Core Viewpoint - The article discusses the registration and issuance process of the "CITIC Construction Investment Shenyang International Software Park Closed-End Infrastructure Securities Investment Fund" (referred to as "the Fund"), which has been approved by the China Securities Regulatory Commission (CSRC) and outlines the rules for offline inquiry and subscription for institutional investors [14][19][21]. Fund Overview - The total number of fund shares approved for issuance is 30 million, with 21 million shares allocated for strategic placement, 6.3 million shares for offline issuance, and 2.7 million shares for public issuance [14][20][21]. - The fund's code is "508029," and it is referred to as "CITIC Construction Investment Shenyang International Software Park REIT" [14]. Issuance Method - The fund will be issued through a combination of strategic placement, offline inquiry for qualified institutional investors, and public issuance [3][18]. - The inquiry price range is set between 2.736 yuan/share and 4.104 yuan/share, which will be finalized through offline inquiries [23]. Subscription Process - The inquiry period is scheduled for September 29, 2025, from 9:00 to 15:00 [4]. - Qualified institutional investors include securities companies, fund management companies, trust companies, insurance companies, and other professional institutional investors [4][42]. - Investors must submit asset proof materials by September 26, 2025, to participate in the offline inquiry [5][49]. Trading Restrictions - For offline investors, if the total number of shares they intend to subscribe does not exceed 100 times the initial offline issuance, they can trade up to 50% of their allocated shares within the first three trading days after the fund's listing [7][24]. - If the total exceeds 100 times, all allocated shares can be traded immediately upon listing [7]. Risk Management - The fund's management emphasizes compliance with industry regulations and risk control during the subscription process [5][47]. - Investors must ensure that their proposed subscription amounts do not exceed their asset scale or funding capacity [5][47]. Strategic Investor Participation - Strategic investors must sign a "Strategic Placement Agreement" and are not allowed to participate in the offline inquiry [29][33]. - The strategic placement will account for 70% of the total fund shares, with specific holding periods for different categories of investors [34][35]. Important Dates - The fund's public promotion will occur from September 24 to October 14, 2025, targeting both offline and public investors [28].

Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd., has received approval for its initial public offering (IPO) of 288.57491 million shares at a price of RMB 12.48 per share, with the underwriting managed by Guotai Junan Securities Co., Ltd. [1][2] Issuance Details - The total number of shares for this issuance is 288.57491 million, with the entire offering being new shares and no existing shares being sold by current shareholders [2] - The initial strategic placement was set at 86.572473 million shares, accounting for 30% of the total issuance, with the final strategic placement amounting to 84.935893 million shares, or 29.43% of the total [3][6] Subscription Mechanism - The issuance will utilize a combination of strategic placement, offline inquiry placement, and online issuance to the public, with the stock code being "301656" [1] - The offline initial issuance was 163.239017 million shares, representing 80.16% of the remaining shares after strategic placement, while the online initial issuance was 40.4 million shares, or 19.84% [4] Subscription Results - The online subscription saw a total of 80,827,455 shares subscribed, amounting to RMB 1,008,726,638.40, while offline investors subscribed for 122,508,522 shares, totaling RMB 1,528,906,354.56 [8][9] - The final online issuance rate was 0.0328%, with a subscription multiple of 3,047.16 times [4] Underwriting and Fees - Guotai Junan Securities fully underwrote the shares that were not subscribed, totaling 303,040 shares, with an underwriting amount of RMB 3,781,939.20 [10] - The total issuance costs amounted to RMB 73.449 million, including various fees such as underwriting, auditing, and legal expenses [11]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. has received approval for its initial public offering (IPO) of 288.57491 million shares at a price of RMB 12.48 per share, with a combination of strategic placement, offline issuance, and online issuance methods [1][2][3]. Strategic Placement - The initial strategic placement was set at 86.572473 million shares, accounting for 30% of the total issuance, with the final strategic placement amounting to 84.935893 million shares, or 29.43% of the total [3][10]. - The strategic placement includes shares allocated to senior management and core employees, totaling 19.230769 million shares (6.66% of total issuance), and other investors receiving 65.705124 million shares (22.77% of total issuance) [3][10]. Issuance Mechanism - The issuance will be conducted through a combination of strategic placement, offline inquiries, and online pricing for public investors holding non-restricted A-shares and non-restricted depositary receipts [1][2]. - The final issuance price is determined based on the lower of the median and weighted average of bids from qualified investors and certain funds [2][10]. Subscription and Allocation - The initial offline issuance quantity was 163.239017 million shares, representing 80.16% of the remaining shares after strategic placement, while the online issuance was 40.4 million shares (19.84%) [3][4]. - A mechanism for reallocating shares from offline to online issuance was activated due to a high subscription rate, resulting in an online final issuance quantity of 81.128 million shares (39.84%) [4][12]. Payment and Compliance - Investors must ensure that subscription funds are fully paid by the specified deadline; failure to do so will result in the invalidation of their allocation [5][6]. - The shares from the online issuance will have no restrictions on circulation, while 30% of the offline shares will be subject to a six-month lock-up period [7][8]. Investor Participation - As of September 10, 2025, all strategic placement investors have timely paid their subscription funds, and any excess funds will be refunded by September 19, 2025 [11]. - The offline subscription process concluded on September 15, 2025, with 275 investors managing 7,799 valid bids [13][14].

苏州汇川联合动力系统股份有限公司（以下简称"发行人"或"公司"）首次公开发行28,857.4910万股人民 币普通股（A股）（以下简称"本次发行"）的申请已经深圳证券交易所（以下简称"深交所"）上市审核 委员会审议通过，并已获中国证券监督管理委员会（以下简称"中国证监会"）同意注册（证监许可 〔2025〕1450号）。 保荐人（主承销商）：国泰海通证券股份有限公司 特别提示 登录新浪财经APP 搜索【信披】查看更多考评等级 本次发行最终采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、网下向符合条件的投资 者询价配售（以下简称"网下发行"）和网上向持有深圳市场非限售A股股份和非限售存托凭证市值的社 会公众投资者定价发行（以下简称"网上发行"）相结合的方式进行。 发行人和保荐人（主承销商）国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"或"保荐人 （主承销商）"）协商确定本次发行股份数量为28,857.4910万股，发行价格为人民币12.48元/股。 本次发行初始战略配售发行数量为8,657.2473万股，占本次发行数量的30.00%。根据最终确定的发行价 格，本次发行的战略配售由发行人的高 ...

Core Viewpoint - Jiangxi Aifenda HVAC Technology Co., Ltd. has received approval for its initial public offering (IPO) of up to 21.67 million shares on the ChiNext board, with a determined issue price of RMB 27.69 per share [1][10]. Group 1: Issuance Details - The IPO will utilize a combination of strategic placement, offline issuance to qualified investors, and online issuance to the public [1]. - The initial strategic placement was set at 4.33 million shares, accounting for 20% of the total issuance, with the final strategic placement amounting to 4.26 million shares, or 19.67% of the total [3][10]. - The final strategic placement included 2.09 million shares from senior management and core employees, representing 9.67% of the total issuance, and 2.17 million shares from other investors, representing 10% [3][10]. Group 2: Subscription and Allocation - The initial offline issuance was 12.21 million shares, making up 70.13% of the total issuance after deducting the final strategic placement [3]. - Due to a high subscription rate of 10,974.57 times, a mechanism was activated to reallocate 348.20 million shares from offline to online issuance, resulting in final allocations of 872.60 million shares offline and 868.25 million shares online [4][12]. - The online issuance has no restrictions on circulation, while 10% of the offline shares will have a six-month lock-up period [7]. Group 3: Payment and Compliance - Investors must ensure that subscription funds are fully received by the specified deadline; otherwise, their allocations will be void [5][6]. - The issuer and underwriter will halt the issuance if the total subscriptions fall below 70% of the available shares after strategic placements [8]. - Any failure to comply with payment obligations will result in penalties, and the underwriter will report such breaches to the relevant authorities [8].

Core Viewpoint - Jiangxi Aifenda HVAC Technology Co., Ltd. has received approval for its initial public offering (IPO) of up to 21.67 million shares on the ChiNext board, with the underwriting led by Zheshang Securities Co., Ltd. [1][6] Group 1: IPO Details - The IPO will consist of 21.67 million shares, representing 25% of the company's total share capital post-issuance, which will total 86.67 million shares [1] - The initial strategic placement will involve 4.33 million shares, accounting for 20% of the total issuance, with 2.17 million shares allocated to senior management and core employees [2] - The offline initial issuance will be 12.14 million shares, making up 70% of the remaining shares after strategic placement, while the online issuance will be 5.20 million shares, representing 30% [3] Group 2: Issuance Mechanism - The issuance will utilize a combination of strategic placement, offline pricing inquiries, and online pricing for public investors holding non-restricted A-shares [1][2] - The final allocation of shares between offline and online issuance will be determined based on the results of the strategic placement and will be announced on September 3, 2025 [3] Group 3: Investor Engagement - The company and the lead underwriter will hold an online roadshow to provide investors with insights into the company's fundamentals and the IPO process [3] - The online roadshow is scheduled for August 29, 2025, from 14:00 to 17:00 [3]

Core Points - Jiangyin Huaxin Precision Technology Co., Ltd. has successfully completed its initial public offering (IPO) and is set to list on the main board of the Shanghai Stock Exchange [1][2] - The total number of shares issued in this IPO is 43.7375 million, with a final strategic placement of 8.7475 million shares, accounting for 20% of the total issuance [2][3] - The final issuance price is set at 18.60 RMB per share, with the total number of shares available for online issuance being 13.996 million [2][3] Strategic Placement - The strategic placement involved a total of 8.7475 million shares, which is 20% of the total issuance, and the funds for this placement have been fully transferred to the designated bank account [2][6] - The strategic placement participants include senior management and core employees of the company, as well as large enterprises with strategic cooperation relationships [6][7] Issuance Mechanism - The issuance combines strategic placement, offline inquiry-based placement, and online pricing issuance, with the online issuance accounting for 80% of the shares after the strategic placement [2][3] - The initial effective subscription multiple for the online issuance was approximately 7,825.56 times, leading to the activation of the allocation adjustment mechanism [3][11] Subscription Results - The final allocation after the adjustment mechanism resulted in 6.998 million shares for offline investors and 27.992 million shares for online investors, with an online winning rate of 0.02555726% [3][11] - A total of 55,984 winning numbers were generated for online investors, with specific winning number sequences provided [10][11] Payment Obligations - Investors are required to fulfill their payment obligations by August 27, 2025, ensuring sufficient funds are available in their accounts [3][5] - Any failure to pay the required amount will be considered a waiver of subscription, and the consequences will be borne by the investors [5][6]

Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. is set to conduct its initial public offering (IPO) and list on the main board, with the underwriting managed by Huatai United Securities Co., Ltd. [1][6][12] Company Overview - The company is engaged in the electrical machinery and equipment manufacturing industry, with a total share issuance of 43.7375 million shares, accounting for 25% of the post-issue total share capital [3][12][15]. - The company has met the listing standards, with cumulative net profits over the last three years amounting to 410.7551 million yuan, and a recent year's net profit of 150.063 million yuan [12][15]. Issuance Details - The IPO will utilize a combination of strategic placement, offline issuance, and online issuance, with a determined issue price of 18.60 yuan per share [2][16]. - The total funds raised are expected to be 813.5175 million yuan, with a net amount of approximately 727.1896 million yuan after deducting issuance costs [16][18]. Pricing and Valuation - The determined issue price corresponds to a diluted price-to-earnings (P/E) ratio of 21.68 times, which is lower than the average P/E ratio of comparable companies in the same industry [14][16]. - The average static P/E ratio for the electrical machinery and equipment manufacturing industry is reported to be 60.25 times [14]. Subscription and Allocation - The strategic placement accounts for 20% of the total issuance, with 8.7475 million shares allocated to strategic investors [15][22]. - The offline issuance has a total of 9,088 valid subscription objects, with a total proposed subscription amount of 86.466 million shares [13][24]. Important Dates - The offline subscription period is set for August 25, 2025, with online subscription occurring on the same day [19][29]. - The final allocation results will be disclosed on August 29, 2025 [28].

Group 1 - The company, Jiangxi Aifenda HVAC Technology Co., Ltd., is set to conduct an initial public offering (IPO) on the Shenzhen Stock Exchange, with the main underwriter being Zheshang Securities Co., Ltd. [1][2][20] - The total number of new shares to be publicly issued is 21.67 million, representing 25% of the company's total share capital post-IPO, which will amount to 86.67 million shares [28][20]. - The initial strategic placement will involve 4.334 million shares, accounting for 20% of the total issuance, with a maximum subscription amount for management and core employees set at 10% of the total issuance [21][28]. Group 2 - The issuance will combine offline inquiries and online offerings, with the pricing determined through initial inquiries from qualified institutional investors [26][20]. - The offline issuance will be conducted through the Shenzhen Stock Exchange's electronic platform, while the online issuance will utilize the trading system of the exchange [2][26]. - The company will implement a lock-up period for 10% of the shares allocated to offline investors, which will be restricted for six months post-listing [12][28]. Group 3 - The company and the main underwriter will ensure compliance with regulatory requirements during the inquiry and issuance process, including investor qualifications and asset scale verification [24][30]. - The final allocation of shares will be determined based on the results of the offline inquiries, with a minimum of 10 valid bids required for participation [12][29]. - The company will disclose the final issuance results and allocation details in a public announcement following the completion of the offering [29][34].

Core Viewpoint - Naxin Micro (688052.SH) reported significant revenue growth in the first half of 2025, with a revenue of 1.524 billion yuan, marking a year-on-year increase of 79.49%, despite a net loss attributed to shareholders of 78.01 million yuan [1][2] Financial Performance - The company's revenue for the first half of 2025 was 1.524 billion yuan, up from 848.87 million yuan in the same period last year, reflecting a growth of 79.49% [2] - The net profit attributable to shareholders was -78.01 million yuan, compared to -265.25 million yuan in the previous year [2] - The net profit excluding non-recurring gains and losses was -105.64 million yuan, an improvement from -286.36 million yuan year-on-year [2] - The net cash flow from operating activities was -307.67 million yuan, a decline from a positive cash flow of 8.40 million yuan in the same period last year [2] Historical Context - Naxin Micro was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 22, 2022, with an initial public offering of 25.27 million shares at a price of 230.00 yuan per share [3] - The total funds raised from the IPO amounted to 5.811 billion yuan, significantly exceeding the initial target of 750 million yuan [3] Shareholder Information - The total issuance costs for the IPO were 230 million yuan, with underwriting fees accounting for 203 million yuan [4] - A strategic placement was made by Everbright Securities, with a follow-on investment of 1.16 million yuan, representing 2% of the total shares issued [4] - In 2022, the company announced a cash dividend of 0.8 yuan per share and a capital increase of 0.4 shares per share, resulting in a total share capital of 141.49 million shares post-distribution [4]