瑞财经 吴文婷2月25日，江苏鑫华半导体科技股份有限公司（以下简称"鑫华科技"）科创板IPO获受理。 本次IPO的保荐机构为招商证券股份有限公司，保荐代表人为姜博、吴宏兴，会计师事务所为毕马威华振会计师事务所（特殊普通合伙），律师事务所为北 京市竞天公诚律师事务所。 公司生产的电子级多晶硅是支撑整个半导体制造产业的关键基础材料，直接应用于半导体硅片与半导体用硅部件生产。 本次募集资金扣除发行费用后,将投资于以下项目: 单位:万元 | 序号 | 项目名称 | 总投资额 | 拟投入募集资金金额 | | --- | --- | --- | --- | | 1 | 10,000 吨/年高纯电子级多晶硅 产业集群项目 | 282,832.22 | 18,000.00 | | 2 | 1,500 吨/年超高纯多晶硅项目 | 40,025.46 | 24,000.00 | | 3 | 1,500 吨/年区熔用多晶硅项目 | 50,870.33 | 50,000.00 | | 4 | 高纯硅材料研发基地项目 | 20,388.05 | 20,000.00 | | ਦੇ | 补充流动资金 | 20,000.00 | 20,00 ...

科创板IPO上市的中介团队是连接企业与监管机构、投资者的核心桥梁，其职责围绕"勤勉尽责、信息披露合规、风险把控"三大 主题展开，核心目标是推动企业符合科创板定位（硬科技属性）及注册制要求，实现成功上市。以下是中介团队的主要成员、 具体职责及核心要点的详细分析： 一、中介团队组成 科创板IPO的核心中介团队包括： 二、各中介职责及核心要点 （一）保荐机构（券商）：牵头协调与全面把关 核心职责： 核心要点： （二）会计师事务所：财务真实性与合规性核查 核心职责： 1. 保荐机构（主承销商）：牵头协调各中介，承担"第一责任人"角色； 2. 会计师事务所：负责财务审计与合规核查； 3. 律师事务所：负责法律合规与风险排查； 4. 资产评估机构（如有）：针对资产收购、重组或无形资产定价提供专业意见（非必需，但常见于有资产整合的企业）。 尽职调查：对企业进行全面核查（业务、财务、法律、技术等），确认符合科创板定位（如"硬科技"属性、研发投入强 度、行业地位）； 推荐上市：向交易所提交上市申请文件，出具《发行保荐书》《上市保荐书》，承担推荐责任； 辅导企业：指导企业完善治理结构、规范运作（如股权梳理、内控制度建设）； 撰写 ...

北京商报讯（记者 马换换 李佳雪）2月24日晚间，上交所官网显示，重庆臻宝科技股份有限公司（以下 简称"臻宝科技"）科创板IPO对外披露了第二轮审核问询函回复。 本次冲击上市，臻宝科技拟募集资金约为13.98亿元，扣除发行费用后，将投资于半导体及泛半导体精 密零部件及材料生产基地项目、臻宝科技研发中心建设项目、上海臻宝半导体装备零部件研发中心项 目、补充流动资金。 在第二轮审核问询函中，臻宝科技经营业绩、研发费用、成本及毛利率等问题遭到追问。 据悉，臻宝科技专注于为集成电路及显示面板行业客户提供制造设备真空腔体内参与工艺反应的零部件 及其表面处理解决方案。公司IPO于2025年6月26日获得受理，并于当年7月16日进入问询阶段。 ...

来源：翠鸟资本 文|翠鸟资本 上交所官网显示，盛合晶微于2月24日进行科创板IPO的上市委员会现场审议。 然而，光鲜的业绩背后，公司也面临着一系列深刻的结构性风险：对单一客户的极端依赖、研发投入的 可持续性挑战，以及红筹企业在投资者保护上面临的挑战等问题，在上交所的两轮审核问询中被反复提 及和审视。 光环之下的结构性隐忧 盛合晶微在竞争激烈的半导体封测行业中脱颖而出，主要归功于其在技术先进性和市场地位上建立的强 大壁垒。公司在多个先进封装技术平台上具备"国际领先"水平，拥有大量自主知识产权。技术优势转化 为市场实力。盛合晶微不仅在多个细分领域市占率第一，而且成功与全球顶尖芯片设计和制造企业建立 了深度合作关系。 尽管盛合晶微拥有诸多耀眼的亮点，但深入研读其招股书和两轮问询函的回复，不难发现公司同样面临 着深刻且不容忽视的结构性风险。这些问题不仅是监管机构关注的焦点，也构成了评估其长期投资价值 的关键变量。 首先，客户集中度过高是悬在头顶的达摩克利斯之剑，存在对单一客户重大依赖的风险，这是盛合晶微 最突出、最致命的风险，也是两轮问询中被反复"拷问"的核心问题。 公司的客户集中度不仅高，而且呈现出快速攀升的趋势。 ...

在科创板IPO过程中，控股股东作为企业的核心治理主体，其行为合规性、股权稳定性及对发行人的影响是监管关注的重点。以 下是控股股东需重点关注的核心要点，结合科创板规则及审核实践整理： 一、控制权稳定性 科创板强调发行人需具备稳定的控制权，以保障经营连续性和投资者权益。控股股东需确保： 二、股权清晰性与合法性 控股股东的股权结构需清晰无瑕疵，避免影响发行人股权稳定性： 三、合规性与重大违法违规 无代持、信托持股 控股股东持有的发行人股份及自身股权（追溯至最终自然人/国资/境外主体）需真实，禁止通过代持、信托等方式隐匿实 际控制人或规避监管。 历史沿革中若存在代持，需还原并披露原因、资金来源、还原过程及合法性（如税务合规性）。 质押与司法冻结风险 控股股东持有的发行人股份若存在质押，需披露质押比例、质权人、资金用途及还款来源；若质押比例过高（如超过 50%），需说明是否影响控制权稳定（如触发平仓风险可能导致股份易主）。 司法冻结需披露进展及对控制权的影响。 历史股权转让合规性 历次股权转让需履行内部决策（如股东会决议）、工商变更等程序；涉及国有股权的，需取得国资审批及评估备案；涉及 外商投资的，需符合外资准入规定。 ...

科创板IPO（首次公开募股）流程严格遵循中国证监会、上海证券交易所（上交所）的监管要求，覆盖从前期筹备到上市后持续 监管的全周期。以下是所有核心环节的详细拆解，按时间顺序梳理： 一、前期筹备阶段（Pre-IPO） 1. 企业自我评估与战略决策 科创板IPO需4类核心中介协同： 3. 初步尽职调查与问题整改 二、辅导备案与辅导阶段 1. 辅导备案 企业与保荐机构签订《辅导协议》后，向当地证监局提交辅导备案材料（包括辅导方案、中介机构资质等），证监局受理 后启动辅导期（通常≥3个月）。 2. 辅导实施 3. 辅导验收 三、申报与受理阶段 1. 申报材料制作 对照科创板定位（"硬科技"：新一代信息技术、高端装备、新材料、新能源、节能环保、生物医药等6大领域+符合科创属 性指标），评估是否符合上市条件。 决策层确定IPO目标，成立上市工作小组（由高管、财务、法务、券商等组成）。 2. 选聘中介机构 保荐机构（主承销商）：负责整体协调、尽职调查、申报材料制作及后续发行承销（必须是证券公司，且具备保荐资 格）。 会计师事务所：负责财务审计（需具备证券期货相关业务资格）、内控鉴证。 律师事务所：负责法律合规审查、出具法律意 ...

Core Viewpoint - This week, five companies are making progress in their IPO applications for the Sci-Tech Innovation Board, with two companies, Taijin New Energy and Lianxun Instruments, having their registrations effective, while three others, Zhaoxin Integrated, Shenghe Jingwei, and Zhongtu Technology, are under inquiry [2][15]. Group 1: Taijin New Energy - Taijin New Energy's IPO registration has officially become effective, marking it as the first company accepted by the Shanghai Stock Exchange since the release of the new "National Nine Articles" [4][17]. - The company, established through the transformation of scientific research achievements from the Northwest Nonferrous Metal Research Institute, focuses on high-end intelligent electro-copper foil equipment and titanium electrode materials [6][19]. - Financial data shows that from 2021 to the first three quarters of 2025, Taijin New Energy achieved revenues of 1.004 billion, 1.669 billion, 2.194 billion, and 1.713 billion yuan, with net profits of 98.29 million, 155 million, 195 million, and 141 million yuan respectively [6][19]. - The company expects to achieve a revenue of 2.377 billion yuan in 2025, with a year-on-year growth of 8.34% [6][19]. - The initial fundraising target was 1.5 billion yuan, later adjusted to 990 million yuan for projects related to high-end intelligent equipment for green electrolysis [7][20]. Group 2: Lianxun Instruments - Lianxun Instruments' IPO application was registered effective on January 29, 2026, making it the first company to pass the review for the Sci-Tech Innovation Board in 2026 [7][20]. - The company specializes in high-end testing instruments for high-speed communication and semiconductor sectors, providing various core testing equipment [9][21]. - From 2022 to 2024, Lianxun Instruments' revenue grew from 214 million to 789 million yuan, with a compound annual growth rate of 91.79% [10][21]. - The company plans to raise 1.711 billion yuan for the development and industrialization of next-generation optical communication testing equipment and other projects [10][21]. Group 3: Zhaoxin Integrated - Zhaoxin Integrated's IPO status was updated to "under inquiry" on January 28, 2026, being the third unprofitable company accepted for the Sci-Tech Innovation Board in 2025 [12][22]. - Established in 2013, Zhaoxin Integrated focuses on the research and design of general-purpose processors and system platform chips, aiming to provide comprehensive computing solutions [24][22]. - Financial data indicates that from 2022 to the first half of 2025, the company reported revenues of 340 million, 555 million, 889 million, and 341 million yuan, with net losses of 727 million, 676 million, 951 million, and 427 million yuan respectively [24][22]. Group 4: Shenghe Jingwei - Shenghe Jingwei's IPO was accepted on October 30, 2025, and it is one of the first companies in mainland China to achieve mass production of 12-inch high-density bump manufacturing [13][26]. - The company reported revenues of 1.632 billion, 3.038 billion, and 4.705 billion yuan from 2022 to 2024, with a compound annual growth rate of 69.77% [14][26]. - Shenghe Jingwei plans to raise 4.8 billion yuan for investments in advanced packaging projects to expand its production capacity [14][26]. Group 5: Zhongtu Technology - Zhongtu Technology's IPO was accepted on December 31, 2025, and it is making a second attempt after withdrawing its first application in 2022 [15][27]. - The company is a major manufacturer of patterned substrate materials, with products widely used in Mini/MicroLED and automotive lighting applications [15][27]. - Zhongtu Technology aims to raise approximately 1.05 billion yuan for projects related to the industrialization of patterned substrates and semiconductor substrate material research [15][27].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the registration application for Suzhou Lianxun Instrument Co., Ltd. to conduct its initial public offering (IPO) on the Sci-Tech Innovation Board, with the approval valid for 12 months from the date of registration [1]. Company Overview - Suzhou Lianxun Instrument is a high-end testing instrument equipment company, primarily engaged in the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1]. IPO Details - The company’s IPO application was accepted on August 15, 2025, entered the inquiry stage on August 28 of the same year, and was approved on January 14 of the current year, with registration submitted on January 16 [1]. - Lianxun Instrument aims to raise approximately 1.711 billion yuan through this IPO [1].

Core Viewpoint - Guangdong Zhongtu Semiconductor Technology Co., Ltd. (referred to as "Zhongtu Technology") has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 1.05 billion yuan for various projects [1] Company Overview - Zhongtu Technology is recognized as one of the leading manufacturers of patterned substrate materials globally, focusing on the research, production, and sales of patterned substrate materials required for Gallium Nitride (GaN) epitaxy [1] IPO Details - The company’s IPO was accepted on December 31, 2025, and it plans to use the raised funds for the industrialization of Mini/Micro LED and automotive LED chip patterned substrate projects, the establishment of a semiconductor substrate material engineering technology research center, and to supplement working capital [1]

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. is progressing with its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 4.169 billion yuan for various advanced processor projects and R&D initiatives [1] Group 1: Company Overview - Zhaoxin Integrated focuses on the research, design, and sales of high-end general-purpose processors and supporting chips [1] - The company’s IPO was accepted on June 17, 2025, and entered the inquiry phase on July 9, 2025 [1] Group 2: Fundraising and Investment Plans - The planned fundraising amount is approximately 4.169 billion yuan, which will be allocated to new generation server processors, new generation desktop processors, advanced process processor R&D projects, and a research and development center [1] Group 3: Regulatory Inquiry - The Shanghai Stock Exchange has raised inquiries regarding Zhaoxin Integrated's customer and distribution model, cost and gross margin, as well as R&D investment and capitalization [1]