8月29日，中国证券监督管理委员会披露《境外发行上市备案补充材料要求公示》文件，其中就包含锦 江酒店（600754.SH）赴香港上市备案的反馈意见。 锦江酒店早在今年6月末就已向香港交易所提交了招股书，计划在香港主板上市，独家保荐人为东方证 券国际。若顺利完成上市，锦江酒店将成为国内首家"A+H"股上市的酒店企业，标志着其跨境资本运作 的一大步。 自1997年锦江之星上海锦江乐园店开业以来，锦江酒店便凭借其创新的经济型酒店模式，占据了中国酒 店业的重要地位。经过多年发展，锦江酒店如今已成为全球领先的酒店集团，旗下品牌多元，酒店数量 突破万家，客房总数超过百万间。 然而，面对启动的香港上市计划，酒管企业分析师对《华夏时报》记者表示："此次赴港IPO，锦江酒 店的动作看似充满赌注，引入资本，既是抢占先机，也是应对风险。" 在他看来，此举的核心在于通过引入外部资本优化资产负债结构，降低杠杆率，偿还存量债务，从而为 后续发展腾挪出更大空间。 赴港IPO进程中的监管信号 近年来，随着香港市场回暖，A股上市公司寻求赴港发行H股已成趋势。包括赤峰黄金、宁德时代、恒 瑞医药在内的多家行业龙头陆续完成"A+H"双重上市，香港市 ...

9月2日，极米科技召开了第三届董事会第三次会议，审议通过《关于公司发行 H 股股票并在香港联合交易 所有限公司上市的议案》，正 式迈出赴港上市的关键一步。 该公司成立于2013年，主要从事智能投影仪的研发、生产与销售。公告中提到，此次上市目的是"为满足公司国际化战略及海外业务布局 需要，提升公司国际品牌知名度，增强公司综合竞争力"。 目前，极米科技面临的挑战不少。2025年上半年公司净利润暴涨，但经营现金流却大幅恶化。此外，公司还遭遇股东持续减持、业务转 型艰难等困境。 在港股热里，极米科技也传来了新的资本动向。 财报中给出的原因是，受结算周期的影响，本期销售商品收到的现金减少， 同时策略备货对应的支付款项增加所致。即钱没收到，货款 还付了很多。 这带来的结果是，截至2025年6月31日，极米科技应收账款账面价值达2.73 亿元。 同时，策略备货也让极米科技面临较高的存货减值风险。2025年上半年期末，公司存货余额高达11.84亿元，较期初增长23%，占当期总 资产比例达21%。 资本市场表现也不尽如人意。截至9月4日收盘，极米科技A股股价报127.8元/股，总市值约89亿元，相较2021年430多亿的市值高 ...

持续亏损的迈威生物(688062.SH)，再度递表港交所。 8月31日晚间，迈威生物发布公告称，公司已于8月29日向香港联合交易所有限公司重新递交了发行H股 股票并在香港联交所主板挂牌上市的申请。 截至2025年上半年末，迈威生物资产负债率达77.54%，创下新高。同时，公司现金流日趋紧张。 长江商报记者发现，自2017年有可查数据以来，迈威生物一直处于亏损之中。 综合来看，8年半来，迈威生物营业收入累计约5.5亿元，净利润亏损约62.7亿元。 不过，迈威生物在研发上的投入也不少，8年半来研发费用累计达46.13亿元。 对于赴港IPO的目的，迈威生物此前表示，为满足公司经营发展的资金需求，实现公司可持续发展，提 升公司国际化水平。 负债率创新高，现金流紧张 迈威生物是一家全产业链布局的创新型生物制药公司，主营业务为研发、生产以及销售创新型药物和生 物类似药，主要产品为抗体、ADC药物和重组蛋白、小分子化学药等药物。 8月31日晚间，迈威生物发布公告称，公司已于8月29日向香港联合交易所有限公司重新递交了发行H股 股票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行的申请资料。 迈威生物 ...

近日，奥克斯电气有限公司（下称"奥克斯"）向港交所二次递交招股书，站上了资本市场的十字路口。 "全球第五大空调供应商"奥克斯创始人郑坚江的上市梦已经追逐了十年，2015年，奥克斯计划在A股上市，未能获批。2016年登陆新三板 一年又退市，2018年10月，奥克斯电气启动A股上市辅导，于2023年6月完成上市辅导但放弃了，现在又转战港股。 根据招股书，近年奥克斯业务回暖，营收和净利润都实现了高增长，但另一方面，其资产负债率长期维持在80%以上的高比例，在赴港 IPO前的2024年，突击分红近38亿的举动，也为这家公司带来争议。 | | | | 截至12月31日止年度 | | | | | 截至3月31日止三個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民需于元 佔收入的多 | | 人民幣千元 佔收入的% | | 人民需千元 佔收入的% | | 人民需于元 佔收入的多 | | 人民幣千元 佔收 ...

Group 1 - The stock price of Kefu Medical reached 38.51 yuan as of August 4, 2025, with an increase of 0.12 yuan, representing a rise of 0.31% [1] - The trading volume on that day was 37,018 hands, with a transaction amount of 141 million yuan and a fluctuation of 4.56% [1] - Kefu Medical operates in the medical device industry, focusing on the research, production, and sales of medical equipment and consumables [1] Group 2 - As of July 31, 2025, Kefu Medical had approximately 19,000 shareholders [1] - The company is one of the 17 A-share listed companies that announced plans for an IPO in Hong Kong in July [1] - On August 4, the net inflow of main funds into Kefu Medical was 6.59 million yuan, accounting for 0.09% of the circulating market value [1] Group 3 - Over the past five trading days, the cumulative net inflow of main funds was 49.34 million yuan, representing 0.66% of the circulating market value [1]

Group 1 - The stock price of Xinlei Co., Ltd. on August 4 was 36.91 yuan, down 0.16 yuan from the previous trading day, with a decline of 0.43% [1] - The opening price on that day was 36.20 yuan, with a highest point of 36.99 yuan and a lowest point of 35.86 yuan, and the trading volume reached 80,458 hands, amounting to 2.92 billion yuan [1] - Xinlei Co., Ltd. specializes in the research, production, and sales of air energy heat pumps and related equipment, operating within the general equipment manufacturing industry [1] Group 2 - The company announced its intention to pursue an IPO in Hong Kong in July, becoming one of 17 A-share companies to announce plans for a Hong Kong listing that month, indicating a search for additional financing channels to support business development [1] - On August 4, the net inflow of main funds was 5.5882 million yuan, accounting for 0.34% of the circulating market value, while the cumulative net inflow over the past five trading days was 1.1275 million yuan, representing 0.07% of the circulating market value [1]

Group 1: Core Advantages of Hong Kong for IPOs - Hong Kong serves as a political buffer, avoiding direct impacts from the U.S. Foreign Company Accountability Act amid U.S.-China capital competition [1] - It is the only offshore market that aligns with both mainland China's Company Law and the Anglo-American common law system, exemplified by Xiaomi's successful listing with a dual-class share structure [1] - Hong Kong has a significant international capital pool, holding 63% of offshore RMB deposits and 34% of shares held by sovereign wealth funds [1] - The average daily trading volume in Hong Kong exceeds HKD 120 billion, which is more than three times that of Singapore [1] - H-shares are fully convertible to tradable foreign shares, and the Stock Connect allows mainland funds to invest directly in Hong Kong stocks [1] - The 18C chapter listing rules lower profitability thresholds for specialized technology companies [1] Group 2: Key Points for Implementing Equity Incentives - The maximum salary tax rate for exercising stock options in Hong Kong is 15%, significantly lower than the 45% comprehensive tax rate in mainland China [5] - A typical vesting schedule is set over four years with a 25% annual vesting rate [9] - Performance-based clauses, such as Meituan's requirement for a 30% annual revenue increase, are common [9] - A buyback formula for departing employees is established at fair value multiplied by the ratio of months served to total months, capped at 80% [9] - Restrictions on executive share sales limit the CEO to a maximum of 25% of total holdings per year [9] - ESG assessments are linked to incentive shares, as seen with Alibaba Health's reduction targets tied to 15% of incentive shares [9] Group 3: Practical Warnings for 2024 - Companies that fail to register employee stock option exercises under Document No. 37 may face penalties equivalent to 50% of the principal [10] - Establishing a domestic ESOP trust for centralized reporting is recommended as a solution [10] - The International Financial Reporting Standards (IFRS2) require expenses to be recorded at fair value, with a case example showing a biotech firm suspended for overstating profits by 32% due to non-compliance [10] - It is advisable to implement anti-dilution clauses that trigger shareholder approval when the incentive pool exceeds 10% of total equity [10]

Core Viewpoint - The company, Shanghai Jin Jiang International Hotel Co., Ltd., is advancing its IPO journey in Hong Kong, aiming to enhance its international strategy and capital management [1][3]. Group 1: IPO Progress - On June 29, the company submitted its listing application to the Hong Kong Stock Exchange, with Dongfang Securities International as the sole sponsor [1]. - The Shanghai State-owned Assets Supervision and Administration Commission approved the company's plan to issue H-shares, allowing for a maximum of 15% of the total share capital post-issue, with an additional 15% over-allotment option based on market conditions [3]. Group 2: International Strategy and Market Conditions - The chairman of the company highlighted the favorable market conditions, including the recovery of the Hang Seng Index, as an opportunity to advance its international capital market layout [4]. - As of December 31, 2024, the company operates 13,416 hotels with a total of 1.29 million rooms, including 1,171 hotels located overseas [4]. Group 3: Historical Performance and Challenges - The company previously acquired the Louvre Hotels Group in 2015 for €1.288 billion, which significantly boosted its hotel count by 129.65% post-acquisition [4]. - However, since 2020, the Louvre Group has faced financial losses, impacting the company's overseas operations, with losses recorded from 2020 to 2024 totaling €5.689 million in the latest year [4]. Group 4: Market Outlook - Analysts suggest that expanding into overseas markets is a necessary step for domestic hotel companies, particularly in Europe and America where competition is less intense [5]. - However, there are concerns regarding the uncertainties of operating in foreign markets, emphasizing the importance of establishing a competitive advantage in the domestic market [5].

以下文章来源于经济观察报 ，作者蔡越坤 经济观察报 . 经济观察报是专注于财经新闻与经济分析的全国性综合财经类媒体，创办于2001年。聚焦商道、商技和 商机，以锐度、悦度、广度、深度的报道形成了权威的媒体公信力和影响力。 香港证券市场迎来一轮上市热潮。 作者 | 蔡越坤 美编 | 肖亚丽 来源 | 经济观察报 （ID：eeo-com-cn） 在过去的两个月里，华北地区一家医疗企业的创始人吴天频繁前往中国香港，穿梭于各 大金融机构所在的高楼大厦之间，与投行和投资人进行一轮又一轮会谈。 2024年，吴天的公司处于快速扩张的关键时期。为了支持这一扩张，公司的股东追加了 投资。然而，随着业务的不断扩展，这些资金逐渐消耗殆尽。 他原本计划推动公司在A股上市。但是自2024年以来，A股市场IPO企业数量显著下降。 此外，新的上市规定对企业的财务数据指标提出了更高的要求。吴天判断，公司所在的 行业，使得公司在A股IPO的周期可能会延长。由于部分投资人有退出需求，再加上财务 压力，吴天已经不能再等了。 2025年，他有一个明确的目标：推动公司在香港进行IPO（首次公开募股）。 2025年伊始，香港证券市场迎来一轮上市热潮。 ...