Core Viewpoint - The article discusses the unexpected acquisition by Chasing Technology, a company poised for an IPO, raising questions about its strategic intentions amidst a favorable market for tech companies seeking to go public [3][4][6]. Group 1: IPO Context - The registration reform of the Sci-Tech Innovation Board has made it easier for tech companies to go public, with examples like Moore Thread and Muxi Co., which have seen significant profits for investors [2]. - Chasing Technology, with a compound annual growth rate exceeding 100% over five years, is projected to generate approximately 15 billion yuan in revenue for 2024, and surpass last year's total revenue in the first half of 2025 [3]. Group 2: Acquisition Details - Chasing Technology's core team made a surprising acquisition of Jamei Packaging for 2.282 billion yuan, which is significantly higher than Jamei's historical stock price range of 2.5-3.5 yuan per share [3][4]. - The acquisition cost is notably high compared to the total issuance costs for companies like Moore Thread, which was only 424 million yuan [3]. Group 3: Strategic Implications - The acquisition does not appear to directly support Chasing Technology's IPO plans due to regulatory restrictions on control changes within 36 months, complicating any potential asset integration [4]. - Analysts suggest that the acquisition may be aimed at enhancing Chasing Technology's supply chain in packaging, which is crucial for brand image and logistics costs [5]. - There are also speculations that this move could be part of a broader strategy to expand into smart home products and consumer goods, leveraging Jamei's established channels and production capabilities [6].

Core Viewpoint - The article discusses the recent IPO activities of companies like Moer Thread and Chasing, highlighting the implications of the registration system on the listing process for entrepreneurial firms, particularly focusing on Chasing's significant acquisition of Jiamei Packaging and its potential connection to its upcoming IPO plans [2][4][10]. Group 1: IPO and Market Dynamics - Chasing's founder, Yu Hao, announced plans for multiple business IPOs under the Chasing ecosystem starting from the end of 2026 [4]. - The company spent approximately 2.28 billion yuan (around 22.8 million) to acquire Jiamei Packaging, which raises questions about the strategic rationale behind this investment in relation to its IPO [4][5]. - The overall issuance cost for Moer Thread's IPO was 424 million yuan, while Chasing's acquisition cost was significantly higher, indicating a potential overvaluation if the acquisition was intended to facilitate the IPO [9]. Group 2: Financial Performance and Growth - Chasing Technology has demonstrated a compound annual growth rate (CAGR) exceeding 100% from 2019 to 2023, with projected revenues of approximately 15 billion yuan in 2024 [10]. - The company reported that its revenue for the first half of the year surpassed the total revenue for 2024, indicating strong operational performance [10]. - Despite the acquisition of Jiamei Packaging, Chasing's financial metrics suggest that it does not require additional support from the packaging company for its IPO plans [11]. Group 3: Regulatory Environment - The article outlines the regulatory framework for companies seeking to list on the Sci-Tech Innovation Board, emphasizing that the assessment criteria have shifted from historical profitability to expected market valuation and other financial indicators [9][12]. - Companies can now qualify for listing based on projected market value, revenue, and R&D investment, allowing firms without current profitability to access the public market if they possess high growth potential [9].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly optimized the industry structure of the A-share market since its launch on July 22, 2019, with a total of 591 companies listed and a cumulative IPO fundraising of 927.156 billion yuan by July 22, 2025 [1][2]. Underwriting and Fundraising - A total of 65 securities firms have provided underwriting and sponsorship services for the 591 STAR Market companies, with Guotai Junan leading in the number of underwritings at 112, followed by CITIC Securities with 99 [1][2]. - The top five securities firms by underwriting amount are Guotai Junan (213.777 billion yuan), CITIC Securities (167.069 billion yuan), CICC (130.254 billion yuan), CITIC Jianzhong (88.015 billion yuan), and Huatai Securities (62.288 billion yuan) [2][4]. Performance of CITIC Securities - CITIC Securities has earned approximately 6.996 billion yuan in underwriting and sponsorship income from 99 STAR Market IPO projects, maintaining its position as the top firm in this regard [5]. - Despite its strong performance, CITIC Securities faced scrutiny due to its involvement with *ST Guandian, which has been flagged for potential delisting risks, highlighting the challenges in maintaining underwriting quality [5][6]. Issues with *ST Guandian - *ST Guandian has been criticized for failing to disclose non-operating fund occupation and related party transactions, leading to significant omissions in its financial reports [6][7]. - The company’s 2022 annual report contained false records, inflating bank deposits by 139 million yuan, which constituted 13.37% of its total disclosed assets [7][8]. - The ongoing issues with *ST Guandian raise questions about the accountability of CITIC Securities and its staff regarding their oversight responsibilities [8].