23 年成立的一家 AI 企业，第一轮是某知名机构，第二轮是这家知名机构的 lp 再投，第三轮才是市场 化机构来投。 咱也不知道，第三轮的机构是否了解一二轮机构的关系。咱也不知道，估值是否逐轮上涨，不知怎么个 涨法。 某半导体领域成长期项目，最近一轮的投资机构是 2023 年初进入。按我个人经验，很可能交割是在 2022 年。 五一节前的那几天，刷屏的都是肖医生和董小姐的那点事，是某医院的 4+4 项目。 有人说：与医疗圈相比，投资圈真的太干净了。我深以为然。 投资圈究竟是怎么个干净法？ 10 页的 pdf ，有文字说明，有微信截图，在微信群里疯狂转发。 最后，机构和该投资人和解，双方发了一个声明，继续维持机构和基金的平稳运营。 咱也不知道究竟是咋和解的。 然后， 2024 年的时候，该机构的主责投资人因为要高升，其本人及其上级，都希望该投资人离开之 前，将各已投项目"处理干净"，避免影响其后续仕途。 恰好，按这个项目的2023年的收入利润，有一定可能性完不成上市对赌。注意，只是一定可能性，稍微 延期一两年，应该是有很大希望的。 于是，该投资人以并没有打算妥善和解的态度和方式，提出回购。创始人拒绝，于是投资人 ...

Group 1 - Direct financing refers to the method where fund providers directly supply funds to fund seekers through negotiations or by purchasing securities issued by them, including stock and bond issuance [1] - The capital market consists of various financing activities and is primarily divided into the securities market and the bank medium to long-term credit market, including stocks, corporate bonds, and financial derivatives [2] - The stock market is a platform for companies to raise funds by issuing shares, representing ownership rights for shareholders, and is divided into the primary market (issuance) and secondary market (trading) [3][4] Group 2 - Issuers are entities that issue stocks to raise funds, while investors include institutional and individual investors who trade stocks [4] - The independent organization of the stock market includes self-regulatory organizations like stock exchanges and regulatory bodies such as the China Securities Regulatory Commission [4] - A subsidiary is a company controlled by another company (the parent company) and has its own legal status, while a branch does not have legal status and operates under the parent company's responsibility [5] Group 3 - The consolidated financial statements reflect the overall financial status, operating results, and cash flows of a company and its subsidiaries, including the consolidated balance sheet and income statement [8] - The company must ensure compliance with legal requirements and provide accurate information to intermediaries during the listing process to avoid delays or additional costs [9][10] Group 4 - The stock issuance plan includes details such as underwriting methods, issuance quantity, pricing principles, and procedures [16][17] - Underwriting is the process where securities companies sell securities on behalf of issuers, with methods including firm commitment and best efforts [17] Group 5 - After listing, companies must adhere to regulations, maintain transparency, and comply with the securities listing agreement, ensuring proper governance structures are in place [18][19] - Companies should actively manage investor relations and ensure timely and accurate information disclosure to enhance investor trust [19] Group 6 - The new Securities Law introduces changes to the stock issuance system, requiring registration with the relevant authorities and allowing stock exchanges to review issuance applications [20] - Founders of a company must meet specific criteria, including the ability to independently bear civil responsibilities [23] Group 7 - State-owned enterprises undergoing restructuring must ensure legal compliance and disclose relevant opinions from authorities regarding the legitimacy of the restructuring process [24] - Clear ownership structures are essential, and issues such as equity holding and contractual agreements must be addressed to avoid disputes [25][26] Group 8 - The independence of an issuer is crucial, requiring a complete business system and the ability to operate independently in the market [42] - Related party transactions must be managed to avoid conflicts of interest and ensure fair pricing [44][45]

2025年4月21日，苏州众捷汽车零部件股份有限公司（下称"众捷汽车"）发布招股书，发行价16.50元/ 股，距上市仅一步之遥。 第二阶段代持（2011-2018年）：2014年1月，公司股东周美菊将其持有的众捷有限125万元出资额全转 让给何征宇，让何征宇代持。 登录新浪财经APP 搜索【信披】查看更多考评等级 在注册制"以信息披露为核心"的监管逻辑下，众捷汽车的代持问题或成其IPO征程的"阿喀琉斯之踵"。 对于此类企业，投资者的理性选择或许是：让阳光照进资本黑箱之前，远离灰色地带的赌局。 部分代持目的是"为上市后减持提供便利" 众捷汽车的股权结构问题尤为突出，自成立以来，其就存在大量代持现象，创始股东里近半数沦为代 持"工具人"。众捷汽车的代持网络涉及创始人、实控人及其关联方，形成跨越10年的隐秘持股链条。 第一阶段代持（2010年之前）：创始人孙洁晓（春兴精工前董事长）通过王海燕代持25%股权，彼时公 司尚未启动上市计划。孙洁晓作为春兴精工实控人，因工作繁忙委托代持，但实际出资完全由其个人承 担。此外，众捷汽车实控人孙文伟（孙洁晓侄子）通过母亲丁凤华代持18%股权，期间公司启动股改。 丁凤华名义持股直至 ...

梧桐博官 BUTTONWOOD TREE an J. How J. B 新三板挂牌审 查制度及审核 关注要点解析 新三板挂牌审 核案例汇编 全国股转系统 定向发行、并 购重组制度及 相关案例解析 1.《新三板挂牌审核案例汇编》部分内容预览 第一章 股权合规性 一、股权代持 申请挂牌公司股权代持可能导致股权纠纷、股东人数超 过 200 人相关的非法公开发行等问题,从而不符合"股权明晰、 股票发行和转让行为合法合规"的挂牌条件。公司应在申报前 解除或还原股权代持。 (一)股权代持形成及解除情况 某申请挂牌公司于 2023年12月申报挂牌,申报报告期 为 2021 年、2022年、2023年 1-6月。 1.股权代持的形成与解除 2017 年 12月公司以 3 元/出资额的价格增资时,王某代 A 集团、何某持有公司 1,000万元出资额,代持双方已签署 书面代持协议。其后,前述代持关系未发生变化。 2023年5月,A集团与王某、何某签署《股份代持解除 暨股份转让协议》,A集团以 10.83元/股的价格受让何某委 托王某代持的公司 600万股股份,转让价格根据公司净资产 及前一轮外部投资者入股估值情况协商确定;王某将 ...