Core Insights - The report "2025 Hong Kong Listing 2.0" focuses on the comprehensive filing system and analyzes the institutional innovations, practical points, and compliance requirements of the Hong Kong capital market, providing a full-process guide for domestic companies seeking to list in Hong Kong [1][2]. Group 1: Advantages of Hong Kong Capital Market - Hong Kong capital market has become a core choice for mainland companies due to its policy synergy, efficient financing, and international resource allocation advantages [1][2]. - In the first half of 2025, Hong Kong's fundraising amount returned to the global top, with over 90% of listed companies coming from mainland China [1][20]. - The Hong Kong Stock Exchange (HKEX) has introduced specialized listing channels for technology companies, including Chapter 18C and a "Tech Company Fast Track," optimizing the listing process for companies with a market value exceeding HKD 10 billion [1][2]. Group 2: Listing Pathways and Practical Operations - Companies can choose between direct H-share listings or indirect red-chip (including VIE) listings, with the filing system enhancing liquidity through "full circulation" of H-shares [1][2]. - Compliance with equity structure and special shareholder rights is crucial, especially for VIE structure companies, which may have to meet specific regulatory requirements [1][2]. - Data compliance has become a key focus in the review process, covering the entire lifecycle of data collection, storage, and cross-border transmission [1][2]. Group 3: Compliance Requirements by Industry - Hard technology companies need to pay attention to the requirements for qualified investors, core technology ownership, and export control risks [2]. - Biopharmaceutical companies must address compliance with clinical trial data, human genetic resource protection, and cross-border data transmission requirements [2]. - New consumption and chain enterprises should resolve issues related to third-party payments, store fire safety, licensing compliance, and consumer rights protection [2]. Group 4: Future Outlook and Strategic Recommendations - The report emphasizes the need for companies to establish a comprehensive compliance system throughout the listing process, focusing on equity, data, and intellectual property compliance [2]. - Hong Kong's capital market will continue to adapt to the needs of new economy enterprises through institutional innovations, further deepening its linkage with the mainland market [2][20]. - Companies are encouraged to seize policy opportunities and achieve cross-border capital operations and international development through compliance [2][20].

序号股东名称持股比例1顶宜国际集团有限公司100% 经营范围含一般经营项目是：以自有资金从事投资活动；创业投资（限投资未上市企业）；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广；供应链管理服务；信息技术咨询服务；咨询策 划服务；信息咨询服务（不含许可类信息咨询服务）；健康咨询服务（不含诊疗服务）；个人商务服 务；企业管理咨询；融资咨询服务；广告制作；广告设计、代理；广告发布；组织文化艺术交流活动。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动），许可经营项目是：无 天眼查显示，近日，深圳市唯曌科技投资有限公司成立，法定代表人为潘为，注册资本200万人民币， 由顶宜国际集团有限公司全资持股。 企业名称深圳市唯曌科技投资有限公司法定代表人潘为注册资本200万国标行业金融业>资本市场服务> 其他资本市场服务地址深圳市龙华区大浪街道新石社区浪静路5号C104企业类型有限责任公司(港澳台法 人独资)营业期限2025-11-25至无固定期限 来源：市场资讯 ...

序号股东名称持股比例1雄安铭赫企业管理有限公司40%2三亚市瀚康企业管理有限公司30%3四边形 （湖北）企业管理有限公司30% 天眼查显示，近日，涛冀（湖北）投资有限公司成立，法定代表人为张涛，注册资本2000万人民币，雄 安铭赫企业管理有限公司、三亚市瀚康企业管理有限公司、四边形（湖北）企业管理有限公司持股。 企业名称涛冀（湖北）投资有限公司法定代表人张涛注册资本2000万人民币国标行业金融业>资本市场 服务>其他资本市场服务地址湖北省武汉市东湖新技术开发区高新大道678号湖北广电传媒大厦第21层 03号-2企业类型其他有限责任公司营业期限2025-11-24至无固定期限登记机关武汉东湖新技术开发区市 场监督管理局 来源：市场资讯 经营范围含一般项目 : 以自有资金从事投资活动;自有资金投资的资产管理服务。（除许可业务外，可 自主依法经营法律法规非禁止或限制的项目） ...

每经AI快讯，天眼查App显示，近日，重庆承岩私募股权投资基金合伙企业（有限合伙）成立，执行事务合伙人为重庆承运企业管理有限公司，出资额7.4 亿元人民币，经营范围为以私募基金从事股权投资。合伙人信息显示，该基金由重庆两江新区高质量发展产业私募股权投资基金合伙企业（有限合伙）、重 庆承运企业管理有限公司共同出资。 | 基本信息 4 | | 法律诉讼 经营风险 | 经营信息 | 公 | | --- | --- | --- | --- | --- | | 合伙人信息 2 0 ● | | 晶 股权结构 | | | | 序号 | | 合伙人名称 | 出资比例; | 认编 | | 1 + | 間 | 重庆两江新区高质量发展产业私募股权投资基金合伙企业 (有限合伙) 글 国有控股 私募基金 | 99.8649% | | | 2 + | 群运 | 重庆承运企业管理有限公司 品 国有控股 | 0.1351% | | 每日经济新闻 | 都在用的商业查询工具 | 查公司 | 自老板 音关系 音风险 | | | | --- | --- | --- | --- | --- | | | 家中小企业发展子基金旗下机构 | 重庆承岩私募股 ...

Core Points - A new private equity fund named Sichuan Deyang Dongfang Zhongying Fuyao High-end Energy Equipment Equity Investment Fund Partnership (Limited Partnership) has been established with a total investment of 1.5 billion RMB [1][2] - The fund is managed by Zhongyin Capital Private Fund Management (Beijing) Co., Ltd. and Dongfang Jiangxia Industrial Investment Private Fund Management (Chengdu) Co., Ltd. [1][2] - The fund's investment activities will include equity investment, investment management, and asset management, subject to registration with the Asset Management Association of China [1][2] Fund Structure - The fund has several partners, including: - Zhongyin Financial Asset Investment Co., Ltd. with a 29.5% stake, contributing 442.5 million RMB - Dongfang Electric Investment Management Co., Ltd. with a 29.3% stake, contributing 439.5 million RMB - Sichuan Advanced Manufacturing Investment Guidance Fund Partnership (Limited Partnership) with a 20% stake, contributing 300 million RMB - Deyang Investment Control Industrial Investment Guidance Fund Partnership (Limited Partnership) with a 20% stake, contributing 300 million RMB - Zhongyin Capital Private Fund Management (Beijing) Co., Ltd. and Dongfang Jiangxia Industrial Investment Private Fund Management (Chengdu) Co., Ltd., each holding 0.5% [2]

Core Insights - A new private equity fund named Sichuan Deyang Dongfang Zhongying Fuyao High-end Energy Equipment Equity Investment Fund Partnership (Limited Partnership) has been established with a total investment of 1.5 billion RMB [1][2] - The fund is managed by Zhongyin Capital Private Fund Management (Beijing) Co., Ltd. and Dongfang Jiangxia Industrial Investment Private Fund Management (Chengdu) Co., Ltd. [1][2] - The fund's investment activities will include equity investment, investment management, and asset management, subject to registration with the Asset Management Association of China [1][2] Fund Details - The fund was established on November 20, 2025, and has no fixed term [2] - The partners contributing to the fund include Zhongyin Financial Asset Investment Co., Ltd., Dongfang Electric Investment Management Co., Ltd., and Sichuan Advanced Manufacturing Investment Guidance Fund Partnership (Limited Partnership) [1][2] - The fund operates under the capital market services industry [2]

如果关联交易已经实施完成，那么再召开股东大会对关联交易进行审议的意义就不大，此时可由投资者 保护机构代上市公司选择中介机构，对关联交易的公允性进行评估，包括是否存在资产高估、利益输 送、公司受损等情况。如经评估公司因该交易遭受经济损失，可启动后续追偿程序。 二是依法追究关联方民事责任。《民法典》第151条规定，一方利用对方处于危困状态、缺乏判断能力 等情形，致使民事法律行为成立时显失公平的，受损害方有权请求法院或者仲裁机构予以撤销；第157 条规定，民事法律行为无效、被撤销或者确定不发生效力后，行为人因该行为取得的财产，应当予以返 还。据此，若关联交易因隐瞒关联关系导致显失公平，上市公司有权主张撤销合同或要求赔偿损失。董 事会或监事会应代表公司提起诉讼；若其怠于履职，符合条件的股东可依据《公司法》第189条提起股 东代表诉讼。同时，司法机关应加强对关联交易纠纷的专业审理能力，合理分配举证责任，在监管已认 定隐瞒关联关系的前提下，应适当减轻原告方的举证负担，提高维权效率。 三是强化证据支撑与监管协同机制。民事追责的核心在于证据，监管部门在调查关联交易违规时，可同 步固定上市公司交易定价依据、实控人决策痕迹、关联 ...

Core Viewpoint - The COVID-19 pandemic has significantly impacted China's manufacturing and non-manufacturing sectors, leading to a sharp decline in the Purchasing Managers' Index (PMI) for February 2020, with manufacturing PMI dropping to 35.7%, a decrease of 14.3 percentage points from the previous month [1][3]. Manufacturing Sector - The manufacturing PMI for February 2020 is reported at 35.7%, with large, medium, and small enterprises showing PMIs of 36.3%, 35.5%, and 34.1% respectively, all experiencing declines of over 14 percentage points [1][3]. - All five sub-indices that constitute the manufacturing PMI are below the critical threshold, indicating widespread contraction [3]. - The production index fell to 27.8%, a drop of 23.5 percentage points, while the new orders index decreased to 29.3%, down 22.1 percentage points [3]. Non-Manufacturing Sector - The non-manufacturing PMI dropped to 29.6%, a decline of 24.5 percentage points, indicating a significant overall contraction in the non-manufacturing economy [3]. - Only the monetary financial services and capital market services maintained an expansionary index, while the construction sector's index fell to 26.6%, down 33.1 percentage points [3]. Export and Import Orders - The new export orders index plummeted to 28.7%, a decrease of 20 percentage points, attributed to the pandemic's impact on domestic production and overseas demand [5][6]. - The import index also fell to 31.9%, down 17.1 percentage points, reflecting a temporary decline in demand for raw materials due to halted production [6]. Economic Recovery Outlook - Analysts predict a potential rebound in the PMI for March, with expectations that the recovery rate for large and medium enterprises will rise to 90.8% by the end of March [7]. - Various government policies aimed at tax reductions, financial support, and employment stabilization are expected to alleviate the difficulties faced by businesses and boost confidence [7]. - The recovery in external demand is anticipated to be gradual, with a focus on nurturing internal market dynamics to restore foreign investor confidence [7][8]. Industry-Specific Insights - The recovery of industries such as real estate and infrastructure is crucial, as their slow resumption has led to inventory accumulation in upstream sectors [8]. - The service sector, particularly leisure services like dining and tourism, continues to face challenges, with low operational rates and ongoing demand suppression expected to persist [9].

来源：四川省政府产业投资引导基金 图片来源：天眼查 该基金由东方电气投资管理有限公司、中银投资有限公司、四川省先进制造投资引导基金合伙企业（有限合伙）和德阳投控产业投资引导基金 合伙企业（有限合伙）等共同出资设立。从出资结构看，该基金充分整合优势资源，形成"链主企业牵引 + 头部 AIC 赋能 + 省市级引导基金协 同"合作模式，构建深层次产业协同与赋能生态。 投资界11月21日消息，四川德阳东方中瀛扶摇高端能源装备股权投资基金合伙企业（有限合伙）（以下简称"德阳高端能源装备基金"）正式成 立，规模15亿元，主要投向高端能源装备产业链、高端工业装备产业链及其零部件、新产业新经济等。 | 工商信息 ● | | | | | | 心天眼管 | | --- | --- | --- | --- | --- | --- | --- | | 工商信息 历史丁商信息0 | | 미 음出 | | | | | | 企业名称 | 四川德阳东方中演扶摇高端能源装备股权投资基金合伙企业(有限合伙) | | | | | | | 执行事务合伙人 | H 王超 | 登记状态 2 | 存续 | 天眼评分 2 | 98 # | | | | 文 ...

Core Insights - Zhejiang Shangjiash (Lishui) Venture Capital Fund Partnership has been established with a total investment of 1 billion yuan, focusing on venture capital investments in unlisted companies and private equity investments [1][2] Group 1: Company Overview - The fund is a limited partnership type enterprise registered in Lishui City, Zhejiang Province, with a business duration from October 17, 2025, to 2040 [2] - The main operational scope includes venture capital limited to unlisted enterprises and private equity investment management [1][2] Group 2: Investment Structure - The fund is primarily funded by Lishui Lianying Technology Industry Development Co., Ltd. (99% stake) and Zhejiang Shangjiash Capital Management Co., Ltd. (1% stake) [2] - Zhejiang Shangjiash Capital Management Co., Ltd. is a wholly-owned subsidiary of Zhejiang Zheshang Securities Co., Ltd. [1][2]