作者 | 深水财经社 倪大九 今天是2026年第一个工作日，首先祝大家今年都能收获满满、事业顺遂！ 不声不响间，2025年已经过去。Wind数据显示，截至12月31日收盘，1400多家公司涨幅逾50%，近500家公司涨幅突破100%，更有120多家公司年涨幅超 200%，所以大家都赚到钱没？ 最近，强哥会对2025年江苏A股上市公司进行一个全面的盘点，今天细说的是IPO情况。 2025年，A股共有116家企业成功上市，较2024年增长16%。其中江苏新增A股公司29家，数量位居全国第一。 其中的"领头羊"苏州更创下历史性突破——全年新增12家A股上市公司，数量首次登顶全国各大城市榜首。 2023年"827新政"以来，IPO持续收紧，2024年IPO数量和募资规模跌至十年最低。 2025年，IPO情况有所回暖。A股新上市公司数量116家，募资1318亿元，分别较上年增长16％和104％。 其中，江苏新增29家A股公司，数量位居全国第一，领先广东（21家）和浙江（17家），占全国新增总数的四分之一。 这样一来，江苏的A股公司总数就达到了721家，距离第二名浙江仅10家的差距，这样下去到明年很可能会追平浙江。 细数 ...

Core Viewpoint - Changxin Technology Group Co., Ltd. has submitted its IPO application for the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, making it the second-largest fundraising in the history of the board. The company is expected to achieve a market valuation exceeding 1 trillion yuan, generating significant anticipation in the venture capital community [1][10]. Company Background - The story of Changxin Technology begins with Zhu Yiming, who founded the semiconductor company GigaDevice after returning to China in 2005. He ventured into the storage chip sector, which was nearly vacant in China at the time, successfully breaking into a market dominated by overseas giants [2]. - In 2016, GigaDevice went public on the Shanghai Stock Exchange, achieving a market valuation of over 100 billion yuan. Zhu Yiming then shifted focus to the DRAM market, a critical area for chip localization, and decided to establish Changxin Technology with the support of the Hefei government [3][4]. Product Development and Market Position - Changxin Technology, officially established in June 2016, has developed a range of DRAM products, including DDR, LPDDR, DDR4, LPDDR4X, DDR5, and LPDDR5/5X. The company has become the largest DRAM manufacturer in China and the fourth largest globally, according to Omdia [4]. - The company's revenue for the first nine months of 2025 reached 32.08 billion yuan, with cumulative revenue from 2022 to September 2025 amounting to 73.64 billion yuan. The compound annual growth rate of its main business revenue from 2022 to 2024 is projected to be 72.04% [4]. Investment and Financing History - Changxin Technology has faced significant funding pressures, having spent approximately $2.5 billion on research and capital expenditures before its first chip was mass-produced in 2019. This led to a surge of interest from investors [5][6]. - The company has successfully completed multiple financing rounds, attracting a diverse range of investors, including state-owned enterprises and major venture capital firms. By 2021, around 220 investment institutions were vying for a chance to invest in the company [6][7]. - As of the latest financing round in 2024, Changxin Technology's post-investment valuation is estimated at around 150 billion yuan, reflecting its status as a significant player in the semiconductor industry [7]. Market Outlook - The year 2025 is anticipated to be a landmark year for IPOs, with several high-profile companies already achieving substantial market valuations. The success of Changxin Technology's IPO is expected to contribute to a broader trend of significant returns for investors in the tech sector [9][10]. - The overall sentiment in the market indicates a strong recovery and growing interest in Chinese technology assets, with projections suggesting that the market capitalization of the Chinese tech sector could reach over 25% of the global total by the end of the year [11].

Core Viewpoint - The company, Xinjiang Kailong Clean Energy Co., Ltd., has faced challenges in its IPO process and financial performance, with high customer concentration and increasing debt levels posing potential risks to its operations and profitability [1][2][3]. Financial Performance - The company's revenue for the years 2022 to 2024 was reported as 520 million yuan, 596 million yuan, and 537 million yuan respectively, with net profit figures of 95 million yuan, 102 million yuan, and 64 million yuan [3]. - In the first half of 2025, the company reported a revenue increase of 34.10% to 373 million yuan, but net profit decreased by 19.70% to approximately 31 million yuan [4]. - The gross profit margin has declined from 34.78% in 2022 to 24% in the first half of 2025, indicating a significant drop of 10.78 percentage points over two and a half years [4]. Debt and Financial Ratios - The company's asset-liability ratio has been increasing, rising from 39.03% in 2022 to 51.46% in the first half of 2025, indicating growing debt pressure [5]. - The total assets as of June 30, 2025, were approximately 1.54 billion yuan, with total equity of about 794 million yuan [4]. Customer Concentration - The company relies heavily on major clients, specifically China National Petroleum Corporation (CNPC) and China Petroleum & Chemical Corporation (Sinopec), with revenue contributions of 96.79%, 82.71%, 73.38%, and 45.57% from these clients over the years 2022 to 2025 [2]. - The high customer concentration poses risks, as any reduction in collaboration from these major clients could adversely affect the company's financial health [2]. Regulatory and Compliance Issues - The company has faced multiple environmental fines from its subsidiaries between 2024 and August 2025, highlighting potential weaknesses in its internal controls regarding safety and environmental compliance [6].

格隆汇新股 机器人产业链冲出一家IPO，为小米、华为供货，来自深圳宝安 原创 阅读全文 ...

Core Insights - Investor confidence has been tested over the past year due to policy changes and a government shutdown, but sentiment is shifting positively as of 2026, driven by enthusiasm for artificial intelligence (AI) [1] IPO Predictions - Kraken has an 83% chance of going public before 2027, having already filed confidentially for a U.S. IPO, contributing to a trend among digital asset companies preparing for the U.S. equity markets ahead of the 2026 midterms [3] - Cerebras Systems, an AI chipmaker, has a 77% probability of announcing an IPO before next year, with plans to re-file after previously withdrawing its IPO paperwork [4] - Databricks, an AI software company, has a 70% chance of going public before 2027, having raised over $4 billion at a valuation of $134 billion [5] - Discord also has a 70% probability of announcing an IPO before 2027, with a last valuation around $15 billion [5] - Fintech firm Plaid has a 49% chance of going public, while defense tech company Anduril and apparel brand Skims both have a 46% likelihood [6]

Core Viewpoint - The article analyzes the top IPO signing representatives, lawyers, and accountants in the A-share market for the year 2025, highlighting the most active individuals and their respective projects [1]. Group 1: Signing Representatives - The top signing representatives for A-share IPOs in 2025 are Liu Junqing from Dongfang Securities, Liu Tuo from CITIC Securities, Qiang Qiang from Guotai Junan, Xu Guozhen from招商证券, and Sun Qi and Zhang Shuai from Huatai United, each handling 2 projects [2][3]. Group 2: Signing Lawyers - The leading signing lawyers for A-share IPOs in 2025 are Kong Jin from Zhejiang Tiance and Zhang Dongxiao from Shanghai Jintiancheng, each involved in 3 projects. Additionally, 17 other lawyers participated in 2 projects [4][5]. Group 3: Signing Accountants - The most active signing accountant for A-share IPOs in 2025 is Xu Ruisheng from Rongcheng, with 3 projects. Furthermore, 14 other accountants were involved in 2 projects [6][7].

Market Overview - European stocks opened strong in 2026, with the pan-European index reaching a historical high, driven by a 7% increase in ASML shares. In contrast, U.S. stocks faced a challenging rebound, with Tesla shares declining by 2.6% while chip stocks provided some support [2] - The offshore RMB strengthened, breaking the 6.97 mark for the first time in over two and a half years, while Bitcoin approached $90,900, reflecting a nearly 3% increase from its daily low [2] - The U.S. 30-year Treasury yield hit a four-month high, and the dollar approached a one-week high, indicating a broader market trend [2] Key Company Developments - BYD announced plans to deliver 4.6 million vehicles in 2025, marking a 7.7% growth and solidifying its position as the "global electric vehicle leader." In contrast, Tesla's fourth-quarter delivery of 418,227 vehicles fell short of expectations, with a 16% year-over-year decline [6][15] - OpenAI is making significant investments in audio technology, aiming to create a new consumer-grade device that can be operated via natural voice commands. This includes plans for a smart pen or audio device, expected to be produced exclusively by Hon Hai [15][16] - Semiconductor company SMIC agreed to a directed share issuance of 357 million shares, which will increase the National Integrated Circuit Fund's stake in SMIC to approximately 9.25% [4][14] Hedge Fund Performance - Bridgewater's flagship fund achieved a record return of 34% in 2025, marking a significant turnaround from previous years. The fund ranked third among hedge funds, outperforming many competitors [7][17] Real Estate Market Insights - A commentary in "Qiushi" magazine emphasized the need for policies to stabilize and improve expectations in the real estate market, advocating for a one-time comprehensive policy approach rather than piecemeal measures [4][13] International Developments - Global central banks are taking direct action to control gold trading, including purchasing domestic gold mines to prevent smuggling and illegal exports, amid rising gold prices and increased illegal gold trafficking [4][14]

Donovan Jones is an IPO research specialist with 15 years of experience identifying opportunities for high quality IPOs.He also leads the investing group IPO Edge, which offers actionable information on growth stocks through first-look IPO filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates. Learn moreAnaly ...

Core Viewpoint - The S&P 500 Index is expected to continue its strong performance in 2026, with analysts predicting significant gains driven by various catalysts, including IPOs from major private companies and potential interest rate cuts by the Federal Reserve [1][4]. Group 1: Analyst Predictions - Oppenheimer has the most optimistic target for the S&P 500 Index at $8,100, while Deutsche Bank and Capital Economics predict it will reach $8,000 [2]. - Morgan Stanley and Wells Fargo forecast the index will rise to $7,800, with other firms like RBC Capital Markets and Goldman Sachs expecting it to exceed $7,500 [3]. Group 2: Catalysts for Growth - Major private companies such as OpenAI, Anthropic, and SpaceX are expected to launch IPOs, which may stimulate more listings and contribute to the index's growth [3]. - The Federal Reserve is anticipated to continue cutting interest rates, making equities more attractive compared to government bonds, which previously contributed to the index's rise [4]. - Strong corporate earnings are projected, with S&P 500 companies having recorded double-digit growth for four consecutive quarters [4]. Group 3: Economic Indicators - The US economy has returned to growth, with GDP expanding by 4.3% in the third quarter, which supports the outlook for high earnings [5]. - The ongoing AI boom, led by companies like Nvidia and Broadcom, is expected to further bolster market confidence and invalidate fears of an AI bubble burst [5]. Group 4: Investment Strategies - The State Street SPDR Portfolio S&P 500 ETF (SPYM) is highlighted as a better investment option compared to the more popular Vanguard S&P 500 Index ETF (VOO) and SPDR S&P 500 ETF (SPY) due to its lower expense ratio of 0.02% [6][8]. - VOO has seen significant inflows, totaling over $137 billion in the last 12 months, bringing its assets to over $839 billion, while SPY and IVV follow with $717 billion and $766 billion respectively [7].

Core Viewpoint - Klarna Group plc is facing a class action lawsuit from investors who purchased securities during its initial public offering (IPO) on September 10, 2025, due to alleged misleading information in the offering documents [1][4]. Group 1: IPO Details - Klarna conducted its IPO on September 10, 2025, issuing approximately 34 million shares at an offering price of $40.00 per share [3]. - By the time the class action lawsuit commenced, Klarna's stock price had fallen to as low as $31.31 per share, significantly below the IPO price [5]. Group 2: Allegations of Misleading Information - The class action lawsuit claims that the IPO's offering documents were materially false and/or misleading, particularly regarding the risk of increased loss reserves shortly after the IPO [4]. - It is alleged that Klarna understated the risk associated with its "buy now, pay later" loans, which the defendants either knew or should have known [4]. Group 3: Financial Performance and Provisions - On November 18, 2025, Bloomberg News reported that Klarna posted a net loss of $95 million, with provisions for loan losses amounting to $235 million, exceeding analyst estimates of $215.8 million [5]. - The provisions for loan losses represented 0.72% of gross merchandise volume, an increase from 0.44% the previous year [5].