2025.07. 10 作者 | 第一财经 周楠 刚刚步入下半年，就有两家IPO企业突然撤单，一家已过会8个月，另一家则排队6年之久。 据深交所网站，近期，中船双瑞（洛阳）特种装备股份有限公司（下称"双瑞股份"）因撤材料被终止 审核，该公司原拟登陆创业板，去年11月过会；另一家撤单企业是广东顺德农村商业银行股份有限 公司（下称"顺德农商行"），原拟登陆深市主板，2019年即已递交上市申请。 本文字数：2239，阅读时长大约4分钟 这也让IPO撤单情况再度引发关注。交易所官网数据显示，年内至今，共计72家拟上市企业终止 IPO，主因是撤材料，超四成原拟登陆深交所。第一财经关注到，这批撤单企业中，超20家是在过会 后撤回，另有多家IPO排队超两年。同时，现场检查亦持续发威，双瑞股份2023年年初被抽中现场 检查，同批企业已悉数撤单。 离上市处于"临门一脚"之际，已过会企业为何突然终止IPO？"个别公司的（撤单）原因要具体分析， 总体来看，包括政策变化、行业盈利变化或公司经营变化等原因，也有公司可能存在被举报的情 况。"投行人士告诉第一财经，IPO进度长期未有推进的公司，要关注其是否存在问题。 顺德农商行IPO排队 ...

南方财经记者程浩 东莞报道 今年以来，东莞企业IPO受理迎来爆发式增长。上半年，沪深北交易所获受理的IPO东莞企业数量达到 11家，其中在审企业为8家。仅6月获受理IPO达5家，占比近五成。港股方面，今年东阳光药二次递表 港交所，计划以"介绍上市"方式在香港主板上市，东莞资本市场日趋多元化。 南方财经记者梳理发现，与往年相比，北交所成为今年东莞企业密集上市的主阵地。今年以来，汇兴智 造、华汇智能、东实环境、邦泽创科、腾信精密、天健新材和高义包装等7家东莞企业先后冲击北交所 IPO，占比超六成。除汇兴智造在今年2月终止IPO外，6家企业均已进入审核流程，审核重点聚焦企业 创新性与业绩可持续性。 同时，近年东莞持续实施企业上市"鲲鹏计划"，赋能科创制造强市建设，助力上市企业在资本市场乘风 破浪，"东莞板块"逐渐由大向强。 有投行人士认为，今年监管部门频频发声，提高资本市场对科技创新企业的支持力度，IPO市场逐步回 暖，为东莞科技型中小企业利用资本市场提供更为有力机遇。从过往多年情况来看，IPO受理数量在6 月份大增是一大常态，因IPO财务数据有效期为6个月，所以6月为IPO传统申报高峰。当下北交所上市 热情高涨， ...

Core Viewpoint - The article discusses the performance and management of the Huatai-PB Innovation Upgrade A fund (000566), highlighting its long-term growth but recent underperformance compared to peers. Fund Performance - The fund has achieved a total return of 247.81% since its inception over 11 years ago, with a current net value of 3.41 yuan [2][12]. - In the past year, the fund's performance has been modest, with a gain of 1.06%, while the average for similar funds was 6.12%, ranking it 1691 out of 2301 [12]. - Over the last three years, the fund has declined by 27.94%, compared to an average decline of 8.52% among peers, ranking it 1686 out of 2041 [12]. - The fund's performance over the last two years shows a decline of 18.55%, while peers gained 1.09%, ranking it 1933 out of 2152 [12]. - In the last six months, the fund gained 3.05%, while the average for similar funds was 8.27%, ranking it 1537 out of 2305 [12]. Fund Management - Fund manager Wu Bangdong took over management on June 9, 2023, and has recorded a return of -20.01% during his tenure [3]. - Wu has 7.5 years of experience primarily in equity products, managing a total of 1.38 billion yuan with an annualized return of 2.58% [3]. Market Analysis - Wu's analysis indicates that the A-share market may experience short-term volatility due to tariff uncertainties, but the long-term outlook remains positive due to domestic factors and policy reserves [4]. - The current domestic environment is seen as a source of confidence, with a focus on internal demand and technological breakthroughs [5]. Fund Size and Holdings - The fund's total shares have decreased significantly over the past two to three years, dropping from 6.38 billion shares in Q2 2022 to 1.72 billion shares in Q1 2025, a reduction of over 73% [12][13]. - The fund's holdings are diversified, with major stocks including Ningde Times, Yutong Bus, and BYD, indicating a cautious investment strategy [13].

华润三九收购天士力28%的股权，巩固在中药领域的全产业链布局；立讯精密收购闻泰科技部分子公司 股权，补足安卓生态ODM资源；至正股份拟收购先进封装材料国际有限公司99.97%的股权，由橡胶及 塑料制造商向半导体封装材料和专用设备行业转型…… 政策"阳光"普照 并购重组是企业实现基业长青的"关键棋"、突破增长瓶颈的"高速路"，也是经济高质量发展的"助推 器"。新"国九条"发布以来，并购重组政策红利持续释放。 2024年9月，证监会发布"并购六条"，以发挥资本市场在企业并购重组中的主渠道作用，适应新质生产 力的需要和特点，支持上市公司注入优质资产、提升投资价值。 招商证券党委书记、董事长霍达表示，"并购六条"通过允许收购未盈利资产、放宽跨界并购限制、完善 吸并锁定期等规定，向市场传递了积极发展新质生产力、鼓励产业整合的明确信号，拓宽"链主"企业遴 选优质标的的范围，释放了积极有力的政策红利，有利于激发并购重组市场活力，促进并购交易的市场 化发展。 "并购六条"发布后，深圳证监局等有关部门陆续出台并购重组支持政策，健全制度保障。2024年11月， 深圳市委金融办就《深圳市推动并购重组高质量发展的行动方案》公开征求意 ...

Group 1 - The core point of the article is the differentiated dividend distribution plan proposed by Zhongzhong Technology (Tianjin) Co., Ltd., which involves a cash dividend of 0.066 yuan per share (tax included) to all shareholders, excluding shares held in the repurchase account [1][2] - As of May 22, 2025, the company holds 4,966,400 shares in the repurchase account, accounting for 0.79% of the total share capital of 629,538,080 shares [1] - The total cash dividend to be distributed amounts to 41,221,730.88 yuan (tax included) based on the adjusted total share capital [2] Group 2 - The reference price for ex-dividend trading is calculated based on the closing price of 10.39 yuan per share on May 21, 2024, resulting in an ex-dividend reference price of approximately 10.3240 yuan [2] - The impact of the differentiated dividend distribution on the ex-dividend reference price is less than 1% [2] - The company commits not to undertake any actions that could change the total share capital or the number of shares in the repurchase account during the period from the application submission to the completion of the dividend distribution [3] Group 3 - The sponsor institution, Guotai Junan Securities Co., Ltd., confirms that the differentiated dividend distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and all shareholders [4]

Core Points - The document outlines the regulations for related party transactions to ensure fairness and protect the rights of the company, shareholders, and creditors [1][2] - Related party transactions include resource or obligation transfers between the company and its related parties, which can be legal entities or individuals [1][2] - The document specifies the criteria for identifying related parties, including shareholders holding more than 5% of shares and company executives [1][2][3] Summary by Sections Chapter 1: General Provisions - The purpose of the regulations is to standardize related party transactions and ensure fair decision-making [1] - Related parties include both legal entities and natural persons that have significant control or ownership over the company [1][2] - The document defines various scenarios that qualify an entity as a related party, including control relationships and significant shareholding [1][2] Chapter 2: Reporting of Related Transactions - Directors, senior management, and significant shareholders must promptly inform the company of any related party relationships [2] - Related transactions include asset purchases, financial assistance, guarantees, and management contracts, among others [2][3] Chapter 3: Avoidance System - Individuals representing related parties in transactions must adhere to strict guidelines to prevent conflicts of interest [5] - Related directors must abstain from voting on transactions where they have a conflict of interest [5][6] Chapter 4: Decision-Making Authority for Related Transactions - Transactions exceeding certain monetary thresholds must be submitted for board approval and disclosed [8][9] - Specific thresholds are set for transactions with related natural persons (over 300,000 yuan) and related legal entities (over 3 million yuan) [8][9] - The company must provide necessary audit and evaluation reports for significant transactions [8][9] Chapter 5: Miscellaneous Provisions - The regulations will take effect after approval by the company's shareholders [13] - The board of directors is responsible for interpreting the regulations [13]

Core Points - The company aims to enhance its corporate governance structure and board composition to protect the interests of minority shareholders and stakeholders [1][2] - Independent directors are required to act independently and avoid conflicts of interest, ensuring they fulfill their duties diligently [2][4] - The company mandates that at least one-third of the board members must be independent directors, including at least one accounting professional [3][4] Group 1 - Independent directors must not hold any other positions within the company and should not have any direct or indirect relationships that could affect their judgment [2][4] - Independent directors are expected to participate actively in board decisions and provide objective advice to enhance decision-making quality [8][10] - The company must ensure that independent directors have sufficient time and resources to perform their duties effectively [15][16] Group 2 - Independent directors are required to submit annual reports detailing their attendance and participation in board meetings and committees [14] - The company is responsible for providing independent directors with necessary information and support to fulfill their roles [15][16] - Independent directors can hire external consultants at the company's expense to assist in their duties [32]

Core Points - The article outlines the rules for the shareholders' meeting of Guangdong Haichuan Intelligent Machinery Co., Ltd, aiming to enhance operational standards and protect shareholders' rights [2][3][4] Group 1: General Provisions - The rules are established to ensure the legality and effectiveness of the shareholders' meeting procedures and resolutions [2] - The company must strictly adhere to laws, regulations, and its articles of association when convening meetings [2][3] - Shareholders' meetings are categorized into annual and extraordinary meetings, with specific timelines for their convening [2][4] Group 2: Meeting Convening - The board of directors is responsible for timely convening meetings and must respond to requests from independent directors or shareholders holding over 10% of shares [4][5] - If the board fails to convene a meeting within the stipulated time, the audit committee or shareholders can initiate the meeting [5][6] Group 3: Proposals and Notifications - Proposals must fall within the scope of the shareholders' meeting authority and be submitted in a timely manner [13][14] - Notifications for annual meetings must be sent 20 days in advance, while extraordinary meetings require a 15-day notice [15][16] Group 4: Meeting Procedures - The meeting must be held at the company's registered location, and provisions for remote participation must be made [20][21] - Shareholders must present valid identification to attend, and the legitimacy of their qualifications will be verified [24][25] Group 5: Voting and Resolutions - Voting must be conducted in accordance with the established rules, and results should be announced promptly [38][39] - The company must implement resolutions regarding dividends or capital increases within two months after the meeting [44][45] Group 6: Legal Compliance - Any resolutions that violate laws or regulations are deemed invalid, and shareholders have the right to challenge such decisions within a specified timeframe [46]

Core Points - The company has established a system for the selection and appointment of accounting firms to enhance financial information quality and protect shareholder interests [1][2] - The audit committee is responsible for overseeing the selection and audit work of the accounting firms [2][7] Selection Process - The selection of accounting firms must be reviewed by the audit committee and approved by the board of directors and shareholders [1][4] - The audit committee must propose the selection process, evaluate proposals, and recommend firms along with audit fees [2][3] - The evaluation criteria for accounting firms include audit fees, qualifications, performance records, quality management, and risk management capabilities [2][3] Evaluation and Approval - Each proposal must be evaluated separately, with quality management weighted at no less than 40% and audit fees at no more than 15% [3] - The audit committee must conduct a thorough evaluation of the selected accounting firm’s performance before renewal [5][6] Documentation and Compliance - All documents related to the selection process must be properly archived for at least 10 years [5] - The audit committee must ensure compliance with relevant laws and regulations during the selection process [7][8] Termination and Replacement - The company cannot replace the accounting firm during the annual audit period unless there are significant issues [6] - If a firm is to be replaced, the reasons must be disclosed, along with the previous firm’s performance and any discrepancies in audit opinions [6][8]

Core Viewpoint - The establishment of the Audit Committee by Guangdong Haichuan Intelligent Machinery Co., Ltd. aims to enhance the decision-making function of the board of directors, ensure effective supervision of the management, and improve the corporate governance structure [1][2]. Group 1: Audit Committee Structure - The Audit Committee is a specialized working body of the board, responsible for reviewing financial information, supervising internal and external audits, and evaluating internal controls [1][2]. - The committee consists of three directors, with a majority being independent directors, and at least one member must be a professional accountant [1][2]. - The committee is independent and reports directly to the board, free from interference by other departments or individuals [1][2]. Group 2: Responsibilities and Duties - The main responsibilities of the Audit Committee include supervising external audit work, evaluating internal audit work, reviewing financial information, and ensuring compliance with laws and regulations [3][4]. - The committee is tasked with making decisions on significant accounting policy changes and ensuring the accuracy of financial disclosures [2][3]. - The Audit Department serves as the daily operational body for the committee, handling communication and meeting organization [2][4]. Group 3: Meeting Procedures - The Audit Committee must meet at least quarterly, with provisions for additional meetings as necessary [4][5]. - A quorum requires attendance from at least two-thirds of the committee members, and decisions are made by majority vote [4][5]. - Meeting records must be kept for a minimum of ten years, and all members are bound by confidentiality regarding the discussed matters [5][6]. Group 4: Reporting and Compliance - The committee is responsible for reporting its activities and decisions to the board, including any issues of non-compliance by directors or senior management [5][6]. - The company must disclose the Audit Committee's annual performance and any significant decisions not adopted by the board [5][6]. - The committee has the authority to recommend the dismissal of directors or senior management for violations of laws or regulations [5][6].