Core Viewpoint - Shenghong Technology has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final registration approval from the China Securities Regulatory Commission (CSRC) [1] Group 1: Share Issuance Details - The company plans to raise a total of up to 190 million yuan through this issuance, with net proceeds intended for investment in projects in Vietnam and Thailand, as well as for working capital and loan repayment [1][2] - The specific projects include the Vietnam Shenghong AI HDI project with a total investment of approximately 181.55 million yuan, for which 85 million yuan will be raised, and the Thailand high-layer printed circuit board project with a total investment of about 140.21 million yuan, for which 50 million yuan will be raised [2] - The issuance will involve no more than 35 specific investors, including qualified institutional investors and other eligible entities as per CSRC regulations [2][3] Group 2: Issuance Process and Conditions - The final issuance amount will be determined by the board of directors based on subscription results after approval from the Shenzhen Stock Exchange and CSRC registration [3] - The issuance price will not be lower than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [3] - Shares acquired by the issuance participants will be subject to a six-month lock-up period post-issuance [3][4]

Group 1 - The company, Tianjin Pulin Circuit Co., Ltd., is involved in a capital reduction transaction with its associate, Firan Technology Group Corporation, maintaining its 40% ownership in the joint venture, Zhonghuan Firan (Tianjin) Technology Co., Ltd. [1][2] - The capital reduction amounts to a total of 5 million RMB, with the company reducing its capital by 2 million RMB and Firan Group by 3 million RMB, while the shareholding ratios remain unchanged [2][5] - The independent directors of the company have approved the capital reduction, stating that it will not adversely affect the company's operations or the interests of shareholders, particularly minority shareholders [7] Group 2 - Zhonghuan Firan has total assets of 1,547.81 million RMB and total liabilities of 501.86 million RMB as of March 31, 2025, indicating a net asset value of 1,045.95 million RMB [4] - The company reported a revenue of 641.86 million RMB and a net profit of 141.48 million RMB for the first quarter of 2025 [4] - The capital reduction does not constitute a major asset restructuring as defined by relevant regulations, and no shareholder meeting is required for approval [2][6]

Core Viewpoint - Pengding Holdings (002938.SZ) has completed the first phase of its Thailand park project and is currently in the customer certification and sampling stage, with expectations for small-scale production in the second half of the year [1] Group 1: Project Development - The first phase of the Thailand park project has been completed and is now undergoing customer certification and sampling [1] - Small-scale production is anticipated in the second half of the year [1] Group 2: Customer Engagement - The company is actively collaborating with server terminal customers, with major clients accelerating related work [1] - Pengding Holdings is also working on expanding its customer base [1] Group 3: Future Outlook - The company aims to achieve customer certification for optical module clients and initiate small-scale production in the second half of 2024 [1]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [1][2] - The company is established as a joint-stock limited company in accordance with the Company Law and is registered with the Shenzhen Market Supervision Administration [1][2] - The company was approved for registration by the China Securities Regulatory Commission and listed on the Shanghai Stock Exchange on May 11, 2021, with an initial public offering of 33.39 million shares [1][3] Company Information - The registered capital of the company is RMB 133.39 million [2] - The company is located in the Bao'an District of Shenzhen [2] - The legal representative of the company is the chairman of the board, and the company will appoint a new legal representative within 30 days if the current one resigns [2][3] Business Objectives and Scope - The company's business objectives include cultivating top employees, manufacturing top products, and creating an industry brand to meet customized needs at various stages of research and production [3][4] - The business scope includes circuit design, sales of circuit boards and electronic components, domestic trade, and import/export of goods and technology [3][4] Shares and Capital - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [5][6] - The total number of shares issued by the company is 133.39 million, all of which are ordinary shares [5][6] - The company has specific regulations regarding the issuance, transfer, and repurchase of shares, ensuring fairness and equal rights among shareholders [6][7] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, supervise company operations, and request information [10][11] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not misuse their rights to harm the company or other shareholders [15][16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [48][49] - Shareholder meetings require proper notification and must include detailed information about the agenda and voting procedures [61][62] - Decisions made at shareholder meetings can be classified as ordinary or special resolutions, with different voting thresholds required for each [80][81]

Core Viewpoint - The company has established a comprehensive management system for foreign exchange hedging business to mitigate investment risks and ensure asset safety [1][2][3] Group 1: Regulations and Compliance - The foreign exchange hedging business must comply with relevant laws and regulations, and the company must fulfill decision-making procedures and information disclosure obligations [2] - The company is prohibited from engaging in foreign exchange hedging solely for profit; all activities must be based on normal business operations to mitigate exchange rate or interest rate risks [2][3] - Only financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China can be engaged for foreign exchange hedging transactions [2][3] Group 2: Operational Guidelines - The company must establish a foreign exchange hedging trading account in its own name and cannot use others' accounts for these transactions [3] - The financial department is responsible for the specific operations of foreign exchange hedging, including market research and analysis of exchange rates [4] - The company must have sufficient self-owned funds for hedging activities and cannot use raised funds for these transactions [2][4] Group 3: Approval and Reporting Structure - The management team formulates foreign exchange hedging plans, which must be submitted to the board of directors or shareholders for approval [3][4] - The audit department supervises the actual operations and financial usage of the foreign exchange hedging business [4] - Any significant risks or deviations must be reported to the board of directors or shareholders promptly [4][6] Group 4: Risk Management - The financial department must conduct timely analysis and risk forecasting when exchange rates fluctuate significantly [6][7] - If losses from hedging reach or exceed 10% of the company's audited net profit attributable to shareholders or exceed 10 million yuan, immediate reporting to the chairman and audit department is required [7][8] - The company must disclose any significant risks that meet regulatory disclosure standards [8]

Core Viewpoint - The company has established a comprehensive management system for entrusted financial management to enhance investment returns while controlling risks and safeguarding the interests of the company and its shareholders [1][2]. Group 1: Definition and Scope - "Entrusted financial management" refers to the management of idle funds by entrusting financial institutions to enhance the efficiency of fund usage and increase cash asset returns [2][3]. - The system applies to the company and its subsidiaries, requiring approval for any entrusted financial management activities [2][3]. Group 2: Management Principles - The company must adhere to principles of safety, liquidity, and profitability, prioritizing fund safety and maintaining reasonable liquidity to meet operational and strategic investment needs [5][6]. - Funds used for entrusted financial management must be idle funds, ensuring that normal operational and project funds are not affected [6][7]. Group 3: Approval Authority - The decision-making bodies for entrusted financial management include the chairman, board of directors, and shareholders' meeting, with specific approval requirements based on the transaction amount relative to the company's market value [9][10]. - Transactions exceeding certain thresholds require different levels of approval, ensuring proper oversight [10]. Group 4: Information Disclosure - The company must not use entrusted financial management to circumvent necessary approval and disclosure obligations related to asset purchases or external investments [13][14]. - Any significant changes or risks related to entrusted financial products must be disclosed promptly [14][15]. Group 5: Management and Operation - The finance department is responsible for managing entrusted financial products, including planning, execution, and monitoring of investments [16][17]. - Written contracts must be signed with financial institutions, clearly outlining investment amounts, terms, and responsibilities [18][19]. Group 6: Financial Accounting - Upon completion of entrusted financial management, the company must obtain investment proof and ensure proper accounting and documentation [20][21]. Group 7: Supervision and Risk Control - The internal audit department is tasked with the daily supervision of financial products, ensuring compliance with approval processes and monitoring fund usage [22][23]. - Independent directors and the audit committee have the authority to inspect and review entrusted financial products [24][25].

IPO Review and Registration Progress - Two companies, Chao Ying Electronics and Bei Kuang Testing, successfully passed their IPO reviews last week [2][3] - Chao Ying Electronics focuses on the research, production, and sales of printed circuit boards, primarily for automotive electronics, with over 80% of its revenue coming from overseas sales. The company aims to raise 660 million yuan through its IPO [2] - Bei Kuang Testing is a leading domestic service provider in the inspection and testing of non-ferrous metal resources, projecting revenues of 148 million yuan and a net profit of 55 million yuan for 2024 [3] - One company, Bei Xin Life, is scheduled for an IPO review this week, specializing in innovative medical devices for cardiovascular diseases [4] - United Power's IPO registration was approved, with projected revenues of 16.178 billion yuan and a net profit of 936 million yuan for 2024 [5] - Two companies, Jing Yang Machinery and Wan Tai Co., voluntarily terminated their IPO applications [6] New Stock Subscription and Listing Dynamics - Two new stocks, Yi Tang Co. and Tong Yu New Materials, were listed last week, with Yi Tang Co. seeing a first-day increase of 174.56% [7][8] - Yi Tang Co. specializes in wafer processing equipment for integrated circuit manufacturing, projecting revenues of 4.633 billion yuan for 2024 [7] - Tong Yu New Materials, which focuses on electronic resin production, had a first-day increase of 128.05% [7] - This week, two new stocks, Shan Da Electric and Ji Yuan Group, are scheduled for subscription, with Shan Da Electric's offering price set at 14.66 yuan per share [9][10] - Ji Yuan Group, specializing in dietary supplement products, plans to issue shares at 10.88 yuan each [10][11] Policy and Regulatory Developments - The Shanghai Stock Exchange has implemented new business rules for the Sci-Tech Innovation Board, enhancing the inclusivity and adaptability of the market [12] - The establishment of the "Sci-Tech Growth Layer" aims to better serve technology innovation enterprises and meet diverse investor needs [12]

智通财经7月14日电，生益科技(600183.SH)发布2025年半年度业绩预告，预计归属于母公司所有者的净 利润为14亿元-14.5亿元，同比增长50%到56%。报告期内，公司覆铜板销量同比上升，覆铜板产品营业 收入增加，同时持续优化产品结构提升毛利率，推动盈利水平提升；下属子公司生益电子股份有限公司 着力提升高附加值产品占比，进一步巩固了在中高端市场的竞争优势，实现营业收入及净利润较上年同 期大幅增长。 生益科技：上半年净利同比预增50%-56% ...

Core Viewpoint - Bomin Electronics has terminated its acquisition of Benchuang Electronics due to the inability to reach consensus on key transaction terms, and will recover the 28 million yuan deposit along with interest [1][5][6]. Group 1: Acquisition Details - The acquisition plan was initiated on September 20, 2024, with a proposed cash purchase of up to 250 million yuan for 86.8535% of Benchuang Electronics [3]. - The goal of the acquisition was to enhance procurement efficiency and quality through resource integration [1][5]. - Despite the potential synergies due to Benchuang's HDI technology and capacity, negotiations lasted 10 months without reaching a formal agreement [5]. Group 2: Financial Implications - Bomin Electronics will recover the 28 million yuan deposit and interest within 30 days following the termination agreement [6]. - The termination of the acquisition is not expected to adversely affect the company's normal operations or financial status [5]. Group 3: Company Performance - In Q1 2025, Bomin Electronics reported revenue of 823 million yuan, a year-on-year increase of 14.38%, and a net profit of 27.33 million yuan, up 4.53% [7]. - The company aims to continue its strategic goals and diversify its product offerings despite the acquisition's termination [7]. - As of July 11, Bomin Electronics' stock closed at 9.95 yuan per share, reflecting a decline of 5.6%, with a market capitalization of 6.272 billion yuan [7].

Core Viewpoint - Bomin Electronics has terminated its acquisition of Benchuang Electronics, resulting in the recovery of a deposit of 28 million yuan and interest [2][10]. Summary by Sections Acquisition Details - The acquisition plan was initiated on September 20, 2024, with a cash offer not exceeding 250 million yuan for an 86.8535% stake in Benchuang Electronics [6]. - The goal was to enhance procurement efficiency and quality through resource integration [2][6]. Reasons for Termination - The parties failed to reach consensus on key transaction terms during a 10-month negotiation period, leading to the signing of a termination agreement on July 11, 2025 [8]. - Bomin Electronics emphasized that the termination would not adversely affect its normal operations or financial status [8]. Financial Implications - Bomin Electronics will recover the 28 million yuan deposit along with interest within thirty days of the termination agreement's effectiveness [10]. - The company will also release the pledge on 40% of Benchuang Electronics' shares [10]. Company Performance - In Q1 2025, Bomin Electronics reported revenue of 823 million yuan, a year-on-year increase of 14.38%, and a net profit of 27.33 million yuan, up 4.53% [10]. - The company aims to continue its strategic goals and diversify its product offerings despite the acquisition's termination [10]. Market Reaction - As of July 11, Bomin Electronics' stock closed at 9.95 yuan per share, reflecting a decline of 5.6%, with a market capitalization of 6.272 billion yuan [10].