Company Overview - Hangzhou United Rural Commercial Bank Co., Ltd. (referred to as "Hangzhou United Bank") initiated its IPO counseling process in February 2023 with the Zhejiang Securities Regulatory Bureau [3] - The bank was established in June 2005 and transformed from a rural credit cooperative into a rural commercial bank in 2011 [3] - As of the end of 2024, the bank has a registered capital of 2.18 billion yuan and total assets exceeding 560 billion yuan, making it the financial institution with the most branches in Hangzhou's main urban area [3] Financial Performance - For the year 2024, Hangzhou United Bank reported total operating income of 11.538 billion yuan and net profit of 4.932 billion yuan, reflecting year-on-year growth of 3.10% and 5.45% respectively [3] Leadership Changes - Lin Shiyi was appointed as the chairman of the bank starting April 7, 2025, following the approval of the board and regulatory authorities [5] - Zhang Hailin, the second chairman of Hangzhou United Bank, resigned from his position in November 2024, and Lin Shiyi was subsequently elected as the new chairman in December 2024 [6]

Core Viewpoint - Zhenghe Pharmaceutical Group Co., Ltd. is progressing with its IPO guidance, having initiated the process in July 2017, with the current guidance period extending to the second quarter of 2025 [3] Company Overview - Zhenghe Pharmaceutical was established in June 2002, focusing on the research, production, and sales of traditional Chinese medicine, including pharmaceuticals, health foods, and disinfectants [3] - The company has four wholly-owned subsidiaries: Siping Zhenghe Pharmaceutical Co., Ltd., Tonghua Zhenghe Pharmaceutical Co., Ltd., Jilin Zhenghe Biotechnology Co., Ltd., and Jilin Zhenghe Technology Service Co., Ltd. [3] - Zhenghe Pharmaceutical was listed on the New Third Board in 2015 [3] Product Portfolio - The company holds five exclusive drug varieties in China: Yuanhe Zhengwei Tablets, Compound Ants Active Capsules, Bone-setting Tablets, Cold Detox Tablets, and Strengthening Capsules [3] - It has eight national invention patents, 39 products in the national medical insurance directory, 13 in the national essential drug directory, and 14 in the national low-price drug directory [3] Financial Performance - In 2024, the company reported revenue of 129.42 million, a decrease of 33.66% compared to the previous year [4] - The net profit attributable to shareholders was -9.48 million, a decline of 204.67% year-on-year [4] - The gross profit margin was 41.01%, down from 47.49% in the previous year [4] Shareholding Structure - The largest shareholder, Meihua, holds 48.34% of the shares, followed by Jiang Ke with 6.46% and Mai Su with 6.37% [5] - The shareholding structure indicates a concentration of ownership among a few key individuals [5] Management Team - The management team includes Meng Lingxu as Chairman and General Manager, Jiang Ke as Director and Deputy General Manager, and Diao Renwei as Deputy General Manager and Financial Officer [5] - Relationships among management members suggest a family connection, which may influence company governance [5][6]

Core Viewpoint - Chuangxin Engineering Consulting Co., Ltd. (hereinafter referred to as "Chuangxin") has disclosed its progress report on the guidance for its initial public offering (IPO), indicating significant challenges in achieving its financial targets and the need for strategic adjustments to improve performance [2][4]. Group 1: Company Overview - Chuangxin was established in June 2000 and operates as a provider of engineering cost consulting and related services, including cost consulting, BIM consulting, project management, PPP consulting, bidding agency, and engineering consulting [2]. - The company has been under IPO guidance since May 2020, with the current guidance period running from April 1, 2025, to June 30, 2025, marking a total of five years in the IPO guidance phase [2]. Group 2: Financial Performance - In 2024, Chuangxin reported an operating income of 52.48 million yuan, a decrease of 49.89% compared to the previous year [5]. - The net profit attributable to shareholders turned negative at -33.92 million yuan, representing a decline of 567.28% year-on-year, indicating a significant loss compared to a profit of 7.26 million yuan in the previous year [5]. - The total assets decreased by 28.53% to 127.21 million yuan, while total liabilities fell by 19.04% to 49.22 million yuan [5]. Group 3: Strategic Adjustments - The company is actively adjusting its client structure by reducing the proportion of real estate clients and is working to identify potential operational risks in ongoing projects [6]. - Chuangxin is also exploring ways to mitigate risks through negotiations with clients and optimizing project costs [6].

Core Viewpoint - Zhejiang Deshuo Technology Co., Ltd. has completed its IPO counseling work with Guotai Junan Securities as the counseling institution, indicating progress towards its public offering [1][3]. Group 1: IPO Counseling - Deshuo Technology initiated its IPO counseling on December 11, 2023, completing five phases of counseling [3]. - The counseling report highlighted that in June 2018, the shareholders of Deshuo Limited decided to increase the registered capital by 40 million yuan, with shareholders Li Yuehui and Cao Meifen contributing 22.4 million yuan and 17.6 million yuan, respectively, by December 31, 2019 [3]. - By the end of December 2020, all contributions from shareholders had been made, although 20 million yuan was paid after the stipulated deadline, which was addressed and deemed not to constitute a major legal obstacle for the IPO [3]. Group 2: Company Overview - Deshuo Technology specializes in the research, production, and sales of handheld electric tools, including AC electric tools and lithium battery electric tools, primarily used in construction, decoration, home renovation, and woodworking [5]. - In 2024, the company achieved a revenue of 964 million yuan, representing a year-on-year growth of 20.08%, and a net profit attributable to shareholders of 72.4 million yuan, up 18.86% from the previous year [6][7]. Group 3: Financial Performance - The company's gross profit margin was reported at 17.56%, slightly down from 17.98% in the previous year [7]. - The basic earnings per share increased to 1.45 yuan, reflecting an 18.86% growth compared to 1.22 yuan in the prior year [8].

Core Viewpoint - The article discusses the completion of the IPO guidance for Vision Technology Co., Ltd., highlighting its readiness for public listing and its focus on Micro OLED display technology [1][2]. Company Overview - Vision Technology is a high-tech enterprise established in 2016, specializing in the research, design, and production of semiconductor OLEDoS (Micro OLED) displays, headquartered in Hefei [2]. - The company provides display solutions for well-known brands such as DJI, Xiaomi, XREAL, and Thunderbird [2]. Production Capacity - Currently, Vision Technology operates a 12-inch evaporation line capable of producing 9,000 wafers per month, with a single product shipment volume exceeding 1 million units [2]. - Future plans include expanding production capacity to three 12-inch evaporation lines, increasing wafer production to 27,000 per month [2]. Financial Performance - As of the end of 2024, Vision Technology is not yet profitable and has accumulated losses, primarily due to the capital-intensive nature of the silicon-based OLED industry and significant investments in the construction of the 12-inch production line [3].

Group 1 - The Xinjiang Financial Regulatory Bureau approved Wang Hui's qualification as the chairman of Urumqi Bank, following the resignation of the previous chairman, Ren Siyu, due to work changes [2] - Wang Hui was elected as the chairman of the sixth board of directors of Urumqi Bank after serving as the bank's president for less than six months [2] - Wang Hui has publicly attended industry discussions as the party secretary of Urumqi Bank [2] Group 2 - Urumqi Bank has been preparing for an IPO for eight years, having signed a guidance agreement with Haitong Securities in March 2017 [4] - As of now, Urumqi Bank remains in the listing guidance period, with Haitong Securities issuing 32 progress reports regarding the bank's IPO efforts [4] - The bank's complex shareholding structure due to historical reasons has led to recommendations for rectification from Haitong Securities, which the bank is currently addressing [4] - Urumqi Bank, established in December 1997, is the first local joint-stock bank in Xinjiang and was approved for its name change in 2015 [4] - The major shareholder of Urumqi Bank is Urumqi State-owned Assets Management (Group) Co., Ltd., holding 19.6% of the shares [4]

Group 1 - Guilin Bank's 2024 financial report indicates a leadership change, with Wu Dong resigning as chairman and Zhang Xiande stepping in as acting chairman [1] - The Guilin Municipal People's Congress has decided to remove Wu Dong from his position as a representative [1] - A new management team is emerging, with Zhang Xiande likely to be appointed as chairman and Lei Ming as the new president of Guilin Bank [1] Group 2 - Zhang Xiande, aged 53, has extensive financial management experience, having held various positions within Guilin Bank since joining in 2011 [2] - Lei Ming, born in the 1980s, is one of the youngest executives at Guilin Bank, with a strong background in risk management and compliance since joining in 2015 [2] - The bank has seen significant personnel changes, with 18 executives leaving over the past two years, including five in the latest report, all of whom resigned mid-term [1]

Core Viewpoint - Guilin Bank has disclosed its 2024 annual report, showing growth in operating income and net profit, alongside changes in leadership and ongoing IPO preparations [1][10]. Financial Performance - In 2024, Guilin Bank achieved operating income of 12.05 billion yuan, a year-on-year increase of 4.88% [2]. - The net profit for 2024 was 2.32 billion yuan, reflecting a year-on-year growth of 5.80% [2]. - The bank's net interest income was 9.23 billion yuan, down from 10.36 billion yuan in 2023 [2]. - The total assets of Guilin Bank reached 576.45 billion yuan by the end of 2024, marking a growth of 6.23% from the beginning of the year [3]. - Total deposits amounted to 391.78 billion yuan, up 3.47% year-on-year [3]. - Total loans increased to 360.28 billion yuan, representing a growth of 10.93% [3]. Leadership Changes - Chairman Wu Dong has resigned, with President Zhang Xiande taking over the chairman's responsibilities [4]. - Wu Dong served as chairman since early 2020, completing over five years in the role [6]. IPO Progress - Guilin Bank is currently in the IPO counseling phase, having initiated this process on August 10, 2023, and completed the seventh phase of counseling in April 2024 [10][12]. - If successful, Guilin Bank could become the first listed bank in Guangxi [12].

Core Viewpoint - Chuangyuan Futures is preparing for an IPO with a counseling period set from January 1, 2025, to April 10, 2025, following its filing on December 29, 2023 [2]. Financial Performance - In the first half of 2024, Chuangyuan Futures reported revenue of 3.099 billion yuan, representing a year-on-year increase of 39.74% [2][3]. - The net profit attributable to shareholders decreased by 24.16% to 21.13 million yuan compared to the same period last year [2][3]. - The gross profit margin fell to 0.94% from 1.69% year-on-year [3]. - The basic earnings per share decreased by 33.33% to 0.02 yuan [3]. Management Team - Wu Wensheng serves as the Chairman and has been with the company since 2011, holding various positions prior [4]. - Dong Jingsu is the General Manager and Board Secretary, with a history in the company since 2004 [5]. - Bu Liuqi is the Chief Risk Officer, with extensive experience in the futures and securities industry since 1990 [5].