格隆汇10月10日丨堃博医疗-B(02216.HK)公告，于2025年10月10日，公司与各认购方订立认购协议，据 此，公司已有条件同意配发及发行，及认购方已有条件同意认购合共1.05亿股认购股份，认购价为每股 认购股份3.11港元。股份较联交所所报收市价每股3.07港元溢价约1.3% 董事相信，认购事项将加强集团的流动资金及财务状况。进行认购事项旨在进一步扩大公司股东的权益 基础、优化公司的资本架构及支持公司健康及可持续发展。董事认为，认购事项乃公司筹集进一步资金 以支持本集团持续发展及业务增长的合适融资方案，符合公司及其股东的整体利益。 根据认购事项将予配发及发行的105,108,015股认购股份总数，占(i)于本公告日期公司已发行股本之约 19.90%；及(ii)透过发行认购股份扩大的公司已发行股本约16.60%(假设自本公告日期起直至完成公司已 发行股本并无变动，惟因认购事项产生者除外)。认购股份将根据一般授权发行。 认购事项的所得款项总额总计将约为3.269亿港元，而认购事项的所得款项净额总计(扣除开支后)估计约 为3.265亿港元，相当于每股认购股份净发行价约3.106港元。认购事项的所得款项净额 ...

本次增资扩股成功引入工银金融资产投资有限公司所属基金、中国银河资产管理有限责任公司、建信金 融资产投资有限公司、交银金融资产投资有限公司和农银金融资产投资有限公司5家国内头部金融机 构，彰显了资本市场对山东路桥行业地位、资产质量及发展潜力的认可。本次增资扩股将进一步优化山 东路桥资本结构，提升盈利能力与抗风险能力，扩大山东路桥在国内外基建市场影响力，为企业高质量 发展提供动能。 近日，山东路桥以全资子公司路桥集团为平台，成功完成40亿元的增资扩股项目。这是山东路桥依托旗 下优质资产开展股权融资的成功实践，为山东路桥高质量发展注入强劲动力。 本次增资标的路桥集团是山东路桥主要子公司，具有公路、市政行业"双特双甲"核心资质，拥有对外援 助成套项目总承包企业资格，是国内AAA级信用评级企业，在路桥综合、市政工程、产业园区、高铁 普铁等领域拥有丰富的施工经验。 作为山东高速集团路桥施工板块唯一的上市平台，近年来山东路桥依托丰富的项目资源、一流的施工技 术及良好的品牌形象，在省内路桥施工行业"走在前"贡献"路桥力量"。山东路桥将以本项目落地为契 机，抢抓机遇，服务国家大局与区域经济发展，持续做强做优主业，夯实"百年路桥 ...

连续亏损的准油股份（002207）(002207.SZ)，计划拿出公积金弥补母公司亏损。 近日，准油股份发布公告称，公司将使用母公司盈余公积2267.71万元和资本公积2.96亿元(两项合计 3.19亿元)弥补母公司累计亏损。 长江商报记者发现，准油股份2008年1月上市，至今已有约17年半时间，其中8年半时间净利润处于亏损 状态，累计亏损金额达5.44亿元。 需要注意的是，截至2025年上半年底，准油股份资产负债率达84.96%，处于历史高位。 为此，9月27日，准油股份公告称，公司拟向特定对象发行A股股票的募集资金总额不超过1.975亿元(含 本数)，扣除相关发行费用后，拟使用募集资金6660.2万元用于"油田服务设备更新升级项目"。 此外，1.31亿元募资拟用于补充流动资金与偿还债务，占募资总额超六成。公司称，此举符合公司的战 略发展需要，具有必要性。 净利连亏三年半 准油股份是为石油、天然气开采企业提供石油技术服务的专业化企业，主营业务包括工业业务、施工业 务、运输业务三类。 其中，准油股份的工业业务主要是指为油田公司提供工程技术服务、油田管理等业务，施工业务是指为 油田公司提供的工程施工相关服务，运 ...

Group 1 - Cathay Pacific maintains "buy" rating for Air China (601111) (00753), expecting the company to turn profitable in Q2 2025, with potential for upward profit momentum in the next two years if commercial demand recovers sustainably [1][2] - The company reported a net loss of 1.8 billion yuan in the first half of the year, a reduction of nearly 1 billion yuan year-on-year, with Q2 showing a profit of 238 million yuan due to recovering commercial demand and reduced fuel costs [2] - The company plans to raise 16 billion yuan through equity financing, maintaining its controlling stake in Shenzhen Airlines, which will help alleviate debt burdens and improve profitability [3] Group 2 - Air China's network and customer base have significantly improved, with the company poised for an upward shift in profit margins as commercial demand stabilizes [4] - The airline's strategic decision to retain operations at the capital airport has further optimized its customer base, enhancing its competitive edge in the market [4] - The overall aviation market is entering a low growth phase, and with the recovery of commercial demand, Air China is expected to see a substantial increase in profitability [4]

Core Viewpoint - The recent fundraising by Shenghong Technology has sparked controversy in the market due to its small scale relative to its high market valuation, raising questions about the timing and necessity of such a capital increase [1][2]. Group 1: Shenghong Technology's Fundraising - Shenghong Technology completed a private placement, raising approximately 1.9 billion yuan, which is less than 1% of its latest market capitalization of 250.9 billion yuan [1][2]. - The company has seen a significant stock price increase of over 580% year-to-date as of September 29, leading to debates about the appropriateness of this fundraising strategy [2]. - Market analyst Xu Li expressed concerns regarding the risks associated with this fundraising, although his views are considered to represent a minority opinion [2][3]. Group 2: Broader Market Context - Other technology companies, including Cambrian-U, Chipone, and Lexin Technology, are also pursuing refinancing plans, indicating a trend of capital raising within the tech sector [4]. - The concurrent timing of these fundraising efforts suggests that the technology sector is in a rapid growth phase, with companies seeking to capitalize on high market valuations [4]. - Notable tech firms like Yushu Technology and Moore Threads are approaching significant milestones in their IPO processes, reflecting ongoing interest in tech equity financing [4][5]. Group 3: Regulatory Environment and Trends - The regulatory environment is evolving to support innovation, with recent reforms aimed at enhancing the capital market's ability to serve high-quality enterprises [5][6]. - Despite the push for more IPOs, the overall number of IPOs on the Sci-Tech Innovation Board remains low, with a significant decline in fundraising compared to previous years [6]. - Major brokerage firms are playing crucial roles in the financing processes of these technology companies, indicating a strong involvement of institutional players in the market [6].

港交所（香港联合交易所）作为全球主要金融中心之一，其上市公司资本运作方式高度市场化、国际化，且规则体系成熟。以 下从股权融资、债权融资、并购重组、资产证券化、股权激励、分拆上市、私有化及其他创新工具等维度，系统梳理港交所上 市公司常见的资本运作方式及核心要点： 一、股权融资：直接权益融资工具 港股市场的股权融资以灵活、高效著称，既支持IPO首发融资，也提供多样化的再融资渠道。 1. 首次公开发行（IPO） 2. 再融资工具 2. 可转换债券（Convertible Bond, CB） 特点：企业通过公开发行新股登陆港交所，是早期最主要的股权融资方式。港股IPO采用注册制，注重信息披露，审核效 率高（通常6-12个月），吸引全球投资者（国际配售占比超50%）。 适用场景：企业需满足盈利、市值或现金流等上市条件（如主板要求最近一年盈利≥2000万港元，或市值≥50亿港元+最近 一年营收≥5亿港元）。 配股（Placing）：向特定投资者（如机构）配售新股，无需向全体股东发出要约。通常由承销商牵头，发行对象不超过 100名，适用于快速融资（如腾讯历史上多次配股）。 供股（Rights Issue）：向全体股东按持股 ...

企业融资路径与财务风险管理在数智化实训平台中的实践 在数智化商业决策实训平台构建的模拟商业环境中，资金被恰如其分地比喻为企业的"血液"，而融资与财务风险管理能力则直 接决定了企业能否在激烈的市场竞争中生存、成长并最终胜出。该平台通过构建多层次、多特性的融资体系与完整的财务管理 闭环，为学生提供了近乎真实的企业财务决策体验。本文将深入剖析平台中的融资路径选择、财务风险识别与控制机制，以及 如何通过科学的财务战略支持企业整体发展目标。 一、企业全周期融资体系：从生存保障到价值跃迁 平台模拟了企业从初创到成熟的全生命周期融资需求，提供了六种各具特点的融资工具，每种工具对应不同的发展阶段、风险 收益特征和适用条件。 1. 债权融资：稳健经营者的基础选择债权融资体系包含银行贷款、私人借款和银行透支三种方式，共同特点是需要按期还本付 息，不稀释股权，但会增加财务杠杆和固定支出压力。 银行贷款采用等额本息还款方式，额度与上年所有者权益挂钩，这体现了银行体系对企业经营稳健性的重视。学生需要精准预 测现金流，确保每期还款能力，避免因短期周转不灵导致违约风险。私人借款额度与利率由教师设置的信贷级别决定，期限不 超过4季度，适合短 ...

Market Overview - The market is transitioning to a phase of moderate upward movement, with the Federal Reserve implementing a 25 basis point interest rate cut and indicating the possibility of further cuts within the year [1] - Positive dialogues between China and the US regarding tariffs and TikTok have boosted market sentiment [1] - New issuance of equity funds has rebounded, and net inflows in margin financing continue, indicating high market activity [1] Fund Supply Analysis - New issuance of equity public funds has increased to 428.54 million shares, up 2.24% from the previous period [2] - The recent week's issuance scale reached 185.26 million shares, marking a high of 93.30% over the past three years [2] - Northbound capital's trading activity has slightly decreased, with its transaction volume accounting for 14.39% of total A-share trading, down 0.15 percentage points from the previous period [2] Margin Financing - The market's margin financing balance remains high at 23,270.98 million, with a margin short balance of 166.06 million, representing 2.49% of the total A-share market value [3] - The net inflow of margin financing has decreased to 883.82 million, down 54.75% from the previous period [3] - Net subscription for stock ETFs has also narrowed, with a net subscription of 59.36 million, significantly down from 122.32 million [3] Capital Demand - Equity financing has slightly decreased to 103.84 million, down 12% from the previous period [3] - The expected IPO scale for the next two weeks is 83.95 million, continuing to attract market attention [3] - The net reduction in industrial capital has decreased to 189.31 million, down from 200.72 million, with significant reductions in midstream manufacturing and downstream consumption sectors [3] Lock-up Release - The market value of lock-up releases has decreased to 1,224.14 million, down 24.49% from the previous period [4] - The upcoming two weeks are expected to see a release of 1,310.32 million, with the beauty and personal care sector facing the most significant release pressure [4] Southbound Capital - Southbound capital has shown a trend of continuous net inflows, with a net inflow of 859.13 million, an increase of 132.55% from the previous period [4] - This trend reflects optimism towards Hong Kong stocks and is closely related to communications between Chinese and US leaders and the anticipated Fed rate cuts [4]

Group 1 - Nvidia announced a $5 billion investment in Intel to support the struggling chipmaker, but did not grant key chip manufacturing orders [3] - Alibaba's founder Jack Ma is reportedly making a strong return to the company, focusing on AI and competing with rivals like JD and Meituan [3] - DeepSeek issued a statement warning against fraudsters impersonating the company for scams related to "computing power leasing" and "equity financing" [4] Group 2 - Dongfeng Motor Group announced a joint venture to manufacture and sell smart off-road vehicles, indicating a strategic partnership with Man Technology [9] - Samsung plans to hire 60,000 new employees over the next five years, focusing on semiconductor, biotechnology, and AI sectors [7] - Amazon will invest over $1 billion to increase wages and reduce healthcare costs for its delivery employees, raising average wages to over $23 per hour [13] Group 3 - Apple is in discussions with suppliers for trial production of a foldable iPhone in Taiwan, aiming for mass production in India by 2026 [13] - The global first AI Database Agent was launched by Teable, which recently secured angel round financing from investors including ZhenFund and Baidu Ventures [14] - The new national standard for RVs in China will take effect on March 1, 2026, prohibiting sleeping and bathing while the vehicle is in motion [19]

Core Points - DeepSeek has issued a statement regarding fraudulent activities where individuals impersonate the company or its employees, using forged identification and business licenses to scam users under the guise of "computing power leasing" and "equity financing" [1][2][3] - The fraudulent actions have severely harmed user rights and damaged the company's reputation [1][2] Company Policy - DeepSeek has never requested users to make payments to personal or unofficial accounts; any such requests for private transfers are considered scams [3] - Any activities that misuse the company's name for "computing power leasing" or financing are illegal, and the company will pursue legal action against such actions [3] User Advisory - Users are advised to obtain official information and updates through the official website (deepseek.com) and verified accounts [1] - The company's official webpage and app products are currently free; for API services, users should recharge through the official platform, with the official payment account name being "Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd." [1] - In case of suspicious situations, users should verify through the official email or report to law enforcement [1]