宿迁市提出一系列服务举措，不仅将协调解决企业改制上市中土地房产确权等历史遗留问题，还将 对拟上市企业实施包容审慎监管，依法落实"首违不罚"。值得一提的是，宿迁将完善市级部门与县区负 责同志"双挂钩"制度，常态化走访服务，并计划用3年时间培养不少于100名懂上市的人才，持续擦 亮"宿迁西楚资本"服务品牌。 此外，宿迁将深化与沪深北交易所的合作，组织企业"走进交易所"接受"一对一"指导。同时，将打 造"政府投资基金+国有企业基金+市场化基金"的投资体系为企业赋能，并探索"批量式"服务股改等新模 式，降低企业上市成本。 为更大力度推动企业上市发展，宿迁市日前出台《关于进一步推动企业上市发展的若干措施》，推 出20条"高含金量"举措，旨在全周期护航企业上市，加快打造资本市场"宿迁板块"。目前，宿迁市已有 A股上市企业11家，在苏北率先实现县（区）全覆盖。 宿迁市提出，将企业上市规划纳入招商引资谈判，并建立市县两级上市后备企业梯队。新政设定了 明确的动态管理目标：保持市级重点层企业不少于10家、关注层企业不少于20家，并确保梯队中股改企 业不少于15家、辅导备案及提交IPO申请企业不少于8家。 ...

宿迁市提出一系列服务举措，不仅将协调解决企业改制上市中土地房产确权等历史遗留问题，还将对拟 上市企业实施包容审慎监管，依法落实"首违不罚"。值得一提的是，宿迁将完善市级部门与县区负责同 志"双挂钩"制度，常态化走访服务，并计划用3年时间培养不少于100名懂上市的人才，持续擦亮"宿迁 西楚资本"服务品牌。 此外，宿迁将深化与沪深北交易所的合作，组织企业"走进交易所"接受"一对一"指导。同时，将打 造"政府投资基金+国有企业基金+市场化基金"的投资体系为企业赋能，并探索"批量式"服务股改等新模 式，降低企业上市成本。 本报讯(记者孙旭晖)为更大力度推动企业上市发展，宿迁市日前出台《关于进一步推动企业上市发展的 若干措施》，推出20条"高含金量"举措，旨在全周期护航企业上市，加快打造资本市场"宿迁板块"。目 前，宿迁市已有A股上市企业11家，在苏北率先实现县(区)全覆盖。 宿迁市提出，将企业上市规划纳入招商引资谈判，并建立市县两级上市后备企业梯队。新政设定了明确 的动态管理目标：保持市级重点层企业不少于10家、关注层企业不少于20家，并确保梯队中股改企业不 少于15家、辅导备案及提交IPO申请企业不少于8家。 ...

Core Viewpoint - The article discusses the challenges faced by Shenzhen Haili Co., Ltd. in its IPO process, particularly regarding issues in corporate governance and internal controls that led to the failure of its listing guidance acceptance by the Shenzhen Securities Regulatory Bureau [2][14]. Group 1: Company Background and IPO Process - Haili Co. was established in May 2012 and specializes in the research, design, production, and sales of energy storage lithium battery packs [5]. - The company initially aimed to list on the Shenzhen Stock Exchange's Growth Enterprise Market but later shifted its focus to the Beijing Stock Exchange due to difficulties in meeting the profitability requirements for the Growth Enterprise Market [7][8]. - Haili Co. submitted its listing guidance completion report on May 26, 2025, but faced unexpected challenges during the acceptance process [3][11]. Group 2: Issues Identified in Listing Guidance - The Shenzhen Securities Regulatory Bureau identified deficiencies in Haili Co.'s corporate governance and internal controls during the listing guidance acceptance process, necessitating further verification and corrective actions by relevant intermediaries [2][14]. - Despite the guidance firm, Huatai United Securities, claiming that Haili Co. met the necessary governance and internal control standards, the company ultimately did not pass the acceptance process [13][14]. Group 3: Financial Performance and Future Plans - Haili Co.'s revenue grew from 556 million to over 700 million in 2023, with a net profit nearing 80 million [9]. - However, in 2024, the company experienced a decline in net profit to 60.39 million, which impacted its ability to meet the IPO requirements for the Growth Enterprise Market [10]. - The company plans to raise up to 500 million through its IPO, with 150 million allocated for working capital and 350 million for the construction of its Shenzhen smart manufacturing base [23].

Core Viewpoint - The Shenzhen Stock Exchange will hold its 15th listing review committee meeting on August 28, 2025, to review the application of Nabai Chuan New Energy Co., Ltd. for listing on the ChiNext board [1] Group 1: Company Information - Nabai Chuan plans to raise CNY 72.9 million for its projects, which include the annual production of 3.6 million sets of water-cooled plates in its first phase and to supplement working capital [1] - The sponsor and lead underwriter for Nabai Chuan's listing is Zheshang Securities Co., Ltd., with representatives Zhao Hua and Zhou Xudong [1]

Group 1 - The core viewpoint of the article is that Hai'an Rubber Group Co., Ltd. has submitted its IPO registration to the Shenzhen Stock Exchange, aiming to raise approximately 2.952 billion yuan for expansion and modernization projects [1] - Hai'an Rubber's main business includes the research, production, and sales of giant all-steel radial tires for construction machinery, as well as the operation and management of mining tires [1] - The company’s IPO was accepted on June 12, 2023, entered the inquiry stage on July 7, 2023, and was approved on May 30, 2025 [1] Group 2 - Financial data shows that Hai'an Rubber's projected operating revenues for 2022, 2023, and 2024 are approximately 1.508 billion yuan, 2.251 billion yuan, and 2.3 billion yuan, respectively [1] - Corresponding net profits attributable to the parent company for the same years are projected to be approximately 354 million yuan, 654 million yuan, and 679 million yuan [1] - The funds raised from the IPO will be used for the expansion of all-steel giant engineering radial tire production, automation production line upgrades, research center construction, and to supplement working capital [1]

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for seven companies, including Xin'ao Gas Co., Ltd., which is seeking to list on the Hong Kong Stock Exchange [1] - Xin'ao Gas is the largest private natural gas company in China, covering the entire natural gas industry chain with over 30 years of operational experience [2] - The company reported revenues of approximately 150.02 billion RMB, 141.115 billion RMB, and 134.946 billion RMB for the years 2022, 2023, and 2024 respectively, with annual profits of 11.073 billion RMB, 12.53 billion RMB, and 9.944 billion RMB during the same period [2] Group 2 - CSRC requested Xin'ao Gas to clarify information regarding shareholders holding more than 5% of shares, potential prohibitive circumstances for overseas issuance, and the impact of pledged shares on the listing [1] - The company must also explain the reasons for its two phases of restricted stock incentive plans and the foreign investment compliance of its three subsidiaries involved in value-added telecommunications [1]

Group 1: Industry Developments - Shanghai has initiated the online listing for the first batch of traditional Chinese medicine centralized procurement expansion, with the application period from August 12 to August 29, 2025 [1] - The Shanghai Market Supervision Administration reported a significant decline in the illegal rate of medical advertisements over the past five years, dropping from 3.89% in 2020 to 1.57% in 2024, a decrease of approximately 60% [2] - The first FDA-approved treatment for non-cystic fibrosis bronchiectasis (NCFB), Brinsupri, has been announced by Insmed, marking a significant milestone in the treatment options available for this condition [3] - The National Medical Products Administration has received a market application for the intraocular injection of Bevacizumab, indicating progress in ophthalmic drug development [4] - Heng Rui Medicine has received approval for clinical trials of its innovative drug SHR-A2102 for the treatment of recurrent/metastatic head and neck squamous cell carcinoma [5] Group 2: Capital Market Activities - Inokang Medical Technology has started the listing guidance process with Huatai Securities, indicating its intention to go public [6] - Rejuvenation Bio announced a capital increase of 100 million yuan for its subsidiary, Shun Jing Biomedical Technology, with a share price set at 25 yuan per registered capital [7] - Innovation Medical holds a 40% stake in Bole Brain Machine, which focuses on core technology research and product design in the medical rehabilitation field [8] Group 3: Vaccine and Pharmaceutical Developments - Zhifei Biological has completed the first nationwide vaccination for its quadrivalent influenza vaccine, showcasing advancements in vaccine distribution [9] - Zhonghui Bio's quadrivalent influenza vaccine has passed the preliminary review for inclusion in the national commercial health insurance innovative drug directory [10] - BeiGene anticipates that its drug Sotukimab will receive its first global approval by the end of 2026, with multiple clinical trials underway [11] Group 4: Regulatory and Market Challenges - The re-registration application for Green Valley Pharmaceutical's mannitol sodium capsules has not been approved, posing challenges for this controversial Alzheimer's drug [12] - There have been reports of supply shortages and rising prices for the mannitol sodium capsules, indicating market pressures and patient access issues [13] - Zhaoyan New Drug's former vice chairman plans to reduce his holdings by up to 352,450 shares, reflecting personal financial needs [14]

Group 1 - Hunan Junxin Environmental Protection Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange on August 13 [1] - The joint sponsors for the listing are CICC and CITIC Securities [1][3] - The shares will be H-shares with a nominal value of RMB 1.00 per share [3]

科马材料本次北交所IPO于2024年6月27日获交易所受理，反馈问询期间完成三轮审核问询答复，业绩合理性及真实性被连续追问。此外，公司创新性特 征、募投项目必要性及合理性问题在前两轮问询中受到重点关注。其中收入真实性及经营业绩稳定性问题在审议会议现场同样受到上市委关注。 汉鼎咨询在本篇结合申报材料、反馈问询期间监管科马材料的基本情况及监管重点关注事项进行梳理分析。 据北交所官网审核动态信息，8月11日，浙江科马摩擦材料股份有限公司（简称"科马材料"）IPO上会获审核通过，拟募资2.06亿元。 | 上会日期 教量 申报板块 公司简称 注册地 审核结果 在会时长 所属行业 | | | | | | | --- | --- | --- | --- | --- | --- | | 2025-8-11 1 北交所 科马材料 浙江 通过 410 | 汽车制造业 | 20,616.80 | 7,103.41 | ■ 国投证券 | 上一中汇 康达 | 科马材料本次北交所IPO于2024年6月27日获交易所受理，反馈问询期间完成三轮审核问询答复，业绩合理性及真实性被连续追问。此外，公司创新性特 征、募投项目必要性及合理性问题在前 ...

Group 1 - Tianfulong has been committed to green economy and low-carbon circular development since its establishment, evolving from a small fiber enterprise to a leading industry player in the A-share market [2] - The company focuses on differentiated polyester staple fiber, with a product range that includes recycled colored polyester staple fiber and differentiated composite fibers, covering various applications such as business, travel, home, healthcare, and clothing [2] - Tianfulong has over 100 authorized patents and has been recognized as a national high-tech enterprise and a "little giant" in specialized and innovative sectors, maintaining the top sales position in its market segment for three consecutive years [2] Group 2 - The company aims to leverage the capital market for new growth opportunities, emphasizing that the listing is a starting point for further development and collaboration [3] - The local government is actively promoting enterprise listings as a key part of high-quality development, focusing on nurturing companies that meet specific criteria for listing [5] - Future initiatives include guiding companies to connect with capital markets, updating the listing reserve database, and supporting high-tech and innovative enterprises in pursuing listings on various stock exchanges [6]