Core Points - Marco Polo Holdings Co., Ltd. has received approval from the Shenzhen Stock Exchange for its initial public offering (IPO) of A-shares, with the registration consent from the China Securities Regulatory Commission [2][3] - The total number of shares to be issued is 11,949,200 shares at a price of RMB 13.75 per share, representing 10% of the total shares post-issuance [2][3] - The strategic placement involves 1,194,920 shares, also 10% of the total issuance, allocated to senior management and core employees through a special asset management plan [3][9] Strategic Placement - The initial strategic placement quantity is 1,194,920 shares, which matches the final strategic placement quantity, indicating no need for a downward adjustment [3][9] - As of September 30, 2025, participants in the strategic placement have fully paid their subscription funds [9] Offline and Online Issuance - The offline issuance had an initial allocation of 7,528,030 shares (70% of the remaining shares after strategic placement), while the online issuance was set at 3,226,250 shares (30%) [3][4] - Due to a high subscription rate of 6,927.02 times for online applications, a mechanism was activated to reallocate 40% of the offline shares to online investors, resulting in a final allocation of 7,528,000 shares online and 3,226,280 shares offline [4][10] Subscription and Payment - Investors must ensure that subscription funds are fully received by the specified deadline; failure to do so will result in the invalidation of their share allocation [5][6] - The online shares have no restrictions on circulation, while 30% of the offline shares will have a six-month lock-up period [6][10] Compliance and Regulations - The issuance process adheres to various regulatory guidelines, including the Securities Issuance and Underwriting Management Measures and the Initial Public Offering Registration Management Measures [10][11] - The underwriter, China Merchants Securities Co., Ltd., has verified the qualifications of offline investors participating in the subscription [11][12]

Core Viewpoint - Marco Polo Holdings Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board of the Shenzhen Stock Exchange, with a total issuance of 119.492 million shares at a price of RMB 13.75 per share [1][2]. Group 1: Issuance Details - The total number of shares to be issued is 119.492 million, representing 10% of the company's total shares post-issuance, all of which are new shares [1]. - The initial strategic placement quantity is 11.9492 million shares, accounting for 10% of the total issuance, allocated to the company's senior management and core employee asset management plans [2][9]. - The online issuance will have no circulation restrictions, while the offline issuance will have a 30% lock-up period for six months [6]. Group 2: Subscription and Allocation - The initial offline issuance quantity was 75.2803 million shares, representing 70% of the total issuance after deducting the strategic placement [2]. - Due to a high subscription rate of 6,927.0167 times, a mechanism was activated to reallocate 40% of the total issuance from offline to online, resulting in an online final issuance quantity of 75.28 million shares [3][10]. - The final online subscription rate is 0.0336849074%, with an effective subscription multiple of 2,968.68858 times [3]. Group 3: Payment and Compliance - Investors must ensure that subscription funds are fully received by the specified deadline; otherwise, their allocation will be deemed invalid [4][5]. - If the total number of shares subscribed offline and online is less than 70% of the total issuance after deducting the strategic placement, the IPO will be suspended [6]. - Any failure to comply with payment obligations will result in the investor being reported for breach of contract [7].

Core Viewpoint - Hongxing Technology (Group) Co., Ltd. has withdrawn its IPO application, leading to the termination of its review for listing on the Shanghai Stock Exchange [1][3] Company Overview - Hongxing Technology was established in December 1993, previously known as Hangzhou Hongxing Electronics Co., Ltd. The company has a registered capital of approximately 148 million yuan [3][4] - The major shareholder is H-TEC HOLDING LIMITED, which holds 78.92% of the shares, with actual controllers including Lin Honghe and others controlling a total of 87.92% of voting rights [4][5] Financial Performance - The company specializes in the research, production, and sales of quartz crystal resonators and oscillators, with applications in various sectors including communications, smart home, automotive electronics, and medical electronics [5] - Revenue figures for 2022, 2023, and 2024 are approximately 651 million yuan, 542 million yuan, and 567 million yuan, respectively, indicating a decline in 2022 and 2023 [5][6] - Net profits for the same years were approximately 194 million yuan, 133 million yuan, and 133 million yuan, with a notable decrease in 2022 and 2023 [5][6] Market Position and Future Outlook - In 2024, the company reported a revenue increase of 4.77% compared to 2023, indicating a return to growth [7] - The company has a history of significant cash dividends, totaling approximately 480 million yuan from 2020 to 2022, despite needing to allocate 200 million yuan from its fundraising for working capital [7]

Core Points - Marco Polo Holdings Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board [1] - The IPO will utilize a combination of strategic placement, offline pricing, and online issuance methods [1] - The determined issue price is RMB 13.75 per share, with a total of 119.492 million shares to be issued [1] Group 1: Strategic Placement - The initial strategic placement quantity is 11.9492 million shares, accounting for 10% of the total issuance [2] - The strategic placement is allocated to the company's senior management and core employee asset management plans [2] - There will be no adjustment to the strategic placement quantity, and it does not require a reallocation to offline issuance [2] Group 2: Issuance Structure - Before the implementation of the allocation mechanism, the initial offline issuance quantity is 75.2803 million shares, representing 70% of the total issuance after deducting the strategic placement [2] - The initial online issuance quantity is 32.2625 million shares, accounting for 30% of the total issuance after deducting the strategic placement [2] - The total quantity for offline and online issuance is 107.5428 million shares, with final numbers to be determined based on the allocation situation [2] Group 3: Payment and Subscription - Investors must ensure that subscription funds are fully paid within the specified time; failure to do so will result in the invalidation of their allocation [3] - Online investors must ensure sufficient funds in their accounts by October 15, 2025, to avoid forfeiting their subscriptions [3] - If the total number of shares subscribed by offline and online investors is less than 70% of the total issuance after deducting the strategic placement, the IPO will be suspended [4] Group 4: Lock-up Periods - For offline investors, 30% of the allocated shares will have a lock-up period of 6 months from the listing date, while 70% will be tradable immediately [4] - The lock-up period for shares allocated to senior management and core employees is set at 12 months from the listing date [4] Group 5: Subscription Statistics - The number of effective subscription accounts for the online issuance is 14,713,206, with a total of 223,482,876,500 shares subscribed [6] - The total number of allocation numbers is 446,965,753, with the starting number being 0000000000001 and the ending number being 000446965753 [6] Group 6: Allocation Mechanism - The online subscription multiple was 6,927.0167, leading to the decision to implement the allocation mechanism, reallocating 40% of the total issuance to online investors [7] - After the reallocation, the final offline issuance quantity is approximately 32.2628 million shares, while the final online issuance quantity is approximately 75.2800 million shares [7] - The final online issuance success rate is 0.033684907074%, with an effective subscription multiple of 2,968.6885858 [7] Group 7: Lottery Draw - The lottery draw for online subscriptions is scheduled for October 14, 2025, with results to be announced on October 15, 2025 [8]

Core Viewpoint - Marco Polo Holdings Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and plans to list on the Shenzhen Stock Exchange, with a total issuance of 119.492 million shares, accounting for 10% of the post-issue total share capital [1][2]. Summary by Sections IPO Details - The IPO price is set at RMB 13.75 per share, corresponding to a diluted static price-to-earnings (P/E) ratio of 14.27 times based on the lower of the 2024 net profit attributable to shareholders after deducting non-recurring gains and losses [2][11]. - The issuance will consist entirely of new shares, with no existing shareholders transferring shares [1][2]. Pricing and Valuation - The IPO price is significantly lower than the average static P/E ratio of 32.20 times for the industry and 27.69 times for comparable listed companies [2][11]. - The pricing is determined based on various factors, including market conditions, comparable company valuations, and the company's fundraising needs [22]. Strategic Placement and Subscription - The issuance will involve a combination of strategic placement, offline inquiry, and online subscription methods [3][5]. - The strategic placement will account for 10% of the total issuance, with specific allocations for management and core employees [6][7]. Company Strengths - Marco Polo has established a strong brand presence in the non-metallic mineral products industry, with its brands recognized as leaders in the market [12]. - The company has a robust distribution network with over 8,276 sales terminals across all provincial and municipal cities in China, enhancing its market reach [13]. - The company is recognized for its green manufacturing practices, with several production facilities awarded national "green factory" status [14]. - Marco Polo's technological capabilities are advanced, with numerous patents and a commitment to research and development [15][16]. - The company offers a diverse range of products, making it one of the largest manufacturers in the building ceramics sector [17][18]. Financial Aspects - The expected total fundraising from the IPO is approximately RMB 1.643 billion, which is below the previously stated fundraising requirement of RMB 2.376 billion [21][23]. - The net proceeds after deducting issuance costs are projected to be around RMB 1.56 billion [23]. Investor Considerations - Investors are advised to carefully assess the pricing rationality and potential risks associated with the investment, as the stock price may fluctuate post-listing [2][11][22].

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. has received approval for its initial public offering (IPO) of A-shares and will be listed on the main board, with the underwriting led by CITIC Securities [1][9]. Group 1: IPO Details - The total number of shares to be issued is 45,044,546, with an issue price of RMB 42.28 per share, representing 25% of the company's total shares post-issue [1][2]. - The initial strategic placement involves 4,504,454 shares, accounting for 10% of the total issuance, with a final strategic placement of 3,547,776 shares, approximately 7.88% of the total issuance [2][8]. Group 2: Subscription and Allocation - The online subscription received a high initial effective subscription multiple of 9,771.89 times, leading to a mechanism that reallocates 40% of the shares from offline to online, resulting in 32,815,000 shares for online investors [3][4]. - The final allocation for offline investors is 8,681,770 shares, approximately 20.92% of the adjusted total issuance, while online investors will receive 32,815,000 shares, about 79.08% [3][5]. Group 3: Payment and Restrictions - Investors must ensure that subscription funds are fully paid by September 23, 2025, or their allocations will be void [4][6]. - Online shares will have no restrictions on circulation, while offline shares will have a 6-month lock-up period for 10% of the allocated shares [5][8]. Group 4: Strategic Placement - The strategic placement is primarily for senior management and core employees through a dedicated asset management plan, with initial and final placements confirmed [8][9]. - The total amount paid by strategic placement investors has been confirmed, and excess funds will be refunded by September 25, 2025 [8].

Company Overview - The company is called DaoSheng TianHe Materials Technology (Shanghai) Co., Ltd. with the stock code 601026 and the online subscription code 780026 [1][5] - The company operates in the chemical raw materials and chemical products manufacturing industry [1] Issuance Details - The issuance price is set at 5.98 yuan per share, with a total issuance quantity of 65,940,000 shares, representing 20% of the total shares post-issuance [1][5] - The expected total fundraising amount is approximately 78.864 billion yuan [1] - The issuance will be conducted through a combination of strategic placement, offline issuance, and online issuance [4][6] Initial Inquiry Results - As of September 24, 2025, the initial inquiry period received 9,395 bids from 688 offline investors, with a total proposed subscription quantity of 28,627,970,000 shares and a price range of 4.77 yuan to 7.18 yuan per share [6][7] - After excluding invalid bids, the remaining bids totaled 28,168,190,000 shares, with a net subscription multiple of 4,358.95 times the initial offline issuance scale [9] Pricing Adjustments - A total of 98 bids with proposed prices above 6.48 yuan per share were excluded, amounting to a total of 286,950,000 shares, which is approximately 1.0084% of the total proposed subscription quantity after invalid bids were removed [8][9]

Core Viewpoint - Pingao Co., Ltd. reported a revenue of 165.11 million yuan for the first half of 2025, marking a year-on-year increase of 7.21%, while the net profit attributable to shareholders was -15.81 million yuan, an improvement from -25.06 million yuan in the same period last year [1][2]. Financial Performance Summary - **Revenue**: The company achieved a revenue of 165.11 million yuan in the first half of 2025, up from 153.99 million yuan in the previous year, reflecting a growth of 7.21% [1][2]. - **Net Profit**: The net profit attributable to shareholders was -15.81 million yuan, compared to -25.06 million yuan in the same period last year, indicating a reduction in losses [1][2]. - **Net Profit Excluding Non-Recurring Items**: The net profit attributable to shareholders, excluding non-recurring items, was -19.06 million yuan, an improvement from -28.02 million yuan year-on-year [1][2]. - **Cash Flow**: The net cash flow from operating activities was -17.13 million yuan, compared to -112.09 million yuan in the same period last year, showing a significant reduction in cash outflow [1][2]. Historical Performance - **2024 Revenue**: For the year 2024, the company reported a revenue of 520.01 million yuan, a decrease of 4.81% from 546.26 million yuan in 2023 [3]. - **2024 Net Profit**: The net profit attributable to shareholders for 2024 was -64.06 million yuan, worsening from -10.68 million yuan in 2023 [3]. - **2024 Cash Flow**: The net cash flow from operating activities for 2024 was -112.84 million yuan, slightly improved from -120.03 million yuan in the previous year [3]. IPO and Fundraising - **IPO Details**: Pingao Co., Ltd. went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 30, 2021, issuing 28.26 million shares at a price of 37.09 yuan per share [3]. - **Fundraising Amount**: The total amount raised from the IPO was 1.048 billion yuan, with a net amount of 917 million yuan after deducting issuance costs [4]. - **Use of Funds**: The funds raised are intended for information technology innovation cloud platform, dedicated information service platform, Pingao Building construction, and to supplement working capital [4].

Core Viewpoint - Shanghai Jianda Zhixin Medical Technology Group Co., Ltd. has received approval for its initial public offering (IPO) of A-shares on the ChiNext board, with the issuance price set at RMB 7.05 per share [1][2]. Group 1: Issuance Details - The total number of shares to be issued is 63,193,277 shares, with a strategic placement involving both institutional and retail investors [2][3]. - The strategic placement will consist of 6,300,000 shares allocated to employee asset management plans, accounting for approximately 9.97% of the total issuance [3]. - The initial strategic placement was set at 12,638,655 shares (20.00% of total), but the final amount was adjusted to 9,478,992 shares (15.00%) due to a reallocation to offline issuance [3][4]. Group 2: Subscription and Allocation - The offline initial issuance quantity was 43,603,785 shares, representing 81.18% of the total issuance after deducting the final strategic placement [4]. - The online initial issuance quantity was 10,110,500 shares, accounting for 18.82% of the total issuance [4]. - The final subscription rate for the online issuance was 0.0198%, with a subscription multiple of 5,038.48 times [4]. Group 3: Payment and Lock-up Period - Investors must complete payment for their subscriptions by September 18, 2025, to ensure their allocations remain valid [5][6]. - Online issuance shares will have no restrictions on circulation, while offline shares will have a 10% lock-up period of 6 months [7]. - Strategic placement investors will face a 12-month lock-up period starting from the listing date [7][8].

Group 1 - The company Yunhan Chip City (Shanghai) Internet Technology Co., Ltd. has received approval for its initial public offering (IPO) of 16,279,025 shares on the ChiNext board, with a share price set at 27.00 yuan [1][2] - The issuance will involve a combination of strategic placement, offline inquiry-based placement, and online issuance to public investors, with strategic placement accounting for approximately 9.58% of the total shares [1][2][3] - The final number of shares for strategic placement was adjusted from an initial 2,441,853 shares to 1,559,259 shares due to a reallocation to offline issuance [2][3] Group 2 - The offline issuance will consist of 7,624,672 shares, while the online issuance will comprise 7,062,967 shares, with the final allocation being 51.80% for offline and 48.20% for online after the reallocation [3][4][9] - The initial subscription for the online issuance saw an oversubscription rate of 11,921.81 times, prompting the activation of a reallocation mechanism [3][4] - The total issuance costs for the IPO are approximately 68.01 million yuan, which includes underwriting fees, audit fees, legal fees, and other expenses [11]