创业板定位

Search documents
沪深交易所最新IPO发审动态!有这些看点
Zheng Quan Shi Bao· 2025-08-02 08:32
IPO市场迎新变化。 近日,券商中国记者从券商投行人士处求证获悉,沪深交易所内部陆续下发最新一期的发行上市审核动 态。根据记者统计,今年上半年沪深交易所IPO项目受理数量翻倍增长;发行数量增长约30%。而过会 节奏及注册节奏与去年同期基本保持一致。 随着创业板IPO项目受理数量有所回升,最新一期《深交所发行上市审核动态》披露2个关于"创业板定 位"的典型撤否案例,为券商投行业务提供参照与启发。 据记者梳理交易所对上述案例的总结,保荐机构应关注创业板IPO企业的技术壁垒与先进性,以研判其 创新能力或技术竞争力。同时,要通过行业趋势或行业竞争格局、风险抵御能力等方面综合研判IPO企 业是否符合创业板定位。 受理阶段与发行阶段双提速 近日,券商中国记者从券商投行人士处求证获悉,沪深交易所内部下发最新一期的发行上市审核动态。 根据记者统计,今年上半年,沪深交易所的IPO项目在受理节奏、发行情况等方面均回暖。 在一级半市场发行阶段,发行节奏明显提速。数据显示,今年上半年深交所共有26家公司完成发行上 市,较去年同期的19家增长37%;融资金额149.51亿元,同比增长28%。 发行市盈率方面,今年深市IPO发行的市盈率 ...
沪深交易所最新IPO发审动态!有这些看点……
券商中国· 2025-08-02 07:42
随着创业板IPO项目受理数量有所回升,最新一期《深交所发行上市审核动态》披露2个关于"创业板定位"的典 型撤否案例,为券商投行业务提供参照与启发。 据记者梳理交易所对上述案例的总结,保荐机构应关注创业板IPO企业的技术壁垒与先进性,以研判其创新能 力或技术竞争力。同时,要通过行业趋势或行业竞争格局、风险抵御能力等方面综合研判IPO企业是否符合创 业板定位。 受理阶段与发行阶段双提速 近日,券商中国记者从券商投行人士处求证获悉,沪深交易所内部下发最新一期的发行上市审核动态。根据记 者统计,今年上半年,沪深交易所的IPO项目在受理节奏、发行情况等方面均回暖。 具体来看,上半年两所共有62家IPO企业获得受理,该数据较2024年上半年合计仅受理2家已明显增长。 不过,今年上半年上会审核节奏及证监会的注册节奏与去年同期没有太大变化。数据显示,深市方面,今年上 半年共有8家IPO企业过会,较去年同期7家基本没变;而在注册阶段,今年上半年深市共有24家IPO企业注册 生效,与去年同期的25家基本保持一致。沪市方面,今年上半年共有10家IPO企业过会,较去年同期的9家基 本一致;另有11家IPO企业注册生效,较去年同期的1 ...
深交所通报1个现场督导案例、2个审核案例
梧桐树下V· 2025-07-30 10:00
Group 1: On-site Supervision Case - The issuer failed to consider installment payments and settlement discounts in some engineering contracts, leading to inaccurate progress calculations and insufficient attention from sponsors and accountants [1][2] - The issuer's income accounting was affected, but the overall impact on financial performance was minor, and corrections were made [2][3] - The sponsor did not adequately verify the sufficiency of third-party payment evidence, and there were formal flaws in interview records [2] Group 2: Review Cases - Case 1: The issuer's client performance significantly declined, increasing reliance on the photovoltaic industry, which is subject to market fluctuations [5][6] - The issuer had a dependency on a single client, with no significant competitive advantage in proprietary technology, leading to the withdrawal of its IPO application [5][6] - Case 2: The issuer operated in a fragmented market with low technical barriers, and its revenue was primarily from OEM for brand companies, with declining R&D investment [7][8] Group 3: Case Insights - For issuer A, the significant changes in the photovoltaic industry and the lack of competitive technology led to the withdrawal of its IPO application [6] - For issuer B, the intense competition and lack of innovation resulted in a low market share and the rejection of its IPO application [8]
杭汽轮B: 浙江天册律师事务所关于杭州海联讯科技股份有限公司换股吸收合并杭州汽轮动力集团股份有限公司暨关联交易的补充法律意见书(二)
Zheng Quan Zhi Xing· 2025-07-28 16:26
Core Viewpoint - The legal opinion letter discusses the share swap merger between Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Steam Turbine Power Group Co., Ltd., addressing regulatory compliance and the implications of the merger on both companies' operations and shareholder interests [1][2][3]. Group 1: Merger Details - The merger involves Hailianxun issuing A-shares to all shareholders of Hangzhou Steam Turbine in exchange for their shares, effectively absorbing Hangzhou Steam Turbine [1][2]. - The main business of Hailianxun includes system integration, software development, and consulting services, while Hangzhou Steam Turbine focuses on the research, production, and sales of industrial steam turbines and gas turbines [1][2]. - As of the reporting period, Hangzhou Steam Turbine holds investments in Hangzhou Bank valued at 3.972 billion yuan, representing a 4.31% stake [1][2]. Group 2: Regulatory Compliance - The transaction does not require approval from industry regulatory authorities and complies with national industrial policies [4][5]. - Both companies are expected to meet the qualifications for commercial bank shareholders as per relevant regulations, ensuring that the merger does not face legal obstacles [5][6][7]. Group 3: Financial Aspects - The share swap price for Hailianxun is set at 9.56 yuan per share, while Hangzhou Steam Turbine's price is adjusted to 9.35 yuan per share after accounting for profit distribution [11][12]. - The merger's pricing mechanism is designed to protect minority shareholders, with a significant majority of votes in favor of the transaction from both companies' shareholders [18][19][20]. Group 4: Shareholder Rights - The merger provides dissenting shareholders with the option to sell their shares at a predetermined price, ensuring their interests are protected [20][21]. - The price adjustment mechanism for the buyout rights is only downward, which is intended to mitigate risks associated with market fluctuations [22].
又一IPO终止!创业板定位?
梧桐树下V· 2025-02-14 13:09
请发行人:(1)说明外部人员作为股权激励对象的原因及合理性,是否存在股份代持或其他利益安排;(2)说明历史上存在股东人数经穿透计算后实际超过二 百人是否存在重大违法违规风险。同时,请保荐人发表明确意见。 文/梧桐兄弟 2月12日,深交所公布对成都正恒动力股份有限公司创业板IPO终止审核的决定,直接原因是公司及保荐机构东吴证券撤回申报。公司上市申请在2023年6月9日获 得审核通过,但迟迟未提交注册,直至IPO终止。公司本次IPO拟募资4.8693亿元。 一、上市委会议现场问询的主要问题 1.主营业务问题。根据发行人申报材料,发行人主营产品发动机缸体等主要应用于传统燃油汽车,也可应用于混合动力新能源汽车领域。报告期各期,发行人传统 燃油乘用车领域的销售收入分别为38,918.50万元、46,790.77万元、52,009.94万元,占主营业务收入比例分别为71.63%、74.67%、73.19%;新能源汽车领域的销售 收入分别为680.78万元、1,905.93万元、5,129.29万元,占主营业务收入比例分别为1.25%、3.04%、7.22%。 请发行人: (1)结合燃油汽 车未来市场空间、主要客户在新能源 ...