据悉，沪电股份专注于PCB的生产、销售及相关售后服务，是PCB行业内的重要品牌之一，公司连续多 年入选中国印制电路行业协会(CPCA)、行业研究机构Prismark、N.T.Information等行业协会及研究机构 发布的PCB百强企业。 目前，沪电股份深耕全球市场，2025年上半年，其外销收入达到68.93亿元，同比增长48.59%，占比达 到81.16%。与此同时，近年来，PCB行业企业纷纷官宣奔赴泰国布局投资。2022年，沪电股份斥资2.8 亿美元前往泰国投资建厂，2023年4月1日，泰国生产基地开工。2025年第二季度，泰国生产基地进入小 规模量产阶段。 智通财经APP获悉，据媒体消息，知情人士透露A股著名PCB企业沪电股份(002463.SZ)正在就潜在的香 港上市与银行合作，上市融资额可能至少15亿美元。该知情人士表示，沪电股份已选定中金公司、汇丰 负责此次香港股票发行。发行规模和时间仍在讨论中。目前沪电股份、中金公司的代表未响应置评请 求，汇丰拒绝置评。 此前9月19日，沪电股份曾发布公告称，公司拟筹划在境外发行H股股票并在香港联合交易所主板挂牌 上市，以进一步优化海外业务布局和拓展多元化融资 ...

Group 1 - The company, Lingyi Technology (002600.SZ), has announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and expand overseas business operations [1] - The H-share issuance aims to broaden merger and acquisition financing channels, increase international visibility, and improve overall competitiveness [1] - Currently, the company is in discussions with relevant intermediaries regarding the H-share issuance, with details yet to be finalized [1] Group 2 - In the past six years, the company has raised a total of 5.137 billion yuan through two rounds of fundraising in the A-share market [1] - The company has received approval from the China Securities Regulatory Commission to issue 21,374,181 convertible bonds, with a total fundraising amount not exceeding 2.137 billion yuan [2] - The net amount raised from the convertible bond issuance, after deducting issuance costs, is approximately 2.116 billion yuan, expected to be in place by November 22, 2024 [2] Group 3 - The company previously conducted a non-public offering of 322,234,156 A-shares at a price of 9.31 yuan per share, raising approximately 2.973 billion yuan net after expenses [3] - The funds raised from the A-share issuance were fully received by June 9, 2020 [3]

Core Design Logic - The essence of the VIE structure is to replace equity control with contractual control, addressing two types of contradictions [2] - The VIE structure achieves actual control and financial consolidation of the OPCO through a chain of entities: overseas listing entity → overseas holding layer → domestic WFOE → contractual control of domestic OPCO [2] Key Layer Design - The VIE structure typically includes 4-5 layers, with each layer's registration location, function, and design points precisely matching the objectives such as listing, holding, tax optimization, and compliance [3] - The overseas listing entity is usually a Cayman Islands company, while the overseas holding layer may be a BVI or Cayman intermediary company [3] Functional Design - The Cayman company is preferred for overseas listing due to no corporate income tax and a mature legal system allowing for "dual-class shares" [4] - The BVI company serves as a holding platform for founders, providing privacy and tax benefits [4] - The Hong Kong company acts as an intermediary layer, requiring substantial operations to avoid being classified as a "shell company" [4] Agreement Control System - The contractual control is the "soul" of the VIE structure, requiring 5-7 core agreements to ensure decision-making control, profit transfer, and risk isolation [6] - Key agreements include exclusive technology/service agreements, equity pledge agreements, voting rights entrustment agreements, and exclusive purchase rights agreements [6][8][10][12] Compliance and Risk Prevention - The compliance of the VIE structure directly impacts the ability to pass NASDAQ's listing review and ongoing compliance [18] - The WFOE must have a business scope closely related to the OPCO to avoid being classified as a "shell company" [18] - The OPCO must maintain an "internal capital control" structure to avoid triggering foreign investment restrictions [18] Tax Optimization - The VIE structure's tax design must balance profit transfer efficiency with tax risks, focusing on profit distribution between WFOE and OPCO [19] - The Hong Kong company can benefit from a reduced withholding tax rate of 5% under the "Mainland-Hong Kong Tax Arrangement" if it meets substantial operation requirements [19] Latest Regulatory Trends - The necessity of the VIE structure must be clearly justified in the prospectus to avoid being seen as regulatory evasion [20] - Compliance with data cross-border flow regulations is essential, especially if the OPCO handles user data [20] Industry Differentiation Design - For encouraged industries like renewable energy and biomedicine, a mixed structure of "equity control + contractual control" may be attempted to reduce policy risks [21] - Sensitive industries such as education and fintech require stricter contractual controls and contingency plans for structural adjustments [21]

证券代码：600728 证券简称：佳都科技 公告编号：2025-075 佳都科技集团股份有限公司 佳都科技集团股份有限公司董事会 佳都科技集团股份有限公司（以下简称"公司"）于 2025 年 9 月 2 日召开第十一 届董事会 2025 年第一次临时会议，审议通过了《关于公司发行 H 股股票并在香港联 合交易所有限公司主板上市的议案》《关于公司发行 H 股股票并在香港联合交易所有 限公司上市方案的议案》等议案，现将具体情况公告如下： 为进一步提高公司综合竞争力，提升公司国际品牌形象，加快公司国际化战略的 实施及海外业务布局，增强公司的境外融资能力，优化资本结构和股东组成，提升公 司治理水平和核心竞争力，根据相关法律、法规、规范性文件的要求，公司拟发行境 外上市外资股（H 股）股票并申请在香港联合交易所有限公司（以下简称"香港联交 所"）主板挂牌上市（以下简称"本次发行上市"或"本次发行"）。公司将充分考 虑现有股东的利益和境内外资本市场的情况，在股东会决议有效期内（即经公司股东 会审议通过之日起 24 个月或同意延长的其他期限）选择适当的时机和发行窗口完成本 次发行 H 股并上市。 根据《公司法》《证券法》《 ...

智通财经APP讯，佳都科技(600728.SH)发布公告，为进一步提高公司综合竞争力，提升公司国际品牌 形象，加快公司国际化战略的实施及海外业务布局，增强公司的境外融资能力，优化资本结构和股东组 成，提升公司治理水平和核心竞争力，根据相关法律、法规、规范性文件的要求，公司拟发行境外上市 外资股(H股)股票并申请在香港联合交易所有限公司(简称"香港联交所")主板挂牌上市。公司将充分考虑 现有股东的利益和境内外资本市场的情况，在股东会决议有效期内(即经公司股东会审议通过之日起24 个月或同意延长的其他期限)选择适当的时机和发行窗口完成本次发行H股并上市。 ...

Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and overseas business development [1] Group 1 - The fourth board meeting of the company approved the proposal for issuing H-shares on August 25, 2025 [1] - The issuance aims to accelerate the company's internationalization and improve its overseas financing capabilities [1] - The proposal requires approval from relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1]

Group 1 - The company, Sungrow Power Supply (300274), announced its plan to issue overseas listed foreign shares (H-shares) to enhance its global strategic layout [1] - The objective of this move is to improve the company's international brand image and diversify its financing channels [1] - This initiative aims to further strengthen the company's core competitiveness in the market [1]