Core Viewpoint - Tonghui Information has been found guilty of financial fraud from 2018 to 2021, leading to administrative penalties proposed by the Beijing Securities Regulatory Bureau, including fines totaling 9 million yuan for the company and significant fines for six responsible individuals [1][5][6]. Financial Misconduct - The company inflated revenue and profits through fictitious business contracts and timing adjustments in revenue recognition, resulting in false disclosures in annual reports and public offering documents [4][5]. - Specific inflated figures include: - 2018: Revenue inflated by 20.17 million yuan, profit inflated by 10.46 million yuan - 2019: Revenue inflated by 9.62 million yuan, profit inflated by 8.15 million yuan - 2020: Revenue inflated by 14.98 million yuan, profit inflated by 7.37 million yuan - 2021: Revenue inflated by 18.07 million yuan, profit inflated by 5.88 million yuan [4][5]. Penalties and Accountability - Proposed penalties include: - Company: 9 million yuan fine and a directive to correct its practices - Actual controller Dai Fuhao: 11.5 million yuan fine and a 10-year market ban - Former Deputy General Manager Cui Zhenying: 7 million yuan fine and a 7-year market ban - Other executives also face fines for their roles in the misconduct [5][6]. Current Financial Performance - For the first half of 2025, the company reported: - Revenue of 37.20 million yuan, a decrease of 78.66% year-on-year - Net loss attributable to shareholders of 14.39 million yuan, an increase in loss of 50.84% year-on-year [7][8]. - The decline in revenue is attributed to the absence of a significant contract recognized in the previous year and the termination of a loss-making product line [9][10]. Strategic Outlook - Despite the penalties, the company asserts that it does not meet the criteria for mandatory delisting and plans to strengthen internal controls and compliance [6][11]. - The company aims to focus on digital solutions in various sectors, including education and finance, and reported a 15.42% increase in revenue from its digital system solutions in the first half of 2025 [11].

Core Viewpoint - Tonghui Information has been penalized by the Beijing Securities Regulatory Commission for violations related to information disclosure, involving multiple executives and resulting in significant financial penalties and market bans for key individuals [1][4]. Group 1: Violations and Penalties - From 2018 to 2021, Tonghui Information and its subsidiaries inflated revenue and profits through fictitious contracts and improper revenue recognition, leading to false disclosures in annual reports [2][3]. - The inflated revenues for the years 2018, 2019, 2020, and 2021 were 20.173 million, 9.617 million, 14.976 million, and 18.0653 million respectively, with corresponding profit inflation of 10.4643 million, 8.1486 million, 7.3748 million, and 5.8782 million [2][3]. - The Beijing Securities Regulatory Commission plans to impose a fine of 9 million on Tonghui Information, with individual fines for executives ranging from 250,000 to 11.5 million [3]. Group 2: Market Bans and Corporate Changes - Key executives, including the actual controllers, face market bans of 10 years for Dai Fuhao and 7 years for Cui Zhenying due to their roles in the violations [4]. - Prior to the regulatory actions, Dai Fuhao and Cui Zhenying divorced, altering the control structure of the company [4][5]. Group 3: Financial Performance - In the first half of 2025, Tonghui Information reported revenues of 37.201 million, a decline of 78.66% year-on-year, and a net loss of 14.386 million, down 50.84% year-on-year [6]. - The revenue decline is attributed to the termination of a loss-making business and the absence of significant contract income that was present in the previous year [7]. - The company has experienced continuous net losses over the past three years, with losses of 46.5 million, 128 million, and 71.94 million from 2022 to 2024 [6][7].

Group 1: IPO Market Highlights - The IPO market has seen significant activity from July 28 to August 1, with the first case of the new Sci-Tech Innovation Board IPO standard being particularly noteworthy [2] - Regulatory bodies continue to advance the review and listing processes for various companies, with several firms submitting applications to the Hong Kong Stock Exchange [2] Group 2: Companies Approved for IPO - Changjiang Energy Technology Co., Ltd. received approval for its IPO application from the Beijing Stock Exchange on July 28, focusing on energy and chemical equipment [3][4] - Delijia Transmission Technology Co., Ltd. was approved for its main board IPO application by the Shanghai Stock Exchange on July 31, specializing in high-speed heavy-duty precision gear transmission products [5] Group 3: Newly Listed Companies - Hanguo Group officially listed on the Shenzhen Stock Exchange on July 30, with an IPO price of 15.43 yuan per share and a market capitalization of 22 billion yuan, showing a strong opening performance [6] Group 4: Companies Submitting IPO Applications - Xinwangda submitted an application for H-share listing on the Hong Kong Stock Exchange on July 30, focusing on lithium battery technology and integrated solutions [7] - Binhua Group announced plans for an H-share issuance and listing on the Hong Kong Stock Exchange on July 29, with a focus on organic and inorganic chemical products [8][9] - Linglong Tire submitted a prospectus for an "A+H" listing, reporting revenues of 170.06 billion yuan in 2022, with a projected increase in subsequent years [12][13] - AIWB Inc., a U.S.-based AI technology company, submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its business in the Asia-Pacific region [14] - Jinyan High-tech submitted an IPO application to the Hong Kong Stock Exchange, focusing on kaolin materials [15] - Lemo IoT applied for a listing on the Hong Kong Stock Exchange, specializing in machine massage services [16] - Shengruan Technology submitted an application for a Hong Kong listing, having previously listed on the New Third Board [17][18] - Zhonghui Biotechnology applied for a listing on the Hong Kong Stock Exchange, focusing on innovative vaccines [19][20] Group 5: Market Dynamics - On July 31, the Shanghai Stock Exchange accepted the IPO application of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd., marking the first successful acceptance under the new fifth set of listing standards for the Sci-Tech Innovation Board [21]

Group 1: New Listings - Shanghai Stock Exchange had 1 company listed from July 21 to July 27 [2] - Shenzhen Stock Exchange's ChiNext had 1 company listed during the same period [2] Group 2: Performance of Newly Listed Companies - Jiyuan Group, engaged in dietary nutrition supplements, saw its stock price rise over 274.54% on the first day, closing at 35.20 CNY per share, a 223.53% increase from the issue price of 10.88 CNY, with a total market capitalization of approximately 14.1 billion CNY [3] - Shanda Electric Power, focused on smart products for power systems, experienced a first-day stock price increase of over 356.00%, closing at 53.05 CNY per share, a 261.87% rise from the issue price of 14.66 CNY, with a total market capitalization of around 8.6 billion CNY [4] Group 3: Listing Committee Reviews - No companies passed the listing committee review on either the Shanghai or Shenzhen stock exchanges from July 21 to July 27 [5] Group 4: Companies with Deferred Listing Reviews - Hengkun New Materials, specializing in key materials for integrated circuits, had its listing review deferred, with inquiries focusing on potential intellectual property disputes and revenue recognition methods [6][7] Group 5: Hong Kong Stock Exchange Listings - Hong Kong Stock Exchange had 1 new company listed during the period, Nanjing Weili Zhibo-B, a clinical-stage biotech company, which saw a first-day increase of 91.71%, closing at 73.30 HKD per share, a 109.43% rise from the issue price of 35.00 HKD, with a total market capitalization of approximately 14.2 billion HKD [12] Group 6: Companies Submitting Listing Applications - Eight companies submitted listing applications to the Hong Kong Stock Exchange, including: - Goer Microelectronics, a provider of smart sensing solutions, with a market share of 2.2% in the global smart sensing market [18] - Tianyu Semiconductor, a leading supplier of silicon carbide epitaxial wafers in China, with a market share of 30.6% in revenue [23] - Daxing Technology, a well-known folding bicycle company, holding a 26.3% market share in retail volume [28] - Juzi Technology, a manufacturer of baby electronic products, with projected revenues of 1.90 billion CNY to 4.62 billion CNY from 2022 to 2024 [31] - LeMo IoT, a provider of massage services through machines, with a market share of 33.9% in 2022 [37] - Jinyan High-tech, a major producer of kaolin materials, with a market share of 19.1% in 2024 [41] - Shengruan Technology, a provider of intelligent solutions for the oil and gas industry, ranked second in the independent smart energy solutions market [44] - AIWB, a one-stop smart property building solutions provider in the U.S. [49]

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange reported that during the week of July 21 to July 27, a total of 9 companies submitted applications, 1 company passed the hearing, and 1 new stock was listed. Company Summaries - **GoerTek Inc.**: Submitted an application on July 21, focusing on smart sensing interaction solutions, particularly acoustic sensors. It is the fifth largest global provider in this sector with a market share of 2.2% and the largest in China. Revenue for 2022 to 2024 was approximately RMB 31.21 billion, RMB 30.01 billion, and RMB 45.36 billion respectively, with net profits of RMB 3.26 billion, RMB 2.89 billion, and RMB 3.09 billion [2][2]. - **Guangdong Tianyu Semiconductor Co., Ltd.**: Submitted an application on July 22, specializing in silicon carbide epitaxial wafers. It holds the top position in China's market with a revenue market share of 30.6%. Revenue for 2022 to 2024 was approximately RMB 4.37 billion, RMB 11.71 billion, and RMB 5.2 billion respectively, with net profits of RMB 281.4 million, RMB 95.88 million, and a loss of RMB 500 million [3][3]. - **Daheng Technology (Shenzhen) Co., Ltd.**: Submitted an application on July 22, known for its folding bicycles, holding a market share of 26.3% in volume and 36.5% in revenue in China. Revenue for 2022 to 2024 was approximately RMB 2.54 billion, RMB 3 billion, and RMB 4.51 billion respectively, with net profits of RMB 314.34 million, RMB 34.85 million, and RMB 52.29 million [4][4]. - **Juzhi Technology Development Co., Ltd.**: Submitted an application on July 23, focusing on baby monitoring products. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 3.48 billion, and RMB 4.62 billion respectively, with net profits of RMB 34.82 million, RMB 63.36 million, and RMB 94.69 million [5][6]. - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Submitted an application on July 24, specializing in vaccines. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [7][7]. - **Fujian Lemo IoT Technology Co., Ltd.**: Submitted an application on July 25, a leader in smart massage services in mainland China, with a market share of 33.9% to 42.9% from 2022 to 2024. Revenue for 2022 to 2024 was approximately RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion respectively, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million [8][8]. - **Anhui Jinyan High Clay New Materials Co., Ltd.**: Submitted an application on July 25, specializing in kaolin materials with a market share of 19.1%. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 2.05 billion, and RMB 2.67 billion respectively, with net profits of RMB 24.42 million, RMB 43.61 million, and RMB 52.60 million [9][9]. - **Shandong Shengruan Technology Co., Ltd.**: Submitted an application on July 26, providing digital solutions for energy and manufacturing sectors. Revenue for 2022 to 2024 was approximately RMB 3.91 billion, RMB 5.02 billion, and RMB 5.25 billion respectively, with net profits of RMB 37.60 million, RMB 53.70 million, and RMB 59.30 million [10][10]. - **AIWB Inc.**: Submitted an application on July 25, focusing on smart building solutions in Texas. Revenue for 2022 to 2024 was approximately USD 103 million, USD 121 million, and USD 105 million respectively, with net losses of USD 347,000, USD 620,000, and USD 531,000 [11][11]. Company Hearing and IPO - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Passed the hearing on July 27, focusing on innovative vaccines with two core products. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [12][12]. - **Vili Zhibo-B (09887.HK)**: Launched an IPO from July 17 to July 22, with a subscription rate of 3494.78 times in the public offering. The stock began trading on July 25 at HKD 67.10, a 91.71% increase [13][14].

Group 1: Company Listings - LeMo IoT submitted its second listing application to the Hong Kong Stock Exchange (HKEX) on July 25, 2023, after a previous application lapsed in January 2025. The company is a leading provider of smart massage services in mainland China, with a market share of 33.9%, 37.3%, and 42.9% from 2022 to 2024 [1] - Jinyan High-Tech also submitted a listing application to HKEX on July 25, 2023, after a previous attempt in January 2025. The company specializes in coal-based kaolin and is the largest producer of precision casting materials in China, holding a market share of 19.1% as of 2024 [2] - Shengruan Technology submitted its second listing application to HKEX on July 25, 2023, following a lapsed application in January 2025. The company provides integrated digital solutions for large and medium-sized energy enterprises and public management institutions [3] - Shouchuang Securities announced its plan to issue H-shares and list on HKEX, aiming to become the 14th member of the "A+H" brokerage group. The company is currently listed on the A-share market and seeks to expand its financing channels through this move [4] Group 2: Market Context - The Hong Kong stock market is experiencing volatility, with the Hang Seng Index down by 1.09% to 25,388.35 points, the Hang Seng Tech Index down by 1.13% to 5,677.90 points, and the National Enterprises Index down by 1.16% to 9,150.49 points as of July 25, 2023 [6]