新诺威选择在此刻递表，面临的不仅是自身业务的挑战，更是一个日益复杂和挑剔的港股资本市场环 境。其H股发行定价，将直面三重市场现实的拷问。 双重失血？ 新诺威的港股之路，始于一个宏伟蓝图，却陷于现实的泥潭。 起初，作为石药集团旗下的重要资本平台，新诺威被赋予了构建"创新药帝国"的使命，试图从一家功能 性原料(合成咖啡因)生产商，转型为创新药企。其转型路径清晰而大胆：一方面，控股创新药资产平台 巨石生物，布局ADC、mRNA疫苗等前沿领域；另一方面，计划收购控股股东旗下成熟的"现金奶牛"石 药百克，用其稳定利润来反哺创新研发的巨大投入。 然而，这一叙事的关键一环在2025年4月彻底断裂。新诺威终止了对石药百克76亿元的收购。背后的原 因残酷而现实：石药百克的核心产品"津优力"在集采冲击下，价格从约1600元/支骤降至约666元/支，销 量却未实现增长，市场竞争因多款同类长效药物获批而急剧恶化。更重要的是，其被寄予厚望的GLP-1 类减肥药管线，在拥挤的赛道中既无进度优势也无差异化优势，难以填补收入缺口。 失去了外部"供血"，新诺威自身的财务状况迅速恶化，陷入"双重失血"的境地。 一方面，传统的咖啡因业务增长乏力， ...

Core Insights - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) have expressed concerns over the declining quality of new IPO applications and non-compliance with regulatory guidelines, particularly in the context of a surge in IPO activity [1][3][6] Group 1: Regulatory Concerns - The joint letter from the SFC and HKEX highlights three main issues: poor quality of listing documents, inadequate responses from sponsors and applicants to regulatory feedback, and failures in the execution of the issuance process [1][6] - The surge in IPOs has led to a significant increase in the workload for market participants, particularly sponsors, resulting in a decline in the quality of submitted documents [3][4] - As of December 9, 2025, there have been 97 IPOs in Hong Kong, raising a net amount of 231.9 billion HKD, a 237% increase year-on-year [3] Group 2: Talent Supply and Industry Dynamics - The rapid expansion of IPO activity contrasts sharply with the lag in the supply of experienced professionals in the investment banking sector, leading to increased workloads for existing staff [4] - The industry is experiencing a talent war due to the surge in new listings, with many firms relying heavily on less experienced employees for foundational work [4][5] - Despite the pressure on work quality, compensation levels in the industry remain high, with average salaries for some Chinese brokers in Hong Kong showing significant increases [5] Group 3: Compliance and Process Execution - The regulatory letter also pointed out that sponsors and applicants have not adequately addressed regulatory comments, leading to unnecessary consumption of regulatory resources [6][7] - Issues in the issuance process include delays in communication and the assignment of inexperienced personnel to key roles, which have hindered compliance with critical timelines [7] - HKEX has implemented a new IPO settlement platform that reduces the time from pricing to trading from five working days to two, increasing the demands on sponsors and applicants [7]

Core Insights - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange (HKEX) have expressed concerns over the declining quality of new listing applications and non-compliance with regulatory guidelines in the IPO market, which has seen a significant increase in activity [1][3][8] Group 1: Regulatory Concerns - The joint letter from the SFC and HKEX highlights three main issues: poor quality of listing documents, inadequate responses from sponsors and applicants to regulatory comments, and non-compliance with procedures during the offering phase [1][8] - The surge in IPO activity has led to a backlog of 319 applications, with a total fundraising amount of HKD 231.9 billion, reflecting a 237% year-on-year increase [3][4] - The rapid growth in the IPO market has raised concerns about the experience and familiarity of market participants with regulatory requirements, leading to a decline in document quality [3][4] Group 2: Talent Supply and Industry Dynamics - The investment banking sector in Hong Kong is facing a talent shortage, exacerbated by the rapid increase in IPOs, resulting in experienced professionals managing multiple projects simultaneously [4][5] - The industry is experiencing a talent war, with a significant rise in the conversion rate of interns to full-time employees, indicating a pressing need for skilled professionals [4][5] Group 3: Compensation Trends - Despite the pressure on work quality, compensation levels in the industry remain high, with notable increases in average salaries for some Chinese brokers operating in Hong Kong [5][6] - The average salary for Guotai Junan International increased from HKD 610,000 to HKD 710,000, while Xingsheng International's average salary rose from HKD 450,000 to HKD 540,000 [5][6] Group 4: Compliance and Process Issues - The regulatory letter also pointed out that sponsors and applicants have failed to adequately address regulatory comments, leading to unnecessary consumption of regulatory resources [8][9] - Issues in the offering process include difficulties in communication and the assignment of inexperienced personnel to key roles, which have resulted in non-compliance with critical timelines [9]

市场传闻称，近日香港证监会与香港交易所联合向所有IPO（首次公开发行）保荐机构发出联名信函， 直指近期新上市申请中出现的质量下滑问题及部分不合规行为，引发市场广泛关注。 就此，《财经》从港交所获悉，港交所确认与香港证监会就上市申请相关事宜联合致函保荐人。 据悉，上述信函详细列举了三类核心问题，包括：上市文件草拟质量低劣、核查不充分，存在业务模式 描述模糊、过度使用宣传用语、选择性呈现行业数据夸大市场地位等情况；保荐人未能有效回应监管问 询，部分机构甚至对项目基本事实缺乏了解；招股阶段流程执行失序，关键环节负责人员失联或专业能 力不足，导致既定时间表频繁延误。 港交所方面回应称，为了推动资本市场的蓬勃发展，港交所致力确保新上市申请的审核能及时且严谨进 行。同时，港交所也积极与发行人、保荐人及专业顾问保持紧密沟通，以确保提交的上市资料内容完整 并维持高质素，港交所将继续与各方携手合作，进一步提升上市市场的质素，致力于巩固香港作为全球 领先上市地的地位。 投资者的参与热情同步飙升，打新热潮席卷市场。据Wind数据，2025年前11个月，港股IPO平均超额认 购倍数高达1675倍，同比激增4.61倍，创下近五年以来的 ...

今年年内港股市场的筹资表现主要受益于大型IPO项目。其中，宁德时代以410.06亿港元的募资额位列 港股年内新股首位，同时，公司也系截至目前全球年内最大的IPO项目。除此之外，港股年内还涌现了 紫金黄金国际、三一重工、赛力斯、恒瑞医药、三花智控、海天味业、奇瑞汽车等7家超百亿募资的上 市新股。 经计算，上述8股募资总额合计约1424.69亿港元，经计算，占年内100只港交所新股合计募资额的比例 约为52.75%。 另外，经同花顺iFinD统计，港交所年内新股中，同时系A股上市公司的共有18股；港交所上述8只百亿 级新股中，来自A股赴港上市的公司占据了6个席位，6家公司合计募资额1033.2亿港元；而从18家A股 公司整体募资情况来看，合计募资金额约为1387.01亿港元。 北京商报讯（记者 马换换 王蔓蕾）伴随着京东工业（7618.HK）登陆港交所，港股年内新股数量达到 100只。 12月11日，京东工业登陆港交所上市，公司上市首日低开7.8%，开于13港元/股，总市值349.4亿港元。 经同花顺iFinD统计，港股年内上市新股数量已达到100只，合计募资金额约2700.86亿港元，位列全球 交易所第一。相比 ...

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. (Dazhu CNC) has re-applied for a listing on the Hong Kong Stock Exchange after its previous application lapsed in May 2025, with China International Capital Corporation (CICC) as the sole sponsor [1]. Group 1: Company Overview - Dazhu CNC is a provider of production equipment solutions specifically for the PCB (Printed Circuit Board) industry, serving various downstream sectors such as server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [5]. - The majority of the company's revenue is generated from mainland China [5]. Group 2: Financial Performance - The company reported revenues of RMB 2.786 billion, RMB 1.634 billion, RMB 3.343 billion, and RMB 2.382 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5]. - Profit figures for the same periods were RMB 432 million, RMB 136 million, RMB 300 million, and RMB 261 million [5]. - The gross profit margins for these years were 34%, 29.2%, 27.2%, and 29.2%, respectively [5]. Group 3: IPO Purpose - The net proceeds from the IPO are intended to enhance research and development capabilities and increase the production capacity of PCB-specific equipment in China [5].

Core Insights - The China Securities Regulatory Commission (CSRC) has accepted IPO applications from several companies for listing on the Hong Kong Stock Exchange, indicating a growing trend of domestic companies seeking overseas capital markets [1][3]. Group 1: Company Summaries - **Dazhu CNC Technology Co., Ltd.**: A provider of PCB (Printed Circuit Board) specialized production equipment solutions, primarily serving core infrastructure suppliers across various downstream industries such as servers, automotive electronics, mobile phones, computers, and consumer electronics. The majority of its revenue comes from mainland China [3][4]. - **Shanghai Kaijie E-commerce Co., Ltd.**: A digital retail solutions provider that assists brand owners in establishing efficient e-commerce infrastructures and enhancing online sales. Its solutions cover the entire value chain of the e-commerce ecosystem, including brand positioning, product development consulting, retail operations, channel management, marketing promotion, fulfillment, and data and IT services [4]. - **Beijing Shenyang Intelligent Technology Co., Ltd.**: A decision AI technology company focused on marketing and sales applications. It ranks first in the Chinese marketing and sales decision AI application market with a market share of 2.6% as of 2024. In the broader decision AI application market, it ranks fourth with a market share of 1.6% [4]. - **Ganzhou Hemei Pharmaceutical Co., Ltd.**: A biopharmaceutical company established in 2002, dedicated to discovering and developing proprietary small molecule drugs for autoimmune diseases and tumors, with expertise in Psoriasis, Behçet's Disease, Inflammatory Bowel Disease, and chemotherapy development [4]. - **Elpiscience Biopharmaceuticals, Inc.**: Engaged in indirect overseas listing, focusing on biopharmaceuticals [3].

Group 1: IPO Applications - The China Securities Regulatory Commission (CSRC) accepted IPO applications for several companies including Dazhu CNC, Kaijie E-commerce, Shenyang Intelligent, and Hemei Pharmaceutical for listing on the Hong Kong Stock Exchange [1][3] - The report covers the period from December 1 to December 6, 2025, indicating a growing trend of domestic companies seeking overseas listings [1] Group 2: Company Profiles - Dazhu CNC specializes in PCB (Printed Circuit Board) production equipment solutions, serving various downstream industries such as server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [3][4] - Kaijie E-commerce provides comprehensive and customized digital retail solutions to brand owners, enhancing their e-commerce infrastructure and driving online sales [4] - Hemei Pharmaceutical, established in 2002, focuses on discovering and developing small molecule drugs for autoimmune diseases and tumors, with expertise in Psoriasis, Behçet's Disease, and Inflammatory Bowel Disease [4] - Shenyang Intelligent is a decision-making AI technology company, ranked first in China's marketing and sales decision-making AI application market with a market share of 2.6% as of 2024 [4]

Core Insights - The China Securities Regulatory Commission (CSRC) has accepted the IPO applications of several companies for listing on the Hong Kong Stock Exchange from December 1 to December 6, 2023 [1] Group 1: Company Summaries - Dazhu CNC Technology Co., Ltd. specializes in PCB (Printed Circuit Board) production equipment solutions, serving various downstream industries such as server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [3] - Shanghai Kaijie E-commerce Co., Ltd. provides comprehensive and customized digital retail solutions to brand owners, helping them establish e-commerce infrastructure and enhance operational efficiency across the entire e-commerce ecosystem [4] - Beijing Shenyuan Intelligent Technology Co., Ltd. is a decision-making AI technology company, ranked first in China's marketing and sales decision-making AI application market with a market share of 2.6% as of 2024 [4] - Ganzhou Hemei Pharmaceutical Co., Ltd. is a biopharmaceutical company focused on discovering and developing small molecule drugs for autoimmune diseases and tumors, with expertise in Psoriasis, Behçet's Disease, Inflammatory Bowel Disease, and chemotherapy development [4]

智通财经APP获悉，12月6日，中国证监会公布境外发行上市备案补充材料要求公示(2025年12月1日— 2025年12月5日)。证监会要求晶合集成(688249.SH)补充说明设立及历次股权变动是否合法合规出具明 确结论性意见。据港交所9月29日披露，晶合集成向港交所主板提交上市申请书，中金公司为其独家保 荐人。 招股书显示，晶合集成是一家全球领先的12英寸纯晶圆代工企业。自2015年成立以来，始终致力于研发 并应用行业先进的工艺，为客户提供覆盖150nm至40nm制程、多种应用的工艺平台晶圆代工业务，并 稳定推进28nm平台发展。 同时，证监会要求其进一步说明发行人境内子公司是否存在《境内企业境外发行证券和上市管理试行办 法》第八条规定的不得境外发行上市的情形。说明发行人募集资金用途涉及境外投资所履行的相关审 批、核准或备案程序情况。说明发行人及下属公司经营范围和实际业务经营是否涉及《外商投资准入特 别管理措施(负面清单)(2024年版)》外资禁止或限制准入领域。 ...