News alert on software company Figma pricing its IPO at 33 bucks. That is above the expected range. Time for the final trades.Michael Kopoulos. Uh >> people forget about the compounding of dividends. Boring, but I like high quality dividend payers. ...

Figma is expected to price its US IPO at $33 per share, above the design and collaboration software company’s increased price range https://t.co/43uUV5HfTU ...

Action Energy is planning an initial public offering in Kuwait, potentially setting up the first energy listing in the Gulf state since 2008 https://t.co/MUXNPNEbfm ...

Kraken Eyes $500M Fundraise at $15B Valuation Ahead of Potential IPO: Report► https://t.co/D4WwssySyZ https://t.co/D4WwssySyZ ...

Core Viewpoint - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. (Zhongcheng Consulting) is preparing for its listing on the Beijing Stock Exchange, with East Wu Securities as the sponsor. The company provides various engineering consulting services, but faces challenges such as declining revenue and increasing accounts receivable [1][20][21]. Ownership and Control - The couple Lu Jun and Xu Xuele hold nearly 87% of the company's shares, with Xu directly owning 57.4% and indirectly controlling an additional 29.58% through partnerships [3][5]. - Lu Jun, despite not holding any shares, is recognized as a de facto controller due to his role as the chairman and general manager, influencing key business decisions [3][5][6]. Financial Performance - In the first half of the year, Zhongcheng Consulting reported a decline in both revenue and net profit, with revenue expected to fall between 1.84 billion and 1.94 billion yuan, a decrease of 2.64% to 7.66% year-on-year [21][20]. - The company has experienced a consistent increase in accounts receivable, which reached 2.09 billion yuan, accounting for 52.83% of total revenue [24]. IPO and Fundraising - The company aims to raise approximately 2 billion yuan through its IPO, down from an initial target of 3.3 billion yuan, with funds allocated for network construction and R&D projects [7][9]. - The IPO plans include upgrading existing offices and adding new staff, despite concerns about the necessity of such expansions given the limited income from current operations [11][15]. Dividend Distribution - Zhongcheng Consulting has distributed over 65 million yuan in dividends over the past three years, with Xu Xuele being the primary beneficiary, receiving more than 40 million yuan [17][18]. Research and Development - The company has seen fluctuations in its R&D expenditure, with rates lower than industry peers, indicating a need for increased investment in innovation [15][17]. Accounts Receivable Management - The rising accounts receivable and corresponding bad debt provisions have negatively impacted profits, highlighting the need for better management of receivables to mitigate losses [24][26].

IPO Details - Kraken 计划进行 IPO，估值 150 亿美元 [1] - Kraken 寻求通过 IPO 融资 5 亿美元 [1]

Financial Strategy - Strategy 完成了 25.21 亿美元的 STRC 优先股 IPO [1] - IPO 所得资金用于购买 21,021 个 BTC，平均价格约为每个 117,256 美元 [1]

Investment Activity - MicroStrategy closes $252 billion STRATEGY IPO [1] - MicroStrategy uses proceeds to purchase 21021 Bitcoin [1] - The Bitcoin were bought at $117256 each [1]

IPO Status - National Stock Exchange of India (NSE) is waiting for a response from the market regulator regarding its settlement offer [1] - The settlement aims to resolve long-pending cases [1] - A successful settlement could pave the way for NSE's long-delayed IPO [1]

Core Insights - The report indicates an increase in IPO amounts in July, with significant net inflows from southbound funds and financing into the pharmaceutical sector [1][4][34]. Macro Liquidity - Domestic: During the week of July 21-25, the yields on 2-year and 10-year government bonds rose, with the 10-year and 2-year bond yield spread widening. The central bank's net injection in the open market was 109.5 billion yuan, and the MLF net injection was 100 billion yuan [2][12]. - International: The 2-year U.S. Treasury yield increased while the 10-year yield decreased, leading to a decline in the dollar index. As of July 25, the spread between Chinese and U.S. 10-year government bonds narrowed to -2.67% [2][16][17]. Market Liquidity Public Funds - In July 2025, 110 new funds were established, with 62 being equity funds, totaling approximately 28.3 billion units issued [3][22]. ETF Funds - 35 new ETF funds were established in July 2025, with 25 being equity ETFs, totaling 11 billion units issued [3][25]. Southbound Funds - Significant net inflows were observed in southbound funds, with a total net inflow of 765.4 billion yuan year-to-date as of July 25 [3][34]. Margin Financing - The average financing purchase amount was 190 billion yuan, a 27.7% increase from the previous week, with notable net inflows in the non-ferrous metals and pharmaceutical sectors [4][42]. Fundraising - In July, there were 6 IPOs raising approximately 23.3 billion yuan, with total equity financing of about 60.7 billion yuan [4][46]. Sector Analysis - The non-bank financial sector saw the largest net inflow of 10.42 billion yuan, followed by pharmaceuticals and computers, totaling approximately 17 billion yuan [3][36].