华谊信资本 | 加拿大上市要求 | 中企海外融资 | 中小企业加拿大上市 | 加拿大资本市场 美国资本市场上市竞争渐趋激烈，而邻近美国、此前常被忽视的加拿大，亦是中企海外融资的优质选择。为帮助企业进一步全了解加拿大资本市场，华谊信 资本整理了加拿大上市高频的10个核心问题，为企业出海上市提供清晰指引。 1. 加拿大主要的证券交易所有哪些？各自定位是什么？ 加拿大最核心的交易平台是多伦多证券交易所（TSX），分为主板（TSX）和创业板（TSXV）两大板块。主板倾向于有一定规模、管理团队经验丰富的大 型成熟企业；创业板则聚焦创业阶段中小及成长型企业。此外，加拿大证券交易所（CSE）也为中小微企业提供上市服务，整体形成多层次资本市场体系。 CPC模式允许仅持有现金的空壳公司先上市，再通过并购实体企业实现快速挂牌。这种模式适合暂未满足盈利要求，但需快速登陆资本市场、待完善业务架 构或寻找并购标的的成长型企业。 5. 国内企业在加拿大上市后都有哪些募资方式？ 2. 在加拿大上市融资有什么优势? 加拿大拥有世界级稳定的金融服务系统，能为企业提供优质融资机会与投资环境；赴加上市可受益于北美资本一体化的便利，还能增加赴美募资 ...

Core Viewpoint - The 20th China Economic Forum highlighted two financial innovation cases from China National Petroleum Corporation (CNPC) and Kunlun Insurance Brokerage, showcasing their contributions to green finance and carbon capture technology [1][9]. Group 1: Event Overview - The 20th China Economic Forum was held on November 18 in Nansha, Guangzhou, focusing on "Chinese-style modernization and the economic outlook for the 15th Five-Year Plan" [1]. - The forum attracted over 200 representatives from government, listed companies, financial institutions, and industry experts to discuss topics such as technological innovation policies and financial empowerment for scientific innovation [1]. Group 2: Climate Fund and MOFs Technology - The "Climate Fund based on MOFs materials for gas separation technology" was recognized as a significant case, involving Beijing Blue Shell Clean Energy Technology Co., Ltd., which was invested in by CNPC's OGCI Kunlun Climate Investment Fund in 2023 [2]. - Blue Shell Clean Energy has established the first domestic MOFs carbon capture and utilization facility, achieving a cumulative processing of 32 million cubic meters of associated gas by September 2025 [4]. - The project has successfully captured CO2 with an energy consumption of ≤1.0 GJ per ton, demonstrating effective carbon capture and methane recovery [4]. Group 3: Kunlun Insurance Brokerage's CCUS Insurance - Kunlun Insurance Brokerage introduced a CCUS carbon asset loss insurance to mitigate risks associated with CCUS projects, supporting enterprises in achieving carbon reduction goals [6]. - The first CCUS carbon asset insurance in the oil and petrochemical industry was successfully underwritten for Jilin Oilfield, with an insurance amount of 1.5 million yuan, marking a significant innovation in the sector [8]. - The successful implementation of this insurance product lays a foundation for promoting CCUS insurance products across the oil and petrochemical industry [8]. Group 4: Future Implications - The two recognized green financial innovations will serve as important vehicles for national financial innovation achievements, targeting government departments, regulatory bodies, financial institutions, and mainstream media for dissemination [9].

Group 1 - China has announced the inclusion of non-CO2 greenhouse gases in its 2035 Nationally Determined Contributions (NDC), requiring significant domestic efforts and a favorable international environment to achieve this goal [1] - The NDC target aims for a 7%-10% reduction in total greenhouse gas emissions from peak levels by 2035, reflecting China's commitment to controlling non-CO2 greenhouse gas emissions as part of the Paris Agreement [1] - Effective control of non-CO2 greenhouse gas emissions is crucial for global climate change mitigation and is a key component of achieving the Paris Agreement goals [1] Group 2 - China's "dual carbon" policy has seen significant progress in controlling non-CO2 greenhouse gases, with the introduction of voluntary emission reduction trading mechanisms and other economic incentive policies [2] - Research support is needed for emission scenarios and cost-benefit analyses related to non-CO2 greenhouse gas reduction strategies, particularly for methane [2] - Methane, nitrous oxide, and sulfur hexafluoride have greenhouse effects that are significantly more potent than CO2, making their reduction essential for limiting global warming [2] Group 3 - In agriculture, the implementation of water-saving drought-resistant rice cultivation has achieved an average methane reduction rate of 97%, with a comprehensive greenhouse effect reduction of up to 92% [3] - The China Oil and Gas Methane Emission Control Alliance has expanded to 10 member companies, making significant advancements in methane control strategies and monitoring systems over the past four years [3] Group 4 - The Pingmei Shenma Group has developed an industrial nitrous oxide reduction facility, achieving a CO2 equivalent reduction of 11.6 million tons annually, with a reduction rate of 98% [4] - State Grid Corporation has showcased its technology for controlling sulfur hexafluoride emissions, achieving a recovery rate of 97% and recycling over 2,600 tons of sulfur hexafluoride by 2024 [4] - Hitachi Energy has introduced a digital management system for the entire lifecycle of sulfur hexafluoride, exploring practices based on alternative gas technologies [4]

杭州蓝然官网显示，公司是一家以离子交换膜生产和电渗析技术应用为核心的国家级高新技术企业。一 直专注于为客户提供以双极膜/电渗析技术为核心的盐资源化综合解决方案。 北京商报讯（记者 马换换 李佳雪）11月17日午间，嘉戎技术（301148）披露公告称，因筹划重大资产 重组，公司证券自11月17日起开始停牌，公司预计在不超过10个交易日的时间内披露本次交易方案。 公告显示，11月16日，嘉戎技术与标的公司杭州蓝然技术股份有限公司（以下简称"杭州蓝然"）主要股 东厦门溥玉投资合伙企业（有限合伙）、楼永通、卿波、柴志国、邓德涛、杭州蓝盈投资管理合伙企业 （有限合伙）及杭州蓝合企业管理合伙企业（有限合伙）签署了发行股份购买资产意向协议，约定拟以 发行股份等方式购买上述股东持有的标的公司全部股份。预计本次交易可能构成重大资产重组，本次交 易完成后，预计主要交易对方在公司持股比例将超过5%，本次交易预计构成关联交易。 嘉戎技术表示，公司就本次发行股份等方式购买杭州蓝然控制权事项已签署意向协议，本次交易目前仍 存在不确定性，最终交易对方范围、交易标的的股权比例以公司与标的公司各股东洽谈的情况及后续公 告披露的信息为准。 ...

Core Insights - Tencent's "Carbon Seeking Plan" has launched its second phase, identifying 50 global teams from 12 countries and regions that are exploring diverse technological solutions to address the climate crisis [1][3] - The initiative aims to support promising early-stage climate technology solutions and facilitate their application [3] Group 1: Technological Innovations - Andes, a company focusing on soil microorganisms, has discovered a cutting-edge carbon sequestration technology called microbial carbon mineralization, which converts atmospheric CO2 into minerals, enhancing soil fertility and crop yield while storing carbon for thousands of years [1] - China University of Mining and Technology and the Wuhan Institute of Rock and Soil Mechanics are developing an adsorbent using basalt and diatomite, which captures CO2 directly from the air and injects it into underground basalt for permanent storage [1] Group 2: Program Expansion and Evaluation - The second phase of the "Carbon Seeking Plan" has expanded its selection criteria globally, receiving over 660 climate innovation proposals from 54 countries and regions, with nearly half of the evaluators being from overseas [3] - The evaluation process is based solely on technology, application, and commercial viability, resulting in a list of 50 leading low-carbon technology teams, with over 40% of the teams coming from China [3] Group 3: Funding and Support - The selected 50 climate innovation teams are competing for a total of 200 million RMB in catalytic funding, with the winning teams gaining access to Tencent's industrial and expert resources [3] - The initiative aims to help these cutting-edge low-carbon technologies transition from laboratory settings to practical applications, addressing the "valley of death" in technology commercialization [3]

Core Insights - The Shandong Provincial Department of Science and Technology and the Provincial Department of Ecology and Environment have jointly released the "2025 Shandong Province Green Low-Carbon Technology Achievement Directory" [1] - Two technologies from companies in Tai'an High-tech Zone have been successfully included: the "Sponge City Zero-Block Drainage System" by Xinghe Environmental Technology (Shandong) Co., Ltd. and the "AC-DC Hybrid Flexible Microgrid System Integration Technology" by Shandong Taikai Direct Current Technology Co., Ltd. [1] Group 1: Sponge City Zero-Block Drainage System - The technology effectively addresses issues of traditional drainage materials, such as clogging and insufficient load-bearing capacity [1] - It enhances drainage efficiency while reducing structural load by approximately 30% [1] - The cost per square meter is reduced by one-third to one-half, achieving advanced performance levels domestically [1] Group 2: AC-DC Hybrid Flexible Microgrid System Integration Technology - This technology constructs a new type of power system that efficiently coordinates sources, networks, loads, and storage [1] - Implementation of this technology can significantly improve clean energy consumption and system efficiency, with an annual reduction of carbon emissions by 9,295 tons [1] - It also saves 3,468.4 tons of standard coal, supporting regional energy structure optimization and the transition to clean low-carbon energy [1] Group 3: Shandong Province Green Low-Carbon Technology Achievement Directory - The directory serves as an important technical guide for promoting green low-carbon development in Shandong Province [1] - It covers multiple fields, including water governance, air pollution prevention, solid waste treatment, and energy conservation and carbon reduction [1] - The aim is to select and promote advanced technologies with demonstrative significance, providing references for industrial enterprises and investment institutions in the province [1]

Core Viewpoint - China Aluminum Environmental Protection Group has successfully developed a new desulfurization technology for blast furnace gas, which significantly reduces sulfur dioxide emissions and supports the green transformation of the steel industry [1][2] Group 1: Technology Development - The company, in collaboration with its subsidiary Beijing Aluminum Energy Clean Environment Technology Co., has addressed the technical challenges of desulfurization at the source of blast furnace gas [1] - The new technology achieves a sulfur dioxide emission concentration of no more than 30 milligrams per cubic meter, which is below the national ultra-low emission standard of 50 milligrams per cubic meter [1] Group 2: Innovation in Processes - The company has innovatively chosen a source desulfurization approach, utilizing its resources in the alumina sector to develop a core reagent system based on red mud and alumina [2] - A two-stage dry desulfurization equipment system has been developed, which can intelligently adjust gas temperature, humidity, and flow to maintain optimal desulfurization performance [2] Group 3: Environmental and Economic Benefits - The new desulfurization process is simpler than traditional methods, producing no wastewater or chemical waste, and reduces operational costs by over 20% compared to conventional methods [2] - The technology contributes to energy savings and reduces consumption significantly, aiding in the clean utilization of blast furnace gas [2]

Core Insights - Nanjing is actively attracting and supporting postdoctoral talent, focusing on green and low-carbon development initiatives [1][2][3][4][5][6] - The city has established various support programs and funding initiatives to facilitate the integration of high-level talent into local industries [2][3][5][6] Group 1: Talent Attraction and Support - Nanjing has implemented the "Nanjing Talent Gathering Project" to enhance the recruitment of postdoctoral researchers, with 428 postdoctoral platforms established, including 130 research stations [2][3] - The city organizes talent recruitment events and provides financial support to attract high-level talent, with nearly 300 individuals receiving funding from the China Postdoctoral Science Foundation in the past three years [3][4] - The local government offers various living and research subsidies, including a green channel for professional title evaluations and support for family-related services [5][6] Group 2: Impact on Companies - Companies like Jiangsu Modern Road and Bridge Co. and China Everbright Environmental Technology have benefited from postdoctoral talent, leading to significant advancements in technology and innovation [4][5] - Jiangsu Modern Road and Bridge has developed over 20 new materials and technologies, achieving a transformation value of nearly 50 million yuan through large-scale applications on over 5,000 kilometers of highways [4] - China Everbright has cultivated 15 postdoctoral researchers, contributing to the establishment of national standards and the acquisition of over 1,150 intellectual property rights [4][5] Group 3: Economic and Social Benefits - The presence of postdoctoral talent has led to the creation of nearly 1,000 jobs and significant economic and social benefits for the region [5][6] - Nanjing's initiatives have resulted in over 1,500 awards, patents, and published papers by postdoctoral researchers in the last three years, showcasing the city's commitment to fostering innovation [5][6] - The upcoming Nanjing Talent Exchange Conference aims to connect high-level talent with over 1,000 postdoctoral positions and 2,000 high-level job opportunities [5][6]

Core Viewpoint - Lude Environment (688156.SH) announced that its wholly-owned subsidiary, Lude Biological Environmental Technology (Bozhou) Co., Ltd. (referred to as "Bozhou Lude"), plans to implement a capital increase and introduce investors, which will enhance its operational funds and improve its asset-liability structure [1] Group 1: Investment Details - Bozhou Ketu Investment Fund will contribute 20 million RMB to subscribe for an additional registered capital of 20 million RMB in Bozhou Lude [1] - Bozhou Life and Health Industry Fund will contribute 10 million RMB to subscribe for an additional registered capital of 10 million RMB in Bozhou Lude [1] - The company will waive its preemptive subscription rights for this capital increase [1] Group 2: Strategic Implications - The Bozhou Ketu Investment Fund primarily invests in high-tech fields such as biomedicine, focusing on advanced technological achievements in Bozhou [1] - The Bozhou Life and Health Fund mainly invests in modern medicine, traditional Chinese medicine, and medical devices, targeting the health industry in Bozhou [1] - The introduction of these funds will deepen cooperation with Anhui Gujing Distillery (000596) and local liquor companies regarding distiller's grains, while also leveraging the "Three Sevens Hundred" goal of revitalizing the beef cattle industry in Bozhou to expand into the Central Plains beef cattle breeding market [1]

Group 1 - The China-US Low Carbon Industry Exchange Conference was held in Chengdu on June 25, with over 80 representatives from relevant institutions and companies attending [1] - American companies such as Corning, 3M, Gorun Environmental Technology, Aquatech, Masco Lighting, JunKai Environmental Management Consulting, Biocleaner, and New Energy Nexus engaged with Chinese representatives from the Sichuan Provincial Department of Ecology and Environment, Sichuan Energy Development Group, and Huaxi Group [1] - The conference focused on business needs, technological advantages, and potential cooperation opportunities in the green low-carbon industry [1]