Core Viewpoint - The investigation of senior executives at "China's first domestic database stock" raises concerns about potential bribery and significant violations during the company's listing on the Sci-Tech Innovation Board [2][8] Group 1: Investigation Details - On August 21, 2023, the company announced that its board member and senior vice president Chen Wen is under investigation by the Hubei Provincial Supervisory Committee [2] - On August 19, 2023, the company disclosed that its board member and general manager Pi Yu is also under investigation and has been detained [2] - Both executives have extensive sales backgrounds, with Pi Yu having served in various roles at the company since 2010 and Chen Wen holding similar positions since 2002 [3][7] Group 2: Previous Bribery Allegations - Historical records indicate that the company has faced bribery allegations, with a case involving a payment made to a government official to expedite project payments [6][7] - In 2013, a payment of 50,000 yuan was made to a government official to facilitate the settlement of a project worth 7.26 million yuan [6] Group 3: Company Profile and Financials - The company is a leading developer of database products in China, providing services to large and medium-sized enterprises, government agencies, and institutions [4] - The company's accounts receivable growth significantly outpaces revenue growth, with accounts receivable increasing by 179.73% while revenue grew by 31.49% in the 2024 reporting period [4] Group 4: Listing Concerns - The company went public on the Sci-Tech Innovation Board on June 12, 2024, issuing 19 million shares at a price of 86.96 yuan per share [8] - The investigation of the executives raises questions about potential major violations that could affect the legitimacy of the company's listing [8][9]

接受辅导人员名单披露，包括洪申平在内的公司全体董事(含独立董事)、监事、高级管理人员和持股 5%以上的股东代表，共14人。 报告显示，受宏观经济形势、行业竞争环境等市场因素，以及发行人成本费用支出等多 方面不利因素叠加的影响，公司报告期内业绩不及预期，收 入利润水平虽有回升但距离满足上市条件仍有一定差距，同时面临经营业绩波动的风险，未来需进一步改善公司经营业绩情况。 飞旋科技成立于2012年，注册资本3.75亿元，是磁悬浮高速旋转机械整体解决方案提供商，旗下拥有飞旋、亿昇两大品牌。公司董事长、总经理、实 际控制人为洪申平。 瑞财经 严明会 近日，天津飞旋科技股份有限公司（以下简称：飞旋科技）披露科创板上市辅导工作进展情况报告(第十期)，辅导机构华泰联合证 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 洪甲平 | 发行人董事长、总经理、实际控制人 | | 2 | 沙宏磊 | 发行人董事、副总经理 | | 3 | 前天野 | 发行人董事、副总经理 | | 4 | 李东晖 | 发行人董事、董事会秘书、财务总监 | | રે | 魏宏锟 | 发行人董事 | | 6 | 朱家凤 ...

二、公司无控股股东，实控人为美国国家科学院生理药理学博士后 文/梧桐晓编 8月7日，上交所网站显示广州必贝特医药股份有限公司科创板IPO注册生效！必贝特早在2023年6月1日提交注册，超过2年2个月后终于获得注册。公司选择第五套 上市标准。 公司报告期3年（2022年、2023年、2024年）无营收、 累计亏损4.17亿。不过2024年公司归母净利润-5600万元，相比2023年亏损17276万元已大幅减 亏。 必贝特前身有限公司成立于2012年1月，2021 年 12 月整体变更为股份公司。公司目前注册资本3.6003亿余元。发行人拥有 1 家全资子公司，2家分公司。截至2024 年末，公司员工总数154人。公司的最新一版招股书系2025年8月7日公布的注册稿。 一、发行人核心产品 BEBT-908 已获批上市 必贝特是一家以临床价值为导向、专注于创新药自主研发的生物医药企业。公司聚焦于肿瘤、自身免疫性疾病、代谢性疾病等重大疾病领域，依托自主研发构建的 核心技术平台，公司持续开发临床急需的全球首创药物（First-in-Class）和未满足临床需求的创新药物。 作为一家拟适用《上海证券交易所科创板股票上市规 ...

Core Viewpoint - Youyan Composite Materials (Beijing) Co., Ltd. has applied for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a fundraising target of 900 million yuan [1] Group 1: Company Overview - Youyan Composite Materials is a high-tech enterprise primarily engaged in the research, production, and sales of metal composite materials and special non-ferrous metal alloy products [1] - The company's product offerings include metal matrix composite materials, bimetallic composite materials, special aluminum alloy products, and special copper alloy products, which are widely used in aerospace, military electronics, smart terminals, and home appliances [1] Group 2: Revenue Composition - In the fiscal year 2024, the revenue composition is projected to be 72.8% from metal composite materials and 27.2% from special non-ferrous metal alloy products [2] - The company has a significant portion of its sales coming from international markets, with overseas sales accounting for 37.42%, 27.99%, and 21.52% of total revenue in the years 2022, 2023, and 2024, respectively [2] Group 3: Financial Data - The company's projected revenues for the years 2022, 2023, and 2024 are approximately 414 million yuan, 498 million yuan, and 610 million yuan, respectively [3] - The net profits for the same years are estimated to be around 75.11 million yuan, 61.91 million yuan, and 68.44 million yuan, respectively [3] - Total assets as of December 31 for the years 2022, 2023, and 2024 are reported to be 576.36 million yuan, 755.33 million yuan, and 1.088 billion yuan, respectively [5] - The company's equity attributable to shareholders is projected to grow from 307.88 million yuan in 2022 to 745.99 million yuan in 2024 [5] Group 4: Financial Ratios - The debt-to-asset ratio for the parent company is expected to decrease from 38.91% in 2023 to 26.72% in 2024, indicating improved financial stability [7] - The consolidated debt-to-asset ratio is projected to decline from 40.53% in 2023 to 30.97% in 2024 [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced measures to support unprofitable technology companies with key core technologies and market potential to list on the Sci-Tech Innovation Board, enhancing the inclusiveness of the system [1] Group 1: Company Overview - Angrui Microelectronics is focused on integrated circuit design in the RF and analog fields, developing RF front-end chips for smart mobile terminals and RF SoC chips for IoT applications [4] - The company has achieved significant sales with its RF front-end chips across major smartphone brands, excluding Apple, and has established partnerships with industrial and medical clients [4] Group 2: Financial Performance - Angrui Microelectronics has reported cumulative losses exceeding 800 million yuan over the past three years, with plans to raise 2.067 billion yuan through its IPO for R&D and industrial upgrades [5] - The company’s revenue has shown a compound annual growth rate of approximately 50.88%, with revenues of 923 million yuan, 1.695 billion yuan, and 2.101 billion yuan for 2022, 2023, and 2024 respectively [6] - Despite increasing revenues, the company has continued to incur losses, with net profits of -290 million yuan, -450 million yuan, and -64.71 million yuan over the same period [6][8] Group 3: Financial Metrics - The total assets of Angrui Microelectronics reached approximately 1.721 billion yuan in 2024, with a debt-to-asset ratio of 43.22%, up from 17.71% in 2022 [7][10] - The company’s gross profit margin has gradually increased to 20.22% in 2024, although it remains below the industry average of 25.83% [8][9] - Operating cash flow has been negative, indicating ongoing financial strain, with net cash flows from operating activities of -394.56 million yuan, -670.91 million yuan, and -1.867 billion yuan over the past three years [10][12] Group 4: Ownership and Control Issues - The founder, Yang Qinghua, unexpectedly left the company during its push for financing and listing, raising questions about the company's governance [3][16] - The current actual controller, Qian Yongxue, acquired control through loans, and the first major shareholder, Beijing Xinke, faces risks related to a partner involved in illegal fundraising [3][20] - The complex ownership structure and the potential legal issues surrounding a limited partner could pose significant challenges for Angrui Microelectronics in its IPO process [20][22]

Core Viewpoint - The Shanghai Stock Exchange has scheduled a listing review meeting for Shenzhen Beixin Life Technology Co., Ltd. on July 18, 2025, marking a significant step in the company's IPO process after previous attempts to list on the Hong Kong Stock Exchange failed [1][3]. Group 1: Company Overview - Beixin Life is a medical device company that previously attempted to list on the Hong Kong Stock Exchange but faced setbacks, including an expired prospectus [3]. - The company signed a listing guidance agreement with China International Capital Corporation in October 2022, aiming for a listing on the STAR Market [3]. - Beixin Life's updated prospectus indicates a revised fundraising target of 9.52 billion yuan, down from an initial 12.74 billion yuan [3]. Group 2: Fundraising and Project Allocation - The total investment for the company's projects is approximately 127.39 million yuan, with significant allocations for the construction of an interventional medical device industrialization base and R&D projects [4]. - The updated prospectus shows a reduction in the proposed fundraising for the interventional medical device R&D project from 3.76 billion yuan to 2.82 billion yuan, reflecting a decrease of about 937 million yuan [6]. Group 3: Production Capacity and Utilization - Beixin Life's IVUS system capacity utilization rates have improved significantly, reaching 98.64% in 2024, while the FFR system's utilization was 67.54% [7][8]. - The company anticipates that the industrialization base project will achieve stable production by 2030, with projected annual capacities of 545,000 units for IVUS and 360,000 units for FFR [9]. Group 4: Financial Performance - Beixin Life reported revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for 2022, 2023, and 2024, respectively, with net losses decreasing from 300 million yuan in 2022 to 53.74 million yuan in 2024 [10][11]. - The company's R&D expenses have decreased over the years, with a notable drop in the R&D expense ratio from 154.95% in 2022 to 35.65% in 2024 [12]. Group 5: Shareholder Dynamics - Several shareholders have exited the company prior to its application for listing on the STAR Market, with notable transactions involving SpringHill and Shihezi Taiyu [17][18]. - The company has undergone multiple rounds of financing, with commitments made by investors that included performance-based clauses related to the company's IPO timeline [17].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") has responded to the second round of inquiry from the Shanghai Stock Exchange, addressing seven categories of questions including customer concentration, revenue, inventory, R&D, fundraising projects, and production land [1][3]. Customer Concentration and Revenue - Hengkang New Materials is the largest supplier of photoresist materials to customer A1, with sales revenue from SKMP's introduced photoresist materials amounting to approximately 138 million yuan, 116 million yuan, and 142 million yuan for 2022, 2023, and 2024 respectively [1][3]. - The company reported a significant decline in orders from customer A1, with on-hand orders decreasing from 47.51 million yuan to 17.73 million yuan over the reporting periods [3]. - As of June 2025, the total on-hand orders from customer A1 were 158 million yuan, reflecting a drop compared to previous periods due to fluctuating order cycles [4]. Financial Performance - In the first half of 2025, Hengkang New Materials generated approximately 288 million yuan in revenue, a 22.68% increase from 235 million yuan in the same period of 2024. Self-produced product revenue rose by 72.53% to 250 million yuan, while introduced product revenue fell by 57.40% to approximately 38.37 million yuan [4][5]. - The overall gross profit for the first half of 2025 was reported at 116.5 million yuan, down 9.99% from the previous year [5]. R&D and Product Development - The company has established a self-research and development strategy for photoresist materials since 2020, focusing on domestic production to meet customer demands [3][6]. - Hengkang New Materials is collaborating with Xiamen University to enhance its R&D capabilities, focusing on key materials for advanced integrated circuit manufacturing [6]. Fundraising and Project Adjustments - Hengkang New Materials initially planned to raise 1.2 billion yuan for various projects but has since revised its fundraising target to 1.007 billion yuan, dropping the SiARC development and industrialization project from its fundraising agenda [6][7]. - The Shanghai Stock Exchange has requested detailed explanations regarding the necessity and rationality of the adjusted fundraising projects, including land use and potential risks of excess capacity [7].

Core Insights - A total of 51 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange from January to June 2025, raising a total of 37.3 billion yuan [1] - Among these, 7 companies were listed on the Sci-Tech Innovation Board, collectively raising 5.619 billion yuan [1] Listing Details - The 7 companies that chose the first set of listing standards include: - Ying Shi Innovation (688775.SH) listed on June 11, 2025, raising 1.93807 billion yuan with underwriting fees of 158.3475 million yuan [1] - Han Bang Technology (688755.SH) listed on May 16, 2025, raising 500.94 million yuan with underwriting fees of 37.2891 million yuan [1] - Sheng Ke Nano (688757.SH) listed on March 25, 2025, raising 366.21 million yuan with underwriting fees of 43.9448 million yuan [1] - Hai Bo Si Chuang (688411.SH) listed on January 27, 2025, raising 861.1 million yuan with underwriting fees of 66.4722 million yuan [1] - Xing Fu Electronics (688545.SH) listed on January 22, 2025, raising 1.168 billion yuan with underwriting fees of 82.0755 million yuan [1] - Si Kan Technology (688583.SH) listed on January 15, 2025, raising 568.82 million yuan with underwriting fees of 46.0744 million yuan [1] - Sai Fen Technology (688758.SH) listed on January 10, 2025, raising 215.89 million yuan with underwriting fees of 25.283 million yuan [1] Listing Standards - The listing standards for the Sci-Tech Innovation Board require either: - An expected market value of no less than 1 billion yuan, positive net profits for the last two years, and a cumulative net profit of no less than 50 million yuan, or - An expected market value of no less than 1 billion yuan, positive net profit for the last year, and operating revenue of no less than 100 million yuan [1]

Core Viewpoint - Beijing Yitang Semiconductor Technology Co., Ltd. is set to conduct an initial public offering (IPO) and list on the Sci-Tech Innovation Board, following the approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange [1][6]. Group 1: IPO Details - The IPO will involve a combination of strategic placement, offline issuance, and online issuance [2][7]. - The stock will be named "Yitang Co., Ltd." with the stock code "688729" for the IPO and "787729" for online subscription [6]. - The initial inquiry period for the IPO is scheduled for June 24, 2025, with a price range of 7.11 to 8.80 yuan per share [7][8]. Group 2: Underwriters - Guotai Junan Securities Co., Ltd. and China International Capital Corporation are the joint lead underwriters for this IPO [2][9]. - The underwriters will manage the strategic placement and the inquiry process for offline and online subscriptions [2]. Group 3: Investor Participation - A total of 247 offline investors submitted 6,203 inquiries, with a total proposed subscription of 38,429,590 shares [7]. - After excluding invalid bids, 6,159 valid bids remained, with a total proposed subscription of 38,214,000 shares [8].

保荐人（联席主承销商）：中信证券股份有限公司 联席主承销商：高盛（中国）证券有限责任公司 联席主承销商：中国国际金融股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，影石创新科技股份有限公司（以下简称"影石 创新"、"公司"、"本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 6 月 11 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行股 票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证 监会规定条件网站（上海证券报：https://www.cnstock.com；中国证券报： https://www.cs.com.cn/ ；证券日报： http://www.zqrb.cn ；证券时报： https://www.stcn.com ； 经 济 参 考 报 ： http://www.jjckb.cn ； 中 国 日 报 ： https://cn.chinadaily.com.cn；金融时报：https://www ...