继永杉锂业易主后，"杉杉系"旗下杉杉股份(600884)也面临控股权变更。 9月30日晚间，宁波杉杉股份有限公司（下称"杉杉股份"）公告披露，公司控股股东杉杉集团有限公司（下称"杉杉集团"）及其全资子公司 宁波朋泽贸易有限公司、杉杉集团管理人（系浙江省宁波市鄞州区人民法院指定的杉杉集团和朋泽贸易合并重整案管理人，下称"管理人"） 与江苏新扬子商贸有限公司、江苏新扬船投资有限公司、厦门TCL科技产业投资合伙企业（有限合伙）和中国东方资产管理股份有限公司深圳 市分公司等重整投资人组成的联合体签署了《重整投资协议》）。 | 倒计时28天 | | --- | | CINE2025固态电池展暨固态电池行业年会 | | 主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 | | 协办单位及固态年会总冠名： 茹天科技 | | 活动时间： 2025年11月6-8日 | | 活动地点： 广州南沙国际会展中心（2楼船厅及广州厅） | | 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ | | 同期活动： 2025起点固态电池金鼎奖颁奖典礼、SSBA固态电池产业联盟理事会 | | 第一批展商及赞助商： ...

9月29日，亿道信息发布重磅公告，宣布公司正在筹划以发行股份及支付现金方式，同时收购广州朗国电子科技股份有限公司（以下简称"朗国科技"）及深 圳市成为信息股份有限公司（以下简称"成为信息"）两家公司的控股权，并同步募集配套资金。为维护投资者利益，避免股价异常波动，公司股票自2025年 9月29日开市起停牌，预计停牌时间不超过10个交易日。 亿道信息在公告中亦提示了相关风险。截至目前，本次交易尚处于筹划阶段，交易各方未签署正式协议，具体交易方案仍在论证中，存在不确定性。本次交 易最终需经过公司董事会、股东大会审议批准，并需获得相关监管机构的核准。能否成功实施尚存变数。 朗国科技成立于2013年，是一家在智能硬件制造与研发领域布局广泛的企业。其业务范围覆盖计算机外围设备、智能家庭消费设备、服务消费机器人、物联 网设备、通信设备以及各类电子元器件的制造，同时具备强大的软件开发与技术服务能力。该公司展现了深厚的硬件研发与制造底蕴。 此次并购若顺利完成，将是亿道信息一次重大的产业整合举措，旨在通过横向拓展与纵向深化，构建更为完整的智能硬件生态布局。 成为信息成立于2005年，是一家专注于电子产品与计算机软件技术开发、销 ...

冲A告败后，华羿微电子股份有限公司(以下简称"华羿微电")拟借"兄弟"公司华天科技曲线上市。9月25 日，华天科技披露公告称，拟通过发行股份及支付现金方式购买控股股东旗下资产华羿微电股权，本次 交易构成关联交易。需要注意的是，2024年6月，华羿微电科创板IPO终止。财务数据显示，华羿微电 IPO撤单前净利转亏。 拟购华羿微电股权 前次冲击IPO未能叩开资本市场大门，华羿微电欲"投身"华天科技谋曲线上市。 华天科技披露公告称，拟通过发行股份及支付现金方式购买华羿微电股权，公司证券自9月25日开市起 开始停牌。据悉，华羿微电系华天科技控股股东天水华天电子集团股份有限公司(以下简称"华天电子") 的控股子公司。本次交易预计不构成重大资产重组，不构成重组上市，但构成关联交易。 华天科技披露的公告显示，本次交易事项尚处筹划阶段，初步确定的交易方包括标的公司控股股东华天 集团在内的全部或部分股东。截至公告日，华天科技已与本次交易的主要交易方签署《股权收购意向协 议》。华天科技也在公告中表示，公司预计在不超过10个交易日内披露本次交易方案。若公司未能在上 述期限内召开董事会审议并披露交易方案，公司证券最晚将于10月17日 ...

Core Viewpoint - Huayi Microelectronics Co., Ltd. plans to achieve a backdoor listing through its parent company, Huatian Technology, after its previous IPO attempt failed [1][3]. Group 1: Transaction Details - Huatian Technology announced it intends to acquire Huayi Microelectronics' equity through a combination of issuing shares and cash payments, constituting a related party transaction [3]. - The transaction is still in the planning stage, with a preliminary agreement signed with major shareholders, including Huatian Group [3]. - Huatian Technology is expected to disclose the transaction plan within 10 trading days, or it will resume trading by October 17, 2023, and terminate the planning [3]. Group 2: Market Context - In the current stringent IPO regulatory environment, companies that fail to go public may opt for acquisition by listed companies, which can fulfill financing and shareholder exit needs [4]. - The acquisition model allows listed companies to acquire quality assets at a relatively low cost, facilitating industrial integration or transformation [4][5]. Group 3: Huayi Microelectronics Performance - Huayi Microelectronics' IPO was terminated in June 2024, with its net profit turning negative before the withdrawal [6]. - The company reported revenues of approximately 847 million yuan, 1.16 billion yuan, and 1.16 billion yuan from 2020 to 2022, with net profits of approximately 41.63 million yuan, 88.13 million yuan, and -43.21 million yuan respectively [6][7]. Group 4: Huatian Technology Financials - Huatian Technology has experienced significant fluctuations in net profit, with revenues of approximately 11.9 billion yuan, 11.3 billion yuan, and 14.5 billion yuan from 2022 to 2024, and corresponding net profits of approximately 754 million yuan, 226 million yuan, and 616 million yuan [8]. - In the first half of 2023, Huatian Technology achieved revenues of approximately 7.78 billion yuan, a year-on-year increase of 15.81%, with a net profit of approximately 226 million yuan, a year-on-year increase of 1.68% [8][9].

Group 1 - Huayi Microelectronics plans to achieve a backdoor listing through its parent company, Huatian Technology, after failing its previous IPO attempt [1][3] - Huatian Technology announced it will purchase Huayi Microelectronics' equity through a combination of issuing shares and cash payments, constituting a related party transaction [3][4] - The transaction is still in the planning stage, with a preliminary agreement signed with major shareholders, and Huatian Technology expects to disclose the transaction plan within 10 trading days [3][4] Group 2 - Huayi Microelectronics' IPO was terminated in June 2024, with financial data indicating a shift from profit to loss prior to the withdrawal [5][6] - The company reported revenues of approximately 847 million yuan, 1.16 billion yuan, and 1.16 billion yuan from 2020 to 2022, with net profits of approximately 41.63 million yuan, 88.13 million yuan, and a loss of 43.21 million yuan respectively [5][6] - Huatian Technology has experienced significant fluctuations in net profit, with revenues of approximately 11.9 billion yuan, 11.3 billion yuan, and 14.5 billion yuan from 2022 to 2024, and corresponding net profits of approximately 754 million yuan, 226 million yuan, and 616 million yuan [7][8] Group 3 - Huatian Technology's revenue composition shows that integrated circuits accounted for approximately 99.97% of total revenue, with a gross margin of 10.89%, reflecting a year-on-year decline [8] - The company received government subsidies of approximately 360 million yuan and tax benefits of about 66.58 million yuan in the first half of the year [8] - Huatian Technology's stock price increased by 4.16% to 11.78 yuan per share before the trading suspension, with a total market capitalization of 38.04 billion yuan [8]

Core Insights - The "Six Guidelines for Mergers and Acquisitions" has significantly enhanced the activity in the capital market, with over 2,100 asset restructuring disclosures in the past year, including more than 230 major restructurings [1] - The number of asset restructurings disclosed by listed companies has increased to over 1,300 this year, 1.4 times that of the same period last year, with nearly 160 major restructurings, 2.3 times that of last year [1] - The restructuring market is increasingly focused on strategic emerging industries and future industries, serving as a "booster" for the development of new productive forces [1][4] Market Activity - The restructuring market has shown a clear trend towards industry integration, with over 70% of major asset restructurings driven by this factor [3] - Traditional industry companies are merging with peers and upstream/downstream assets to enhance supply chain efficiency and competitiveness [3] - The "Two Innovation" boards (Science and Technology Innovation Board, Growth Enterprise Market) have seen over 100 major asset restructurings, with about 80% focused on industry integration [3] Strategic Focus - The focus of mergers and acquisitions is shifting towards high-tech and rapidly growing strategic emerging industries, which are seen as key areas for future growth [4] - State-owned enterprises have accelerated mergers, with nearly 70 major asset restructurings reported, accounting for about 30% of the total [4] Financial Tools and Flexibility - The introduction of diverse payment methods for mergers and acquisitions, including convertible bonds and acquisition loans, has increased transaction flexibility and reduced cost pressures [8][9] - The establishment of a phased payment mechanism for restructuring shares is expected to lower risks associated with one-time valuations, particularly for high-growth but uncertain performance technology companies [9] Regulatory Efficiency - The regulatory environment has improved, with a significant increase in the number of approved restructuring projects, reaching 2.4 times that of the same period last year [10][11] - The average review time for registered projects has decreased to about one month, indicating enhanced efficiency in the approval process [11] - Simplified review procedures for mergers and acquisitions have been implemented, further streamlining the process [11] Future Outlook - The regulatory authorities will emphasize legal supervision and strengthen the responsibilities of intermediary institutions to ensure the quality of mergers and acquisitions [12] - The market is expected to continue evolving towards industry integration, with strategic emerging industries remaining a focal point for mergers and acquisitions [12]

Group 1 - The company Mengke Pharmaceutical (688373) plans to raise up to 1.033 billion yuan through a private placement at a price of 6.3 yuan per share, with all proceeds allocated for daily R&D and operational investments [1] - After the issuance, Haiqing Pharmaceutical will hold a 20% stake in Mengke Pharmaceutical, becoming the controlling shareholder, while Zhang Xiantao will become the actual controller of the company [1] - Mengke Pharmaceutical focuses on developing innovative treatments for common and severe drug-resistant bacterial infections, with its core product MRX-4 having received acceptance from the National Medical Products Administration as of June 30, 2025 [1] Group 2 - The company has seen significant sales growth, with product sales revenue increasing by 88.31% and 43.51% for the fiscal years 2022-2023 and 2023-2024 respectively, and a 10.26% year-on-year growth in the first half of 2025 [1] - Despite the sales growth, the company faces limitations in its sales team’s coverage of terminal hospitals, necessitating external support to enhance commercialization efficiency [2] - Mengke Pharmaceutical currently lacks production capabilities, relying entirely on Huahai Pharmaceutical (600521) for contract manufacturing, which may hinder profitability [2] Group 3 - Haiqing Pharmaceutical is a research-driven modern pharmaceutical enterprise focused on formulation business development, which can enhance Mengke Pharmaceutical's production and R&D capabilities [2] - The financing aims to integrate industry resources and bring in a strong sales-oriented investor to improve the company's commercialization capabilities and expand sales scale [2]

Group 1 - The core point of the article is that Aikodi Co., Ltd. has received approval from the China Securities Regulatory Commission to acquire 71% of the shares of Zhaolbo (Ningbo) Precision Electromechanical Co., Ltd. through a combination of issuing shares and cash payment, with a total transaction value of 1.11825 billion yuan [1] - The transaction includes raising supporting funds not exceeding 520 million yuan, reflecting an increase in the efficiency of merger and acquisition reviews, with 27 restructuring projects accepted by the Shanghai Stock Exchange this year and 14 registered by the CSRC [1] - Aikodi, listed on the Shanghai Stock Exchange since November 2017, primarily engages in the research, production, and sales of aluminum and zinc alloy precision die-casting parts for automobiles [1] Group 2 - This acquisition aligns with national policies and aims to enhance the automotive parts industry, responding to the trends of electrification and intelligence in the automotive sector [2] - The transaction is expected to facilitate the integration of industrial chain resources and achieve industrial synergy and globalization [2]

Group 1 - Fujian Securities Regulatory Bureau has deepened regular visits to listed companies, achieving a coverage rate of 70.75% by visiting 75 companies and addressing 60 issues related to financing, cross-border trade, compliance governance, and investment approval [3] - The bureau has implemented targeted assistance for companies, providing tailored solutions for issues such as policy understanding and risk response, resulting in successful financing support for a software and information technology service company [3][4] - Since the beginning of 2025, 15 listed companies in Fujian have announced mergers and acquisitions totaling over 17 billion, with significant financing activities including 36 companies raising over 160 billion through various means [5] Group 2 - Anhui Securities Regulatory Bureau has conducted visits to 133 listed companies, achieving a coverage rate of 78.29% and addressing 63 issues to enhance company quality [6][7] - The bureau focuses on technology-driven companies, organizing events to facilitate communication between scientists, entrepreneurs, and investors, aiming to accelerate the transformation of scientific achievements [7][8] - Since 2024, 328 companies in Anhui have implemented cash dividends totaling approximately 70 billion, with 11 companies engaging in mergers and acquisitions amounting to about 33 billion [10] Group 3 - Jiangxi Securities Regulatory Bureau has visited 71 listed companies, covering nearly 80% and resolving 65 issues related to financing, production operations, and project approvals [11][13] - The bureau emphasizes the importance of corporate governance and innovation, encouraging companies to leverage capital market tools for transformation and upgrading [12][14] - In the first half of 2025, 57 listed companies in Jiangxi distributed cash dividends totaling approximately 8.78 billion, while 30 companies engaged in mergers and acquisitions worth around 6.71 billion [13]

Core Viewpoint - The Shanghai Stock Exchange emphasizes its commitment to serving the real economy and enhancing support for technological innovation through the STAR Market, which has evolved from a testing ground to a demonstration platform for hard technology [1][4]. Group 1: STAR Market Development - The STAR Market has gathered 589 listed companies with a total market capitalization exceeding 9 trillion yuan [1]. - Over the past six years, the STAR Market has continuously injected capital into enterprises through IPOs and refinancing, acting as a catalyst for hard technology to transition from laboratories to the market [1][2]. Group 2: Inclusive Reforms - The STAR Market has implemented inclusive reforms to break down barriers, allowing unprofitable hard technology companies to access capital without waiting for profitability [2]. - The introduction of the "1+6" policy this year has specifically targeted emerging fields such as artificial intelligence and commercial aerospace, creating a tailored listing pathway for these sectors [1][2]. Group 3: Supportive Measures - The STAR Market has developed a "toolbox" for growth tailored to the needs of technology companies, focusing on their unique characteristics such as light assets and high R&D [2]. - Recent reforms, including the "科八条" initiative, have introduced 35 measures to enhance mergers and acquisitions, resulting in 134 disclosed transactions worth over 40 billion yuan, surpassing the total of the previous five years [2][3]. Group 4: Comprehensive Services - The Shanghai Stock Exchange aims to provide full-chain services to support the growth of STAR Market companies, ensuring that services are delivered where needed [3]. - Key initiatives include on-site regulatory support, customized training, and proactive problem-solving to assist companies in navigating challenges [3]. Group 5: Ecosystem Development - The STAR Market focuses on creating a virtuous cycle of investment and financing, ensuring that funds are directed towards tangible projects while allowing investors to share in the returns [3][4]. - The commitment to continuous reform and service enhancement aims to facilitate a smooth interaction between technology, capital, and industry, contributing to high-quality development and technological self-reliance [4].