Core Viewpoint - Baoding Xingan Hygiene Products Co., Ltd. has been established with a registered capital of 500,000 RMB, indicating a new player in the hygiene products industry [1] Company Summary - The legal representative of Baoding Xingan Hygiene Products Co., Ltd. is Zhang Dongyuan [1] - The company’s business scope includes manufacturing and sales of paper products, hygiene products, and disposable medical supplies [1] - Additional activities include sales of textile products, pulp sales, brand management, and internet sales, excluding items that require special licenses [1] Industry Summary - The establishment of Baoding Xingan Hygiene Products Co., Ltd. reflects ongoing growth and diversification in the hygiene products sector [1] - The company is positioned to engage in various related activities, which may enhance its competitive edge in the market [1]

合并后的公司将继续保留金佰利公司的总部位于得克萨斯州伊维尔德的办公地点，并在Kenvue的各个 地区保持重要的业务布局。根据目前的预测，合并后的公司预计在2025年的年度净收入约为320亿美 元，调整后EBITDA约为70亿美元。 金佰利(KMB.US)宣布达成一项交易，将以现金加股票的形式收购泰诺制造商Kenvue(KVUE)的所有流 通股。根据双方董事会一致通过的协议，Kenvue的股东将获得每股3.50美元的现金以及0.14625股金佰 利的股票作为对价，该交易每股的估值为21.01美元。周一盘前，金佰利股价下跌超过15%，而Kenvue 上涨超过20%。 该交易预计将于2026年下半年完成，但需获得股东批准和监管部门批准。根据2025年10月31日金佰利普 通股的收盘价计算，Kenvue的企业价值约为487亿美元。此次交易预计将为Kenvue的股东带来价值增 长，其初始现金对价达68亿美元。 Mike Hsu将担任合并后公司的董事长兼首席执行官。在合并完成时，Kenvue的三位董事会成员将加入 金佰利公司的董事会。Hsu表示："我们很高兴能将这两家具有代表性的公司合并起来，共同打造一个 全球性的卫生健 ...

Group 1 - The company, Tianjin Yiyi Hygiene Products Co., Ltd., has signed a partnership agreement with Beijing Fangyuan Jinding Investment Management Co., Ltd. to jointly invest in the Qiongqing City Jintan Venture Capital Partnership, with a total fund size of 156.54 million RMB [1] - The company will contribute 70.20 million RMB, accounting for 44.8448% of the partnership [1] - The partnership has completed the necessary registration with the Asset Management Association of China and received the Private Investment Fund Registration Certificate on October 30, 2025 [2] Group 2 - The fund is managed by Beijing Fangyuan Jinding Investment Management Co., Ltd. and is custodied by Shanghai Pudong Development Bank Co., Ltd. [2] - The company will fulfill its information disclosure obligations regarding the partnership's future developments in accordance with relevant laws and regulations [2]

Company Overview - Tongling Jieya Biotechnology Co., Ltd. specializes in the research, production, and sales of wet wipes, established in 1999 [2] - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 3, 2021, and is steadily advancing its fundraising projects [2] - For the first three quarters of 2025, the company reported a revenue of 565 million yuan and a net profit of 67.9031 million yuan [2] Financial Performance - The high growth rate of net profit is attributed to the scale effect of the business and product structure optimization [3] - The company's capacity utilization rate is maintained at over 80% [4] Future Plans - The U.S. factory is currently under construction, with plans to introduce automated production lines and optimize management processes to control costs, expected to commence production in 2026 [3] - Future performance growth is anticipated from deepening cooperation with existing international brand clients and the new market opportunities from the U.S. factory [3] Risks and Challenges - Investment risks for the U.S. factory include potential delays in production, customer approval processes, and cultural differences affecting production efficiency [3] - The company is actively monitoring and addressing these risks while urging investors to remain cautious [3] Product Development - The cosmetics business primarily focuses on providing OEM services for international brand clients, with ongoing efforts to expand domestic client orders, albeit at a smaller scale [3] - The company is strategically adjusting its resource allocation for its own brand development due to unsatisfactory market feedback from initial efforts [3] Capacity Expansion - Capacity expansion is determined by the progress of new client acquisition and existing client order growth, with an expected expansion cycle of 3-6 months [4] - The company has established significant core competitive advantages in technology research and development, production processes, quality control, customer resources, and product variety [4]

Company Overview - Tongling Jieya Biotechnology Co., Ltd. was established in 1999 and specializes in the research, production, and sales of wet wipes, with over 20 years of industry experience [2]. - The company went public on the Shenzhen Stock Exchange's Growth Enterprise Market on December 3, 2021, and is steadily advancing its fundraising projects [2]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 565 million yuan and a net profit of 67.9031 million yuan [3]. - The growth in performance is attributed to an increase in orders from overseas clients, the realization of business scale effects, and continuous optimization of product structure [3]. Future Business Drivers - Future growth will primarily rely on two engines: deepening cooperation with existing international brand clients and the new market opportunities and localized supply advantages brought by the upcoming U.S. factory [3]. - The company has maintained stable orders from existing clients and is actively expanding its business with international brand clients in other regional markets [3]. Client Relationships and Pricing Mechanism - The company has strong stability in its relationships with major clients, which are predominantly well-known global enterprises [3]. - A pricing adjustment mechanism is in place to respond to fluctuations in raw material prices and exchange rates [3]. Competitive Advantages - The company has developed significant core competitive advantages in technology research and development, production processes, quality control, customer resources, and product variety through years of focused development in the wet wipes market [3]. U.S. Factory Development - The U.S. factory is currently under construction and is expected to be operational in 2026, primarily serving the North American market [3]. - Key investment risks associated with the U.S. factory include client audit approvals, potential delays in production timelines, and cultural differences impacting production efficiency [3]. Capacity Utilization and Capital Expenditure - The current capacity utilization rate is maintained at over 80%, with new capacity expected to be constructed within 3 to 6 months [4]. - The company’s dividend policy balances shareholder returns with developmental support, adjusting based on actual operating conditions and future funding needs [4].

Group 1: Recent IPOs - Zhuoyuan, a corporate services company, successfully listed on NASDAQ, raising $5.6 million with a market capitalization of $32.11 million [1] - Wangsu Technology, a supply chain management service provider, listed on NASDAQ, raising $9.5 million with a market capitalization of $112 million [2] - Haixi New Drug, a pharmaceutical company, successfully listed on the Hong Kong Stock Exchange, raising approximately HK$994 million with a market capitalization of HK$8.603 billion [3] - Jushuitan, an e-commerce SaaS ERP provider, listed on the Hong Kong Stock Exchange, raising approximately HK$2.086 billion with a market capitalization of HK$14.852 billion [4] - Guanghetong, a wireless communication module provider, completed its "A+H" listing on the Hong Kong Stock Exchange, raising approximately HK$2.904 billion with a market capitalization of HK$24.891 billion [5] Group 2: Upcoming IPOs - Bama Tea, a high-end tea brand, plans to issue 9 million shares, aiming to raise approximately HK$428 million, with an expected listing date of October 28 on the Hong Kong Stock Exchange [6] - Cambridge Technology, a supplier of optical and wireless connection devices, plans to issue 67.01 million shares, aiming to raise approximately HK$4.616 billion, with an expected listing date of October 28 [7] - Dipu Technology, an AI application solution provider, plans to issue 26.63 million shares, aiming to raise approximately HK$710 million, with an expected listing date of October 28 [8] - Sany Heavy Industry, an engineering machinery company, plans to issue 580 million shares, aiming to raise approximately HK$12.064 billion, with an expected listing date of October 28 [9] - Minglue Technology, a data intelligence application software company, plans to issue 7.219 million shares, aiming to raise approximately HK$1.018 billion, with an expected listing date of November 3 [10] Group 3: Companies Filing for IPO - Sijiao Infrastructure Fund, a public open-end fund, filed for an IPO on the Hong Kong Stock Exchange, focusing on infrastructure investments [11] - Qingtian Quansuitong, a cross-border intelligent tax solution provider, filed for an IPO on the Hong Kong Stock Exchange, ranking first in the cross-border enterprise intelligent tax solution market [12] - Lakala, an independent digital payment service provider, filed for an IPO on the Hong Kong Stock Exchange, holding a 9.4% market share in the independent digital payment service sector [13] - Yuwang Biological Nutrition, a supplier of food-grade refined fish oil, filed for an IPO on the Hong Kong Stock Exchange, being the largest supplier in its category with an 8.1% market share [14] - Jintian Animation, an IP fun food company, filed for an IPO on the Hong Kong Stock Exchange, focusing on fun and healthy food products [15] Group 4: Companies Undergoing Hearing for IPO - Pony.ai, an autonomous driving technology company, passed the hearing for its IPO on the Hong Kong Stock Exchange, focusing on safe and reliable autonomous driving solutions [19] - Joyson Electronics, a smart automotive technology solution provider, passed the hearing for its IPO on the Hong Kong Stock Exchange, ranking second in the automotive passive safety product sector [20] - WeRide, an autonomous driving technology company, passed the hearing for its IPO on the Hong Kong Stock Exchange, ranking second in the global market for urban road L4-level autonomous driving [21] - Wangshan Wangshui, a biopharmaceutical company, passed the hearing for its IPO on the Hong Kong Stock Exchange, focusing on innovative small molecule drug development [22] - Baitian Tianheng, an innovative biopharmaceutical company, passed the hearing for its IPO on the Hong Kong Stock Exchange, developing ADC drugs and multi-specific antibody drugs [23] - Tianyu Semiconductor, a silicon carbide epitaxial wafer supplier, passed the hearing for its IPO on the Hong Kong Stock Exchange, holding a 38.8% market share in the silicon carbide epitaxial wafer market [24] Group 5: Companies Approved for Filing - Six companies, including Naxin Micro and Baiguoyuan, received approval for overseas IPOs and domestic unlisted shares "full circulation" filing from the China Securities Regulatory Commission [25]

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for seven companies, all of which are set to list in Hong Kong, indicating a growing trend of Chinese companies seeking international capital markets [1]. Group 1: Company Listings -卓越睿新 plans to issue up to 9,409,100 ordinary shares for overseas listing on the Hong Kong Stock Exchange [1]. -迈萪科技 intends to issue up to 7,500,000 ordinary shares for listing on the Taiwan Stock Exchange [5]. -和辉光电 aims to issue up to 2,802,501,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange [6]. -乐舒适 plans to issue up to 148,064,800 ordinary shares for overseas listing on the Hong Kong Stock Exchange [7]. -金岩高新 intends to issue up to 27,945,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange [8]. -创新国际 plans to issue up to 575,000,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange [9]. -纳芯微 aims to issue up to 40,976,900 ordinary shares for overseas listing on the Hong Kong Stock Exchange [10]. Group 2: Financial Performance -卓越睿新 reported revenues of 400 million, 653 million, and 848 million CNY for 2022, 2023, and 2024 respectively, with net profits of -59.11 million, 81.42 million, and 105 million CNY [4]. -和辉光电's revenues were 4.191 billion, 3.038 billion, and 4.958 billion CNY for 2022, 2023, and 2024, with net losses of 1.602 billion, 3.244 billion, and 2.518 billion CNY [6]. -乐舒适's revenues for the first nine months of 2023 and 2024 were 320 million, 411 million, and 334 million USD, with net profits of 18.39 million, 64.68 million, and 72.28 million USD [8]. -金岩高新 reported revenues of 190 million, 205 million, 267 million, and 105 million CNY for 2022, 2023, 2024, and the first five months of 2025, with net profits of 24.42 million, 43.62 million, 52.6 million, and 18.03 million CNY [9]. -创新国际's revenues were 13.49 billion, 13.815 billion, and 10.937 billion CNY for 2022, 2023, and the first nine months of 2024, with net profits of 913 million, 1.081 billion, and 1.790 billion CNY [10]. -纳芯微 reported revenues of 1.67 billion, 1.311 billion, and 1.96 billion CNY for 2022, 2023, and 2024, with net profits of 250 million, -305 million, and -403 million CNY [11].

本报讯(记者刘钊)10月14日，加纳总统投资论坛在京举行。本次加纳总统投资论坛由加纳投资促进中心 主办，论坛以"合作促繁荣：释放在加投资机遇"为主题，围绕制造业本地化、自由区政策与营商环境等 议题，面向中国企业开展推介与对接。 加纳投资促进中心首席执行官Simon Madjie从税收优惠、产业扶持到基础设施配套保障，全方位阐述了 加纳政府为吸引外资打造的便利化环境。他强调加纳正积极推动产业升级与对外开放，希望中国企业加 大投资力度。同时，他评价森大集团为"加纳制造"的典范，乐舒适品牌为代表的"加纳制造"卫生用品已 出口至多国，推动加纳制造业的发展。 在中建集团、新安集团、华为、森大集团等中资项目案例带动下，多家中资企业表达了赴加投资意向， 拟在制造业、配套加工和自由区等领域与加纳政府开展前期对接，共同推动加纳产业发展、创造就业并 提升加纳民生福祉。 加纳总统马哈马对广州市森大贸易有限公司(以下简称"森大集团")在加纳21年来，通过本地化经营为当 地创造就业、税收与外汇表示高度认可。马哈马表示，乐见成长于加纳的企业发展良好，希望森大集团 旗下乐舒适能尽快成功赴港上市，形成示范作用、吸引更多中资企业出海投资加纳。 ...

Core Viewpoint - The article highlights the efforts of the Ministry of Public Security in China to combat intellectual property infringement and the sale of counterfeit goods, emphasizing the importance of maintaining market order and consumer safety through law enforcement actions [1][2]. Summary by Sections Law Enforcement Actions - In 2023, a total of 14,000 criminal cases related to intellectual property infringement and counterfeit goods were filed nationwide, leading to the dismantling of several organized crime groups and the destruction of cross-regional criminal supply chains [1][2]. Major Cases - **Case 1: Counterfeit Brand Handbags** In April 2025, 44 suspects were arrested in Liaoning for producing counterfeit brand handbags, with over 40,000 fake bags and related materials seized, amounting to over 100 million yuan [3]. - **Case 2: Inferior Fragrance Products** In April 2025, 16 suspects were arrested in Shanghai for selling inferior fragrance products, with 9,400 boxes of fake products and 6,000 fragrance pieces seized, involving 4.5 million yuan [4]. - **Case 3: Inferior Diesel** In June 2025, 26 suspects were arrested in Zhejiang for selling inferior diesel, with 60 tons of substandard diesel and 24 oil tankers seized, involving 117 million yuan [6]. - **Case 4: Counterfeit Toner Cartridges** In June 2025, 3 suspects were arrested in Anhui for selling counterfeit toner cartridges, with 23,000 fake cartridges and related materials seized, involving over 500,000 yuan [7]. - **Case 5: Inferior Hygiene Products** In March 2025, 18 suspects were arrested in Shandong for selling inferior hygiene products, with 69.4 tons of counterfeit diapers and sanitary napkins seized, involving over 20 million yuan [8]. - **Case 6: Counterfeit Assembled Cars** In May 2025, 8 suspects were arrested in Hubei for selling counterfeit assembled cars, with over 240 fake cars seized, involving over 4.5 million yuan [9]. - **Case 7: Counterfeit Electric Vehicle Batteries** In May 2025, 13 suspects were arrested in Chongqing for selling counterfeit electric vehicle batteries, with 32,600 fake batteries seized, involving over 3 million yuan [10]. - **Case 8: Counterfeit Televisions** In June 2025, 30 suspects were arrested in Sichuan for producing counterfeit televisions, with 302 fake TVs and 31,000 counterfeit trademarks seized, involving over 3 million yuan [11].

Overview of Guarantee Situation - The company, Tianjin Yiyi Hygiene Products Co., Ltd., approved a guarantee for its wholly-owned subsidiary, Hebei Yiyi Technology Development Co., Ltd., with a total limit not exceeding RMB 180 million [1] - The guarantee is valid for a period of no more than 12 months from the date of approval by the shareholders' meeting [1] Progress of Guarantee - On September 25, 2025, the company signed a Comprehensive Credit Agreement with China Everbright Bank Tianjin Branch, providing a maximum credit limit of RMB 100 million to Hebei Yiyi, which includes general loans of RMB 40 million and bank acceptance bills of RMB 60 million [2] - The company provided a joint liability guarantee to ensure the performance of the Comprehensive Credit Agreement [2] Basic Information of the Guaranteed Entity - Hebei Yiyi Technology Development Co., Ltd. was established on September 14, 2017, with a registered capital of RMB 50 million [3] - The company is a wholly-owned subsidiary of Tianjin Yiyi, holding 100% equity [3] Financial Indicators of Hebei Yiyi - As of June 30, 2025, Hebei Yiyi had total assets of RMB 714.33 million, net assets of RMB 121.94 million, total liabilities of RMB 592.38 million, and a debt-to-asset ratio of 82.93% [4] Guarantee Contract Details - The maximum principal limit of the guarantee is RMB 100 million, covering all related debts including interest, penalties, and other fees [5] - The guarantee period for each specific credit business is calculated separately, lasting three years from the maturity of the debt [6] Cumulative External Guarantee Amount - After this guarantee, the total guarantee amount for the company and its subsidiaries is RMB 230 million, accounting for 12.55% of the latest audited net assets [7] - There are no overdue guarantees or guarantees involving litigation [7]