IPO Pipeline Overview - As of December 21, there are 266 companies in the IPO pipeline, with 18 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 20 on the Shenzhen Main Board, 28 on the Growth Enterprise Market, and 164 on the Beijing Stock Exchange [2] - The total number of companies at various stages includes 12 accepted, 168 under inquiry, 11 approved, 52 registered, and 25 in total [3] Newly Listed Companies - Between December 15 and December 21, four companies were newly listed: Beijing Angrui Microelectronics Technology Co., Ltd., Muxi Integrated Circuit (Shanghai) Co., Ltd., Yuanchuang Technology Co., Ltd., and Xiamen Youxun Chip Co., Ltd. [4] - Beijing Angrui Microelectronics closed at 216.05 CNY per share, with a rise of 160.11% and a trading volume of 2.061 billion CNY [5] - Muxi Integrated Circuit closed at 829.90 CNY per share, with a rise of 692.95% and a trading volume of 11.259 billion CNY [7] - Yuanchuang Technology closed at 67.23 CNY per share, with a rise of 171.64% and a trading volume of 11.259 billion CNY [7] - Xiamen Youxun Chip closed at 230.70 CNY per share, with a rise of 346.57% and a trading volume of 2.854 billion CNY [8] New Counseling Record Companies - 18 companies were newly recorded for counseling between December 15 and December 21, including Xinyu Automotive Parts Co., Ltd., Jiangsu Anlan Wanjin Electronics Co., Ltd., and others [9] - Xinyu Automotive Parts specializes in the R&D, manufacturing, and sales of automotive parts, recognized as a key enterprise in Zhejiang Province [10] - Jiangsu Anlan Wanjin Electronics produces high-speed communication transmission cables and components for various industries [11] CSRC Approval Status - Between December 15 and December 21, six companies successfully passed the review process, including China Electronics Technology Blue Sky Technology Co., Ltd. and Shenzhen Shangshui Intelligent Co., Ltd. [17] - China Electronics Technology Blue Sky focuses on electric energy products and systems, providing comprehensive solutions from deep sea to deep space [18] CSRC Registration Approval - Three companies received registration approval between December 15 and December 21: Shandong Agricultural University Fertilizer Technology Co., Ltd., Shenzhen Beixin Life Technology Co., Ltd., and Yisiwei (Hangzhou) Technology Co., Ltd. [21] - Shandong Agricultural University Fertilizer specializes in new fertilizer development and aims to promote green and technological transformation in the agricultural sector [22] Termination of Review - On December 19, Jiejia Robot Co., Ltd. withdrew its IPO application on the Sci-Tech Innovation Board [24] - Jiejia Robot specializes in the R&D, production, and sales of collaborative robots and automation systems [25]

Core Viewpoint - Jiangtian Technology is set to go public with an issuance price of 21.21 yuan per share, focusing on integrated solutions for label printing products, which are widely used in daily consumer sectors such as beverages, personal care, and food [2] Group 1: Company Overview - Jiangtian Technology specializes in the research, production, and sales of label printing products, providing customized solutions for material selection, color and ink schemes, and process design [2] - The company's main products include film and paper-based self-adhesive labels [2] Group 2: Financial Performance - From 2022 to the first half of 2025, sales to Yangshengtang and Nongfu Spring are projected to be 113 million yuan, 205 million yuan, 190 million yuan, and 128 million yuan, with revenue share increasing from 29.40% to 42.02% [2][4] Group 3: Supplier Relationships - Avery Dennison is the largest raw material supplier for Jiangtian Technology, with procurement amounts of 97.17 million yuan, 114 million yuan, 125 million yuan, and 62.49 million yuan from 2022 to the first half of 2025, accounting for 44.99%, 40.24%, 41.51%, and 36.34% of total raw material procurement respectively [4] Group 4: Fundraising and Investment Plans - Jiangtian Technology aims to raise 531 million yuan, with funds allocated for the construction of an intelligent production line for packaging printing products and a technology research and development center [6] - The intelligent production line project will require an investment of 503 million yuan and will be built in Wujiang District, Suzhou, covering an area of 37,680.13 square meters, with an expected annual production capacity increase of approximately 81.29 million square meters of label products [7]

节卡股份改变核心产品的收入确认政策，这对公司申报A股科创板IPO较为重要，因为其让一部分收入 能够更早一些入账，但节卡股份没有公布变更收入方法令2021年、2022年等关键年份"提前"增加的具体 数额。绿的谐波等客户的数据矛盾及与其他机器人整机厂商的"验收"模式，给节卡股份是否存在提前确 认收入带来了质疑，并且公司2021年、2022年收入大幅增加但收现比却降低，自由现金流常年为负，详 见《节卡股份被取消审议迷雾：IPO辅导前变更收入确认方法，研发还是营销驱动？》等文章。 在发布上会审核公告之前，节卡股份被上交所说明收入确认时点变更、放宽信用政策、应收账款确认等 具体情况。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年12月19日，节卡机器人股份有限公司的IPO状态变更为终止。这家曾被誉为协作机器人领域头部 企业、获得软银愿景基金和淡马锡等明星资本加持的公司，历经两年的上市申请之路后最终止步科创 板。 在公司最近更新的招股说明书中，节卡机器人曾计划募资6.76亿元，其中3.7亿元用于智能机器人项目。 从2023年5月首次递交上市申请，到最终被终止，这家协作机器人企业的I ...

招股书显示，2024年及2025年上半年，公司中国境内期货经纪业务收入持续下滑，拖累整体收入增长。 2025年上半年总收入同比下降至5.93亿元人民币，期内利润则微增至2.31亿元人民币。 此外，公司内部控制和合规问题近期也浮出水面。2025年11月，南华期货广东分公司因未妥善保存业务 资料、未有效执行内部控制制度等问题，被广东证监局采取责令改正的行政监管措施。 根据Wind数据统计，南华期货香港公开发售认购倍数在2025年以来港股新股中排名倒数第二，仅高于 获得1倍认购的宜宾银行（02596.HK）。 值得注意的是，本次发行未引入任何基石投资者，缺乏中长期资金托底，进一步加剧了市场对其股价表 现的担忧。 南华期货上市即破发，背后与公司核心业务增长承压及治理合规风险等负面因素密切相关。 12月22日，港股新股市场迎来"四箭齐发"，明基医院（02581.HK）、华芢生物-B（02396.HK）、南华 期货股份（603093.SH）（02691.HK）等四股同日在港交所主板挂牌上市。 然而，市场表现令人意外，这四只新股首日均告破发，在近年港股市场中实属罕见。其中，南华期货开 盘后一度跌近30%，截至发稿跌幅达20 ...

Core Insights - The ongoing surge in IPOs is significantly utilizing mutual fund liquidity, with six primary market issuances accounting for over ₹13,000 crore in net equity investments by mutual funds in November [3][4]. Group 1: Mutual Fund Activity - Groww led the inflows, attracting approximately ₹4,200 crore, while other companies like Lenskart Solutions, Pine Labs, and Physics Wallah each garnered over ₹1,000 crore in investments from mutual funds [4]. - Net equity investments by mutual funds reached ₹43,500 crore in November, indicating strong demand and liquidity in the market [4]. Group 2: IPO Market Dynamics - The robust appetite for IPOs from mutual funds, alongside strong demand from other investor segments, has facilitated record issuances, with over 100 mainboard IPOs launched this year, the highest in 25 years [5]. - The primary market activity is largely driven by retail inflows into mutual funds, as elevated valuations in the secondary market have redirected liquidity towards primary issuances [5]. Group 3: Sector Trends - Demand in the primary market is particularly strong for consumer technology and new-age businesses, which currently represent 20% of recent IPOs, a figure expected to rise above 30% in the next five years [7][8]. - At least 20 startups with private market valuations in the hundreds of millions of dollars are preparing to enter the market, indicating a growing trend in the consumertech sector [8]. Group 4: Secondary Market Activity - In the secondary market, Eternal topped the mutual fund buy list with ₹4,500 crore invested, followed by ICICI Bank, ITC, Mphasis, and HDFC Bank [9]. - Conversely, mutual funds reduced their exposure to public sector banks and pharmaceutical stocks, with State Bank of India and Reliance Industries among the most sold stocks [9].

瑞财经 吴文婷12月22日，据上交所、深交所、北交所，本周9家企业上会，3只新股将进行申购。 上周新股首日最高涨693%，本周3股申购 本周（12月22日-12月26日），共有3只新股将进行申购，为沪主板1只（陕西旅游），创业板1只（新广益），北交所1只（蘅东光）。 根据发行安排，陕西旅游、新广益将于周一申购，蘅东光将于周二申购。 本周9家上会，创业板首家未盈利IPO 据悉，本周（12月22日-12月26）IPO审核企业共9家，包括英氏控股（北交所）、盛龙股份（深主板）、视涯科技（科创板）、大普微（创业板）、隆源股 份（北交所）、三瑞智能（创业板）、普昂医疗（北交所）、新恒泰（北交所）、福恩股份（深主板）。 其中，大普微主要从事数据中心企业级SSD产品的研发和销售，是国内极少数具备企业级SSD"主控芯片+固件算法+模组"全栈自研能力并实现批量出货的半 导体存储产品提供商。 公司专注数据中心企业级SSD，产品代际覆盖PCIe 3.0到5.0，充分满足各类型客户的产品需求。报告期内，公司企业级SSD 累计出货量达4,900PB以上，其 中搭载自研主控芯片的出货比例达75%以上。根据IDC数据，最近三年国内企业级S ...

Core Viewpoint - Medline, a major player in the medical supplies industry, successfully went public on NASDAQ with an initial offering price of $29, closing at $41, marking a first-day increase of over 40% and a market capitalization exceeding $66 billion (approximately 464.7 billion RMB) [2] Group 1 - Medline raised $6.26 billion in its IPO, making it the largest IPO globally in 2025 and one of the rare significant projects in the U.S. stock market since Rivian in 2021 [2] - Founded in 1966 by Jon Mills and Jim Mills in Illinois, Medline has focused on providing stable and controllable basic medical supplies to hospitals, including gauze, gloves, surgical gowns, and hospital beds [2] - In 2021, Blackstone, Carlyle, and Hellman & Friedman acquired control of Medline for approximately $34 billion, setting a record for the largest leveraged buyout at that time [2]

本周新股申购将迎苹果消费电子供应链企业。 智通财经根据Wind及公开信息梳理统计，本周（12月22日至12月26日）有3只新股安排申购，分别为苏 州市新广益电子股份有限公司（下称"新广益"，301687）、陕西旅游文化产业股份有限公司（下称"陕 西旅游"，603402）、蘅东光通讯技术（深圳）股份有限公司（下称"蘅东光"，920045）。 其中，新广益是国内领先的柔性线路板特种功能薄膜材料供应商，目前抗溢胶特种膜、强耐受性特种膜 等产品已成功打破国外技术垄断。公司于2012年研发出第一代具有竞争力的成熟产品，成功打破日本索 尼、凡纳克等海外厂商的技术垄断，目前该产品不仅作为精密制程材料进入柔性线路板供应链，还作为 电子组件材料通过领益智造进入苹果消费电子供应链。据问询函回复披露，截至2025年6月末、公司已 有二十余款材料进入苹果供应链，并实现了部分产品的交付，后续有望进一步扩大相关产品销量。 | 代码 | 简称 | 2025-12-22 | 2025-12-23 | 2025-12-24 | 2025-12-25 | 2025-12-26 | | --- | --- | --- | --- | --- | ...

We're really excited to see what happens when these founders get some liquidity who own stock options and shares. They can go and think about what they want to do, start their own things. We expect that this is going to increase the SpaceX mafia.I mean, a few years ago, we were tracking 45 companies or something like that of SpaceX alumni that had gone on and founded new companies. It's now up to closer to 200. And we'll see what happens with this liquidity event.SpaceX is the Apex player. They're 10 years ...

Group 1 - The core viewpoint of the articles highlights a surge in IPOs for domestic GPU and AI large model companies, marking a significant moment in the hard technology sector as companies like Beijing Zhipu Huazhang disclose their prospectus [1] - The recent IPO activities include companies like Muxi Co., Wallen Technology, and TianShu ZhiXin, indicating a booming trend in the domestic chip manufacturing and AI model sectors [1] - The competition for the title of "first stock" in the AI large model space has intensified, with Zhipu Huazhang moving ahead of MiniMax in the race to go public, reflecting a pivotal moment in China's AI industry development [1] Group 2 - Hard technology companies share common characteristics such as high R&D investment, long development cycles, and initial losses, relying heavily on capital markets for funding to establish technological barriers [2] - The capital market's evaluation criteria for these companies focus on the robustness of technology and the ability to sustain operations, emphasizing that successful tech firms must excel in both R&D and financing capabilities [2] - The IPO process is described as a race against time for companies to meet valuation, revenue, and profit expectations, with the ability to support valuation systems post-IPO being crucial for chip companies [2]