The prospect of a Toronto IPO for a Brookfield Asset Management-backed energy-sector company is sparking optimism on Bay Street that the country’s pension funds and asset managers are ready to start taking more portfolio companies public https://t.co/SZngU5A6kt ...

在上市委会议上，上市委要求百奥赛图结合全人源抗体小鼠平台的技术先进性，抗体开发业务的市场空 间，研发投入产出情况，从项目测试到转让/授权/合作开发的首付款、里程碑款、药物上市销售分成的 商业模式及目前收入实现情况等，说明抗体开发业务的商业模式稳定性和未来盈利能力。 此外，上市委要求百奥赛图说明若公司本次A股发行上市、实控人减持H股股份，是否影响公司控制权 的稳定性。 北京商报讯（记者 丁宁）上交所官网显示，百奥赛图（北京）医药科技股份有限公司（以下简称"百奥 赛图"）科创板IPO上会获通过。 ...

Company Overview - Company Name: Xingdesheng Technology (Suzhou) Co., Ltd. [1] - Stock Code: 603344.SH [1] - IPO Application Date: July 1, 2022 [1] - Listing Date: March 20, 2024 [1] - Underwriter: Haitong Securities [1] - Legal Advisor: Shanghai Tongli Law Firm [1] - Audit Firm: Tianjian Accounting Firm [1] Regulatory and Performance Evaluation - The company was required to analyze the reasons for lower fee rates and improve the prospectus disclosures [1] - The average listing period for A-share companies in 2024 is 629.45 days, while Xingdesheng's listing period is 628 days, which is below the average [2] - Underwriting and sponsorship fees amount to 71.8238 million yuan, with a commission rate of 7.70%, slightly below the average of 7.71% [3] - On the first day of trading, the stock price increased by 82.48% compared to the issue price [4] - After three months, the stock price rose by 32.53% compared to the issue price [7] Financial Metrics - The company's issue price-to-earnings ratio is 20.44 times, which is 127.35% of the industry average of 16.05 times [8] - Expected fundraising amount is 1.061 billion yuan, while the actual amount raised is 933 million yuan, indicating a decrease of 12.07% [9] - For the year 2024, the company reported a 19.48% year-on-year increase in revenue, while net profit attributable to shareholders grew by 1.60%, and non-recurring net profit decreased by 1.75% year-on-year [10] Overall Assessment - The total score for Xingdesheng's IPO project is 89.5, classified as B-level [11] - Negative factors affecting the score include the need for improved disclosure quality, reduced actual fundraising amount, decline in non-recurring net profit in the first accounting year, and a subscription abandonment rate of 0.50% [11]

Company Overview - Company Name: Canxin Semiconductor (Shanghai) Co., Ltd. [1] - Abbreviation: Canxin [1] - Stock Code: 688691.SH [1] - IPO Application Date: December 19, 2022 [1] - Listing Date: April 11, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Software and Information Technology Services [1] - IPO Sponsor: Haitong Securities [1] - Legal Advisor: Shanghai Jintiancheng Law Firm [1] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [1] Regulatory and Performance Evaluation - Disclosure Evaluation: The company was required to clarify the authenticity and completeness of related party transactions and disclose any significant litigation or arbitration matters [1] - Regulatory Penalties: No penalties were imposed [2] - Public Supervision: No deductions for public supervision [2] - Listing Cycle: The average listing cycle for A-share companies in 2024 is 629.45 days, while Canxin's cycle is 479 days, which is below the average [2] - Multiple Applications: The company does not belong to this category and received no deductions [3] Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 47.664 million yuan, with a commission rate of 8.00%, higher than the average of 7.71% [3] - Initial Listing Performance: The stock price increased by 150.25% on the first day of listing [4] - Three-Month Performance: The stock price rose by 168.43% within three months post-listing [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 25.12 times, significantly lower than the industry average of 53.50 times, representing 46.95% of the industry average [6] - Actual Fundraising: Expected fundraising was 675 million yuan, while actual fundraising was 596 million yuan, a decrease of 11.67% [7] Post-Listing Performance - Short-Term Financial Performance: In 2024, the company's revenue decreased by 18.77% year-on-year, and net profit attributable to shareholders fell by 64.19%, with non-recurring net profit down by 69.84% [8] - Subscription and Underwriting Rates: The abandonment rate was 0.16% [9] Overall Evaluation - Total Score: Canxin's IPO project received a total score of 81.5, classified as Grade B [9] - Negative Factors: The score was impacted by the need for improved disclosure quality, high issuance cost ratio, reduced actual fundraising amount, and declining revenue and net profit in the first accounting year [9]

Company Overview - Full name: Guangdong Oulai High-tech Materials Co., Ltd [1] - Abbreviation: Oulai New Materials [1] - Stock code: 688530.SH [1] - IPO application date: December 29, 2022 [1] - Listing date: May 9, 2024 [1] - Listing board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Manufacturing of computers, communications, and other electronic devices [1] - IPO sponsor: China International Capital Corporation (CICC) [1] - IPO legal advisor: Beijing Deheng Law Offices [1] - IPO auditing firm: Rongcheng Accounting Firm (Special General Partnership) [1] Performance Evaluation - Disclosure situation: Required to accurately describe the downstream application fields of main products and improve related disclosures [1] - Regulatory penalties: No deductions [2] - Public opinion supervision: No deductions [2] - Listing cycle: Oulai New Materials' listing cycle is 497 days, shorter than the average of 629.45 days for 2024 A-share companies [2] - Multiple applications: Not applicable, no deductions [2] Financial Metrics - Underwriting and sponsorship fees: 33.2564 million yuan, with a commission rate of 8.66%, higher than the average of 7.71% [3] - First-day performance: Stock price increased by 169.48% compared to the issue price [3] - Three-month performance: Stock price increased by 84.58% compared to the issue price [4] - Issuance price-earnings ratio: 41.44 times, significantly higher than the industry average of 28.20 times, representing 146.95% of the industry average [5] - Actual fundraising ratio: Expected fundraising of 638 million yuan, actual fundraising of 384 million yuan, a decrease of 39.83% [6] Short-term Performance - Revenue for 2024: Decreased by 8.29% year-on-year [7] - Net profit attributable to shareholders: Decreased by 42.91% year-on-year [7] - Non-recurring net profit: Decreased by 49.83% year-on-year [7] - Abandonment rate: 0.14% [8] Overall Score - Total score for Oulai New Materials' IPO project: 79.5 points, classified as Grade C [8] - Negative factors affecting the score: Disclosure quality needs improvement, high issuance cost ratio, high issuance price-earnings ratio, significant reduction in actual fundraising amount, decline in revenue and net profit in the first accounting year, abandonment rate of 0.14% [8]

Company Overview - Full Name: Wuhan Dameng Database Co., Ltd [1] - Abbreviation: Dameng Data [1] - Stock Code: 688692.SH [1] - IPO Application Date: June 29, 2022 [1] - Listing Date: June 12, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Software and Information Technology Services [1] - IPO Sponsoring Institution: China Merchants Securities [1] - IPO Underwriters: China Merchants Securities, Huaying Securities [1] - IPO Legal Advisor: Beijing Zhonglun Law Firm [1] - IPO Audit Institution: Zhongtianyun Accounting Firm (Special General Partnership) [1] Disclosure and Evaluation - Disclosure Issues: Required to enhance specificity and accuracy in risk factors and major disclosures [2][9] - Regulatory Penalties: No penalties imposed [2] - Public Supervision: No deductions [2] - Listing Cycle: 714 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [3] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amounted to 51.4785 million yuan, with a commission rate of 3.12%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 176.91% on the first day of listing [4] - Three-Month Performance: Stock price increased by 187.48% within three months post-listing [5] - Issuance Price-Earnings Ratio: 24.09 times, which is 52.23% of the industry average of 46.12 times [6] - Actual Fundraising: Expected to raise 2.428 billion yuan, but actual fundraising was 1.652 billion yuan, a decrease of 31.94% [7] Short-Term Performance - Revenue Growth: 31.49% year-on-year increase in revenue for 2024 [8] - Net Profit Growth: 22.22% year-on-year increase in net profit attributable to shareholders [8] - Non-recurring Net Profit Growth: 24.14% year-on-year increase in non-recurring net profit attributable to shareholders [8] - Subscription Rate: Abandonment rate of 0.43% [9] Overall Evaluation - Total Score: 83.5 points, classified as B-level [9] - Negative Factors: Disclosure quality needs improvement, lengthy listing cycle, significant reduction in actual fundraising, and abandonment rate of 0.43% [9]

Company Overview - The full name of the company is Yongzhen Technology Co., Ltd., with the stock code 603381.SH, listed on the Shanghai Main Board in the electrical machinery and equipment manufacturing industry [6]. IPO Details - The IPO application date was April 4, 2023, and the listing date was June 26, 2024, with an average listing cycle of 629.45 days, while Yongzhen's cycle was 449 days, which is below the average [3]. - The underwriting and sponsorship fees amounted to 55.3994 million yuan, with a commission rate of 4.00%, lower than the average of 7.71% [4]. - The initial public offering (IPO) price resulted in a first-day stock price increase of 47.62% [5]. Performance Metrics - The company's issuance price-earnings ratio was 15.06 times, which is 88.33% of the industry average of 17.05 times [9]. - The expected fundraising amount was 1.807 billion yuan, but the actual amount raised was 1.385 billion yuan, indicating a decrease of 23.35% [10]. - In the first three months post-listing, the stock price decreased by 10.66% [8]. Financial Performance - For the year 2024, the company's operating revenue increased by 51.80% year-on-year, while the net profit attributable to the parent company decreased by 27.71%, and the net profit excluding non-recurring items dropped by 50.59% [11]. - The abandonment rate for the IPO was 0.54% [12]. Evaluation Summary - Yongzhen's IPO project received a total score of 84.5, classified as B-level. Negative factors affecting the score include the need for improved information disclosure quality, a decline in stock price over three months, a reduction in actual fundraising amount, and a decrease in net profit in the first accounting year [12].

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) application of Jiangsu Xihua New Energy Technology Co., Ltd. (referred to as "Xihua Technology") on the Shanghai Stock Exchange, highlighting concerns regarding the company's ownership structure and financial practices [1][2]. Group 1: Ownership Structure - Xihua Technology is primarily controlled by its actual controllers, Wang Rongzheng and his second wife, Lu Yanyun, who together hold 91.66% of the voting rights, indicating a high concentration of ownership [4][5]. - The Wang family collectively controls over 96% of the company's shares, raising questions about governance and potential conflicts of interest [5][6]. - The company has faced scrutiny regarding the compliance of its ownership structure, particularly after the signing of a concerted action agreement among family members [5][6]. Group 2: Financial Practices - In 2022, Xihua Technology distributed cash dividends of 350 million yuan, nearly exhausting its net profit of 365 million yuan for 2021-2022, suggesting aggressive profit distribution practices [5][6]. - Following the large dividend payout, the company planned to raise 550 million yuan for working capital but later canceled this plan after inquiries from the Shanghai Stock Exchange [6]. - Wang Rongzheng is under pressure from a buyback agreement with external investors, which could lead to potential risks regarding performance manipulation or undisclosed risks [6]. Group 3: Related Party Transactions - The company has engaged in significant related party transactions, with family members and employees involved in several suppliers, raising concerns about financial transparency [7][8]. - From 2021 to 2023, Xihua Technology procured services from six suppliers operated by employees or their relatives, totaling approximately 3.39 million yuan over three years [8][9]. - The company has faced inquiries regarding the reasons for the cancellation of several related suppliers and the nature of financial transactions between them and Xihua Technology [10].

Welcome to this week’s HotCopper Wire, our market watch podcast! Each week, HotCopper’s senior markets reporter Jonathon Davidson and I take you through the week’s biggest news headlines — and what they mean for Oz investors.In this Week 39 episode, we talk about Anthony Albanese trying to catch up with Donald Trump, how many IPOs are popping up for the ASX right now, and Myer (ASX:MYR) and its no good, very bad earnings day.And, we look at China vs. BHP Group (ASX:BHP), why Warren Buffett might be selling ...

Group 1 - The company plans to raise funds of 4.94 billion yuan, a decrease of 24% from the previously disclosed amount of 6.51 billion yuan, with significant cuts in the funding for its Vietnam production base expansion project [3] - The company intends to increase its production capacity by 1.5 times, despite a significant drop in capacity utilization rates, which fell from 94.06% in 2023 to 73.33% in the first half of 2025 [3] - The company's revenue is heavily reliant on international markets, with 90% of its income coming from abroad, primarily the U.S., raising concerns about its exposure to trade tensions and currency fluctuations [4] Group 2 - The company has a high customer concentration, with the top five customers accounting for 79.87% of sales, and the largest customer, AFL, representing 58.22% of sales, which has increased from 34.80% in 2022 [5] - The dual role of AFL as both a customer and supplier creates risks, including potential profit margin impacts and a high accounts receivable ratio, with 55.05% of revenue tied to accounts receivable, 36.25% of which is owed by AFL-related entities [6] - The company faces compliance issues regarding its overseas subsidiaries, with previous instances of shareholding arrangements that have raised regulatory concerns [4][6]