就A股市场来看，A股上半年共有50家企业实现首发上市，上 市企业以中小规模企业为主，合计筹资超过371亿元，IPO数 量和筹资额实现双增长，均同比上升14%。 作者：姜鑫 封图：图虫创意 "2025上半年，未有IPO破发，IPO平均首日回报达到220%，与2024上半年的136%相比，同比大幅上升。" 2025年6月12日，在《中国内地和香港IPO市场》报告（下称"报告"）发布现场，安永北京主管合伙人杨淑娟如是介绍了上半年A股IPO（首次公开募 股）发行情况。 报告显示，2025年上半年，中国内地和香港地区IPO活动在全球中的占比上升。其中，香港IPO活动表现抢眼，筹资额占全球总筹资额的24%，与A股 合计占全球总筹资额的33%。同时，得益于宁德时代等大型IPO推动，港交所以140亿美元募资规模登顶全球。 全球市场IPO数量和融资规模 A股IPO平均首日回报达到220% 就A股市场来看，A股上半年共有50家企业实现首发上市，上市企业以中小规模企业为主，合计筹资超过371亿元，IPO数量和筹资额实现双增长，均同 比上升14%。 报告显示，从行业来看，工业、科技和材料领域的IPO数量和筹资额分居前三位。汽车行业作 ...

Group 1: Global IPO Activity - In the first half of 2025, the proportion of IPO fundraising from mainland China and Hong Kong rose to 33% of the global total, with Hong Kong accounting for 24% of global fundraising [1][6] - The global IPO market is expected to see around 500 companies listed, with total fundraising of $57.5 billion, reflecting a 9% increase in fundraising despite an 11% decrease in the number of IPOs compared to the previous year [1] Group 2: A-Share Market Performance - A total of 50 companies went public in the A-share market in the first half of 2025, raising over 37.1 billion RMB, marking a 14% increase in both the number of IPOs and the total fundraising amount year-on-year [4] - The industrial, technology, and materials sectors led in both the number and amount of IPOs, with over 30% of the listed companies belonging to the automotive industry [4] Group 3: Regional Contributions to A-Share IPOs - The Yangtze River Delta and Pearl River Delta regions are the main contributors to A-share listings, with Jiangsu, Zhejiang, Guangdong, and Anhui being the top four provinces, collectively accounting for 90% of the total IPOs [5] - In terms of fundraising, Zhejiang, Guangdong, Jiangsu, Heilongjiang, and Anhui accounted for 78% of the total amount raised [5] Group 4: Hong Kong IPO Market Recovery - Approximately 40 companies are expected to go public in Hong Kong in the first half of 2025, raising around 108.7 billion HKD, with a 33% increase in the number of IPOs and a 711% increase in fundraising compared to the previous year [6] - The average fundraising amount for Hong Kong IPOs has increased more than fivefold year-on-year, making it the second-highest in the last decade, only after the same period in 2021 [6] Group 5: Focus on Technology and Innovation - The launch of the "Tech Company Special Line" in May 2025 indicates a shift in the Hong Kong market towards technology innovation, facilitating the listing of high-potential tech companies [7] - The A-share market is expected to adopt a "new normal" in IPO issuance, focusing on high-quality tech companies that meet listing criteria, with macroeconomic conditions and market funds influencing the IPO rhythm [8] Group 6: Future Outlook for IPO Markets - The North Exchange is becoming a key player in IPO applications, reflecting its support for specialized small and medium enterprises, with expectations for expansion into emerging industries like artificial intelligence and cultural creativity [8] - The enthusiasm for companies from the A-share market to list in Hong Kong is expected to continue, driven by the establishment of the "Tech Company Special Line" and the return of Chinese companies to the U.S. market [8]

Group 1 - In the first half of 2025, there were no IPOs that broke below their issue price, with an average first-day return of 220%, a significant increase from 136% in the same period of 2024 [2] - The report indicates that the IPO activities in mainland China and Hong Kong have increased their share of global IPOs, with Hong Kong accounting for 24% and A-shares for 33% of the total global fundraising [2][9] - The Hong Kong Stock Exchange topped the global fundraising scale with $14 billion, driven by large IPOs such as CATL [2][9] Group 2 - A total of 50 companies went public in the A-share market, raising over 37.1 billion yuan, marking a 14% increase in both the number of IPOs and the amount raised compared to the previous year [5] - The industrial, technology, and materials sectors led in both the number of IPOs and the amount raised, with over 30% of the IPOs in the automotive industry [5] - The average oversubscription rate for IPOs has significantly increased, reflecting heightened investor enthusiasm for new listings [5] Group 3 - The report highlights a trend of declining IPO queues, with only 28 companies filing for IPOs from January to May 2025, compared to just 2 in the same period last year [6] - The termination of IPOs is nearing its end, with 67 companies withdrawing their applications in 2025, a significant decrease from nearly 300 in the previous year [6][7] - The A-share IPO market is expected to focus more on technology-driven companies, with quality enterprises meeting listing conditions likely to proceed with their IPOs [8] Group 4 - The Hong Kong IPO market saw a surge, with approximately 40 companies expected to go public, raising around 10.87 billion HKD, representing a 33% increase in the number of IPOs and a 711% increase in the amount raised year-on-year [9] - The introduction of the "Tech Company Fast Track" in Hong Kong aims to facilitate the listing of technology and biotech companies, enhancing financing efficiency [12] - The report suggests that the IPO market in Hong Kong will continue to thrive due to the enthusiasm for A-share companies listing in Hong Kong and the return of Chinese companies listed abroad [15]

证券代码：301080 证券简称：百普赛斯 公告编号：2025-039 北京百普赛斯生物科技股份有限公司 监事会关于公司 2025 年股权激励计划授予激励对象名单（授予 日）的核查意见 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京百普赛斯生物科技股份有限公司（以下简称"公司"）第二届监事会第十 七次会议于 2025 年 6 月 12 日在公司会议室召开，审议通过了《关于向 2025 年 限制性股票激励计划激励对象首次授予限制性股票的议案》《关于向 2025 年股 票增值权激励计划激励对象授予股票增值权的议案》。 公司监事会根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》（以 下简称"《上市规则》"）等有关法律、法规和规范性文件的规定，对获授权益的 激励对象名单进行审核，发表核查意见如下： 本次授予的激励对象具备《公司法》《证券法》等法律、法规和规范性文件 以及《公司章程》规定的任职资格，符合《管理 ...

证券代码：301080 证券简称：百普赛斯 公告编号：2025-036 北京百普赛斯生物科技股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 北京百普赛斯生物科技股份有限公司（以下简称"公司"）第二届监事会第十 七次会议于 2025 年 6 月 12 日下午 16:30 在北京市北京经济技术开发区宏达北路 议，根据《公司章程》的有关规定，公司全体监事均同意豁免本次监事会会议的 通知时限要求。会议应出席监事 3 人，参与现场会议的监事 2 人，参与通讯会议 的监事 1 人，张林女士以通讯方式出席。本次会议由监事会主席屈文婷女士主 持，会议的召集、召开符合法律、法规、规则和《公司章程》规定。 二、监事会会议审议情况 参会的监事一致同意通过如下决议： （一）审议通过《关于向 2025 年限制性股票激励计划激励对象首次授予限 制性股票的议案》 经审核，监事会认为： 证券法》等法律、法规和规范性文件以及《公司章程》规定的任职资格，符合《上 市公司股权激励管理办法》《深圳证券交易所创业板股票上市规则》规定的激励 对象条件，符合公司《20 ...

德国经济部：我们原则上支持德国生物科技公司BioNTech和CureVac的交易。 ...

Core Insights - The A-share market is showing steady progress with an increasing emphasis on "technology" attributes, while the Hong Kong market is experiencing a surge in large IPOs, leading to a record fundraising amount [1][4] A-share Market Summary - In the first half of the year, 50 companies launched IPOs in the A-share market, raising over 37.1 billion RMB, with both the number of IPOs and fundraising amounts increasing by 14% year-on-year [3] - The Shenzhen Stock Exchange's ChiNext and the Shanghai Stock Exchange's main board ranked first in terms of IPO numbers and fundraising amounts [3] - The average fundraising amount for A-share IPOs was 743 million RMB, with a notable entry of a Beijing Stock Exchange company into the top ten IPOs [3] - The China Securities Regulatory Commission's recent emphasis on supporting high-quality, unprofitable technology companies for listing indicates a significant release of institutional dividends for innovative enterprises [3] Hong Kong Market Summary - The Hong Kong capital market has seen a strong recovery in IPOs, with approximately 40 companies expected to launch, raising around 108.7 billion HKD, representing a 33% increase in the number of listings and a 711% increase in fundraising compared to the same period last year [5] - Major IPOs, such as those from companies like CATL, have significantly boosted the fundraising scale in Hong Kong [5] - Mainland companies dominate the Hong Kong IPO landscape, accounting for 95% of the number of IPOs and 96.7% of the total fundraising amount [5] - The current IPO boom in Hong Kong is driven by a combination of policy, market conditions, and supply from enterprises [6] Future Outlook - The report anticipates that the A-share IPO market will transition to a "new normal," characterized by a more rhythmic issuance of IPOs that aligns with market capacity, rather than a return to previous rapid expansion [8] - The focus for upcoming A-share IPOs is expected to be on technology-driven companies that meet listing criteria, particularly in sectors like artificial intelligence, robotics, semiconductors, new energy, and biomedicine [9] - The enthusiasm for A-share companies to list in Hong Kong, along with the trend of "A+H" dual listings, is likely to sustain the IPO heat in the Hong Kong market [9]

Core Viewpoint - The company plans to transfer the income rights of 9.79% of shares in Longli Biological to Shandong Jinzi for 4.3962 million yuan, while also entrusting the corresponding voting rights to Shandong Jinzi, constituting a related party transaction [2][3][10]. Summary by Sections Related Party Transaction Overview - Shandong Gaoxin Investment intends to transfer the income rights of its 9.79% stake in Longli Biological to Shandong Jinzi, a subsidiary of its controlling shareholder, Shandong Lixin Investment Holding Group [2][3]. - The transaction requires approval from the company's shareholders' meeting, with related shareholders abstaining from voting [3][12]. Related Party Introduction - Lixin Group holds 69.57% of the company's A shares, while Shandong Jinzi is a subsidiary of Lixin Group [2][3]. - As of March 31, 2025, Shandong Jinzi reported total assets of 1139.44 billion yuan and net assets of 70.186 billion yuan [4]. Transaction Target Overview - The target asset is the income rights of 58,722,408 shares in Longli Biological, which has been suspended from trading since May 2022 [4][5]. - The shares are free from any encumbrances or legal disputes [4]. Financial Information of the Transaction Target - Longli Biological reported total assets of 478.272 million yuan and a net asset deficit of 583.18739 million yuan as of December 31, 2024 [5]. - The company has faced consecutive years of audit reports with disclaimers since 2017, affecting the valuation of its equity [5]. Pricing of the Transaction - The transfer price of 4.3962 million yuan was determined based on pre-suspension prices and the company's restructuring plan, considering asset risks and liquidity [5][6]. Agreement Details - The transaction involves signing a "Share Income Rights Transfer Agreement" and a "Voting Rights Entrustment Agreement" between Shandong Gaoxin Investment and Shandong Jinzi [6][10]. - The income rights transferred include all cash income and property rights derived from the shares [7][8]. Impact of the Transaction on the Company - The transaction is expected to help reduce the company's non-performing asset ratio and aligns with its long-term development strategy [10][11]. - After the transaction, the company anticipates an increase in investment income of approximately 15.7831 million yuan [11]. Approval Process for the Transaction - The board of directors has approved the transaction, which will be submitted for shareholder approval, with related parties abstaining from voting [12][13].

证券代码：688289 证券简称：圣湘生物 公告编号：2025-039 圣湘生物科技股份有限公司 关于受让湖南圣维斯睿生物科技有限公司部分股 权暨与关联方共同投资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 圣湘生物科技股份有限公司（以下简称"公司"或"圣湘生物"）拟以自有资金人 民币 500 万元的对价受让 SEPSET BIOSCIENCES, INC.（以下简称"SEPSET"）所 持有的湖南圣维斯睿生物科技有限公司（以下简称"圣维斯睿"）10%股权（对应注 册资本人民币 500 万元，已实缴）。 ? 圣维斯睿的原股东中包括公司关联方湖南湘江圣湘生物产业基金合伙企业 （有限合伙）（以下简称"产业基金"），本次交易构成与关联方共同投资，未构成 《上市公司重大资产重组管理办法》规定的重大资产重组。 ? 本次交易实施不存在重大法律障碍。 票上市规则》（以下简称"《上市规则》"）的规定，本次交易构成与关联方共同投资， 具体参见"二、关联人及股权转让方基本情况"之"（一）关联关系说明"。 截至本次 ...

Company Overview - 康诺亚生物医药科技有限公司 (康诺亚-B) focuses on innovation and research, aiming to provide high-quality and affordable therapies for patients, positioning itself as a "Noah's Ark" for health [2] - The company has a strong leadership team composed of top experts in the biopharmaceutical industry, with extensive experience in technology transfer and industrialization [2] - 康诺亚 has developed a comprehensive biopharmaceutical value chain, covering molecular discovery, process development, translational medicine, clinical development, and commercial production [2] Financial Performance - As of December 31, 2024, 康诺亚-B reported total revenue of 428 million yuan, a year-on-year increase of 20.91% [1] - The company recorded a net loss attributable to shareholders of 515 million yuan, a decrease of 43.38% compared to the previous year [1] - The gross profit margin stood at 97.15%, with a debt-to-asset ratio of 34.28% [1] Market Position and Valuation - 康诺亚-B's price-to-earnings (P/E) ratio is -23.6, ranking 103rd in the industry, while the average P/E ratio for the pharmaceutical and biotechnology sector is 4.2 [1] - The company has a competitive product pipeline in the fields of autoimmune diseases and oncology, with over 30 innovative drugs under development, including 9 in various stages of clinical research [2] - 康诺亚's clinical supply base meets the standards of NMPA, FDA, and EMA, ensuring the safety of clinical supplies [2] Future Developments - A new antibody drug production base is under construction in Chengdu, which will have a fermentation capacity of 80,000 liters, capable of supporting the commercial production of 5-15 antibodies [2] - The company is rapidly growing into a comprehensive biopharmaceutical firm, committed to providing reliable and affordable innovative biological drugs to patients [2]