Core Viewpoint - The company Hanlin Aerospace is facing significant challenges in its application for listing on the Beijing Stock Exchange, highlighted by the recent decision of its major state-owned shareholder to divest its entire stake [2][11]. Group 1: Listing Application Challenges - Hanlin Aerospace submitted its listing application to the Beijing Stock Exchange on June 30, 2025, but has not yet been accepted, despite a surge in applications from other companies during the same period [3][8]. - The company has a history of failed IPO attempts, including a withdrawal of its application for the ChiNext in 2017 due to regulatory scrutiny and allegations of financial misconduct [4][5][16]. - Frequent corrections to financial disclosures prior to the listing application may have raised concerns about the company's accounting practices and internal controls, contributing to the delay in acceptance [9][10]. Group 2: Financial Performance - In the first quarter of 2025, Hanlin Aerospace reported revenues of approximately 79.19 million, with a net loss of about 1.15 million, although this represented an improvement compared to a loss of nearly 2 million in the same period of 2024 [10]. - The company’s revenue for 2024 was reported at 419 million, with a net profit of 32.98 million, indicating growth compared to previous years [21]. Group 3: Shareholder Dynamics - The state-owned shareholder, Guotou Asset Management, which previously held an 18.96% stake, opted to divest its shares in late 2023, indicating a lack of confidence in the company's future prospects [11][22][27]. - The divestment was executed through a public transfer of shares, resulting in Hanlin Aerospace's controlling shareholder increasing its stake to 86.49% post-transaction [28].

Group 1: Core Insights - The Beijing Stock Exchange (BSE) has accelerated its new stock review process, changing from "1 review per week" to "2 reviews for 3 companies per week" since last week [1][3] - The BSE is expected to further increase its review speed after the annual report disclosures, entering a phase of expansion and efficiency improvement [1][3] - As of March 27, over 1,000 companies meet the financial criteria for listing on the BSE, with 330 companies having submitted counseling materials for listing [2][8] Group 2: Listing and Review Status - Currently, there are 3 companies in the "accepted" status, 30 in "inquiry," and 3 that have been "approved" for listing [2] - The BSE has held 5 meetings in March, reviewing 7 companies, with a total of 16 companies approved since its establishment [3] - The first company to receive a "deferred review" status is Sanwei Co., which must provide further documentation regarding its financial reporting and internal controls [5][6] Group 3: New Third Board Developments - The upcoming first tier adjustment of the New Third Board is set to begin on March 31, with many basic tier companies preparing for "upgrading" while also seeking to list on the BSE [1][7] - In the past week, 7 companies have updated their listing counseling progress, indicating a strong interest in BSE listings [7] - The revised tier management rules allow for more flexible timing for tier adjustments, enabling companies to better prepare for annual report disclosures and financing [7][8]

据上述公司收到的问询函，下调发行底价的拟上市公司均被要求说明发行底价的确定依据、合理性 以及与报告期内定向发行股票价格、前期二级市场交易价格的关系，所对应的本次发行前后的市盈率水 平等。此外，北交所还要求企业综合分析说明现有发行规模、发行底价、稳价措施等事项对本次公开发 行并上市是否存在不利影响。 关于下调发行价的原因，上述公司则均在公告中称是基于公司战略优化或基于市场环境变化。业内 人士表示，企业调低发行底价，有几大原因：一是之前在新三板市场交易时，由于交易不充分不活跃， 二级市场的高价诱导了公司过于自信，导致底价定得高；二是北交所二级市场整体估值和市盈率下行； 三是新股频频破发，给发行定价造成压力；四是公司上会前调低是为了增大过会概率；五是，过会后调 低是为提高发行效率、降低发行风险和破发概率；六是实现一级市场主动让利于二级市场、吸引更多的 资金打新。 【纠错】 【责任编辑:任想】 《经济参考报》记者注意到，近段时间，数家拟在北交所IPO的公司在进入审核问询阶段后，宣布 调整公开发行方案，对计划发行数量和发行底价主动进行下调。业内人士认为，下调发行底价可以提高 发行效率、降低发行风险和破发概率。 7月7日 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of new stocks listed on the Beijing Stock Exchange (北交所), with significant first-day gains driving increased investment interest in the market [1][2] - As of August 8, 2023, eight new stocks have been listed on the Beijing Stock Exchange this year, with an average first-day closing increase of 338% [1] - The stock "Youli Intelligent" saw a first-day opening increase of 308% and a closing increase of 246.9%, with a high issuance price of 23.99 yuan per share, resulting in substantial profits for investors [1] Group 2 - In June 2023, there was a surge in new stock applications for the Beijing Stock Exchange, with 97 new companies accepted, accounting for over 80% of the total new applications in the A-share market for the first half of the year [2] - The secondary market for the Beijing Stock Exchange has shown strong performance, with the "Beijing Stock Exchange 50" index increasing nearly 40% year-to-date, outperforming major A-share indices [2] - As of the second quarter, 39 public funds have heavily invested in 59 companies listed on the Beijing Stock Exchange, with a total holding value nearing 10 billion yuan, marking a record high for both the number of institutions and the scale of holdings in the past three years [2]

Core Viewpoint - Guizhou Jiesheng Drilling Tools Co., Ltd. is progressing with its IPO plans on the Beijing Stock Exchange, with guidance from Guotai Junan Securities [1][2]. Company Overview - Guizhou Jiesheng was established in May 1997 and specializes in the research, production, sales, and service of rock drilling tools, including various types of top hammer drilling tools, blast furnace opening drilling tools, and down-the-hole drilling tools [2]. Financial Performance - In 2024, Guizhou Jiesheng reported a revenue of 182 million yuan, reflecting a year-on-year increase of 3.40% - The net profit attributable to shareholders was 43.41 million yuan, marking an 18.88% year-on-year growth [3]. Shareholding Structure - The company has no controlling shareholder, with actual control held by Han Yang and Huang Xianxiao, who collectively control 81.54% of the shares - Han Yang directly holds 43.38% of the shares and indirectly controls an additional 2.30% through Guizhou Jietong Investment Partnership (Limited Partnership) - Huang Xianxiao directly holds 35.87% of the shares [3]. Key Personnel - Han Yang, born in June 1969, has held various positions in the industry, including roles at Guizhou Steel Factory and Guizhou Jiesheng, where he currently serves as Chairman and General Manager [4]. - Huang Xianxiao, born in September 1952, has extensive experience in engineering and management, previously serving as the Chairman of Guizhou Jiesheng and currently as a technical consultant [5].

Group 1 - The core viewpoint of the article is the disclosure of the IPO progress report by Shijiazhuang Galaxy Microwave Technology Co., Ltd. (Galaxy Co.), which is preparing for its listing on the Beijing Stock Exchange [1] - Galaxy Co. was established in 2002 with a registered capital of 37.5 million yuan, primarily engaged in the research, development, production, and sales of microwave communication modules and components, with power amplifiers as its main products [1] - The actual controller of the company is Zhang Shiyong, who holds 43.85% of the voting rights and has a background in engineering with extensive experience in the electronics industry [1] Group 2 - For the year 2024, Galaxy Co. reported an operating income of 81.47 million yuan, a decrease of 28.82% year-on-year [3] - The net profit attributable to the shareholders of the listed company was 9.22 million yuan, reflecting a significant decline of 74.38% compared to the previous year [3] - The basic earnings per share dropped to 0.25 yuan, down 74.49% from 0.96 yuan in the same period last year [3]

Core Insights - The Beijing Stock Exchange (BSE) has seen a significant increase in IPO applications, with 115 companies accepted this year, accounting for 65% of the total market, indicating a shift in preference towards the BSE for companies seeking to go public [1][2] - Despite the surge in applications, the number of companies actually listed on the BSE remains low, with only 6 successful IPOs in the first half of the year compared to 51 across the A-share market [1][2] Group 1: Market Dynamics - The BSE has become the preferred listing destination for companies due to its attractive market conditions, with the BSE 50 Index rising by 39.45% in the first half of 2025, reflecting strong market demand and improved liquidity [2] - The BSE's flexible financing options and recent successful mergers and acquisitions have further enhanced its appeal to companies [2] - The introduction of a dedicated code segment for BSE-listed companies has improved market recognition and company identity, attracting more firms to consider listing on the BSE [2] Group 2: Listing Process and Challenges - The median time from IPO application to listing has increased from 218 days in 2022 to 306 days in 2024, indicating a growing backlog in the approval process [3] - The BSE maintains a strict review process focused on innovation, sustainability, financial integrity, and governance, which can prolong the listing timeline [3][4] - Pre-application inspections by regulatory bodies are more rigorous for BSE projects, requiring companies to address issues before submission, which is a unique aspect of the BSE's listing process [4]

Group 1 - The Beijing Stock Exchange will hold its 18th review meeting on August 8, 2025, to assess the issuer Zhuhai Nante Metal Technology Co., Ltd. (referred to as "Nante Technology") [1] - Nante Technology plans to raise funds amounting to 286 million yuan, which will be allocated to the second phase of the Anhui Zhongte high-end precision components production base project and the expansion and R&D capability enhancement project in Zhuhai [1] - The lead underwriter for Nante Technology is Everbright Securities Co., Ltd., with representatives Zhan Chenghao and Shen Xiaoyi serving as the sponsoring representatives [1]

Core Viewpoint - The company, 科建高分子材料 (Shanghai) Co., Ltd., has decided to change its stock issuance application from the Shenzhen Stock Exchange's ChiNext to the Beijing Stock Exchange, reflecting its strategic considerations and current market conditions [1] Group 1 - The company held its third board meeting on July 14, 2025, and the third extraordinary shareholders' meeting on July 29, 2025, where the proposal to apply for public stock issuance and listing on the Beijing Stock Exchange was approved [1] - The company submitted a change of guidance record to the Shanghai Securities Regulatory Bureau on July 29, 2025, through its advisory institution, Changjiang Securities [1] - The Shanghai Securities Regulatory Bureau approved the change application on July 30, 2025 [1] Group 2 - The company specializes in the research, production, and sales of sealing, bonding, damping, and noise reduction materials [1] - It is recognized as a national-level specialized and innovative "little giant" enterprise [1]

Market Overview - As of July 27, 2025, there are 268 companies listed on the Beijing Stock Exchange (BSE) with a total share capital of 37.877 billion shares and a circulating share capital of 24.455 billion shares [2] - For the week of July 21-27, 2025, the BSE recorded a trading volume of 7.14 billion shares, an increase of 38.69% compared to the previous week, and a trading value of 155.463 billion yuan, up 42.26% week-over-week [3] Index Performance - The BSE 50 Index fell by 2.55% to 1458.98 points during the same week, with 35 stocks rising, none remaining flat, and 15 declining [3] - The top performer was Wuxin Tunnel Equipment (835174), which surged by 49.54%, followed by Nacono (832522) with a 19.21% increase. The worst performer was Jinbo Biological (832982), which dropped by 5.07% [3] New Listings and Approvals - During the week, one company opened for subscription, two companies received registration approval, and one company passed the listing committee meeting [6][11] - As of July 27, 2024, there are 157 companies awaiting review, with 19 accepted, 127 in inquiry, and 8 submitted for registration [6] Company Highlights - **Dingjia Precision Technology Co., Ltd.**: Opened for subscription on July 22, 2025, with a total of 190 million shares allocated to 80,300 investors, raising 21.2 million yuan at an issue price of 11.16 yuan per share. The company specializes in manufacturing computer components and reported revenues of 329 million yuan in 2022, 367 million yuan in 2023, and 408 million yuan in 2024 [8][9][10] - **Ningbo Nengzhiguang New Materials Technology Co., Ltd.**: Received registration approval on July 25, 2025, for an IPO of up to 21.565 million shares, aiming to raise approximately 170 million yuan for expansion projects [12][13] - **Shanghai Balanshi Automotive Testing Equipment Co., Ltd.**: Also received registration approval on July 25, 2025, for an IPO of up to 21 million shares, targeting 300 million yuan for smart upgrades and expansion projects [14][15] Financial Performance - **Dingjia Precision**: Reported a 20.36% year-over-year revenue growth in Q1 2025, reaching 10 million yuan, with a net profit increase of 63.27% to 2.03 million yuan [10] - **Nengzhiguang**: Achieved revenues of 556 million yuan in 2022, 569 million yuan in 2023, and 611 million yuan in 2024, with a projected 2.61% revenue growth in H1 2025 [13] - **Balanshi**: Reported revenues of 643 million yuan in 2022, 794 million yuan in 2023, and 1.057 billion yuan in 2024, with a 6.33% increase in Q1 2025 [15] Regulatory Updates - Three companies entered the counseling period, while three others terminated their counseling [21][25] - **Tianyun Co., Ltd.**: Entered the counseling period for an IPO on July 22, 2025, focusing on automotive components [22] - **Benxing New Materials Co., Ltd.**: Changed its listing application from the Shenzhen Stock Exchange to the BSE on July 22, 2025 [23]