第二步，在第一步交易完成后，逐越鸿智计划向除自身以外的全体股东发出部分要约收购，计划收购嘉 美包装的股份数量约为2.33亿股，占公司总股本的25%，价格同样为4.45元/股。其中，中包香港承诺以 其所持上市公司11.02%股份申报预受要约。 此外，逐越鸿智已事先与嘉美包装股东富新投资、中凯投资签署《预受要约协议》，二者承诺分别将各 自所持上市公司9.53%、2.49%股份有效申报预受要约。 如果上述股份转让、主动要约事项全部完成，逐越鸿智将合计持有嘉美包装54.9%股份，交易总对价约 为22.82亿元。本次权益变动完成后，嘉美包装的控股股东将变更为逐越鸿智，公司实际控制人将由陈 民、厉翠玲变更为俞浩。 俞浩是扫地机器人"四小龙"之一追觅科技创始人，"四小龙"中科沃斯和石头科技早已上市。2024年3 月，市场曾传出追觅科技将在年内上市的消息，但一直没有进一步消息。 近年来，追觅科技频繁进军其他领域，包括充电宝、冰洗空等大家电、无人机、彩电等，甚至传出要做 航空。2025年3月，追觅科技宣布，公司已成为一家无边界的生态企业。 长江商报奔腾新闻记者 沈右荣 扫地机器人"四小龙"之一的追觅科技创始人俞浩出手，或将豪掷 ...

来源：环球网 【环球网消费综合报道】12月15日，港交所披露的一则权益变动信息引爆了酒业资本市场。国内酒类新 零售巨头壹玖壹玖的创始人杨陵江，以个人身份正式入主港股上市公司怡园酒业（08146.HK），以 73.63%的持股比例成为其控股股东和实际控制人。此举被市场广泛解读为，壹玖壹玖在阔别资本市场 一年多后，正通过"借壳"方式重启其资本化进程。 作为中国酒类新零售的标志性人物，杨陵江此次出手并非空穴来风。自2023年年中从新三板退市以来， 关于壹玖壹玖将重启IPO的传闻便不绝于耳。杨陵江近期也公开回应，公司将在合法合规的前提下，尽 早推进资本化进程。此次控股一家港股上市公司，无疑为其资本蓝图提供了关键的想象空间。 中国酒业独立评论人肖竹青在接受环球网消费记者采访时谈道："杨陵江是资本高手，曾带领壹玖壹玖 完成多轮融资。因此，其不可能只是简单收购一个酒庄，后续一定有更大的资本动作。" 42.5%，但净利润仍亏损274.5万元。 在肖竹青看来，怡园酒业虽然业绩承压，但拥有优质的实体酒庄资产，且净资产为正，具备显著的资产 整合价值。他进一步解读了杨陵江选择怡园酒业的三大原因：首先，怡园作为国内首家上市的精品酒 庄 ...

21世纪经济报道记者肖夏 主动从新三板终止挂牌约两年半后，壹玖壹玖（1919）终于迎来重回资本市场的曙光。 12月15日，根据港交所披露易公开信息，1919创始人杨陵江获怡园酒业73.63%股份，成为怡园酒业最 新的大股东和实际控制人。 21世纪经济报道记者15日晚间联系杨陵江本人，后者以停牌期为由表示暂不回应。 不过21世纪经济报道记者联系企业方了解到，怡园酒业接下来有望会成为杨陵江的重要上市平台， 1919、天幕国际等业务有望陆续注入，构建"怡园酒业 + 1919 + 天幕"的全新业务模式，预计2026年会 有进展。 杨陵江最为人熟知的业务是1919，这是国内最早的酒类即时零售品牌之一，发展至今有超过3000家门 店，同时也在线上布局。1919历年融资超过40亿元，主要来自阿里等知名企业。 1919此前于2014年在新三板挂牌，于2023年终止挂牌，此次如能顺利注入，将接入更广阔的港股资本市 场。 怡园酒业是国内知名的葡萄酒企业，也是国内最早一批精品酒庄之一，创始人为陈进强，后由其女儿陈 芳接手掌舵。2018年，怡园酒业在港股上市，成为国内首家精品酒庄上市公司，完成了从家族掌控的企 业到公众企业的转变。 ...

长江商报消息 ●长江商报记者 沈右荣 有投资者预言，A股市场上可能又要诞生一家"上纬新材"。 近17亿易主收获两涨停 易主，胜通能源收获两个涨停板。 12月11日，在停牌6天后，胜通能源披露了易主方案，分两步进行。 根据公告，12月11日，胜通能源控股股东、实际控制人魏吉胜、张伟、魏红越及龙口云轩投资中心（有 限合伙）、龙口同益投资中心（有限合伙）、龙口弦诚投资中心（有限合伙）、龙口新耀投资中心（有 限合伙）（以下简称"乙方"或"转让方"）与七腾机器人及其一致行动人重庆智行创机器人合伙企业（有 限合伙）等（以下简称"甲方"或"受让方"）签署了《股份转让协议》。乙方同意将其持有的胜通能源 8464.38万股股份（占胜通能源总股本的29.99%）转让给甲方。这是第一步。 第二步，是在第一步完成的基础之上，七腾机器人和/或其指定适格第三方向胜通能源全体股东发出部 分要约收购，要约收购股份数量为4233.60万股（占公司总股本的15%），其中龙口云轩、龙口同益、 龙口弦诚及龙口新耀（四家员工持股平台）共同申报预受要约数约为4192.32万股（占公司总股本的 14.85%）。在完成要约收购前，上述四家员工持股平台将自动 ...

Core Viewpoint - Shell listing has become an increasingly popular shortcut for companies to achieve rapid listing on the capital market, allowing them to access necessary funds and resources more quickly compared to traditional IPOs [1] Group 1: Key Dimensions for Selecting Quality Shell Companies - **Equity Structure**: A simple and clear equity structure is preferred, with concentrated major shareholders and minimal related shareholders to reduce negotiation complexity and transaction costs [1] - **Financial Condition**: The financial "cleanliness" of the shell company is crucial, focusing on low debt levels, clear asset quality, and the absence of significant pending lawsuits or guarantees [2] - **Business and Assets**: Ideal shell companies have simple business operations and easily separable assets, allowing for quick asset injection post-acquisition [3] - **Compliance Record**: Companies with no significant violations or investigations by regulatory bodies are prioritized to ensure smooth transaction processes and future operational compliance [4] - **Market Value and Stock Price**: Shell companies with a market value between 2-5 billion are considered optimal, and stable stock prices help in accurately assessing transaction costs [5] Group 2: Overall Considerations - Selecting quality shell companies is a comprehensive art that combines financial analysis, legal review, and business judgment, requiring alignment with the company's development stage, industry characteristics, and strategic planning [6]

Core Viewpoint - The article discusses the strategic choices Chinese companies face when considering listing in the U.S., highlighting the traditional IPO and the emerging SPAC as two main pathways for international expansion and growth [1]. Group 1: Traditional IPO - A Stable Choice - IPOs are a classic model that has been tested over time, offering deep value discovery and structural stability [2]. - Key advantages include transparent valuation based on detailed financial disclosures and market roadshows, which reflect the company's fundamentals and growth potential [3]. - The IPO process involves rigorous due diligence and regulatory scrutiny, leading to a stable equity structure that attracts long-term institutional investors [3]. - Successfully listing on a major exchange after passing SEC scrutiny enhances the company's international brand reputation [3]. Group 2: Potential Challenges of IPO - The IPO process can be lengthy, typically taking 6-12 months or longer, with stringent SEC reviews of financial, legal, and business information [4]. - High intermediary costs and market sentiment can create uncertainty regarding the success of the issuance and pricing, with risks of delays or lower-than-expected valuations during market turbulence [4]. Group 3: SPAC - An Efficient Pathway - SPACs provide a more efficient listing option for certain types of companies, allowing for quicker access to public markets [5]. - The process is faster, typically completed within 3-6 months, avoiding the complexities of traditional IPOs [6]. - Valuation is flexible and can be negotiated directly with the SPAC sponsor, making it suitable for high-growth companies with innovative business models that may not yet be profitable [6]. - SPACs offer a viable listing route for companies that do not fully meet traditional IPO financial criteria but possess disruptive technologies [6]. Group 4: Potential Risks of SPAC - Merging with a SPAC requires shareholder approval, and doubts about the target company's quality can lead to significant redemptions, risking transaction failure or reduced financing [7]. - Initial stock price volatility may be high post-listing, and companies must bear some operational and incentive costs associated with the SPAC [7]. - Despite a faster process, companies still undergo rigorous business, financial, and legal due diligence to meet regulatory requirements [7]. Group 5: Choosing Between IPO and SPAC - The choice between IPO and SPAC is not a simple good or bad evaluation but should align with the company's strategic situation [10]. - Companies suited for IPOs typically have mature business models, stable growth records, and robust financial systems, seeking solid valuations and stable investor structures without urgency for short-term listing [10]. - Companies that may prefer SPACs are often in high-growth sectors (e.g., renewable energy, biotech) and may not be profitable yet but have clear future growth trajectories, requiring quick capital access to seize market opportunities [10].

Core Viewpoint - Zhongtai Automobile is facing significant financial difficulties, including a judicial freeze on its shares and ongoing losses, raising concerns about its future viability and potential restructuring efforts [1][4][6]. Financial Situation - As of the end of Q3 2025, Zhongtai Automobile's asset-liability ratio reached 99.41%, with total assets of 3.37 billion and total liabilities of 3.35 billion, resulting in a net asset of only 19.72 million [4][6]. - The company has reported cumulative losses of 25.57 billion in net profit over the past seven years, with a loss of 2.23 billion in the first three quarters of 2025 [6][10]. Shareholder and Management Changes - On December 5, 2023, it was announced that 335 million shares held in a special account for asset disposal were judicially frozen, valued at approximately 1.265 billion [3][4]. - Recent management changes include the appointment of Li Lizhong as chairman and Han Biwen as president, both of whom have backgrounds in Chery Automobile [7][9][10]. Potential Strategic Moves - There are speculations regarding Chery Automobile potentially using Zhongtai Automobile as a vehicle for A-share listing, although Zhongtai has denied any current plans for such actions [2][10]. - The company is actively communicating with creditors and the court to lift the judicial freeze on its shares, which is critical for its operational liquidity and restructuring plan [4][10].

Core Viewpoint - The reverse acquisition of Jiahe Biotechnology-B by Yiteng Pharmaceutical marks a significant milestone as the first reverse merger of an unprofitable biotech company in the Hong Kong market, with the merger expected to be completed by December 30 [2][3]. Group 1: Merger Details - Yiteng Pharmaceutical will acquire Jiahe Biotechnology through a share swap, valuing Yiteng at $677 million and Jiahe at $197 million, resulting in Yiteng shareholders holding 77.43% and Jiahe shareholders 22.57% of the new entity [3]. - The new company will be named Yiteng Jiahe Pharmaceutical Group Limited, reflecting the merger of the two entities [2]. Group 2: Industry Context - The merger is seen as a "self-rescue" move for Jiahe Biotechnology, which has struggled with slow clinical progress and regulatory approvals, while Yiteng has faced challenges in its IPO attempts [4][6]. - The combination aims to leverage Jiahe's research capabilities and Yiteng's commercialization strengths, potentially creating a synergistic effect that enhances market competitiveness [7][9]. Group 3: Future Prospects - The merger is expected to accelerate the commercialization of Jiahe's product, GB491, and optimize its multi-specific antibody technology platform, while also establishing necessary commercial and regulatory capabilities [7][8]. - The transaction is viewed as a signal to the market regarding the value of mergers and acquisitions in the biotech sector, particularly for companies lacking stable cash flows [9].

Core Viewpoint - The reverse acquisition of Jiahe Biotech by Yiteng Pharmaceutical marks a significant development in the Hong Kong stock market, being the first case of an unprofitable biotech company under the 18A rule completing a reverse merger [1][3]. Group 1: Reverse Acquisition Details - Jiahe Biotech submitted a new listing application that has passed the Hong Kong Stock Exchange hearing, indicating the merger is nearing completion [1]. - The merger involves a share swap where Yiteng Pharmaceutical is valued at $677 million and Jiahe Biotech at $197 million, resulting in Yiteng shareholders holding 77.43% and Jiahe shareholders 22.57% of the new entity [3]. - The expected completion date for the merger and name change to Yiteng Jiahe Pharmaceutical Group Limited is December 30 [1]. Group 2: Company Background and Market Context - Jiahe Biotech has faced challenges with its clinical pipeline, which has been slow, and its products have not yet received domestic approval, leading to skepticism about its ability to recover independently [4]. - Yiteng Pharmaceutical has attempted to go public multiple times but has been unsuccessful, and it is perceived more as a contract sales organization rather than a company with strong self-research capabilities [5][6]. - The merger is viewed as a "self-rescue" effort for both companies, allowing Jiahe to leverage Yiteng's commercialization capabilities while Yiteng gains access to Jiahe's research pipeline [7]. Group 3: Strategic Implications - The merger is expected to create a synergistic effect, enhancing the market competitiveness of the combined entity by integrating research-driven and product commercialization capabilities [8][9]. - Jiahe Biotech aims to accelerate the commercialization of its product GB491 and optimize its multi-specific antibody technology platform through this merger [9][10]. - The transaction is seen as a potential signal for the market, indicating that the Hong Kong Stock Exchange may be more focused on the real value changes brought by mergers rather than just the shell value of companies [12].

据悉，11月12日，汉成集团宣布顺利完成对顺龙控股的股权交割工作。本次交割的完成，标志着汉成集 团对顺龙控股的战略投资已成功落地。此前有分析指出，汉成能源集团此次收购顺龙控股的核心目的之 一，或为实现自身的借壳上市。 本文源自：智通财经网 智通财经获悉，顺龙控股(00361)尾盘拉升逾10%，截至发稿，涨9.35%，报0.117港元，成交额232.06万 港元。 消息面上，顺龙控股午间公告，建银国际代表要约人提出强制性无条件现金要约以收购全部已发行股份 (要约人一致行动集团已拥有及/或同意将予收购者除外)。要约人一致行动集团已拥有及/或同意将予收 购者除外。 ...