Core Viewpoint - The company, Gude Electric Materials System (Suzhou) Co., Ltd., has received approval for its initial public offering (IPO) of up to 20.7 million shares on the ChiNext board, with a set price of 58.00 yuan per share [1]. Group 1: IPO Details - The IPO will consist of a combination of strategic placements, offline inquiries for qualified investors, and online offerings to the public [1]. - The final number of shares allocated for strategic placement is 297.4133 million, which is approximately 14.37% of the total offering [2]. - The initial strategic placement was set at 414 million shares, accounting for 20.00% of the total offering [2]. Group 2: Subscription and Payment - Offline investors must ensure that their subscription funds are fully paid by February 27, 2026, or their allocations will be void [4]. - Online investors who win a lottery for shares must also ensure sufficient funds are available by the same date, or they will forfeit their allocations [5]. Group 3: Lock-up Periods - Shares allocated to the employee management plan for strategic placement will have a lock-up period of 12 months, while other strategic investors will have lock-up periods ranging from 12 to 18 months [7]. - For offline investors, 10% of their allocated shares will be subject to a 6-month lock-up period, while 90% will be freely tradable upon listing [6]. Group 4: Subscription Statistics - The online offering received a total of 13,526,005 valid applications, amounting to 55,416,705,000 shares, with a total of 110,833,410 allocation numbers generated [9]. - The effective subscription multiple for the online offering was 11,154.73 times, prompting the activation of the allocation adjustment mechanism [10]. - After adjustments, the final allocation for offline investors was 921.2367 million shares, while online investors received 851.3500 million shares, resulting in a lottery rate of 0.01536% [11].

特别提示 固德电材系统(苏州)股份有限公司(以下简称"固德电材"、"发行人"或"公司")根据中国证券监督管理委员 会(以下简称"中国证监会")颁布的《证券发行与承销管理办法》(证监会令〔第228号〕)(以下简称"《管 理办法》")、《首次公开发行股票注册管理办法》(证监会令〔第205号〕)、深圳证券交易所(以下简 称"深交所")颁布的《深圳证券交易所首次公开发行证券发行与承销业务实施细则(2025年修订)》(深证 上〔2025〕267号)(以下简称"《实施细则》")、《深圳市场首次公开发行股票网下发行实施细则(2025年 修订)》(深证上〔2025〕224号)(以下简称"《网下发行实施细则》")、《深圳市场首次公开发行股票网 上发行实施细则》(深证上〔2018〕279号)(以下简称"《网上发行实施细则》")、《深圳证券交易所创业 板投资者适当性管理实施办法(2020年修订)》(深证上〔2020〕343号)(以下简称"《投资者适当性管理办 法》")、中国证券业协会(以下简称"证券业协会")颁布的《首次公开发行证券承销业务规则》(中证协发 〔2023〕18号)(以下简称"《承销业务规则》")、《首次公开发行证券网 ...

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. has received approval for its initial public offering (IPO) of A-shares, with the issuance amount set at 188.537 million shares, representing 25% of the total post-issue share capital [1]. Group 1: Issuance Details - The IPO will be conducted through a combination of offline and online offerings, with 1,131.270 million shares allocated for offline investors (60%) and 754.100 million shares for online investors (40%) [2]. - The issue price is set at 37.88 yuan per share, with the initial online offering of 754.100 million shares scheduled for January 30, 2026 [2]. Group 2: Payment and Subscription Process - Investors must fulfill their payment obligations by February 3, 2026, with specific instructions for offline and online investors regarding the payment process [3][5]. - A 10% lock-up period applies to 10% of the shares allocated to offline investors, lasting for six months from the date of listing [4]. Group 3: Subscription Statistics - The online offering received 14,157,164 valid applications, totaling 79,852,287,000 shares, resulting in an initial online subscription rate of 0.009444369% [6]. - Following the activation of the allocation mechanism, the final online issuance quantity increased to 1,508.250 million shares, representing 80% of the total issuance [6]. Group 4: Lottery and Announcement - The lottery for the online subscription will take place on February 2, 2026, with results published on the Shanghai Stock Exchange website on February 3, 2026 [7].

Core Viewpoint - Chongqing Zhixin Industrial Co., Ltd. has received approval for its initial public offering (IPO) of A-shares, with the underwriting led by Shenwan Hongyuan Securities and Southwest Securities [1][2]. Group 1: Issuance Details - The total number of shares to be issued is 56,666,667, representing 25% of the total post-issue share capital [2]. - The initial strategic placement consists of 11,333,333 shares, accounting for 20% of the total issuance [2]. - The final strategic placement amount remains unchanged at 11,333,333 shares, with no allocation to the offline portion [2]. Group 2: Subscription and Allocation - The offline issuance will consist of 27,200,334 shares, making up 60% of the remaining shares after the strategic placement [2]. - The online issuance will include 18,133,000 shares, representing 40% of the remaining shares after the strategic placement [2]. - The final total issuance after the strategic placement is 45,333,334 shares [2]. Group 3: Pricing and Payment - The issue price is set at 21.88 yuan per share [2]. - Investors are required to fulfill payment obligations by January 8, 2026, for both offline and online subscriptions [4][5]. Group 4: Subscription Results - The initial effective subscription multiple for online issuance was 8,101.79 times, prompting the activation of the allocation adjustment mechanism [3]. - After the adjustment, the final online issuance quantity is 36,266,500 shares, while the offline issuance is reduced to 9,066,834 shares [3]. - The final online winning rate is approximately 0.0247% [3]. Group 5: Strategic Placement Results - All investors participating in the strategic placement have fulfilled their payment commitments [7]. - The total amount paid by strategic placement investors exceeded the corresponding amount for the final allocation, with excess funds to be refunded by January 12, 2026 [7].

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. has received approval for its initial public offering (IPO) of common shares (A-shares) and will be listed on the main board of the Shenzhen Stock Exchange [1] Group 1: IPO Details - The total number of shares to be issued is 287 million shares at a price of RMB 6.85 per share [1] - The initial strategic placement quantity is 86.1 million shares, accounting for 30% of the total issuance, with the final strategic placement quantity being 79.55 million shares, or 27.72% [2] - After the strategic placement adjustment, the offline initial issuance quantity is 147.18 million shares, approximately 70.95% of the remaining shares, while the online initial issuance quantity is 60.27 million shares, about 29.05% [2] Group 2: Subscription and Payment - Investors must ensure that subscription funds are fully paid by December 23, 2025 (T+2), or their allocation will be invalidated [3] - Offline investors must pay according to the final determined issuance price and allocation quantity by the specified deadline [3] - Any shares not subscribed by offline and online investors will be underwritten by the lead underwriter [4] Group 3: Lock-up Period - Shares from the online issuance have no circulation restrictions and can be traded immediately upon listing [5] - For offline investors, 10% of the allocated shares will have a lock-up period of 6 months, while 90% will be tradable immediately [6] - Strategic placement investors will have a lock-up period of 12 months starting from the listing date [6] Group 4: Subscription Statistics - The number of valid subscription accounts for the online issuance is 16,553,354, with a total of 335,228,869,500 shares applied for [8] - The total number of allocation numbers is 670,457,739, with the starting number being 000000000001 and the ending number being 000670457739 [8] Group 5: Allocation Mechanism - Due to an effective subscription multiple of 5,562.12, the allocation mechanism was activated, resulting in 40% of the remaining shares being reallocated from offline to online [9] - After the reallocation, the final offline issuance quantity is 64.20 million shares, approximately 30.95% of the total remaining shares, while the final online issuance quantity is 143.25 million shares, about 69.05% [9] - The online issuance winning rate after reallocation is 0.0427% with an effective subscription multiple of 2,340.14 [9] Group 6: Lottery Draw - The lottery draw for the online issuance is scheduled for December 22, 2025 (T+1), with results to be announced on December 23, 2025 (T+2) [10]

Strategic Placement Results - The final strategic placement shares allocated to the issuer's senior management and core employees amounted to 1.7694 million shares, accounting for 6.62% of the total issuance [1] - Other strategic investors received 2.2432 million shares, approximately 8.39% of the total issuance [1] - The total initial strategic placement was 5.346 million shares, representing 20.00% of the total issuance, which was later adjusted to 4.01256 million shares, or 15.01% [1] Lock-up Period Arrangement - The lock-up period for shares allocated to the issuer's senior management and core employees, as well as other strategic investors, is set for 12 months starting from the date of listing on the Shenzhen Stock Exchange [2] Offline Issuance - A total of 7,825 valid quotation placement objects were confirmed for participation in the offline subscription, with a total proposed subscription volume of 4,637.38 million shares [3] Offline Subscription Process - The offline subscription period is scheduled for December 19, 2025, from 9:30 AM to 3:00 PM, with a fixed subscription price of 22.29 yuan per share [4] - Investors must submit their subscription records through the Shenzhen Stock Exchange's offline issuance electronic platform [4] - Valid quotation placement objects must participate in the offline subscription, and failure to do so will be considered a breach of contract [5] Initial Offline Placement - The initial offline placement will be conducted based on the principles established in the preliminary inquiry announcement published on December 11, 2025 [6] Announcement of Initial Placement Results - The initial placement results will be published on December 23, 2025, detailing the names of offline investors, their quotations, subscription quantities, and initial allocation amounts [7] Subscription Fund Payment - Investors who receive initial placement qualifications must transfer subscription funds to the designated account by December 23, 2025, ensuring that funds are received by the deadline [8] - Each placement object must pay the subscription amount calculated as the issuance price multiplied by the initial allocation quantity [8] Other Important Matters - Beijing DeHeng Law Firm will witness the offline issuance process and provide a special legal opinion [13] - Investors holding more than 5% of the total share capital post-issuance must fulfill their information disclosure obligations [13] Online Issuance - The online subscription period is set for December 19, 2025, from 9:15 AM to 11:30 AM and 1:00 PM to 3:00 PM [14] - The issuance price for online subscriptions is also set at 22.29 yuan per share, with an initial online issuance quantity of 8.5535 million shares [15] Online Investor Subscription Qualifications - Investors must hold a minimum average market value of 10,000 yuan in non-restricted A-shares or non-restricted depositary receipts over the 20 trading days prior to December 17, 2025 [16][17] Subscription Rules - Investors can only choose either offline or online subscription methods, and participation in both will render the online subscription invalid [20] - Each subscription unit is set at 500 shares, and any excess must be in multiples of 500 [20] Subscription Procedures - Investors must have a securities account opened with the China Securities Depository and Clearing Corporation before the online subscription date [22] - Subscription procedures are similar to buying stocks in the secondary market, and investors do not need to pay subscription funds upfront [25][30] Payment Obligations for Successful Bidders - Successful bidders must ensure sufficient funds in their accounts by December 23, 2025, to fulfill their payment obligations [37] - Any failure to pay will be treated as a waiver of subscription, and the shares will be underwritten by the lead underwriter [38] Handling of Waived Subscriptions - Shares not subscribed due to insufficient funds will be underwritten by the lead underwriter, and the issuance will be suspended if the total subscriptions do not meet the required thresholds [39][41]

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board of the Shanghai Stock Exchange [1] Group 1: IPO Details - The company plans to issue 100 million shares, representing 21.74% of the total share capital post-issuance [2] - The initial strategic placement was set at 30 million shares, accounting for 30% of the total issuance, with the final strategic placement adjusted to approximately 28.50% [2] - The final issuance price is set at RMB 10.10 per share, with 21 million shares to be issued on December 12, 2025 [2] Group 2: Subscription and Payment - Investors must fulfill payment obligations by December 16, 2025, with specific instructions for both offline and online investors regarding payment procedures [3] - If the total subscription from offline and online investors does not meet 70% of the adjusted issuance quantity, the underwriters will underwrite the unsubscribed shares [4] Group 3: Issuance Structure and Mechanism - The offline issuance will have a lock-up period of 6 months for 10% of the shares, while 90% will be tradable immediately after listing [5] - A mechanism is in place to adjust the allocation between offline and online subscriptions based on demand, with a significant oversubscription ratio of 7,423.41 times leading to a reallocation of shares [8] - The final online subscription rate after the adjustment is 0.03181828% [9] Group 4: Lottery and Announcement - The online lottery for share allocation will take place on December 15, 2025, with results announced the following day [10]

Core Points - The company, Nabichuan New Energy Co., Ltd., has received approval for its initial public offering (IPO) of up to 27,917,400 shares on the ChiNext board [1][2] - The offering price is set at RMB 22.63 per share, with a strategic placement of 15% of the total shares [2] - The IPO will involve a combination of strategic placement, offline issuance, and online issuance to the public [1][2] Group 1 - The initial strategic placement was 5,583,480 shares, which was later adjusted to 4,187,610 shares after the final pricing [2] - The offline issuance will account for 71.77% of the total shares after the strategic placement adjustment, while online issuance will account for 28.23% [2] - The total number of shares available for online and offline issuance after adjustments is 23,729,790 shares [2] Group 2 - Investors must fulfill payment obligations by December 10, 2025, for both offline and online subscriptions [3][4] - Shares from the online issuance will have no restrictions on circulation and can be traded immediately upon listing [5] - Offline investors will have 10% of their allocated shares subject to a six-month lock-up period, while strategic placement investors will face a 12-month lock-up [6] Group 3 - The online issuance received a total of 13,737,065 valid applications, with a total of 76,836,050,500 shares applied for [8] - The effective subscription multiple for the online issuance was 11,468.067, leading to the activation of the allocation mechanism [9] - The final online issuance quantity after adjustments is 1,144,600 shares, with a winning rate of 0.01489666532% [9] Group 4 - The lottery draw for the online subscription will take place on December 9, 2025, with results announced on December 10, 2025 [10] - The underwriter for this IPO is Zheshang Securities Co., Ltd. [11][12]

Core Viewpoint - The company, Southern Power Grid Digital Research Institute Co., Ltd., has received approval for its initial public offering (IPO) of A-shares on the ChiNext board, with a total issuance of 476.947534 million shares at a price of RMB 5.69 per share [1][2]. Group 1: Issuance Details - The total number of shares for this issuance is set at 476.947534 million shares, with the initial strategic placement accounting for 50% of the total shares [2]. - The final strategic placement quantity is 226.713529 million shares, approximately 47.53% of the total issuance, with the difference being allocated to offline issuance [2]. - The offline initial issuance quantity is 202.539505 million shares, representing about 80.94% of the remaining shares after the final strategic placement [2]. Group 2: Subscription and Payment Process - Investors who are allocated shares must ensure that their subscription funds are fully paid by November 11, 2025, or their allocation will be rendered invalid [3][4]. - The online issuance shares have no restrictions on circulation and can be traded immediately upon listing [5]. - Offline investors are required to hold 10% of their allocated shares for a six-month lock-up period, while strategic placement investors have a lock-up period of 18 to 36 months depending on the investor [6]. Group 3: Subscription Statistics - The effective number of subscription accounts for the online issuance reached 13,154,839, with a total of 269.687992 billion shares applied for [8]. - The initial effective subscription multiple was 5,654.48830 times, leading to the activation of a mechanism to reallocate shares from offline to online issuance [9]. - The final online issuance quantity after the reallocation is 97.741500 million shares, with a final winning rate of approximately 0.0362% [9]. Group 4: Lottery and Announcement - The lottery for the online subscription will take place on November 10, 2025, with results announced on November 11, 2025 [10].

Core Viewpoint - The company, Southern Power Grid Digital Research Institute Co., Ltd., is conducting its initial public offering (IPO) and listing on the ChiNext board, adhering to various regulatory guidelines and procedures set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1][4]. Group 1: IPO Details - The IPO price is set at 5.69 yuan per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 32.22 times based on the company's 2024 net profit, lower than the industry average of 71.22 times [3]. - The issuance will involve a combination of strategic placement, offline issuance to qualified investors, and online issuance to the public, with the strategic placement accounting for 50% of the total issuance [2][6]. - The final strategic placement quantity is 22,671.3529 million shares, approximately 47.53% of the total issuance, with a difference of 1,176.0238 million shares being reallocated to offline issuance [6]. Group 2: Subscription Process - Investors are required to express their subscription intentions independently and cannot delegate this to securities companies [7]. - The subscription date for both online and offline offerings is set for November 7, 2025, with specific time slots for each [6]. - A mechanism for adjusting the issuance quantities between online and offline subscriptions will be activated based on the subscription results [8]. Group 3: Lock-up Periods - For online issuance, there are no restrictions on the circulation of shares, while offline investors will have 10% of their allocated shares subject to a 6-month lock-up period [7]. - Strategic placement investors, except for one specific investor, will have an 18-month lock-up period, while one investor will have a 36-month lock-up period [7].