编者荐语： 眼下股市行情正好，没上市的公司瞧着上市同行的光景，心里头自然是又羡慕又眼馋…… 以下文章来源于芯评气和 ，作者芯评气和 芯评气和 . 集成电路(IC)、半导体、EDA深度原创媒体。专注于行业分析、芯片评测、技术分享。 推荐公众号可以关注↓ 一提到北京的上市公司，最多的还是金融业和IT行业，北京作为国内 IT 产业的核心聚集地，互联网、 软件服务、数字经济等领域的上市公司数量与体量均居全国前列，百度、字节跳动（拟上市）、小米等 企业构筑起庞大的数字产业生态。但在集成电路设计（IC design）领域，与上海、深圳相比，上市公司 阵容确实显得相对单薄。 摩尔线程 智能科技（北京 ）股份有限公司 于 2024 年 11 月 12 日在北京证监局办理辅导备案登记，正 式启动 A 股上市进程。该公司专注于研发设计全功能 GPU 芯片及相关产品，虽构建了智算产品线，但 在上市之路上，要应对行业内英伟达等巨头的激烈竞争，以及自身技术生态完善、市场份额提升等诸多 挑战 。 北京奕斯伟计 算技术股份 有限公司 于 2025 年 5 月 30 日向港交所递交招股书。聚焦智能终端与具身智 能两大核心应用场景，虽在 RI ...

OpenAI CFO萨拉·弗里尔（Sarah Friar）称，将考虑在未来某个时间点上市。 ...

他称，微软在未来"数年"都将是重要合作伙伴。将考虑在未来某个时间点上市。 20日，OpenAI首席财务官Friar表示，与微软的关系正在"发生变化"。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 持续更新中…… ...

Core Viewpoint - Tasting, a Chinese hamburger chain, is preparing for an IPO in Hong Kong, following significant growth and restructuring efforts aimed at supporting its long-term strategic development [1][2]. Company Overview - Tasting was established in December 2017 and is headquartered in Fuzhou High-tech Zone, focusing on new-style Chinese hamburgers made with freshly baked buns [5]. - The company has seen rapid expansion, growing from fewer than 1,000 stores in 2020 to approximately 9,600 stores across 310 cities in 29 provinces by June 2025 [5][8]. Financial Performance - Tasting's revenue primarily comes from direct store sales and franchise fees, with an estimated revenue of around 5 billion yuan in 2023 [8]. - The company is projected to capture a 37.9% market share in the expanding Chinese hamburger market, which is expected to reach 32 billion yuan in 2024, potentially leading to revenues exceeding 12 billion yuan [8]. Market Position - Tasting ranks third in the hamburger sector in China, with store counts trailing only Wallace and KFC, and surpassing McDonald's [8]. - The average gross margin for a Tasting store is between 65% and 70%, with online package activities yielding a margin of 50% to 55%, and delivery platform margins at 45% to 50%, indicating strong profitability [8]. Recent Developments - In June 2023, Tasting increased its registered capital from approximately 1.03 million yuan to 118 million yuan and underwent significant shareholder changes, suggesting preparations for an IPO [2][4]. - The company has transitioned its corporate structure to facilitate foreign investment, with Tasting (HK) Holdings Limited taking over all shares [4].

Core Viewpoint - The AI "Six Little Tigers" are facing unique challenges as they prepare for IPOs, with varying degrees of readiness and market conditions impacting their prospects [3][9]. Group 1: Market Dynamics - The AI landscape is evolving rapidly, with major players like Alibaba and ByteDance pushing the boundaries, forcing smaller companies to adapt quickly [4][20]. - The "Six Little Tigers" are experiencing pressure from larger firms, which have raised their valuations and created a challenging environment for smaller companies to secure funding or acquisitions [20][21]. Group 2: IPO Readiness - Two companies, Zhipu and MiniMax, are leading the charge towards IPO, while Moonlight is also reportedly preparing for a listing [7][9]. - Recent policy changes in Hong Kong and the Science and Technology Innovation Board have made it easier for early-stage tech companies, including AI firms, to go public [11][12][13]. Group 3: Individual Company Challenges - Baichuan Intelligence and Zero One Wanwu are showing signs of lagging behind, with difficulties in their IPO pursuits due to overexpansion and competition [15]. - Zhipu is seen as the most prepared for an IPO, having secured significant funding and a clear strategy, but faces uncertainties due to market conditions [16][17]. - MiniMax is focusing on overseas markets to boost revenue but risks being categorized as a software company, limiting its growth potential [17]. Group 4: Long-term Viability - The long-term success of the "Six Little Tigers" post-IPO will depend on their technological advantages, commercialization efficiency, and investor patience [27][28]. - Historical precedents from the "Four Little Dragons" in AI highlight the risks of failing to convert technological investments into profitable business models, with significant losses reported [29][30][31].

Group 1 - Beijing Stone Century Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being JPMorgan and CITIC Securities [2] - OmniVision Technologies, Inc. has also submitted a listing application to the Hong Kong Stock Exchange [3] - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange [4] Group 2 - Xiaomi's founder Lei Jun stated that the orders for the Xiaomi YU7 exceeded their most optimistic expectations, but they will not disclose the 24-hour sales figures [6] - Xiaomi responded to rumors regarding a former director, clarifying that the individual was a kitchen worker and had never held a director position [6] - Dongfeng Nissan's executive apologized for inappropriate comments regarding Xiaomi YU7, stating he has reflected deeply and deleted the related content [6] Group 3 - Romoss and Anker have initiated recalls of certain batches of power banks, with Romoss recalling nearly 500,000 units and Anker recalling approximately 710,000 units [7] - Crocs faces a class-action lawsuit in the U.S. over its shoes' risk of shrinking and deforming under high temperatures, with claims that the company did not adequately disclose this defect [7] Group 4 - Intel's former CEO Pat Gelsinger discussed the difficulty of his resignation, indicating it was a decision made by a "third party" [8][9] - Ideal Automotive has restructured its sales system, with President Ma Donghui now fully responsible for R&D, supply chain, and sales [13] Group 5 - The new Anti-Unfair Competition Law will take effect on October 15, 2025, aiming to enhance market competition order and address new issues arising from rapid economic development [12] - Alibaba Group reported a revenue of 996.347 billion yuan and a net profit of 125.976 billion yuan for the fiscal year 2025, marking a 77% year-on-year increase [17]

Core Viewpoint - Wuhan Guangting Information Technology Co., Ltd. plans to acquire 100% equity of Chengdu Kaimate Technology Co., Ltd. for a total consideration of 360 million yuan, using 180 million yuan from over-raised funds and the remainder from self-raised funds [1][5] Group 1: Acquisition Details - The acquisition will make Kaimate Technology a wholly-owned subsidiary of Guangting Information, included in the consolidated financial statements [1][5] - Kaimate Technology focuses on software and IT services in sectors such as automotive supply chain, fintech, and healthcare, primarily serving Japanese clients [3][6] - The transaction requires Kaimate Technology to convert from a joint-stock company to a limited liability company and to separate its 65% stake in Dimension Information Technology (Suzhou) Co., Ltd. [3][4] Group 2: Financial Performance - Kaimate Technology is projected to achieve revenue of 131 million yuan and a net profit of 33.18 million yuan for the fiscal year 2024 [4] - The valuation of Kaimate Technology shows an increase of 25.68 million yuan, with a valuation rate of 242.46% based on the assessment [4][5] - The performance commitment for Kaimate Technology includes net profit targets of no less than 38 million yuan, 45 million yuan, and 52 million yuan for the years 2025 to 2027 [5] Group 3: Strategic Implications - The acquisition is expected to enhance Guangting Information's profit scale and facilitate deeper integration of resources with Kaimate Technology, particularly in serving Japanese and other overseas clients [6] - Guangting Information aims to leverage its AI technology and Kaimate Technology's software development experience to expand its capabilities in various industries [6] - The company has faced declining net profits since its listing, but recent performance shows signs of recovery, with a revenue increase of 10.52% year-on-year in Q1 2025 [7]

Core Insights - Shein has established a new operational entity named Wonderflow Support in Singapore to manage its Australian market operations, raising concerns about potential tax avoidance strategies [1][3] - The company is one of the largest fast fashion retailers globally, leveraging third-party suppliers in China to quickly adapt to fashion trends [3] - Shein's Australian website and app have been taken over by Wonderflow since April 30, with the entity being the sole operator responsible for third-party sellers and transactions in the new market [3] - The company is seeking to go public, considering a listing in Hong Kong after previous plans for London and New York were abandoned due to regulatory issues [3] - Shein claims to comply with all local laws, including GST payments, despite concerns about some overseas companies not paying GST [5][6] Tax and Regulatory Concerns - Shein and Temu's rapid expansion in Australia has raised discussions about tax compliance and pricing strategies, with calls for government investigations into these issues [6] - The Australian Taxation Office requires overseas platforms like Shein to register and collect GST, but there are concerns about compliance, especially regarding the new Singapore entity [5][6] - The Australian Fashion Council has highlighted the challenges posed to local businesses by these overseas platforms, which do not employ local staff and may not adhere to local labor standards [6] Competitive Landscape - Temu, another Chinese e-commerce giant, is actively recruiting Australian sellers to enhance its platform, offering significant exposure and low-cost sales channels [7][8] - Over 50% of new sellers on Temu achieved their first sale within 20 days of joining, indicating a strong market entry opportunity for local businesses [8] - The competition from Shein and Temu has significantly impacted local retailers like Myer and Wesfarmers, leading to the closure of Wesfarmers' long-standing online platform, Catch, due to ongoing losses [5]

Group 1: Company Developments - Zhou Li Fu Jewelry Co., Ltd. has successfully passed the Hong Kong Stock Exchange listing hearing, aiming to expand market share and enhance brand influence through its listing [1][2] - Shenzhen Xipuni Precision Technology Co., Ltd. has re-submitted its application for listing on the Hong Kong Stock Exchange after a previous application lapsed, with a focus on securing funds for R&D and market expansion [3][4] Group 2: Financial Performance - Tai Hing Property is expected to report a significant pre-tax loss of approximately HKD 49.2 million for the fiscal year ending March 31, 2025, primarily due to a fair value loss on investment properties [4][5] - Huabao International has invested a total of HKD 525 million in financial products, indicating active participation in the financial market [6] Group 3: Market Overview - The Hong Kong stock market showed positive movement on June 4, with the Hang Seng Index rising by 0.60%, the Hang Seng Tech Index increasing by 0.57%, and the YQ Index up by 0.67% [7]

IPO的本质是"开闸放水"，是企业首次向公众抛出"橄榄枝"。这个过程如同一场精心策划的"相亲大会"，企业需要准备详尽的财务报表、商业计划书，甚至 还要提前预演路演场景。监管机构则像"门房大爷"，拿着放大镜审查每一份文件。2024年的数据显示，A股IPO平均募资规模达12.3亿元，但背后是企业长达 18个月的"备考期"。这个阶段，企业就像高考考生，既要应对证监会的"笔试"，还得接受交易所的"面试"。 而上市更像是"敲钟仪式"，是股票获得"入场券"的时刻。当企业完成IPO后，股票需要在交易所"安家落户"。交易所的规则如同"小区物业"，规定了交易时 间、信息披露等细节。从IPO过会到正式上市，平均间隔15-30个交易日，这段时间里，企业要完成股权登记、系统测试等琐事。比如某消费电子企业，IPO 定价20元，上市首日却飙到58元，这种戏剧性波动背后，正是IPO定价与市场博弈的缩影。 两者的区别绝不止是"先有鸡还是先有蛋"。IPO是资金的"源头活水"，直接为企业注入新鲜血液；上市则是流动性的"加速器"，让股票在二级市场自由奔 跑。2024年沪深交易所日均成交额8000亿元的狂欢，背后是无数投资者在上市股票上博弈的缩影。 ...