Core Viewpoint - The company, Cixing Co., Ltd. (300307.SZ), is planning to acquire 75% of Shenyang Shunyi Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds [1][2]. Group 1: Transaction Details - The transaction involves issuing shares and cash to purchase 75% of Shenyang Shunyi Technology, with the cash portion not exceeding 40% of the total transaction price [2][3]. - The final transaction price will be determined based on an evaluation report from a qualified asset appraisal agency [2]. - The shares issued for the acquisition will be domestic RMB ordinary shares (A-shares) with a par value of RMB 1.00, and the issuance price is set at RMB 7.16 per share, which is not less than 80% of the average trading price over the previous 120 trading days [3]. Group 2: Financial Information of Target Company - Shenyang Shunyi Technology reported revenues of RMB 283.92 million, RMB 224.55 million, and RMB 2.84 million for the years 2023, 2024, and the first quarter of 2025, respectively [5]. - The net profits for the same periods were RMB 27.72 million, RMB 54.88 million, and a loss of RMB 11.78 million [5]. - As of March 31, 2025, the total assets of Shenyang Shunyi Technology were RMB 451.38 million, with total liabilities of RMB 184.78 million and equity of RMB 266.60 million [7]. Group 3: Use of Raised Funds - The funds raised from the issuance of shares will be used for cash payments in the transaction, project construction of the target company, and related taxes and intermediary fees [4].

Economic Growth - Ningxia's GDP grew by 6% year-on-year in Q1, ranking fifth in the nation, marking 11 consecutive quarters above the national average [2] - The region's industrial added value increased by 8.2% from January to April, with significant contributions from the manufacturing sector [6][7] Tourism and Cultural Integration - Ningxia has become a popular long-distance travel destination, with a 17% increase in tourism orders and a 21% rise in flight bookings during the Dragon Boat Festival [3] - The "Rolling Bell Sunrise Appointment" and "Lan Mountain Sunset Chorus" have attracted over 100,000 participants since their launch, showcasing the region's cultural offerings [3][4] - The immersive performance town "Manpu: Seeing Helan" has welcomed over 2.18 million visitors and generated revenue of 260 million yuan within two years [4] Industry and Innovation - The heavy-duty scraper conveyor supplier, Ningxia Tiandi Benniu Industrial Group, has seen its annual new contract amount grow from 3 billion yuan to nearly 5 billion yuan since the 14th Five-Year Plan [6][7] - Ningxia's wine exports reached over 13.75 million yuan in 2024, a year-on-year increase of approximately 42% [8] Regional Cooperation - The collaboration between Fujian and Ningxia has led to the establishment of 12 industrial parks, with 154 new enterprises joining last year [9][11] - Nearly 7,000 Fujian enterprises and merchants operate in Ningxia, providing employment for over 100,000 local workers [11]

金融监管总局新闻发言人郭武平5月22日在国新办新闻发布会上表示，截至今年一季度末，银行业对高 新技术企业的贷款余额达到17.7万亿元，同比增长近20%。 ...

Group 1 - Cixing Co., Ltd. (300307.SZ) announced plans to acquire Shenyang Shunyi through a combination of issuing shares and cash payments, following the termination of a previous acquisition of Wuhan Minsong three months prior [1][4] - The trading of Cixing's shares will be suspended starting May 20, with a plan to disclose the transaction details within 10 trading days, expected to resume trading on June 4 [1] - Shenyang Shunyi recently disclosed its IPO progress, with Changjiang Securities assisting in meeting the requirements for its public offering [1][2] Group 2 - The decision for Shenyang Shunyi to seek acquisition instead of pursuing an IPO is influenced by the uncertainty of the IPO process and the pressure for investors to exit, leading to a preference for mergers and acquisitions [3] - Recent policy changes have increased IPO thresholds while encouraging mergers and acquisitions, making the latter a more viable exit strategy [3] - Cixing's previous acquisition attempt of Wuhan Minsong was unsuccessful due to a lack of agreement on specific terms, which may have prompted the current acquisition strategy [4] Group 3 - Cixing operates in the intelligent knitting machinery sector, while Shenyang Shunyi focuses on high-tech intelligent control technologies, indicating a significant difference in their business areas [4] - As of May 19, Cixing's stock price was 8.99 yuan per share, with a total market capitalization of 7.14 billion yuan [6]

Core Viewpoint - C Hanbang (688755) experienced a significant increase of 102.46% on its first trading day, with a turnover rate of 75.65% and a transaction volume of 609 million yuan [2]. Group 1: Company Overview - C Hanbang is a high-tech enterprise focused on chromatography technology, integrating research and development, production, and sales. The company primarily provides professional separation and purification equipment, consumables, application technology services, and related technical solutions for the pharmaceutical and life sciences sectors [2]. Group 2: Market Performance - On its debut, C Hanbang's financing buy-in amounted to 49.50 million yuan, accounting for 8.13% of the total trading volume. The latest financing balance stands at 41.76 million yuan, representing 5.48% of the circulating market value [2]. - The stock attracted a net inflow of 210 million yuan from major funds on its first day, with large orders contributing a net inflow of 81.52 million yuan and big orders contributing 129 million yuan [2].

Core Viewpoint - Intellectual property (IP) has become a core focus in the IPO review process for companies aiming to list on the Sci-Tech Innovation Board, especially with the recent regulatory clarifications and requirements for "hard technology" and innovation capabilities [1] Group 1: Regulations on IP for Sci-Tech Innovation Board IPO - The key regulatory concerns regarding IP during the IPO process include the completeness and independence of the issuer's IP, clarity of IP ownership, potential disputes, and the issuer's ability to protect its core technologies [2][3] - Companies must demonstrate their continuous innovation capabilities and the stability of their IP rights to meet the compliance requirements set by the securities regulatory authorities [2][3] Group 2: Key Review Focus on IP - The review process emphasizes the progress of any ongoing patent infringement lawsuits, the importance of the involved patents to the company's revenue, and the potential impact of a loss in such cases on the company's operations [7][8] - Companies facing patent invalidation requests must provide updates on the status of these requests and their potential implications for business operations and IPO eligibility [9] Group 3: Practical Suggestions for Addressing IP Risks - Companies should enhance their independent R&D capabilities and establish a robust IP management system to avoid issues such as insufficient patent numbers or concentrated patent applications [29][30] - It is crucial for companies to maintain clear documentation of R&D activities and ensure compliance with IP ownership agreements, especially when involving former employees from competing firms [31][32] - Companies are advised to assess the significance of shared patents and consider acquiring full rights to critical shared IP to ensure ownership stability [32] Group 4: Specific IP Issues - The concentration of patent applications prior to an IPO can raise regulatory scrutiny if not adequately justified, as it may suggest attempts to artificially inflate asset valuations [25][26] - The expiration of IP rights can significantly impact a company's competitive position, necessitating a thorough analysis of the importance of such rights to ongoing operations [28]

欢迎扫描下方二维码关注： 【收入总额减去不征税收入。销售收入为主 营业务收入与其他业务收入之和。 高新技术产品（服务）收入是指 | 企业通过研发和相关技术创新活动，取得 的产品（服务）收入与技术性收入的总和。 本文政策依据： （按图片内容顺序依次排列） 《财政部 国家税务总局关于财政性资金、行政事业性收费、政府性基金有关企业所得税政策问题的通知》（财税 〔2008〕151号） 《国家税务总局关于企业所得税若干政策征管口径问题的公告》（国家税务总局公告2021年第17号 ） 《国家税务总局关于商业零售企业存货损失税前扣除问题的公告》（国家税务总局公告2014年第3号） 政部 国家税务总局关于修订印发〈高新技术企业认定管理工作指引〉的通知》（国科发火〔2016〕195号 ） 来源： 北京税务 关联内容 税收，但不包括企业按规定取得的出口退税 款; 所称国家投资 是指国家以投资者身份投入企业、并按 有关规定相应增加企业实收资本（股本）的 直接投资。 因此,需要缴纳企业所得税。 企业的文物、艺术品等资产,在税务上应如 何处理 ? 根据《国家税务总局关于企业所得税 若干政策征管口径问题的公告》（国家税 务总局公告202 ...

Core Points - The National People's Congress has passed the "Private Economy Promotion Law," effective from May 20, 2025, aimed at providing legal support for the high-quality development of the private economy [1] Group 1: Support for Private Enterprises - The law encourages private enterprises to participate in major national projects and strategic emerging industries, enhancing their role in technological innovation and modern industrial systems [2][3] - The National Development and Reform Commission (NDRC) is establishing a long-term mechanism for private enterprises to engage in significant project construction, with private capital already accounting for 20% in some nuclear power projects [2] - A total investment of approximately 3 trillion yuan is planned for key areas such as transportation, energy, and urban infrastructure this year [2] Group 2: Financial Support and Innovation - The Financial Regulatory Administration is improving financial service models for technology and innovation, with 74 private equity funds established to support tech enterprises [4] - By the end of Q1 this year, loans to high-tech enterprises reached 17.7 trillion yuan, reflecting a 20% year-on-year increase [4] - Measures have been introduced to support small and micro private enterprises in foreign trade, with export credit insurance exceeding 240 billion USD in Q1 [5]

Core Viewpoint - The introduction of the "Private Economy Promotion Law" marks a significant milestone in the development of the private economy in China, establishing a legal framework to support and protect private enterprises, ensuring fair competition and promoting high-quality development [5][6]. Group 1: Legislative Framework - The "Private Economy Promotion Law" consists of 9 chapters and 78 articles, focusing on fair competition, investment financing, technological innovation, operational regulation, service guarantees, and rights protection [5]. - This law is the first to explicitly state the legal status of the private economy and emphasizes the long-term commitment of the state to support its development [6]. Group 2: Implementation and Support Mechanisms - Various supporting systems are being accelerated, including investment financing promotion, technological innovation, service guarantees, and rights protection [2][9]. - The National Development and Reform Commission is working on a long-term mechanism for private enterprises to participate in major national projects, with an investment scale of approximately 3 trillion yuan in key areas such as transportation, energy, and urban infrastructure [4][10]. Group 3: Administrative Oversight - The Ministry of Justice is establishing a mechanism for handling complaints about administrative law violations, aiming to address issues such as arbitrary fees and inspections [4][8]. - The law includes provisions to regulate administrative enforcement behaviors, ensuring that enterprises can report violations effectively [7][8]. Group 4: Financial Support for Private Enterprises - Over the past five years, the average growth rate of loans to private enterprises has been 1.1 percentage points higher than that of other loans, with a loan balance of 76.07 trillion yuan as of Q1 2025, reflecting a year-on-year growth of 7.41% [12][13]. - The financial regulatory authority is focusing on targeted financial services for key sectors and is promoting innovative financing methods to support technology-driven enterprises [13][14]. Group 5: Future Directions - The government is committed to further enhancing the legal and institutional framework to support the private economy, with ongoing efforts to refine policies and regulations [9][11]. - The focus will also be on improving the business environment for private enterprises, ensuring their rights and interests are protected during the implementation of the law [11].

2025年大阪·关西世博会（以下简称"大阪世博会"）4月13日开园。记者获悉，杭州将在大阪世博会 期间举办"杭州日"系列活动，向全球展示杭州发展成就和特色文化，开展多领域交流合作。 "杭州日"系列活动包括"三会一展"，分别是"在东京幸会杭州"中国杭州投资环境推介大会、杭州文 化旅游（大阪）推介会、第四届全球数字贸易博览会暨2025杭州会展业（大阪）推介会以及"杭州日"中 国馆馆日活动暨杭州城市形象推广主题展。 4月24日在东京举行的"在东京 幸会杭州"中国杭州投资环境推介会，将是"杭州日"系列活动的首 场。宇树科技、强脑科技等杭州科技企业以及阿里达摩院、海康威视、中控信息、秋果计划、川核灵境 等高新技术企业将参与"杭州日"活动，展示前沿技术。 杭州是日资企业投资集聚地，日本东芝、松下等25家日属世界500强企业在杭累计投资72个项目。 通过"城市推介+产业对接"模式，杭州将全方位展现投资机遇，加强与日本在科创、经贸、产业等领域 的合作。现场还将进行第四届全球数字贸易博览会的专题推介，邀请日本经贸界、会展界来杭州交流。 杭州文化旅游（大阪）推介会将于7月11日在大阪举办。围绕"知音杭州"主题，杭州将推出"500 ...