迷雾重重～ 根据双环传动另一份公告显示： "双环传动股东叶善群与陈菊花、吴长鸿、陈剑峰、蒋亦卿等五人属于法定的近亲属关系（叶善群与陈菊花为夫妻关系，吴长鸿为其大女婿，陈剑峰为其二女婿， 蒋亦卿为其三女婿）。股东玉环 上述公告显示，叶善群、亚兴投资和双环传动的四个实控人被视作一致行动关系的情形"包括但不限于在公司收购及相关股份权益变动活动中，应当合并计算其所持有的公司股份"。 按照实质重于形式规则，与上述四个实控人构成一致行动关系的还有叶善群和亚兴投资这两个股东，但是此次股东大会的回避表决股份数量却只有双环传动上述四个实控人持有的1.17亿股股份 第一个疑问很明显：在涉及到拆分设立这种重大/特别事项时，双环传动为何没有把叶善群、亚兴投资所持股份与实控人（陈菊花、吴长鸿、陈剑峰、蒋亦卿）的股份合并计算呢？ 猜测有两个可能。 2024年3月20日，上市公司双环传动召开临时股东大会，审议双环传动子公司—环动科技在上交所科创板上市事宜。由于涉及上市公司"A拆A"属于特别决议，所以此次股东大会需要"双通过"： 目前，环动科技已经过上交所两轮问询，静待上会。 去年的这次股东大会直接决定了当时环动科技能否拆分上市，不过仔细回 ...

表决权无条件委托给朱兴明行使 《每日经济新闻》记者留意到，2021年7月，朱兴明与钟进办理离婚手续。2021年9月，朱兴明与女儿朱瀚玥签署了《赠与协议》。 据朱瀚玥承诺，因受赠股票及受赠股权而取得的表决权，将无条件委托给朱兴明行使。 《赠与协议》履行完毕 朱兴明（图片来源：汇川技术官方微信公众号） 2021年9月，公司公告称，朱兴明与朱瀚玥签署了《赠与协议》。为体现对女儿的关爱，朱兴明将其直接持有的2060.21万股公司股票、汇川投资21.7%股 权无偿赠与朱瀚玥。这其中，汇川投资21.70%股权已于2022年完成过户登记。 "A拆A"过会，朱家父女名下又多一家上市公司 自此，朱兴明与朱瀚玥两父女名下又增一家上市公司。 不过，对于朱瀚玥的个人信息，无论是汇川技术还是联合动力，都没有更多详细信息披露。 来源：每日经济新闻 编辑：王伟 版权归原作者所有 如有侵权请及时联系 ...

Core Insights - The article discusses the termination of IPO applications for two companies, Zhengtai Aneng and Shaanxi Water Power, both of which are involved in the renewable energy sector [1][2]. Group 1: Zhengtai Aneng - Zhengtai Aneng's controlling shareholder is Zhengtai Electric, which holds 64.13% of its shares. The decision to withdraw the IPO application was based on the company's strong business performance and market conditions [2]. - Zhengtai Aneng has been a leader in the household photovoltaic sector since its establishment in 2015, developing over 1.6 million household photovoltaic power stations across 29 regions in China [2]. - The company's revenue and net profit have shown consistent growth from 2022 to 2024, with revenues of 13.704 billion, 29.606 billion, and 31.826 billion respectively, and net profits of 1.753 billion, 2.604 billion, and 2.861 billion [3]. - Zhengtai Aneng aimed to raise 6 billion for projects related to household photovoltaic power stations, IT platform development, and working capital [3]. - The company has a high debt-to-asset ratio, reported at 76.92%, 79.16%, and 80.25% for the respective years, attributed to the capital-intensive nature of its business [3]. Group 2: Shaanxi Water Power - Shaanxi Water Power's main business includes investments and operations in photovoltaic, wind, and hydropower projects, with approximately 50% of revenue from photovoltaic power [4]. - The company reported revenues of 1.03 billion, 1.082 billion, and 1.06 billion, with net profits of 197 million, 295 million, and 370 million, indicating a decline in revenue for 2024 [4]. - The net profit after deducting non-recurring items fell by nearly 40% in 2024, primarily due to decreased water flow affecting hydropower and lower average electricity prices impacting profit margins [4]. - Shaanxi Water Power is controlled by Shaanxi Investment Group, which holds 73.71% of its shares, and is the only operating entity for clean energy generation under the group [4][5]. - The company clarified that its business does not compete with Shaanxi Energy, which focuses on thermal power and coal production [6].

Core Viewpoint - The article discusses the termination of IPO applications for two companies, Zhengtai Aneng and Shaanxi Hydropower, highlighting their business performance and market conditions that influenced these decisions [2][4]. Group 1: Zhengtai Aneng - Zhengtai Aneng, a subsidiary of Zhengtai Electric, withdrew its IPO application on September 1, citing strong business performance and market conditions as reasons for the decision [2]. - The company has been a leader in the household photovoltaic sector since its establishment in 2015, with over 1.6 million household photovoltaic power stations developed across 29 regions in China [2]. - Zhengtai Aneng's revenue and net profit have shown consistent growth from 2022 to 2024, with revenues of 13.704 billion, 29.606 billion, and 31.826 billion yuan, and net profits of 1.753 billion, 2.604 billion, and 2.861 billion yuan respectively [3]. - The company planned to raise 6 billion yuan through the IPO for projects related to household photovoltaic power stations and to enhance its information technology platform [3]. - Zhengtai Aneng's asset-liability ratio has been relatively high, at 76.92%, 79.16%, and 80.25% over the reporting periods, attributed to the capital-intensive nature of its business [3]. Group 2: Shaanxi Hydropower - Shaanxi Hydropower also terminated its IPO application on September 5, with its main business focusing on clean energy projects, including photovoltaic, wind, and hydropower generation [4]. - The company reported revenues of 1.03 billion, 1.082 billion, and 1.06 billion yuan from 2022 to 2024, with net profits of 197 million, 295 million, and 370 million yuan respectively [4]. - In 2024, Shaanxi Hydropower experienced a nearly 2% decline in revenue and a significant 40% drop in net profit after deducting non-recurring items, primarily due to reduced water flow affecting hydropower generation [4]. - The actual controller of Shaanxi Hydropower is the Shaanxi Investment Group, which holds 73.71% of the company's shares [4]. - The company clarified that its business does not compete with Shaanxi Energy, which focuses on thermal power and coal production [5][6].

Group 1 - The core point of the article is that Zhejiang Zhengtai Aneng Digital Energy Co., Ltd. (Zhengtai Aneng) has withdrawn its application for listing on the Shanghai Stock Exchange, citing strong business performance and rapid profit growth as reasons for this decision [1][2] - Zhengtai Aneng has built over 1.8 million solar power stations to date, focusing on the household photovoltaic sector [2] - The company reported a net profit of 1.901 billion yuan in the first half of the year, which accounts for 74.4% of the parent company Zhengtai Electric's net profit of 2.554 billion yuan during the same period, with a year-on-year profit growth of 49.80% [1] Group 2 - The decision to withdraw the listing application is also influenced by the tightening regulations on spin-off listings in the A-share market, particularly following the new "National Nine Articles" that impose stricter controls [1] - Zhengtai Electric had previously planned to issue no less than 271 million shares and raise 6 billion yuan for household photovoltaic station projects [2] - As of August 29, 20 A-share companies have updated their spin-off listing progress, with 5 companies having completed the process, 9 in progress, and 6 having terminated their applications [2]

Core Viewpoint - The successful approval of the stock issuance and listing of Suzhou Huichuan United Power Co., Ltd. marks a significant event in the "A拆A" (A-share split listing) landscape, indicating a shift in regulatory signals that "strict" does not equate to "halt" [1][2] Company Overview - Huichuan Technology, a leading player in the industrial control sector, has a robust technical foundation, brand advantage, and financial strength, with a reported revenue of 37.041 billion yuan in 2024, reflecting a year-on-year growth of 21.77% [4][10] - United Power, established in 2016, focuses on electric drive systems and power systems for electric vehicles, showcasing strong business independence and a distinct operational focus compared to Huichuan Technology [3][10] Financial Performance - United Power's revenue projections from 2022 to 2024 are 5.027 billion yuan, 9.365 billion yuan, and 16.178 billion yuan, with a compound annual growth rate of approximately 79.39%, significantly exceeding industry averages [3][4] - The company has achieved a net profit turnaround, moving from a loss of 179 million yuan in 2022 to a profit of 936 million yuan in 2024 [3] Regulatory Environment - The new "National Nine Articles" policy has introduced stricter standards for split listings, emphasizing compliance and quality, which United Power successfully met through its independent operational structure and technological innovation [2][7] - The approval process for United Power involved rigorous scrutiny from regulatory bodies, focusing on financial independence, asset integrity, and strategic necessity [7][8] Industry Context - The electric vehicle sector is a strategic emerging industry in China, with United Power positioned at the core of the supply chain, contributing to the integration and upgrading of the automotive industry [5][6][11] - The successful split listing of United Power is expected to enhance the visibility and valuation of both the parent company and the subsidiary, fostering a clearer focus on their respective core businesses [4][10] Innovation and Growth - United Power has developed 26 core product technologies and holds 98 invention patents, demonstrating its commitment to technological leadership in the electric vehicle sector [3][5] - The company serves over 40 automotive manufacturers and 170 vehicle models, indicating its significant role in the industry and potential for future growth [11]

Core Viewpoint - The successful listing of Suzhou Huichuan United Power Co., Ltd. marks a significant development in the "A-share split" process, indicating that strict regulations do not equate to a complete halt in the market, but rather a new normal for regulatory practices [2][5]. Summary by Sections Recent Developments - Huichuan Technology's subsidiary, United Power, has received approval for its initial public offering on the ChiNext board, becoming the second case of "A-share split" after the new "National Nine Articles" policy [1]. Regulatory Environment - The approval of United Power reflects a shift in regulatory signals, suggesting that high-quality and compliant split listings are still viable under the new regulatory framework [2][4]. - The new "National Nine Articles" policy aims to curb blind splits and arbitrage, establishing a clear boundary for future split listings [4]. Company Qualifications - United Power meets stringent regulatory standards in terms of business independence, technological innovation, and sustainable growth, which are critical for passing the regulatory scrutiny [5]. - The company has established a robust independent operational framework since its inception in 2016, focusing on electric drive systems and power systems for electric vehicles [5]. - United Power has developed 26 core product technologies and holds 98 invention patents, showcasing its technological leadership [5]. Parent Company Stability - Huichuan Technology, as a leading player in the industrial control sector, has demonstrated strong financial health, with a reported revenue of 37.04 billion yuan in 2024, up 21.77% year-on-year [6]. - The split is expected to enhance both companies' focus on their core businesses and improve overall market visibility and valuation [6]. Industry Synergy - United Power plays a pivotal role in the electric vehicle supply chain, linking upstream components and serving downstream automotive manufacturers, thus contributing to the integration and upgrading of China's automotive industry [7]. - The company aligns with national strategies for developing the electric vehicle sector, which is a key area for sustainable economic growth [7]. Market Implications - The case of United Power serves as a benchmark for future split listings, emphasizing the need for financial independence and strategic necessity for subsidiaries seeking to go public [9][10]. - The regulatory focus on maintaining a balance between strict oversight and promoting high-quality development is evident in the scrutiny applied to United Power's listing process [10][11]. Conclusion - The successful split of United Power not only provides a new platform for its growth but also exemplifies the role of capital markets in supporting technology-driven companies, potentially leading to more compliant and high-quality "A-share split" cases in the future [14][15].

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (hereinafter referred to as "United Power") has achieved rapid revenue growth through related party transactions, raising concerns about its operational independence as it prepares for an IPO on the ChiNext board [1][2]. Group 1: Business Operations and Revenue Growth - United Power primarily engages in the research, production, and sales of electric drive systems and power systems for new energy vehicles, being the sole entity under Huichuan Technology (300124.SZ) for this business [2]. - The company reported significant increases in revenue from related party sales, with major transactions amounting to 9.6 billion, 19.67 billion, and 44.49 billion yuan over the reporting period, representing 19.11%, 21.01%, and 27.50% of total revenue respectively [4]. - The largest customer, Li Auto (02015.HK), accounted for over one-third of United Power's revenue, raising concerns about the impact of ongoing price wars in the automotive sector on profitability [1][8]. Group 2: Market Position and Competition - United Power's market share for its main products is around 10%, with significant competition in the automotive supply chain, leading to increased pricing pressure from automakers [10]. - The company has established a stable partnership with Li Auto, with sales of electric drive systems and power systems continuing to grow as Li Auto's vehicle deliveries increase [8]. - In the new energy passenger vehicle market, United Power ranks first among third-party suppliers for its electric control products and motors, with market shares of approximately 10.7% and 10.5% respectively [9]. Group 3: Related Party Transactions and Regulatory Scrutiny - The company has faced regulatory inquiries regarding its independence and the nature of its related party transactions, particularly with Changzhou Huixiang and Suzhou Huichuan, which are affiliated entities [3][4]. - United Power's sales to Changzhou Huixiang, a joint venture with Li Auto, have significantly increased due to the successful sales of Li Auto's vehicles, leading to a strategic partnership [5][8]. - The pricing of related party transactions is claimed to be fair and based on market references, although the regulatory body has requested further analysis of these transactions [5][6].