来源|时代商业研究院 作者|雷小艳 编辑|郑琳 北交所官网显示，昆山长鹰硬质材料科技股份有限公司（下称"长鹰硬科"）于2025年6月30日申报北交所IPO并获受理，于今年7月28日收到北交所的第一 轮审核问询函。 11月19日、28日，长鹰硬科就上述问题回复表示，若本次IPO失败，实控人股份回购比例在5%左右，创始人相关人事变动系公司治理优化及工作重心调 整。 创始人签多项对赌协议，申报前已履行部分回购义务 招股书显示，2003年，黄启君、陈碧、阳铁飞、戴新光四人发起设立长鹰硬科前身昆山长鹰硬质合金有限公司（下称"长鹰有限"）。 截至招股书签署日（2025年6月23日），黄启君通过直接持股、担任三个员工持股平台的唯一执行事务合伙人等方式合计控制长鹰硬科46.02%的股份，被 认定为长鹰硬科的控股股东。黄启君、陈碧夫妻二人对该公司的合计控股比例达68.55%，被认定为长鹰硬科的实控人。 上交所官网则显示，长鹰硬科曾于2023年3月申报上交所主板IPO并获受理，不过在2024年1月回复上交所的审核问询函后，该公司于2024年6月撤回了申 请材料。 时代商业研究院发现，在撤回前次IPO申请后、提交本次IPO申请前的 ...

Core Points - The role and behavior of controlling shareholders during the IPO process on the Hong Kong Stock Exchange (HKEX) are strictly regulated to protect investor interests and ensure market fairness and transparency [2][3][4] Group 1: Definition and Lock-up Period - Controlling shareholders are defined as individuals or groups holding 30% or more of the voting rights or having significant influence over the issuer's board and business decisions [3][10] - A standard lock-up period requires controlling shareholders to refrain from selling their shares for at least 6 months post-IPO, with additional restrictions in the following 6 months to maintain their controlling status [3][10] Group 2: Reduction and Disclosure Restrictions - Controlling shareholders must comply with lock-up regulations and disclose any planned share reductions, ensuring no market disruption or insider trading occurs [3][10] - They have a fiduciary duty to act in the best interests of the company and minority shareholders, avoiding conflicts of interest and self-dealing [3][10] Group 3: Key Responsibilities and Governance - Controlling shareholders play a crucial role in leading the IPO decision-making process, including timing, structure, and use of raised funds [4][5] - They must ensure clear and compliant shareholding structures, avoiding any significant disputes or pledges that could affect control [11][12] Group 4: Compliance and Market Concerns - HKEX emphasizes the stability of control post-IPO, requiring disclosures regarding any potential competition or related party transactions [8][11] - Pre-IPO investors' special rights must be addressed to comply with HKEX regulations before the IPO [11][12]

Core Points - The company, Wuhan Lingdian Automotive Electric Control System Co., Ltd., held its fourth board meeting on September 16, 2025, where all directors were present and agreed to waive the advance notice period for the meeting [1][3] - The board approved a proposal regarding the share lock-up period for Jiaxing Yunkai Equity Investment Partnership (Limited Partnership) in connection with the acquisition of 98.4260% of Jiangsu Aoyikes Automotive Electronics Technology Co., Ltd. through a combination of share issuance and cash payment [1][2] Summary by Sections - **Board Meeting Details** - The meeting was convened in a hybrid format with all seven directors present, ensuring compliance with legal and regulatory requirements [1] - The meeting was chaired by Mr. Wang Heping, and the resolutions passed were deemed legal and effective [1] - **Share Lock-Up Arrangement** - Jiaxing Yunkai will not be allowed to transfer the shares obtained from this transaction for 12 months following the completion of the issuance [2] - If any legal investigations arise regarding the information provided in this transaction, the lock-up will remain in effect until the investigation concludes [2] - Any additional shares acquired by Jiaxing Yunkai due to stock dividends or other reasons will also be subject to the same lock-up period [2]

合肥雪祺电气股份有限公司 Hefei Snowky Electric Co., Ltd. （安徽省合肥市经济技术开发区青鸾路 369 号） 首次公开发行股票并上市招股说明书 本公司的发行申请尚未得到中国证监会核准。本招股说明书（申报稿）不具 有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的 保荐机构（主承销商） （申报稿） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 招股说明书全文作为作出投资决定的依据。 合肥雪祺电气股份有限公司 首次公开发行股票并上市招股说明书 发行概况 | 发行股票类型： | 人民币普通股（A股） | | --- | --- | | 发行股数： | 不超过3,419万股 | | 占发行后总股本的比例： | 不低于25% | | 每股面值： | 人民币1.00元 | | 每股发行价格： | 【●】元/股 | | 预计发行日期： | 【●】年【●】月【●】日 | | 拟上市的证券交易所： | 深圳证券交易所 | | 发行后总股本： | 不超过13,676万股 | | | 本次发行前公司股东对所持股份的流通限制和自愿锁定的承诺： | | | （一）控股股东、实 ...