将投中网设为"星标⭐"，第一时间收获最新推送 大胆资本和耐心资本的本质是社会信用，资本市场是社会信用的更高等级的形式。 整理丨 陶辉东 来源丨 投中网 中国创投的退出有多难？ 基石资本董事长张维用他们对全亿健康的控股投资举例，生动展现了这一点。从 2016 年开始，基石资本通过五年整合，让全亿健康成为一家年销售额 达 60 亿元、门店逾 2000 家的连锁药房企业。但一算账发现，如果要想实现 A 股上市并减持退出，至少需要 17 年的时间。最终，基石资本选择把 它卖给了某国际知名私募巨头。"他们的基金周期是 12 年，而我的基金周期是' 5+2 '。" 中国创投面临的是"上市难"与"减持难"的双重难题。这样的现状，对于耐心资本和大胆资本的形成非常不利。张维指出，对上市和减持的严防死守，削 弱了创业的财富效应，因为投资的本质是为了增值，如果不能增值为什么投资？创业者如果不能卖股票又为什么要创业呢？ 历史上的股权分置改革，释放了大量的流通股，股市迎来一个牛市。张维认为，核心是实行真正的注册制，同时实行严格的退市制度，进一步打击造假 和违规信批，从而使资本市场实现动态平衡。 更进一步，张维认为大胆资本和耐心资本的本 ...

Core Viewpoint - The article discusses the evolution and current state of the massage industry in a specific city, highlighting regulatory changes and market dynamics that affect business operations and valuations. Group 1: Industry Evolution - The massage industry has transitioned from a chaotic environment requiring approval from regulatory bodies to a more structured "registration system" that still involves significant oversight [7][8]. - The concept of a "blue channel" is introduced, suggesting that certain establishments can bypass standard regulations if they have connections within the regulatory body [10][12]. Group 2: Market Dynamics - There is a market for selling massage parlors or even the staff if they do not obtain the necessary approvals to operate [14]. - The practice of "valuation management" is noted, where businesses may bring in teams to enhance their perceived value before a sale [15][16]. Group 3: Regulatory Challenges - Despite the increase in applications for operating licenses, the actual approval process remains opaque, with establishments claiming to be in line for approval without clear evidence [20]. - Regulatory bodies may intervene in business transactions, even when both parties are willing, indicating a level of control over market competition [18][19]. Group 4: Personal Perspectives - Industry professionals express a desire for autonomy, with some exploring alternative business models such as home service offerings [22]. - The conversation reflects a broader sentiment of adapting to market conditions, akin to seeking alternative stock exchanges when primary options are unavailable [23].

小宋我去某个四线城市尽调项目，做了一天访谈，晚上急需"回回血"。打开大众点评，搜索"按摩"，找到一间会所，看评论还算正规，我就去了。 安排给我的是一位看起来 40 多岁的姐姐，简称"吴姐"。 我刚躺下，吴姐就开腔：先生你是做金融的吧？ 我惊讶：你怎么看出来的？ 因为你操着普通话，说明是来出差的。然后，你看着年龄不大，但是有些秃顶，还有黑眼圈。 我们当地有很多挺大的企业，叫什么 ...ipo 阶段企业。像你这行业的人，我经常接待，都差不多长你这个样子。 我心想，这个姐有内容，有意思。"你干这行多久啦？" 吴姐说： 18 岁我就入行喽，也算是见过这行业的大风大浪的。 嗷？啥风浪？ 我入行的时候，按摩业务已经不能随便上了，要去 X 局审批，简称"审核制"。 然后呢，那个时候，很乱的，你只要 X 局里有人，就能上。要是没人呢，就找个对缝的，帮你对接 X 局的人。 然后，你得给帮你忙的人，一些好处。 我：还可以这么搞？不怕被查到嘛？ 吴姐：我们都很守规矩的，大家嘴都很严。上面要是问，就咬死说，是我们会所软硬件达标，是凭实力上的。 我：有意思。后来呢？ 后来肯定逐渐正规啦，这种灰色操作没得搞啦。再后来，说要提高市场效率， ...

Core Viewpoint - The revised "Information Disclosure Management Measures" aims to enhance the quality of information disclosure by listed companies, aligning with the new Company Law and the capital market's "1+N" policy framework, thereby improving transparency and protecting investors' rights [1][3]. Group 1: Key Information Disclosure Requirements - The revised measures strengthen the disclosure of risk factors that may significantly impact a company's core competitiveness and future development, especially for companies that are unprofitable at the time of listing [3]. - Companies are required to disclose industry-specific operational information relevant to their business, facilitating informed decision-making by investors [3]. - The annual report format guidelines have been refined to include detailed financial indicators, such as revenue deductions and the impact of share-based payments on net profit [3][4]. Group 2: Management Discussion and Analysis Enhancements - The annual report format now mandates enhanced disclosure of significant non-core business activities, including strategic considerations and sustainability of operations [4]. - Companies must disclose the names and transaction amounts of their top five customers and suppliers, particularly those with high trade volumes or under special treatment [4]. - There are new requirements for disclosing performance commitments, including details on commitment periods, targets, actual amounts, and completion rates [4]. Group 3: Adjustments to Supervisory Structures - The revised measures eliminate previous regulations regarding the supervisory board and shift responsibilities to the audit committee for overseeing periodic report preparation [6]. - The guidelines also remove the requirement to disclose details of board and shareholder meetings, streamlining the reporting process [6]. Group 4: New Disclosure Regulations - The measures introduce a system for deferring and exempting disclosures, ensuring compliance with legal and regulatory requirements [7]. - There are new regulations prohibiting the outsourcing of information disclosure tasks to non-licensed entities, thereby enhancing the quality of disclosures [9][10]. - Companies are allowed to release significant information during non-trading hours, provided they announce it before the next trading session begins [10]. Group 5: Implementation Timeline - The revised measures and reporting guidelines will take effect on July 1, 2025, allowing companies to prepare adequately and minimizing disruptions to the 2024 annual report disclosures [11].

除了IPO之外，借壳上市也曾经是一种灵活和高效的上市方式，一度受到很多拟上市公司的青睐。 但是之后随着监管层对借壳上市的逐渐规范，借壳上市的标准等同于IPO，借壳上市显得并不容易。 通过并购已经具备一定规模和市场竞争力的拟IPO企业，上市公司不仅可以快速实现业务扩张和转 型升级，还能省去IPO过程中的诸多繁琐环节，提升上市效率。同时，并购重组的方式，为那些原本计 划IPO但因各种原因未能如愿的企业提供了新的出路。 对于被并购的拟IPO企业而言，转为并购重组同样具有诸多优势。一方面，它们可以借助上市公司 的平台和资源，更快地实现市场化运作和规模化发展。另一方面，并购交易通常伴随着较高的估值和溢 价，这使得原股东能够在较短时间内实现资本增值和退出。 从上市公司的角度来看，并购重组也是其转型升级的捷径。在日益激烈的市场竞争中，上市公司需 要不断寻找新的增长点和发展动力。通过并购具有创新技术和市场前景的拟IPO企业，上市公司可以迅 速拓展业务领域、提升核心竞争力，并在新的细分市场中占据有利地位。 侃股：IPO转并购会是新常态 有数据显示，3月已有至少7家上市公司披露对外收购计划，且收购标的是曾经(拟)进行IPO的公 ...

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