浙江医药（600216）(600216.SH)发布公告，为更好地促进公司药品生物制剂板块的发展，充分发挥资 本市场优化资源配置的作用，拓宽融资渠道，从而提升公司整体的盈利能力和核心竞争力，公司拟筹划 分拆控股子公司浙江新码生物医药有限公司(简称"新码生物")于香港联合交易所有限公司(简称"香港联 交所")上市。 本次分拆上市事项如若实施，不会导致公司丧失对新码生物的控制权，不会对公司其他业务板块的经营 发展和公司整体的持续盈利能力造成重大不利影响，不会损害公司的独立上市地位。 ...

人民财讯11月26日电，浙江医药(600216)11月26日公告，公司计划筹划分拆控股子公司浙江新码生物医 药有限公司于香港联交所上市。本次分拆旨在促进药品生物制剂板块发展，拓宽融资渠道，提升公司整 体盈利能力和核心竞争力。公司已于11月26日召开董事会，审议通过相关议案，授权管理层实施筹备工 作。本次分拆尚在前期筹划阶段，具体方案尚未形成，存在不确定性。 转自：证券时报 ...

"母公司要分拆子公司上市，我该加仓还是减仓？""分拆出去的子公司股票，值得打新吗？""明明是热门业务分拆，怎么母公司股价反而跌了？" 做股票投资这几年，分拆上市的话题总被反复提及。不少人把它当成"稳赚信号"，也有人避之不及，觉得是"变相圈钱"。其实分拆上市本身没有绝对的利好 或利空——母公司把旗下业务板块独立出来单独上市，本质是资源重组的过程，最终影响要看业务逻辑、融资用途等核心因素。今天就把我的判断经验分享 出来，帮大家理清思路。 1. 对母公司：利好与风险并存，关键看"拆什么" 母公司是分拆上市的直接推动者，收益和风险都很突出： 潜在利好有两点：一是"现金流补充"，子公司上市后募集的资金，一部分会通过分红、关联交易反哺母公司，相当于母公司多了一条融资渠道；二是"聚焦 主业"，如果拆分的是非核心业务，母公司就能把精力和资源集中在优势板块上，比如科技公司分拆传统制造业务，专注研发后盈利能力反而会提升。 潜在风险也不容忽视：要是拆分的是"利润支柱"业务，比如母公司70%的利润都来自该板块，独立后就会造成业绩断层，股价很可能承压；更麻烦的是，子 公司独立后可能发展成竞争对手，比如互联网公司分拆的支付业务，未来可能 ...

Core Viewpoint - The company Hard Egg Innovation (00400) announced a proposed spin-off and A-share listing of its subsidiary, Keton Technology, on a Chinese stock exchange, which is expected to enhance investor assessment of the remaining group's value focused on AIoT business [1] Group 1: Proposed Spin-off and Listing - Keton Technology plans to issue new shares and list on a Chinese stock exchange, leading to a reduction in the company's equity stake in Keton Technology [1] - The Hong Kong Stock Exchange confirmed on November 21, 2025, that the company can proceed with the proposed spin-off and A-share listing under Listing Rule 15 [1] Group 2: Financial Implications - The proposed spin-off and A-share listing will be treated as a sale of the company's equity stake in Keton Technology as defined under Listing Rule 14.29 [1] - The company believes that the spin-off will benefit its financial position, as Keton Technology's business scale has developed sufficiently to achieve independent listing status, while continuing to be a subsidiary [1]

Core Viewpoint - Recently, 3SBio announced the proposal to spin off its subsidiary Mandi International for independent listing on the Hong Kong Stock Exchange, with 3SBio holding 87.16% of Mandi's shares, and after the spin-off, 3SBio will not retain any interests in Mandi [1][5] Group 1: Company Overview - Mandi International was established in 1997 as Zhejiang Wansheng Pharmaceutical Co., Ltd., and launched China's first 5% minoxidil product in 2001, filling a gap in the domestic hair loss treatment market [1][2] - Mandi International's revenue is primarily dependent on the Mandi product series, which includes 5% minoxidil solutions and shampoos, contributing over 90% of its revenue [3][4] Group 2: Market Potential - The hair health management market in China has expanded from 19.8 billion yuan in 2018 to an estimated 52.7 billion yuan in 2024, with a projected compound annual growth rate (CAGR) of 11.3% from 2024 to 2035 [2] - Over 339 million people in China are affected by hair loss, with more than 60% of them under the age of 35 [2] Group 3: Financial Performance - Mandi International's revenue from 2022 to 2024 is projected to grow from 982 million yuan to 1.455 billion yuan, with a CAGR of 21.7%, and net profits are expected to rise from 202 million yuan to 390 million yuan [3] - In the first half of 2025, Mandi International achieved revenue of 743 million yuan, a year-on-year increase of approximately 20.2% [3] Group 4: Product Development - Mandi International launched the second-generation minoxidil product, Mandi 5% minoxidil foam, which saw rapid sales growth, generating 307 million yuan in 2024 and 283 million yuan in the first half of 2025 [4] - The company has a pipeline of products under development, including treatments for acne, obesity, and vitiligo, although these contribute less to current revenue [4] Group 5: Strategic Rationale for Spin-off - The spin-off is expected to provide multiple commercial benefits, including enhanced value transparency, independent financing platforms, and optimized management responsibilities, which will improve decision-making and market responsiveness [5]

Core Viewpoint - The article discusses the strategic move by Putailai to spin off its subsidiary, Jiatao Intelligent, for a public listing, marking the third capital maneuver by Liang Feng in the A-share market [2][29]. Group 1: Spin-off and Listing Plans - Putailai announced on November 21, 2025, that Jiatao Intelligent received approval to publicly transfer its shares and list on the New Third Board, which is a preparatory step for a future listing on the Beijing Stock Exchange [2][3]. - The decision to list on the Beijing Stock Exchange was influenced by the regulatory environment and strategic adjustments, as the original plan was to list on the Shanghai Stock Exchange [3][9]. - Jiatao Intelligent, established in 2017, focuses on the research, production, and sales of lithium battery manufacturing equipment, with Putailai holding 71.54% of its shares [3][4]. Group 2: Financial Performance and Market Position - Jiatao Intelligent reported revenues of 3.74 billion and 3.65 billion in 2023 and 2024, respectively, with corresponding net profits of 150 million and 165 million, meeting the minimum profit requirement for a main board IPO [12]. - However, compared to industry leaders like XianDao Intelligent and Yinghe Technology, which reported revenues of 12.64 billion and 6.14 billion in 2023, Jiatao Intelligent still has a significant gap to close [12]. Group 3: Liang Feng's Background and Influence - Liang Feng, the actual controller of Putailai, has a notable background as a former fund manager and has been recognized as one of the most successful fund managers in the industry [13][25]. - His experience in capital operations and investment is seen as a key factor in the successful growth of Putailai and the strategic spin-off of Jiatao Intelligent [28][29]. - Liang Feng's previous ventures and his control over multiple companies highlight his significant influence in the A-share market [30][32].

Group 1 - CK Hutchison Holdings Limited (referred to as "CK Hutchison") is considering the spin-off of its Watsons Group, with plans for dual listings in Hong Kong and the UK, aiming to raise up to $2 billion (approximately RMB 14.215 billion) [1] - The IPO plan for Watsons was previously delayed due to the pandemic and a downturn in investor sentiment, but with the recent recovery in the global IPO market, the spin-off is back on the agenda, potentially starting in the first half of 2026 [1] - The listing plan for Watsons is still in the preliminary evaluation stage, with no final decisions made regarding the specific issuance scale and timeline [1] Group 2 - CK Hutchison's retail segment, which includes Watsons Group, reported total revenue of HKD 98.84 billion (approximately RMB 90.271 billion) for the first half of 2025, representing an 8% year-on-year increase [2] - Despite strong global performance, revenue in China totaled HKD 6.666 billion (approximately RMB 6.088 billion), reflecting a year-on-year decline of 3.1% [2] - The announcement indicated that the health and beauty product business in China will continue to face challenges in the second half of the year [2]

Core Viewpoint - Morgan Stanley reports that CK Hutchison (00001) plans to spin off its retail business, Watsons Group, with a dual listing in Hong Kong and the UK as early as the first half of next year, aiming to raise approximately $2 billion [1] Group 1: Business Overview - CK Hutchison's retail business operates 17,000 stores across 31 markets globally [1] - The EBITDA generated by the retail business in the first half of this year was approximately $1 billion, reflecting a year-on-year growth of 12.5% [1] Group 2: Market Valuation and Expectations - Currently, the market assigns a zero implied valuation to CK Hutchison's unlisted businesses, including ports, retail, and telecommunications [1] - The potential listing or sale of assets is expected to unlock value [1] - The group anticipates that its stock price will outperform the market over the next 60 days, with a target price set at HKD 61 and a "Buy" rating [1]

相关事件 大行评级丨大摩：长和分拆屈臣氏上市有助释放价值 预期未来60日股价跑赢大市 华虹半导体 (1347.HK)：单价增长和运营效率提升是亮点 摩根士丹利研究报告指，据报长和计划最早于明年上半年分拆旗下零售业务屈臣氏集团，于中国香港及 英国双重上市，料集资约20亿美元。目前长和零售业务在全球31个市场有1.7万间门店，今年上半年所 产生的EBITDA约10亿美元，按年增长12.5%。 该行指，目前市场对长和未上市的业务，包括港口、零售及电信业务的隐含估值为零，上市或出售资产 有望释放价值；预期集团股价未来60日升幅将跑赢大市，现予目标价61港元及"增持"评级。 ...

智通财经APP获悉，摩根士丹利发布研报称，据报长和(00001)计划最早于明年上半年分拆旗下零售业务 屈臣氏集团，于中国香港及英国双重上市，料集资约20亿美元。目前长和零售业务在全球31个市场有 1.7万间门店，今年上半年所产生的EBITDA约10亿美元，同比增长12.5%。该行指，目前市场对长和未 上市的业务，包括港口、零售及电信业务的隐含估值为零，上市或出售资产有望释放价值;预期集团股 价未来60日升幅将跑赢大市，现予目标价61港元及"增持"评级。 ...