经营现金流"失血"、资产负债率达73%，鹏辉能源赴港上市前景几何？ 1月5日晚间，广州鹏辉能源科技股份有限公司（证券简称：鹏辉能源，深市代码：300438）公告称，公司召开第五届董事会第十九次会议，审议通过了 《关于公司发行H股股票并在香港联合交易所有限公司主板上市的议案》《关于公司发行H股股票并在香港联合交易所有限公司上市方案的议案》等相关 议案。 鹏辉能源表示，本次发行上市旨在深化公司的全球化战略布局，提升公司在国际市场的综合竞争实力，同时打造公司国际化资本运作平台，增强境外融资 能力。 与此同时，鹏辉能源提示称，本次发行上市能否通过审议、备案和审核程序并最终实施具有不确定性。公司将依据相关法律法规的规定，根据本次发行上 市的后续进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 值得注意的是，2024年度、2025年前三季度，鹏辉能源经营活动产生的现金流量净额均呈现"失血"状态，分别约为-2.44亿元、-1151万元。 此外，Choice数据显示，截至2025年9月30日，鹏辉能源资产负债率达73.62%，同比增长11.86%，高于行业均值51.64%；公司应收账款达32.30亿元，同比 增长2 ...

新华财经郑州12月31日电 2025年即将收官。 回首这一年，河南资本市场铿锵前行，蹄疾步稳。出海、并购、上市、回购，动作频频。年终岁尾之 际，我们从五大维度，全面梳理河南资本市场的发展密码和无限活力。 河南企业走出去 2025年，世界百年变局加速演进，大国关系牵动国际形势，国际形势深刻影响国内发展。新形势下，中 国企业出海进程显著加速，其全球化布局进入更具战略性和系统性的新阶段。 趋势之下，河南上市公司也纷纷出海，尝试在新市场创造增量价值。 在这些出海的豫股当中，有公司选择通过巨额资本并购获取海外战略资源。12月16日，洛阳钼业发布公 告，其控股子公司拟以10.15亿美元的总对价，收购加拿大上市公司Equinox Gold Corp.位于巴西的多个 金矿项目100%权益。交易完成后，洛阳钼业的黄金年产量预计将增加8吨，进一步增强对全球贵金属定 价权的影响。 也有公司通过落地项目完成了自己的出海首秀。10月31日，城发环境匈牙利包尔绍德30兆瓦光伏发电项 目正式破土动工。这个位于欧洲腹地的能源项目不仅是河南省重大国际合作项目之一，也标志着城发环 境从中国本土的生态环境治理服务商，向全球绿色能源供应商迈出了关键 ...

在锂电材料行业的寒潮中，老牌龙头石大胜华正试图通过赴港上市撕开一道增长缺口。12月23日，这家 扎根山东东营的上市公司发布公告，拟发行H股登陆港股市场，这一动作被视作其在业绩持续低迷、现 金流承压背景下的关键自救之举。 作为国内电解液全产业链的核心玩家，石大胜华曾手握亮眼的行业筹码：2002年成立、2015年登陆上交 所，背靠青岛西海岸新区国资背景，在全球碳酸酯高端溶剂市场拿下超40%的份额，下游客户覆盖全球 主流电解液企业，一度是锂电上游领域名副其实的"隐形冠军"。但这份荣光在近年迅速褪色，财报数据 勾勒出清晰的下滑曲线：2022至2024年，公司营收从83.16亿元接连降至56.35亿元、55.47亿元，归母净 利润更是从8.91亿元暴跌至1872万元、1642万元，2025年前三季度净利润还陷入6220万元的亏损境地。 经营层面的困境更直观，2023和2024年经营活动现金流净额连续为负，分别达-4.32亿元、-4.48亿元， 应收账款也从6.13亿元飙升至13.89亿元，占营收比例超25%，"产品滞销、回款困难、利润崩塌"成为其 当下的真实写照。 事实上，石大胜华并非未做过突围尝试，但其定增之路的一波 ...

12月15日，由陕西省委金融办、陕西省商务厅指导，香港贸易发展局西安办事处、陕西资本市场服 务中心、中信银行股份有限公司西安分行联合主办的陕西科创企业赴港上市融资与跨境出海业务对接座 谈会举办，旨在推动陕企加快利用国际资本市场实现高质量发展。 推动企业赴港上市和跨境出海是陕西深化金融开放、服务实体经济、培育新质生产力的重要举措。 陕西资本市场服务中心相关负责人表示，将在陕西省委金融办、陕西证监局的指导下，进一步协同金融 机构，持续跟踪服务企业需求，为陕西企业拓展国际视野、融入全球市场提供坚实支撑。（记者：孙 丹） 座谈会邀请了陕西科技属性突出、具有明确赴港上市或跨境发展意向的企业代表参会，探讨赴港上 市路径与出海机遇。座谈会上，中信银行西安分行围绕陕企赴港上市前后的跨境金融需求，介绍综合金 融服务方案及特色产品体系。香港贸易发展局西部地区首席代表介绍香港资本市场的最新动态与上市优 势，以及为内地企业赴港对接资源的计划与支持体系。各参会企业代表结合发展实际，就赴港上市规 划、跨境融资需求等交流诉求。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 一份补充协议，未经审议悄悄延长了关联交易的付款期限，这隐秘操作让一家科创板上市公司同时接到 了来自深圳证监局和上海证券交易所的监管"罚单"。 深圳证监局近日发布行政监管措施决定，对深圳市道通科技股份有限公司采取责令改正措施，并对公司 时任董事长兼总经理李红京、董事兼副总经理农颖斌、时任董事会秘书方文彬分别出具警示函。 同日，上海证券交易所也对道通科技及相关责任人作出了纪律处分。这家在2025年前三季度交出营收净 利润双增长"亮眼答卷"的科技企业，其内部治理与信息披露的诸多漏洞暴露在监管聚光灯下。 01 监管重拳 监管风暴在2025年12月初降临。12月5日晚间，道通科技发布公告，承认收到深圳证监局的责令改正决 定及对相关责任人的警示函。 几乎在同一时间，上海证券交易所也公布了针对道通科技的两份监管文件。 根据深圳证监局的调查，道通科技存在多项违规行为。具体来看，调查发现了四项主要问题：未按规定 审议并披露关联交易变更、未披露关联方资金占用、未披露前十大股东间的一致行动关系，以及股东大 会文件记录不完整。 这些行为违反了《上市公司信息披露管理办法》等多项规定。 ...

天孚通信（300394）(300394.SZ)公告，公司股票交易价格于2025年12月4日、2025年12月5日、2025年 12月8日连续3个交易日内收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动的情形。公司目前 正筹划在中国香港联交所发行H股上市事项，公司正在与相关中介机构就本次H股上市的具体推进工作 进行商讨，相关细节尚未确定，本次H股上市不会导致公司控股股东和实际控制人发生变化。 ...

本次交流会，由毕马威中国审计合伙人苗桢主持。毕马威执业技术部及资本市场部首席合伙人刘国贤为主要演讲嘉宾，毕马威中国华东华西区审计主管合 伙人黄文辉，毕马威中国华东华西区资本市场合伙人方海杰一同出席。刘国贤先生从香港资本市场特色、优势与发展为主题，重点介绍了香港资本市场的 优势，作为领先的国际金融中心与内地资本市场的连接。他着重介绍了香港18C等新上市制度对科技公司的深远影响。苗桢先生从拟香港上市企业需要准 备的财税必备动作做了补充。来自中信证券的总监冯力先生分析了近期科技企业的发行情况。来自竞天公诚的合伙人胡志强律师从法律角度介绍了科技类 企业香港上市要注意规避的法律风险。与会数十家企业直接就自身关注问题，与现场嘉宾进行了充分交流。 +23 2025年前三季度，香港IPO市场持续强劲势头，受益于全球投资者对中国内地科技公司的刮目相看，香港市场也成为AI企业上市的首选地。12月2日，为 帮助模速空间入驻企业深入了解港交所上市规则、流程和机遇，模速空间联合毕马威首次举办《模速加速营 | 赴港上市通关解码》交流会，邀请了中信证 券、竞天公诚律所等一线机构，为大家解析三季度以来最新香港资本市场发展现状，并展望2026 ...

Group 1: Stock Buybacks in Hong Kong - Hong Kong companies have repurchased shares worth approximately 1544.15 billion HKD, with 247 companies buying back a total of 67.69 million shares as of November 25 [1] - In November alone, 90 companies repurchased shares totaling around 83.33 million HKD, with a concentration in sectors such as finance, information technology, consumer goods, healthcare, and energy [1] - The trend of stock buybacks is expected to continue into 2025, with leading companies demonstrating confidence in their valuations and contributing to market stability [1] Group 2: New Listings on Hong Kong Stock Exchange - Newguodu (SZ300130) has submitted its prospectus to the Hong Kong Stock Exchange, aiming to expand its financing channels and enhance its competitiveness in the global payment sector [2] - Olin Bio (SH688319) has also filed for a listing on the Hong Kong Stock Exchange, focusing on innovative vaccines, particularly in the areas of "super bacteria vaccines" and "adult vaccines" [3] - Zhongjian Technology (SZ002779) has applied for a listing on the Hong Kong Stock Exchange, seeking to leverage the capital market to expand its business in outdoor power equipment [4] Group 3: Hong Kong Stock Market Performance - The Hang Seng Index closed at 25928.08, with a slight increase of 0.13% on November 26 [5] - The Hang Seng Tech Index reached 5618.36, reflecting a gain of 0.11% [5] - The National Enterprises Index stood at 9162.37, showing a modest rise of 0.04% [5]

Core Insights - The report discusses the new paradigm of Hong Kong's capital markets driven by technological empowerment and institutional innovation, focusing on the trends and regulations for mainland companies planning to list in Hong Kong by 2025 [1][24]. Listing Pathways - The report highlights the suitability of H-share direct listings and red-chip indirect listings, with a trend towards A-share to H-share conversions. It emphasizes the importance of compliance issues related to VIE structure dismantling, H-share "full circulation," and offshore trust applications [2][18]. - The new regulatory framework established in 2023 has simplified the H-share listing process and optimized the "full circulation" mechanism, providing a more efficient cross-border financing path for large state-owned and mature private enterprises [18][24]. Practical Issues - The report identifies key legal issues for companies planning to list in Hong Kong, including the design of equity incentives, tax planning, and information disclosure, which are critical for executives to manage effectively [2][20]. - The Hong Kong Stock Exchange has introduced initiatives like the "Tech Company Fast Track" to enhance the attractiveness of the market for technology firms, aiming to facilitate their listing processes [2][10]. Hot Industries - The report categorizes key industries such as hard technology, biomedicine, and new consumption, each facing unique compliance challenges. Hard tech companies must navigate intellectual property and export control issues, while biomedicine firms focus on data security and human genetic resource protection [2][22]. - New consumption enterprises face multiple compliance tests, including third-party payment regulations and store licensing management, while domestic chain enterprises must pay attention to franchise compliance and fund management [2][22]. Market Dynamics - By 2025, Hong Kong's capital market is projected to regain its position as the world's top fundraising destination, with over 90% of the companies being from mainland China, driven by institutional innovations that facilitate access to global capital [1][24]. - The report emphasizes that the new regulatory environment and the establishment of a comprehensive filing system mark a significant shift in the cross-border listing landscape, enhancing the market's appeal for innovative enterprises [24].

Core Insights - The report "2025 Hong Kong Listing 2.0" focuses on the comprehensive filing system and analyzes the institutional innovations, practical points, and compliance requirements of the Hong Kong capital market, providing a full-process guide for domestic companies seeking to list in Hong Kong [1][2]. Group 1: Advantages of Hong Kong Capital Market - Hong Kong capital market has become a core choice for mainland companies due to its policy synergy, efficient financing, and international resource allocation advantages [1][2]. - In the first half of 2025, Hong Kong's fundraising amount returned to the global top, with over 90% of listed companies coming from mainland China [1][20]. - The Hong Kong Stock Exchange (HKEX) has introduced specialized listing channels for technology companies, including Chapter 18C and a "Tech Company Fast Track," optimizing the listing process for companies with a market value exceeding HKD 10 billion [1][2]. Group 2: Listing Pathways and Practical Operations - Companies can choose between direct H-share listings or indirect red-chip (including VIE) listings, with the filing system enhancing liquidity through "full circulation" of H-shares [1][2]. - Compliance with equity structure and special shareholder rights is crucial, especially for VIE structure companies, which may have to meet specific regulatory requirements [1][2]. - Data compliance has become a key focus in the review process, covering the entire lifecycle of data collection, storage, and cross-border transmission [1][2]. Group 3: Compliance Requirements by Industry - Hard technology companies need to pay attention to the requirements for qualified investors, core technology ownership, and export control risks [2]. - Biopharmaceutical companies must address compliance with clinical trial data, human genetic resource protection, and cross-border data transmission requirements [2]. - New consumption and chain enterprises should resolve issues related to third-party payments, store fire safety, licensing compliance, and consumer rights protection [2]. Group 4: Future Outlook and Strategic Recommendations - The report emphasizes the need for companies to establish a comprehensive compliance system throughout the listing process, focusing on equity, data, and intellectual property compliance [2]. - Hong Kong's capital market will continue to adapt to the needs of new economy enterprises through institutional innovations, further deepening its linkage with the mainland market [2][20]. - Companies are encouraged to seize policy opportunities and achieve cross-border capital operations and international development through compliance [2][20].