kong, follow a registration system with faster approval processes [3][4]. - Listing Cycle: Domestic listings typically take 2-3 years due to stringent requirements, whereas overseas listings can be completed in about a year due to a more mature market [3][4]. - Profitability Requirements: Domestic listings have high profitability and asset scale requirements, such as a minimum net profit of 30 million RMB over three years, while overseas markets like NASDAQ allow companies with high growth potential but no profits to list [4][5]. - Fundraising Channels: Domestic listings have lower fundraising costs but are limited to domestic capital markets, while overseas listings have higher costs but offer diverse global fundraising opportunities [5][6]. - Market Impact: Domestic listings enhance local visibility and acceptance, while overseas listings improve international recognition, aiding future global expansion [7]. - Shareholding Structure: Domestic listings must comply with local regulations, which may impose restrictions, while overseas listings offer more flexibility in shareholding structures [8][9]. Decision-Making Guidelines for Listing - Preferred Domestic Listing Scenarios: - Industries aligned with domestic substitution policies, such as semiconductors and new energy, benefit from favorable review processes and strong local investor interest [10][11]. - Companies with a customer base concentrated in China can achieve better valuation through local investor understanding [12]. - Companies needing RMB financing for domestic operations can avoid currency exchange losses [13]. - Preferred Overseas Listing Scenarios: - Companies with over 30% foreign ownership or urgent USD financing needs, such as NIO's US IPO, are well-suited for overseas listings [14]. - Industries facing domestic regulatory restrictions, like internet and data security, may find overseas listings more viable [15]. - Companies with strong international expansion needs can enhance credibility and facilitate cross-border mergers through overseas listings [16].

Group 1 - The core viewpoint emphasizes that promoting enterprise listings is crucial for high-quality development, with Yangzhou achieving continuous listings for twelve years [1] - Yangzhou has added three new companies to its listing this year, showcasing a commitment to maintaining a steady flow of new listings [1][7] - The city has established a listing reserve plan, categorizing companies into "seed," "seedling," and "big tree" stages to ensure a sustainable pipeline of future listings [9] Group 2 - Huitong Technology has successfully listed on the Shenzhen Stock Exchange and is a leading enterprise in advanced manufacturing, focusing on high polymer materials and bio-based new materials [3][5] - The company has a production capacity of 35,000 tons of polylactic acid, with expectations to generate over 650 million yuan in revenue by 2024 [3] - The listing has enhanced Huitong's financing capabilities and reduced costs, allowing the company to attract better talent and implement employee stock ownership plans [5] Group 3 - The Yangzhou government has actively supported companies in the listing process by forming task forces and providing training sessions for prospective listed companies [5][7] - A total of 24 companies are currently listed in Yangzhou, reflecting a clearer foundation, smoother mechanisms, and faster progress in the listing process [7] - The government has established a joint meeting system to address issues and requests from companies during the listing process, ensuring timely resolution of historical problems [10]

近日，惠州亿纬锂能股份有限公司发布关于筹划发行H股股票并在香港联合交易所有限公司上 市的提示性公告。公告显示，为提升资本实力与综合竞争力，满足国际业务发展需求，深入推 进全球化战略，公司拟发行H股股票，并在香港联合交易所有限公司主板挂牌上市。 2025年6月7日，亿纬锂能召开了第六届董事会第五十三次会议和第六届监事会第五十次会 议，审议通过了《关于公司发行H股股票并在香港联合交易所有限公司上市的议案》《关于公 司发行H股股票并在香港联合交易所有限公司上市方案的议案》等与本次发行上市相关的议 案。 截至目前，亿纬锂能正积极与相关中介机构就本次发行上市的相关工作进行商讨，除公司第六 届董事会第五十三次会议审议通过的相关议案外，其他关于本次发行上市的具体细节尚未确 定。 根据相关规定，公司本次发行上市尚需提交公司股东大会审议，并需要取得中国证券监督管理 委员会和香港联交所等相关政府机关、监管机构、证券交易所批准、核准或备案，本次发行上 市能否通过审议、备案和审核程序并最终实施具有重大不确定性。公司将依据相关法规的规 定，根据本次发行上市的后续进展情1/2况及时履行信息披露义务。敬请广大投资者关注后续 公告，注意投资 ...

值得注意的是，近年来，相宜本草管理层变动已经成为常态。据北京商报记者粗略统计，近十年的发展 中，相宜本草先后有4位CEO离职，期间还不断出现其他高层的离职。当同时期成长起来的竞争对手都 成功登陆资本市场并开启更为长远的战略发展，慢一拍的相宜本草越发焦虑。 频换高管、上市无果 上市动作没有再进一步，相宜本草的高管变动却没有停止。据北京商报记者不完全统计，在近十年的发 展中，相宜本草先后有4位CEO离职。其中就包括，今年3月，任职仅7个月时间的CEO张舸离职；2024 年6月，相宜本草CEO兼总裁俞巍宣布离职。在此期间，相宜本草还先后经历了副总经理、CS事业部总 经理、销售副总裁、首席营销官等多位高管离职。 相宜本草再次出现高管变动。6月11日，北京商报记者了解到，相宜本草研发副总裁兼首席科学家吕智 离职。相宜本草方面对上述消息未作出任何官方回应，有媒体从吕智本人处确认其已不再担任相宜本草 研发副总裁一职，但依然是相宜本草的股东，并保留了首席科学家的职位。 关于管理层人事变动相关问题，北京商报记者对相宜本草进行采访，但截至发稿未收到回复。 在业界猜测中，相宜本草对于内部管理层的频繁调整，多少反映出其十年上市未果的 ...

香江电器的治理结构完善，执行董事团队包括潘允、Guangshe Pan、吉颖女士、李友香女士、徐细平和胡彦女士，独立非执行董事则包括黄汉雄博士、李 健男博士和顾朝阳博士。值得注意的是，潘允和Guangshe Pan为父子关系，共同担任公司的实际控制人。 湖北香江电器股份有限公司（以下简称"香江电器"）近期顺利通过了港交所的上市聆讯，标志着该公司正稳步迈向资本市场的新阶段。 早在今年年初，香江电器就已完成了IPO备案，为其上市之路奠定了坚实基础。此前，香江电器曾尝试在深交所创业板上市，并计划募集5.76亿元资金， 然而这一进程在2024年5月不幸被终止。面对挑战，香江电器迅速调整策略，转而冲刺港交所，并最终迎来了上市聆讯的通过。 | | 2022 | 2023 | 2024 | | --- | --- | --- | --- | | | 財政年度 | 財政年度 | 財政年度 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | | 收益 | 1,096,965 | 1.188.321 | 1.501.510 | | 销售成本 | (873.095) | (902,300) | (1,172,986) | ...

Group 1 - The Ministry of Industry and Information Technology (MIIT) has announced an increase in the supervision and inspection of new vehicle quality, focusing on models with significant safety concerns and high public attention [2] - The MIIT aims to strengthen post-event supervision and ensure that companies adhere to production and marketing regulations, thereby safeguarding consumer rights and promoting long-term industry health [2] - The announcement indicates a more stringent approach compared to previous years, reflecting the government's responsiveness to consumer concerns regarding new vehicle quality [2] Group 2 - EVE Energy Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its capital strength, competitiveness, and international brand image [3] - EVE Energy ranks ninth in China for power battery shipments and second globally for energy storage battery shipments, indicating its significant position in the battery industry [3] - The dual listing strategy is similar to that of CATL, aimed at advancing the construction of overseas battery factories and expanding the company's global strategy [4]

会议由市政协副主席汤建萍主持。 今天上午，市政协围绕"企业上市推进情况"开展主席会议专题视察活动。市政协主席王建坤，副主席许静、汤建萍、王晓平、董碧颖、朱立军，秘书长唐 卫华出席。副市长金一应邀出席。 平湖经济技术开发区（钟埭街道）党工委副书记、市政协钟埭街道委员小组组长祝佳悦："要加大力度引导培育，积极构建'政策扶持—要素保障—服务赋 能'三位一体的上市培育体系，通过优化政策、强化保障、深化服务，构建精准扶持体系，强化资源统筹配置，打造专业赋能生态。" 曹桥街道党委副书记、市政协曹桥街道委员小组组长庞嘉隽："做好企业上市工作，要强化融资支持与资本运作，保障投资引导与项目落地，深化产业链 延伸与集群培育，做好企业服务与政企协同，不断优化营商环境。" 与会政协委员结合现场视察情况和工作实际，围绕如何进一步推进我市企业上市工作展开深入协商讨论。 …… 金一副市长就市政协对企业上市工作的高度重视和大力支持表示感谢。他指出，今年一季度，我市新增上市企业3家，列嘉兴第一、全省第二，其中首发 上市企业数全省第一，这张亮眼成绩单的取得，离不开政协多年来的履职助力。就下一步工作，他强调，要抢抓资本市场"全面注册制"机遇，创新 ...

Core Viewpoint - Wahaha is facing significant internal turmoil and allegations of profit transfer to external entities controlled by its executives, leading to concerns about its operational integrity and governance structure [1][3][4]. Group 1: Company Operations and Governance - Allegations have emerged that Wahaha's profits have been shifted to external companies controlled by its executives, rendering Wahaha nearly an "empty shell" [1][3]. - The company has reportedly shut down factories and transferred many operations to Hongsheng Group, raising concerns about the rights of state-owned shareholders [3][4]. - Since the takeover by Zong Fuli, there have been multiple controversies, including employee rights violations and labor disputes with subcontractors [3][4]. Group 2: Financial Performance - Despite the controversies, Wahaha is projected to achieve revenues exceeding 70 billion yuan in 2024, representing a growth of approximately 36.7% compared to 2023 [3][4]. - The asset proportion of Wahaha Group within the entire Wahaha system is only 15.67% as of the end of 2022, indicating a diminished role of state-owned assets in actual operations [6]. Group 3: Shareholding Structure and Disputes - Wahaha transitioned from 100% state-owned to a mixed ownership structure in 1999, with state ownership at 46%, Zong Qinghou's family holding 29.4%, and employee shareholding at 24.6% [4][6]. - There are ongoing disputes regarding the low-priced buyback of employee shares, with many employees claiming their rights have been infringed [7][10]. - The ownership and legal status of the Wahaha trademark remain contentious, with failed attempts to transfer the brand to Hongsheng Group [9][10]. Group 4: Future Prospects and Challenges - Zong Fuli has expressed intentions to pursue an IPO for Wahaha, which would require resolving complex shareholding and trademark issues [12][20]. - The company faces challenges in meeting the A-share listing requirements, particularly regarding the number of shareholders exceeding 200 due to the extensive employee shareholding [20][22]. - The need for a clear governance structure and resolution of historical issues is critical for Wahaha's future success and brand value preservation [22][23].