Core Viewpoint - Guangdong Jiuan Intelligent Technology Co., Ltd. (referred to as "Jiuan Intelligent") has received approval for its IPO application, with Shenwan Hongyuan as the sponsor. Despite achieving a net profit growth of 200% over the past two years, the company has not attracted external investors and has undergone a capital reduction, raising questions about its future prospects [1][30][31]. Financial Performance - Jiuan Intelligent's main business includes the production and sales of smart camera modules and related equipment, along with operational services such as data traffic packages and cloud storage. The company reported revenues of 484 million yuan, 645 million yuan, 780 million yuan, and 323 million yuan for the years 2022-2024 and the first half of 2025, with corresponding net profits of 34 million yuan, 86 million yuan, 102 million yuan, and 45 million yuan. The revenue growth from 2022 to 2024 was 61%, and net profit increased nearly 200% [2][31][34]. Shareholder Structure - As of the disclosure date, the controlling shareholder and actual controller of Jiuan Intelligent is Li Yuan, who directly holds 66.04% of the shares and indirectly controls an additional 8.25%. The total shareholding before the IPO issuance is 74.29% [2][33]. Capital Reduction - In June 2023, Jiuan Intelligent experienced a capital reduction, decreasing its registered capital from 50 million yuan to 48.5 million yuan, with the exit price for the shareholder being 3.20 yuan per share, valuing the company at approximately 160 million yuan at that time. The estimated valuation for the IPO is around 4.256 billion yuan, reflecting a 25-fold increase from the previous valuation [5][34]. Employee Count and Cost Structure - Despite a significant increase in net profit of 150% and a revenue increase of 33% in 2023, Jiuan Intelligent's total employee count decreased from 485 at the end of 2022 to 424 at the end of 2023, representing a reduction of 12.58% [7][36]. This raises concerns about whether the company is maintaining profit growth through workforce reduction [35]. Expense Ratios - Jiuan Intelligent's expense ratios are significantly lower than those of comparable companies, with a period expense ratio of 16.03% in 2022, decreasing to 12.67% in 2024, which is about half of the average of its peers [9][39]. The company’s sales expense ratio, management expense ratio, and R&D expense ratio are all below the industry average [12][39]. R&D Investment - The R&D expense ratio for Jiuan Intelligent was 7.78% in 2022, 9.04% in 2023, and 5.92% in 2024, which is significantly lower than the average of comparable companies, indicating a potential risk to its innovation capabilities [43][44]. The average salary for R&D personnel at Jiuan Intelligent is also notably lower than that of its peers, raising questions about the adequacy of its investment in talent [47]. Profitability Concerns - Jiuan Intelligent has the lowest gross margin among its peers, with a gross margin of 24.58% in 2022, which is concerning given its low expense ratios. If the company’s expense ratios were to increase, its profitability could be severely impacted [23][49]. The company attributes its low gross margin to product structure and customer group differences [25][50].

香港上市热潮正不断升温，又有六家中国公司计划于明年1月份募资超过20亿美元，这让该市场更有希 望迎来又一个IPO大年。根据周三提交给香港交易所的文件，这些公司业务涵盖人工智能、芯片设计和 生物制药等领域，筹资目标总计约166亿港元，相当于21.3亿美元。交易所文件显示，中国AI初创企业 MiniMax计划以每股151.00-165.00港元的价格区间发售2,539万股股票，拟最高募资41.9亿港元（约合 5.385亿美元）。无晶圆厂半导体设计公司豪威集成电路(OmniVision Integrated Circuits)和多元芯片的集 成电路设计公司兆易创新(GigaDevice Semiconductor)均寻求通过各自的IPO募资超过40亿港元。阴极铜 制造商云南金浔资源(Yunnan Jinxun Resources)计划于明年1月9日挂牌交易，拟将大部分IPO所募款项净 额用于扩大核心业务，约10%用于偿还债务。该公司预计所募款项净额约为10.4亿港元。生物制药公司 瑞博生物(Suzhou Ribo Life Science)计划在IPO中募资15.9亿港元，并将所募款项净额投入研发。 来源：滚动播报 ...

Core Insights - The A-share IPO review process for 2025 concluded with a high-quality performance, featuring a total of 113 companies reviewed and an overall approval rate of 97.35%, marking a record high in recent years [1] Group 1: Market Performance - The main board and the ChiNext board showed the most stable performance, with the Shanghai main board (19 companies), Shenzhen main board (10 companies), and ChiNext (14 companies) achieving a 100% approval rate, indicating precise support for mature and innovative growth enterprises [1] - The Beijing Stock Exchange emerged as the primary venue for reviewing innovative small and medium-sized enterprises, with 51 companies reviewed and 49 approved, resulting in a 96% approval rate, reflecting sustained market vitality [1] - The Sci-Tech Innovation Board maintained stringent selection criteria for "hard technology," with 19 companies reviewed and 18 approved, yielding a 94.7% approval rate [1] Group 2: Underwriting Institutions - The leading underwriting institutions demonstrated a significant "winner-takes-all" effect, with Guotai Junan Securities leading with 16 approved projects, followed by CITIC Securities (12) and CITIC Jianan Securities (11), solidifying their positions in the top tier [3] - Other institutions such as Dongwu, Guojin, Guotou, Huatai United, and China Merchants Securities each contributed 5 approved projects, forming the backbone of annual IPO underwriting [3] Group 3: Industry Distribution - The capital market's effectiveness in serving the real economy has significantly improved, with resources accelerating towards high-tech manufacturing. The computer, communication, and other electronic equipment manufacturing sectors led with 20 companies reviewed, followed by specialized equipment manufacturing (17 companies), and automotive and electrical machinery manufacturing (10 companies each), highlighting the financing dominance of "hard technology" and high-end manufacturing sectors [5]

Group 1 - The core viewpoint of the article highlights the impressive IPO performance in both A-share and Hong Kong markets in 2025, with A-shares listing 115 new stocks raising over 130 billion yuan, nearly double the previous year, while Hong Kong saw 117 new listings raising over 286 billion HKD, reclaiming the top position globally in fundraising [1] - A significant portion of the fundraising in Hong Kong comes from "A+H" companies that are listed on both A-share and Hong Kong markets, indicating a competitive dynamic between the two markets to attract technology innovation companies [1] - The competition between A-shares and Hong Kong is characterized by policy initiatives such as A-shares' "1+6" policy and Hong Kong's "special line for tech companies," both aiming to create more accessible listing pathways for tech firms [1] Group 2 - The article raises a deeper question regarding the implications of the surge in IPOs, particularly for technology companies, and whether this presents new investment opportunities or challenges for ordinary investors [3] - It discusses the phenomenon of "valuation misalignment" where the secondary market's valuation pressures the primary market, leading to some mergers and acquisitions being halted due to differing perspectives on liquidity and uncertainty [3][4] - The article emphasizes the importance of understanding market dynamics beyond surface-level indicators like IPO numbers and fundraising amounts, suggesting that investor behavior and capital flow are crucial in determining stock price movements [4] Group 3 - To discern the true intentions of market participants, the article suggests employing objective observation methods rather than relying solely on intuition or news [5] - It introduces the concept of "washing the plate," where institutions may intentionally depress stock prices to create a false appearance of adjustment, prompting retail investors to sell, allowing institutions to accumulate shares [5] - The article provides examples of stocks that experienced significant price fluctuations during their upward trends, indicating that such volatility may not signal the end of a rally but rather a strategic accumulation by institutional investors [9][21] Group 4 - The article concludes that the thriving IPO market and institutional competition reflect a capital market evolution towards supporting technological innovation and long-term value discovery, which is beneficial for investors as it increases the visibility of quality companies [21][22] - However, it also notes that this complexity introduces greater uncertainty in stock price fluctuations due to valuation transmission between primary and secondary markets [21][22] - Investors are encouraged to maintain a calm perspective and focus on the underlying capital movements within their stocks, rather than being swayed by short-term market noise [22][23]

Core Insights - The total equity financing scale in A-shares for 2025 is projected to exceed 1 trillion yuan, with the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions leading the way, and both Beijing and Shanghai surpassing 100 billion yuan in financing [1] Financing Overview - The total equity financing across various regions reached 1.08 trillion yuan, with initial public offerings (IPOs) amounting to 131.77 billion yuan, additional financing at 887.73 billion yuan, and convertible bond financing at 63.13 billion yuan. This represents a significant increase compared to 2024, which saw only 290.47 billion yuan in total equity financing [4] - Beijing and Shanghai are the top two regions for equity financing, with totals of 458.51 billion yuan and 172.79 billion yuan, respectively. Guangdong and Jiangsu follow with 98.41 billion yuan and 79.24 billion yuan [4] Regional Highlights - In Beijing, the equity financing scale reached 458.51 billion yuan, with state-owned banks contributing nearly 90% of the incremental capital. Major state-owned banks announced plans to issue stocks to raise core tier-one capital, with a total of 400 billion yuan raised from three banks [4] - Notable IPOs in Beijing include the "first domestic GPU stock" Moer Circuit, which raised 8 billion yuan, and chip giant Cambricon, which raised 3.985 billion yuan through additional financing [5] Policy Impact - Jiangsu, Guangdong, and Zhejiang accounted for nearly 60% of the total IPOs, with 28, 20, and 17 companies respectively. This is attributed to targeted financing policies that support manufacturing and innovation [6] - Jiangsu's new policies focus on supporting manufacturing enterprises, while Guangdong's financing scale is close to 1 trillion yuan, with significant contributions from IPOs and additional financing [6] - Zhejiang has maintained a strong IPO presence for six consecutive years, with a focus on nurturing high-quality enterprises through various support measures [7]

责任编辑：杨赐 新浪科技讯 12月31日上午消息，MiniMax今日启动招股。招股书显示，MiniMax本次IPO拟发行25， 389，220股，定价区间为151至165港元/股，在不考虑发售量调整权及超额配股权行使的情况下，发行 估值将介于461.23亿港元至503.99亿港元之间，预计将于1月9日登陆港股资本市场。 新浪科技讯 12月31日上午消息，MiniMax今日启动招股。招股书显示，MiniMax本次IPO拟发行25， 389，220股，定价区间为151至165港元/股，在不考虑发售量调整权及超额配股权行使的情况下，发行 估值将介于461.23亿港元至503.99亿港元之间，预计将于1月9日登陆港股资本市场。 值得注意的是，MiniMax此次引入了包括Aspex、Eastspring、Mirae Asset、阿里巴巴及易方达在内的14 家基石投资者，认购总额约27.23亿港元。投资者类型横跨国际长线、头部科技、中资长线及产业战略 等多个维度，在近期港股市场，如此多元的顶级资本罕见地协同一致，形成了强有力的价值背书。（文 猛） 值得注意的是，MiniMax此次引入了包括Aspex、Eastspring ...

Core Insights - In 2025, a total of 116 new companies were listed on the A-share market, representing a 16% increase compared to the same period last year, which had 100 new listings [1] - The net fundraising amount for these new listings reached 122.025 billion yuan, a significant increase of 104.25% from the previous year's 59.743 billion yuan [1] Group 1: Underwriters' Performance Ranking - A total of 30 underwriting institutions were involved in the IPOs of the 116 new companies, with a total of 117 deals due to one company hiring two underwriters [2] - The top five underwriting institutions by the number of deals are: 1. Guotai Junan: 17 deals 2. CITIC Securities: 15 deals 3. CITIC Jianzhong: 11 deals 4. Huatai United: 10 deals 5. China Merchants Securities: 9 deals [2][2] Group 2: Law Firms' Performance Ranking - A total of 31 law firms provided legal services for the IPOs of the 116 new companies [5] - The top five law firms by the number of deals are: 1. Shanghai Jintiancheng: 16 deals 2. Beijing Zhonglun: 15 deals 3. Beijing Deheng: 9 deals 4. Beijing Guofeng: 6 deals 5. Guangdong Xinda: 6 deals [5][6] Group 3: Accounting Firms' Performance Ranking - A total of 18 accounting firms provided auditing services for the IPOs of the 116 new companies [8] - The top five accounting firms by the number of deals are: 1. Rongcheng: 29 deals 2. Tianjian: 20 deals 3. Lixin: 17 deals 4. Zhonghui: 12 deals 5. Ernst & Young Huaming: 5 deals, KPMG Huazhen: 5 deals, Zhongshen Zhonghuan: 5 deals [8][9]

新京报贝壳财经讯（记者罗亦丹）12月31日，MiniMax（0100.HK）正式启动招股。根据招股书， MiniMax本次 IPO拟发行2538.92万股，定价区间为151至165港元/股，在不考虑发售量调整权及超额配 股权行使的情况下，发行估值将介于 461.23 亿港元至 503.99 亿港元之间，预计将于1月9日正式登陆港 股资本市场。 校对 陈荻雁 MiniMax此次引入了包括Aspex、Eastspring、Mirae Asset、阿里巴巴及易方达在内的14家基石投资者， 认购总额约27.23亿港元。投资者类型横跨国际长线、头部科技、中资长线及产业战略等多个维度。此 前，MiniMax已获得米哈游、阿里、腾讯、小红书、高瓴、IDG、红杉、经纬、明势、中国人寿等多家 机构的投资。 编辑 杨娟娟 ...

Core Viewpoint - Renben Co., Ltd. has been accepted for an IPO on the Shanghai Stock Exchange, aiming to raise funds for various projects and further solidify its position as a leading bearing manufacturer in China [2] Financial Performance - Total assets increased from 145.89 billion yuan in 2022 to 203.38 billion yuan by June 30, 2025 [3] - Revenue growth from 93.88 billion yuan in 2022 to a projected 119.60 billion yuan in 2024, with a revenue of 64.71 billion yuan for the first half of 2025 [3] - Net profit rose from 6.35 billion yuan in 2022 to an expected 8.29 billion yuan in 2024, with 4.44 billion yuan for the first half of 2025 [3] Profitability Metrics - Basic and diluted earnings per share are projected to be 0.81 yuan for the first half of 2025, up from 1.51 yuan in 2022 [4] - The weighted average return on equity is expected to decrease from 16.03% in 2022 to 5.57% in the first half of 2025 [4] Investment Projects - The IPO aims to raise 3.8 billion yuan for several projects, including: - 600 million yuan for producing 90 million sets of robot and intelligent equipment bearings - 600 million yuan for producing 75 million sets of bearings for new energy vehicles - 700 million yuan for high-reliability precision bearings - 900 million yuan for key component industrialization for high-end equipment - 1 billion yuan for working capital [5] Shareholding Structure - Zhang Tongsheng holds 29.83% of the company's shares directly and controls 60.82% of the voting rights, making him the actual controller of the company [7]

值得注意的是，MiniMax此次引入了包括Aspex、Eastspring、Mirae Asset、阿里巴巴及易方达在内的14 家基石投资者，认购总额约27.23亿港元。投资者类型横跨国际长线、头部科技、中资长线及产业战略 等多个维度。 封面图片来源：每经原创 每经上海12月31日电（记者陈婷）12月31日，MiniMax（稀宇科技）正式启动港股招股。根据招股书， MiniMax本次IPO拟发行2538.92万股，定价区间为151港元/股至165港元/股；在不考虑发售量调整权及 超额配股权行使的情况下，发行估值将介于461.23亿港元至503.99亿港元之间，预计将于1月9日 以"HK00100"为股票代码，正式登陆港股资本市场。 ...