Core Viewpoint - Marco Polo Holdings Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board of the Shenzhen Stock Exchange, with a total issuance of 119.492 million shares at a price of RMB 13.75 per share [1][2]. Group 1: Issuance Details - The total number of shares to be issued is 119.492 million, representing 10% of the company's total shares post-issuance, all of which are new shares [1]. - The initial strategic placement quantity is 11.9492 million shares, accounting for 10% of the total issuance, allocated to the company's senior management and core employee asset management plans [2][9]. - The online issuance will have no circulation restrictions, while the offline issuance will have a 30% lock-up period for six months [6]. Group 2: Subscription and Allocation - The initial offline issuance quantity was 75.2803 million shares, representing 70% of the total issuance after deducting the strategic placement [2]. - Due to a high subscription rate of 6,927.0167 times, a mechanism was activated to reallocate 40% of the total issuance from offline to online, resulting in an online final issuance quantity of 75.28 million shares [3][10]. - The final online subscription rate is 0.0336849074%, with an effective subscription multiple of 2,968.68858 times [3]. Group 3: Payment and Compliance - Investors must ensure that subscription funds are fully received by the specified deadline; otherwise, their allocation will be deemed invalid [4][5]. - If the total number of shares subscribed offline and online is less than 70% of the total issuance after deducting the strategic placement, the IPO will be suspended [6]. - Any failure to comply with payment obligations will result in the investor being reported for breach of contract [7].

Core Viewpoint - Hongxing Technology (Group) Co., Ltd. has withdrawn its IPO application, leading to the termination of its review for listing on the Shanghai Stock Exchange [1][3] Company Overview - Hongxing Technology was established in December 1993, previously known as Hangzhou Hongxing Electronics Co., Ltd. The company has a registered capital of approximately 148 million yuan [3][4] - The major shareholder is H-TEC HOLDING LIMITED, which holds 78.92% of the shares, with actual controllers including Lin Honghe and others controlling a total of 87.92% of voting rights [4][5] Financial Performance - The company specializes in the research, production, and sales of quartz crystal resonators and oscillators, with applications in various sectors including communications, smart home, automotive electronics, and medical electronics [5] - Revenue figures for 2022, 2023, and 2024 are approximately 651 million yuan, 542 million yuan, and 567 million yuan, respectively, indicating a decline in 2022 and 2023 [5][6] - Net profits for the same years were approximately 194 million yuan, 133 million yuan, and 133 million yuan, with a notable decrease in 2022 and 2023 [5][6] Market Position and Future Outlook - In 2024, the company reported a revenue increase of 4.77% compared to 2023, indicating a return to growth [7] - The company has a history of significant cash dividends, totaling approximately 480 million yuan from 2020 to 2022, despite needing to allocate 200 million yuan from its fundraising for working capital [7]

Core Points - Marco Polo Holdings Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board [1] - The IPO will utilize a combination of strategic placement, offline pricing, and online issuance methods [1] - The determined issue price is RMB 13.75 per share, with a total of 119.492 million shares to be issued [1] Group 1: Strategic Placement - The initial strategic placement quantity is 11.9492 million shares, accounting for 10% of the total issuance [2] - The strategic placement is allocated to the company's senior management and core employee asset management plans [2] - There will be no adjustment to the strategic placement quantity, and it does not require a reallocation to offline issuance [2] Group 2: Issuance Structure - Before the implementation of the allocation mechanism, the initial offline issuance quantity is 75.2803 million shares, representing 70% of the total issuance after deducting the strategic placement [2] - The initial online issuance quantity is 32.2625 million shares, accounting for 30% of the total issuance after deducting the strategic placement [2] - The total quantity for offline and online issuance is 107.5428 million shares, with final numbers to be determined based on the allocation situation [2] Group 3: Payment and Subscription - Investors must ensure that subscription funds are fully paid within the specified time; failure to do so will result in the invalidation of their allocation [3] - Online investors must ensure sufficient funds in their accounts by October 15, 2025, to avoid forfeiting their subscriptions [3] - If the total number of shares subscribed by offline and online investors is less than 70% of the total issuance after deducting the strategic placement, the IPO will be suspended [4] Group 4: Lock-up Periods - For offline investors, 30% of the allocated shares will have a lock-up period of 6 months from the listing date, while 70% will be tradable immediately [4] - The lock-up period for shares allocated to senior management and core employees is set at 12 months from the listing date [4] Group 5: Subscription Statistics - The number of effective subscription accounts for the online issuance is 14,713,206, with a total of 223,482,876,500 shares subscribed [6] - The total number of allocation numbers is 446,965,753, with the starting number being 0000000000001 and the ending number being 000446965753 [6] Group 6: Allocation Mechanism - The online subscription multiple was 6,927.0167, leading to the decision to implement the allocation mechanism, reallocating 40% of the total issuance to online investors [7] - After the reallocation, the final offline issuance quantity is approximately 32.2628 million shares, while the final online issuance quantity is approximately 75.2800 million shares [7] - The final online issuance success rate is 0.033684907074%, with an effective subscription multiple of 2,968.6885858 [7] Group 7: Lottery Draw - The lottery draw for online subscriptions is scheduled for October 14, 2025, with results to be announced on October 15, 2025 [8]

Core Viewpoint - Marco Polo Holdings Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and plans to list on the Shenzhen Stock Exchange, with a total issuance of 119.492 million shares, accounting for 10% of the post-issue total share capital [1][2]. Summary by Sections IPO Details - The IPO price is set at RMB 13.75 per share, corresponding to a diluted static price-to-earnings (P/E) ratio of 14.27 times based on the lower of the 2024 net profit attributable to shareholders after deducting non-recurring gains and losses [2][11]. - The issuance will consist entirely of new shares, with no existing shareholders transferring shares [1][2]. Pricing and Valuation - The IPO price is significantly lower than the average static P/E ratio of 32.20 times for the industry and 27.69 times for comparable listed companies [2][11]. - The pricing is determined based on various factors, including market conditions, comparable company valuations, and the company's fundraising needs [22]. Strategic Placement and Subscription - The issuance will involve a combination of strategic placement, offline inquiry, and online subscription methods [3][5]. - The strategic placement will account for 10% of the total issuance, with specific allocations for management and core employees [6][7]. Company Strengths - Marco Polo has established a strong brand presence in the non-metallic mineral products industry, with its brands recognized as leaders in the market [12]. - The company has a robust distribution network with over 8,276 sales terminals across all provincial and municipal cities in China, enhancing its market reach [13]. - The company is recognized for its green manufacturing practices, with several production facilities awarded national "green factory" status [14]. - Marco Polo's technological capabilities are advanced, with numerous patents and a commitment to research and development [15][16]. - The company offers a diverse range of products, making it one of the largest manufacturers in the building ceramics sector [17][18]. Financial Aspects - The expected total fundraising from the IPO is approximately RMB 1.643 billion, which is below the previously stated fundraising requirement of RMB 2.376 billion [21][23]. - The net proceeds after deducting issuance costs are projected to be around RMB 1.56 billion [23]. Investor Considerations - Investors are advised to carefully assess the pricing rationality and potential risks associated with the investment, as the stock price may fluctuate post-listing [2][11][22].

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. has received approval for its initial public offering (IPO) of A-shares and will be listed on the main board, with the underwriting led by CITIC Securities [1][9]. Group 1: IPO Details - The total number of shares to be issued is 45,044,546, with an issue price of RMB 42.28 per share, representing 25% of the company's total shares post-issue [1][2]. - The initial strategic placement involves 4,504,454 shares, accounting for 10% of the total issuance, with a final strategic placement of 3,547,776 shares, approximately 7.88% of the total issuance [2][8]. Group 2: Subscription and Allocation - The online subscription received a high initial effective subscription multiple of 9,771.89 times, leading to a mechanism that reallocates 40% of the shares from offline to online, resulting in 32,815,000 shares for online investors [3][4]. - The final allocation for offline investors is 8,681,770 shares, approximately 20.92% of the adjusted total issuance, while online investors will receive 32,815,000 shares, about 79.08% [3][5]. Group 3: Payment and Restrictions - Investors must ensure that subscription funds are fully paid by September 23, 2025, or their allocations will be void [4][6]. - Online shares will have no restrictions on circulation, while offline shares will have a 6-month lock-up period for 10% of the allocated shares [5][8]. Group 4: Strategic Placement - The strategic placement is primarily for senior management and core employees through a dedicated asset management plan, with initial and final placements confirmed [8][9]. - The total amount paid by strategic placement investors has been confirmed, and excess funds will be refunded by September 25, 2025 [8].

Company Overview - The company is called DaoSheng TianHe Materials Technology (Shanghai) Co., Ltd. with the stock code 601026 and the online subscription code 780026 [1][5] - The company operates in the chemical raw materials and chemical products manufacturing industry [1] Issuance Details - The issuance price is set at 5.98 yuan per share, with a total issuance quantity of 65,940,000 shares, representing 20% of the total shares post-issuance [1][5] - The expected total fundraising amount is approximately 78.864 billion yuan [1] - The issuance will be conducted through a combination of strategic placement, offline issuance, and online issuance [4][6] Initial Inquiry Results - As of September 24, 2025, the initial inquiry period received 9,395 bids from 688 offline investors, with a total proposed subscription quantity of 28,627,970,000 shares and a price range of 4.77 yuan to 7.18 yuan per share [6][7] - After excluding invalid bids, the remaining bids totaled 28,168,190,000 shares, with a net subscription multiple of 4,358.95 times the initial offline issuance scale [9] Pricing Adjustments - A total of 98 bids with proposed prices above 6.48 yuan per share were excluded, amounting to a total of 286,950,000 shares, which is approximately 1.0084% of the total proposed subscription quantity after invalid bids were removed [8][9]

Core Viewpoint - Pingao Co., Ltd. reported a revenue of 165.11 million yuan for the first half of 2025, marking a year-on-year increase of 7.21%, while the net profit attributable to shareholders was -15.81 million yuan, an improvement from -25.06 million yuan in the same period last year [1][2]. Financial Performance Summary - **Revenue**: The company achieved a revenue of 165.11 million yuan in the first half of 2025, up from 153.99 million yuan in the previous year, reflecting a growth of 7.21% [1][2]. - **Net Profit**: The net profit attributable to shareholders was -15.81 million yuan, compared to -25.06 million yuan in the same period last year, indicating a reduction in losses [1][2]. - **Net Profit Excluding Non-Recurring Items**: The net profit attributable to shareholders, excluding non-recurring items, was -19.06 million yuan, an improvement from -28.02 million yuan year-on-year [1][2]. - **Cash Flow**: The net cash flow from operating activities was -17.13 million yuan, compared to -112.09 million yuan in the same period last year, showing a significant reduction in cash outflow [1][2]. Historical Performance - **2024 Revenue**: For the year 2024, the company reported a revenue of 520.01 million yuan, a decrease of 4.81% from 546.26 million yuan in 2023 [3]. - **2024 Net Profit**: The net profit attributable to shareholders for 2024 was -64.06 million yuan, worsening from -10.68 million yuan in 2023 [3]. - **2024 Cash Flow**: The net cash flow from operating activities for 2024 was -112.84 million yuan, slightly improved from -120.03 million yuan in the previous year [3]. IPO and Fundraising - **IPO Details**: Pingao Co., Ltd. went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 30, 2021, issuing 28.26 million shares at a price of 37.09 yuan per share [3]. - **Fundraising Amount**: The total amount raised from the IPO was 1.048 billion yuan, with a net amount of 917 million yuan after deducting issuance costs [4]. - **Use of Funds**: The funds raised are intended for information technology innovation cloud platform, dedicated information service platform, Pingao Building construction, and to supplement working capital [4].

Core Viewpoint - Shanghai Jianda Zhixin Medical Technology Group Co., Ltd. has received approval for its initial public offering (IPO) of A-shares on the ChiNext board, with the issuance price set at RMB 7.05 per share [1][2]. Group 1: Issuance Details - The total number of shares to be issued is 63,193,277 shares, with a strategic placement involving both institutional and retail investors [2][3]. - The strategic placement will consist of 6,300,000 shares allocated to employee asset management plans, accounting for approximately 9.97% of the total issuance [3]. - The initial strategic placement was set at 12,638,655 shares (20.00% of total), but the final amount was adjusted to 9,478,992 shares (15.00%) due to a reallocation to offline issuance [3][4]. Group 2: Subscription and Allocation - The offline initial issuance quantity was 43,603,785 shares, representing 81.18% of the total issuance after deducting the final strategic placement [4]. - The online initial issuance quantity was 10,110,500 shares, accounting for 18.82% of the total issuance [4]. - The final subscription rate for the online issuance was 0.0198%, with a subscription multiple of 5,038.48 times [4]. Group 3: Payment and Lock-up Period - Investors must complete payment for their subscriptions by September 18, 2025, to ensure their allocations remain valid [5][6]. - Online issuance shares will have no restrictions on circulation, while offline shares will have a 10% lock-up period of 6 months [7]. - Strategic placement investors will face a 12-month lock-up period starting from the listing date [7][8].

Group 1 - The company Yunhan Chip City (Shanghai) Internet Technology Co., Ltd. has received approval for its initial public offering (IPO) of 16,279,025 shares on the ChiNext board, with a share price set at 27.00 yuan [1][2] - The issuance will involve a combination of strategic placement, offline inquiry-based placement, and online issuance to public investors, with strategic placement accounting for approximately 9.58% of the total shares [1][2][3] - The final number of shares for strategic placement was adjusted from an initial 2,441,853 shares to 1,559,259 shares due to a reallocation to offline issuance [2][3] Group 2 - The offline issuance will consist of 7,624,672 shares, while the online issuance will comprise 7,062,967 shares, with the final allocation being 51.80% for offline and 48.20% for online after the reallocation [3][4][9] - The initial subscription for the online issuance saw an oversubscription rate of 11,921.81 times, prompting the activation of a reallocation mechanism [3][4] - The total issuance costs for the IPO are approximately 68.01 million yuan, which includes underwriting fees, audit fees, legal fees, and other expenses [11]

Group 1 - The issuance will have a high elimination ratio, with a maximum of 3% of the total subscription volume from qualified offline investors being excluded based on the highest bids [1] - The lock-up period for the offline issuance is set at 6 months, with 30% of the allocated shares subject to this restriction, while 70% will be freely tradable upon listing [1] - The issuer, Marco Polo Holdings Co., Ltd., is conducting its initial public offering (IPO) in accordance with various regulatory guidelines and rules from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [2] Group 2 - The lead underwriter for this issuance is China Merchants Securities Co., Ltd., which will oversee the initial inquiry and offline subscription processes [3][8] - The issuance will combine strategic placements, offline inquiries, and online offerings to the public, ensuring a diversified approach to capital raising [4] - The total number of shares allocated to strategic investors and their holding periods will be disclosed in the official issuance announcement [5] Group 3 - Qualified offline investors include various institutional investors such as securities companies, fund management companies, and qualified foreign investors, among others [5] - The initial inquiry period for offline investors is set for September 30, 2025, during which they can submit their proposed prices and quantities [6] - The minimum bid increment for offline investors is set at 0.01 yuan, with a minimum subscription quantity of 1 million shares [7]