Core Viewpoint - Shenzhen Peicheng Electronic Technology Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange, aiming to raise 500 million yuan for its operations in the lithium battery new energy sector [1] Company Overview - Peicheng Technology is positioned as a value-added service provider in the lithium battery new energy industry, focusing on the demand for key components in the "four electrics" (batteries, power sources, electric drives, and electric vehicles) [1] - The company specializes in the independent research, development, production, and sales of third-party battery power control systems (BMS, PCS, etc.) and provides application solutions centered around integrated circuits and discrete devices [1] Fundraising Details - The company plans to raise 500 million yuan through its IPO [1] Regulatory Scrutiny - The listing committee has raised concerns regarding the authenticity of the company's operating performance, specifically requesting explanations for significant changes in major customers and sales figures [1] - The committee also seeks clarification on the core competitive advantages of the battery power control system business and the sustainability of revenue growth [1] - Additionally, the accuracy of information disclosure related to the company's component application solutions has been questioned, with a demand for compliance with clarity and comprehensibility standards [1]

Group 1 - The core viewpoint of the article is that Nanchang Sanrui Intelligent Technology Co., Ltd. has received approval for its IPO on the ChiNext board, marking a significant step for the company as a leading manufacturer in the drone and robot power systems industry [1] - Sanrui Intelligent specializes in the research, production, and sales of electric power systems for drones and robots, and is also developing power systems for electric vertical takeoff and landing (eVTOL) aircraft [1] - The company plans to raise 769 million yuan through its IPO [2]

Group 1: Company Overview - Xian New Tong Pharmaceutical Research Co., Ltd. focuses on drug development for major liver diseases, including hepatitis B and liver cancer, with 8 core products in its pipeline [1] - Renben Co., Ltd. is the largest comprehensive bearing manufacturing group in China, with over 50,000 product specifications and a presence in over 70 countries [2] - Wolai Intelligent Technology Co., Ltd. specializes in smart manufacturing solutions for emerging industries, particularly in the automotive and semiconductor sectors [2] - Gaokai Technology is engaged in precision fluid control, with products used in semiconductor and consumer electronics industries [3] - Deep Blue Ocean Technology Co., Ltd. develops underwater robotics and solutions for various marine applications, holding 15 core technologies in the field [3] - Tongxin Medical Technology Co., Ltd. is an innovative medical device company focused on advanced heart failure treatments, with its first product approved in China and others in clinical trials [4] Group 2: Product Development and Market Position - New Tong Pharmaceutical has developed a first-class innovative drug, with one product already on the market and others in various clinical trial stages [1] - Renben has maintained the top position in domestic bearing production and sales for 12 consecutive years, nearing the capabilities of the top eight global competitors [2] - Wolai is recognized as a national key "little giant" enterprise, providing comprehensive smart manufacturing solutions [2] - Gaokai's product range includes flow control and precision dispensing systems, catering to the needs of intelligent manufacturing [3] - Deep Blue has established itself as a pioneer in the underwater robotics sector, with a complete product line and significant R&D investment [3] - Tongxin's CH-VAD system is the first fully magnetic levitation left ventricular assist device approved in China, with further innovations in the pipeline [4]

Core Viewpoint - Nanhai Rural Commercial Bank's IPO status has changed from "suspended" to "accepted" as of December 29, 2023, following the update of its prospectus and financial data for the first half of 2025 [1][4]. Company Overview - Nanhai Bank was established in 2011, evolving from a rural credit cooperative with a 60-year history. Its main business includes corporate finance, personal finance, and financial market operations [4]. - The bank's IPO journey began in May 2019, with its application initially submitted to the China Securities Regulatory Commission (CSRC) for listing on the Shenzhen Stock Exchange's SME board. The application was later transferred to the main board in March 2023 due to the implementation of a comprehensive registration system [4]. Financial Performance - For the first half of 2025, Nanhai Bank reported an operating income of 3.278 billion yuan, a year-on-year decline of 9.56%, and a net profit attributable to shareholders of 1.391 billion yuan, down 14.5% year-on-year [4]. - Historical financial data shows that from 2022 to 2024, the bank's operating income was 6.986 billion yuan, 6.861 billion yuan, and 6.429 billion yuan, while net profits were 2.728 billion yuan, 2.382 billion yuan, and 2.453 billion yuan, indicating fluctuations in profitability [4]. Revenue Sources - The majority of Nanhai Bank's operating income comes from net interest income, which accounted for 61.71%, 63.18%, 57.89%, and 51.50% of total operating income from 2022 to the first half of 2025 [5]. Loan Quality and Risks - The bank has reported an increase in non-performing loans (NPLs), with balances of 1.597 billion yuan, 2.294 billion yuan, 2.406 billion yuan, and 2.789 billion yuan, and NPL ratios of 1.13%, 1.49%, 1.43%, and 1.55% over the same periods [5]. - The bank's loan distribution is heavily concentrated in the Nanhai District, with 90% of loans and advances issued in this area, and significant exposure to specific industries such as manufacturing and real estate [6]. Shareholding Structure - As of June 2025, Nanhai Bank has no controlling shareholder or actual controller, with three shareholders holding over 5% of the shares: Foshan Nanhai Chengye Investment Development Management Co., Ltd. (6.03%), Guangdong Hengji Industrial Investment Development Co., Ltd. (5.16%), and Guangdong Changxin Investment Holdings Group Co., Ltd. (5.05%) [6]. Recent Developments - The fifth largest shareholder, Nengxing Holdings Group Co., Ltd., is set to auction 65 million shares on December 30, 2023, with a starting price of over 280 million yuan, limited to registered legal entities in Foshan. However, the auction has been withdrawn due to objections and execution needs [7].

12月30日，卧安机器人（6600.HK）、英矽智能（3696.HK）、五一视界（6651.HK）、迅策 （3317.HK）、美联股份（2671.HK）、林清轩（2657.HK）等6股登陆港交所上市。而伴随上述6股登 陆港股市场，港股年内新股发行完毕，发行数量达117只。与此同时，强一股份、誉帆科技、双欣环保3 家公司登陆A股市场。 跨越26年创业历程的上市公司阵容 卧安机器人的股东包括松山湖机器人研究院、盈湖智能、东莞蕴和、达晨财智、源码资本、高瓴创投、 国调创新等。李泽湘通过松山湖机器人研究院、盈湖智能、东莞蕴和合计控制12.98%股权，高瓴还是 该公司出资最多的基石投资人。随着卧安机器人和英矽智能同日上市，高瓴一天收获两个IPO项目。 迅策从腾讯、KKR、高盛、云锋基金、洪泰基金、CPE源峰、PAC Capital、创新工场、泰康人寿、中南 创投、粤财创投、中金浦成、金浦投资、中关村发展启航产业投资基金、大湾区共同家园发展基金等手 中获得超过21亿元融资，估值超过62亿元。 林清轩2021年连续完成两轮融资，投资方包括海纳亚洲创投基金SIG、头头是道基金、碧桂园创投、未 来资产、分享投资等。2024年， ...

Group 1 - A-shares maintained a "zero破发" status in 2025, with an average first-day increase of approximately 256%, marking the best performance in three years [2][4] - A total of 114 new companies were listed on A-shares in 2025, a 14% increase from the previous year, raising a total of 130.64 billion yuan, which is a 94% increase year-on-year [2] - The top ten IPOs in A-shares included Huadian New Energy, which raised 18.17 billion yuan, and Moer Technology, which raised 8 billion yuan [2] Group 2 - Hong Kong's IPO market saw a significant increase in 2025, with 117 new listings raising a total of 285.69 billion HKD, reclaiming the title of the world's largest IPO market [4][5] - The average first-day increase for new stocks in Hong Kong was 38%, with a 28% rate of breaking [4] - Notably, six of the top ten IPOs in Hong Kong were companies that originated from A-shares, indicating a high "含A率" [4] Group 3 - The main industries driving IPOs in A-shares included electronics, power equipment, automotive, basic chemicals, and machinery, accounting for over 60% of new listings [3] - In Hong Kong, the healthcare, consumer discretionary, and information technology sectors had the highest number of new listings, collectively exceeding 60% [5] Group 4 - Looking ahead to 2026, there is optimism for continued IPO activity in both A-shares and Hong Kong, with expectations of 150-200 new listings in Hong Kong and a fundraising target exceeding 300 billion HKD [9][10] - The upcoming IPOs are expected to focus on sectors such as AI, new energy, high-end manufacturing, and biotechnology, aligning with national development priorities [10]

12月29日，深交所发行上市审核信息公开网站披露，东莞银行和南海农商行的IPO审核状态已由"中止"变更为"已 受理"，原因为已更新提交相关财务资料。作为当前深交所仅存的两家排队上市银行，两家银行的IPO之路成为了 观察区域性银行发展韧性和资本化进程的重要窗口。2025年前三季度，东莞银行和南海农商行营业收入与净利润 同比均出现"双降"。与此同时，南海农商行第五大股东持股在年内已数次被挂网拍卖，股权稳定性引发外界关 注。 IPO多次中止与重启拉锯 南海农商行的业绩表现同样不尽如人意，该行前三季度实现营收42.77亿元，同比下降8.73%；实现净利润18.65亿 元，同比下降17.08%。前三季度末，该行总资产达3468.17亿元，同比增长6.06%，增速由去年末的10.25%降至个 位数。 据招股书披露，截至2025年6月末，东莞银行不良贷款率为1.08%，较去年末上升0.07个百分点；南海农商行不良 率为1.55%，较去年末上升0.12个百分点。同期，全国银行业不良贷款率为1.49%，东莞银行不良贷款率低于全国 银行业平均水平，南海农商行不良率则略高于全国银行业水平。 均无实控人，南海农商行第五大股东持股拍卖 ...

Core Viewpoint - Renben Co., Ltd. has reinitiated its IPO application on the Shanghai Stock Exchange after a previous unsuccessful attempt, with its application accepted on December 29 [1] Group 1: Business Overview - Renben Co., Ltd. specializes in the research, production, and sales of bearings and related products, possessing a full industry chain capability from materials to finished products [1] - The company offers over 50,000 types of bearing products, which are widely used in automotive, light machinery, heavy machinery, and major equipment sectors [1] Group 2: Revenue Composition - From 2022 to 2025, the revenue from finished bearings consistently accounts for over 86% of total income, with automotive bearings contributing 39.16%, 45%, 45.97%, and 45.07% respectively [1] - Revenue from light machinery bearings represents 28.94%, 25.62%, 24.41%, and 24.59% over the same period [1] Group 3: Major Clients - Key clients in the automotive sector include Geely Group, BYD, Changan Automobile, Great Wall Motors, and Bertley, with Geely being the largest customer [1] Group 4: Financial Performance - The company's revenue for 2022 to 2025 is projected at 9.388 billion, 10.482 billion, 11.96 billion, and 6.471 billion respectively, while net profit is expected to be 585 million, 625 million, 700 million, and 313 million [2] - In 2022, revenue grew by 2.93% year-on-year, but net profit decreased by 20.91% [2] - The gross profit margin slightly declined from 28.64% in 2022 to 26.54% in the first half of 2025 [2] Group 5: Debt and Liquidity - The company has a high asset-liability ratio of 66.63% as of mid-2025, with bank loans constituting 62.39% of total liabilities [2] - The liquidity ratios are below industry averages, with a current ratio of 1.08 compared to the industry average of 2.07, and a quick ratio of 0.76 against an average of 1.63 [2] Group 6: IPO Fundraising and Projects - The company aims to raise 3.8 billion through the IPO, an increase of approximately 40% from the previous target of 2.702 billion [4] - The funds will be allocated to various projects, including the production of 9 million sets of robot and intelligent equipment bearings, 7.5 million sets of new energy vehicle bearings, and other key projects [4]

岁末年终，回顾2025年全球IPO市场，港交所以一记漂亮的"回马枪"重夺全球募资额冠军，"A赴港"贡献接近一半；美股IPO活动继续回暖，纳斯达克凭借 2025年全球规模最大IPO公司——医疗用品巨头Medline的贡献拿下全球募资额第二名；去年的冠军印度国家证券交易所位列第三。 三甲之外，纽交所拿下全球第四，纽交所上市的液化天然气出口商Venture Global募资额位列全球第十；A股首日涨幅超过300%的"大肉签"多达34只，硬 科技企业"量价齐升"，其中，上交所和深交所募资总额位列第五和第八。 星标★IPO日报 精彩文章第一时间推送 张力制图 全球十大IPO 锂电池巨头宁德时代以410.06亿港元的H股募资额位列全球第二，也是港股今年的"募资王"。此外，在港交所上市的黄金开采公司紫金黄金国际、重型工 程机械制造企业三一重工、赛力斯凭借287亿港元、153亿港元、143亿港元的募资额成为全球第四、八、九大IPO募资项目。也就是说，港交所在前十大 IPO募资中独得四席，而2024年仅有美的集团在港交所上市募资357亿港元进入前十。需要指出的是，宁德时代、三一重工、赛力斯均是A+H两地上市的 公司。赛力斯公司 ...

Core Insights - The return of IPO activity in 2023 created 21 new billionaires, but many have seen their holdings decline significantly post-debut, averaging a 23% drop in value [1][2] IPO Performance - Venture Global's IPO on January 23 saw co-founders Bob Pender and Mike Sabel's stakes valued at $6.8 billion each, but shares have since dropped by 71% from the opening price and 72% from their peak [3] - Newsmax's Chris Ruddy experienced a dramatic rise to a $9.1 billion valuation shortly after its March 31 IPO, but his stake is now valued at $340 million, reflecting a 96% decline from its high [4][5] - Figma's IPO on July 31 resulted in co-founders Dylan Field and Evan Wallace seeing their stakes valued at $2 billion and $1 billion respectively, but shares have since fallen by 55% from the opening price and 68% from their peak [6][7][8] - Bullish's IPO on August 13 initially valued co-founders Brendan Blumer and Kokuei Yuan at $1.8 billion and $1.6 billion, but shares have decreased by 54% from the opening price and 45% from their peak [9][10] - Circle's shares more than doubled on June 5, valuing Jeremy Allaire's stake at $5 billion at one point, but have since dropped by 69% from their peak [11] - Fermi's IPO on October 1 saw co-founders Toby Neugebauer and Griffin Perry's stakes valued at $2.1 billion and $566 million, but shares have since fallen by 70% from the opening price and 77% from their peak [12][13][14] - Klarna's IPO on September 10 valued co-founders Sebastian Siemiatkowski and Victor Jacobsson at $816 million and $780 million, but shares have decreased by 43% from the opening price [15] - Gemini's IPO on September 12 resulted in Cameron and Tyler Winklevoss's stakes valued at $419 million each, reflecting a 71% decline from the opening price [16] - Figure's shares rose 22% on September 11, valuing Mike Cagney's stake at $1.7 billion, but have since seen a 10% decline from their peak [17] - Neptune Insurance's IPO on October 1 valued Trevor Burgess's stake at $1.3 billion, with shares increasing by 33% from the opening price [19] - Webull's IPO in April saw Anquan Wang's stake initially valued at $5.2 billion, but shares have since dropped by 49% from the opening price and 87% from their peak [20] - CoreWeave's IPO on March 28 resulted in significant gains, with current stake values at $4.7 billion for Mike Intrator, $2.2 billion for Brannin McBee, and $2.7 billion for Brian Venturo, despite a 58% decline from their peak [21]