Core Points - Company Keda Xunfei has completed the response to the Shenzhen Stock Exchange's inquiry regarding the issuance of A-shares to specific investors for the year 2025, and has updated the fundraising prospectus accordingly [1][2] - The company emphasizes that the issuance is subject to approval from the Shenzhen Stock Exchange and registration by the China Securities Regulatory Commission, indicating uncertainty regarding the final implementation [1][2] Group 1 - The company received the inquiry letter from the Shenzhen Stock Exchange on October 24, 2025, and has addressed the questions raised in the letter [1] - The updated fundraising documents include the latest financial data from the company's third-quarter report disclosed on October 21, 2025 [1] - The updated documents were officially disclosed on November 15, 2025, on the Giant Tide Information Network [1] Group 2 - The company clarifies that the issuance of A-shares requires approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, with no guaranteed timeline for these processes [2] - Investors are advised to make cautious decisions due to the uncertainties surrounding the approval and registration processes [2]

证券日报网讯 11月13日晚间，创力集团发布公告称，公司2024年度向特定对象发行A股股票（简称"本 次发行"）已经上海证券交易所受理。为更好推进本次发行工作，根据相关规定，公司依据已经实施的 财务性投资（含类金融业务投入）调整了本次发行募集资金总额，调整前：本次发行拟募集资金总额不 超过19，000.00万元（含本数），调整后：本次发行拟募集资金总额不超过16，000.00万元（含本 数）。调整前的发行数量：本次发行的股票数量不超过48，469，387股（含本数），按本次发行数量上 限发行测算，占本次发行前公司总股本的7.50%，未超过本次发行前公司总股本的30%。调整后的发行 数量：本次发行的股票数量不超过40，816，326股（含本数），按本次发行数量上限发行测算，占本次 发行前公司总股本的6.31%，未超过本次发行前公司总股本的30%。 （文章来源：证券日报） ...

10月13日晚间，中泰证券发布公告称，公司已收到中国证监会出具的《关于同意中泰证券股份有限公司 向特定对象发行股票注册的批复》。根据批复，证监会同意中泰证券向特定对象发行股票，本次发行应 严格按照报送上海证券交易所的申报文件和发行方案实施。 来源：中泰证券 此前9月5日，中泰证券公告称，公司定向增发已获得上交所审核通过，上交所认为中泰证券此次定向增 发申请符合发行条件、上市条件和信息披露要求。 中泰证券定向增发获批的背后，今年以来，多家券商定向增发脚步加快。6月23日，天风证券已于顺利 完成40亿元定增募资；9月29日，南京证券50亿元定增计划获得上交所审核通过；东吴证券也于7月公布 60亿元定增预案。 根据《募集说明书》，中泰证券此次向特定对象发行股票数量不超过本次发行前公司总股本的30%，即 不超过20.91亿股。其中，中泰证券控股股东枣矿集团认购数量为本次发行股票数量的36.09%，即按照 本次发行前枣矿集团及其一致行动人持有公司的股份比例进行同比例认购，且认购金额不超过21.66亿 元。 此外，公司控股股东枣矿集团及其一致行动人新矿集团分别承诺，本次发行完成后，枣矿集团和新矿集 团在本次发行前持有的公 ...

Core Viewpoint - Zhongtai Securities has received approval from the China Securities Regulatory Commission (CSRC) for a private placement of shares amounting to 6 billion yuan, marking a significant step in its capital-raising efforts after a prolonged period of inactivity in equity financing [1][5]. Group 1: Fundraising Details - The company plans to issue up to 2.091 billion shares, which is no more than 30% of its total share capital prior to the issuance [2]. - The controlling shareholder, Zhaomining Group, is set to subscribe for 36.09% of the new shares, amounting to a maximum of 2.166 billion yuan [2]. - The total funds raised will be used to enhance the company's capital base, optimize its business structure, and improve market competitiveness and risk resilience [2][4]. Group 2: Historical Context - The fundraising initiative was first proposed over two years ago, with the initial plan announced on June 30, 2023, marking the company's first equity financing since its listing in 2020 [3]. - The approval process involved multiple extensions and responses to regulatory inquiries, reflecting the complexities of the approval process [3][5]. - The company has not engaged in equity refinancing since its listing, relying instead on non-equity financing methods, which has led to a relatively high debt level and insufficient net capital replenishment [4]. Group 3: Regulatory Approval Process - The CSRC's approval is valid for 12 months from the date of issuance, allowing the company to proceed with the share issuance within this timeframe [1]. - The Shanghai Stock Exchange had previously indicated that the company's application met the necessary conditions for issuance and listing [5].

Core Viewpoint - Fujian Zhangzhou Development Co., Ltd. has approved a plan to issue A-shares to specific investors, including its controlling shareholder, Zhanglong Group, to raise funds for various projects [1][2][3]. Group 1: Meeting Resolutions - The board of directors confirmed that the company meets the conditions for issuing A-shares to specific investors [1]. - The proposal for the issuance of A-shares was approved with a vote of 4 in favor and 0 against [2]. - The controlling shareholder, Zhanglong Group, intends to subscribe for at least 20% of the total shares issued [3][4]. Group 2: Issuance Details - The shares will be domestic listed ordinary shares (A-shares) with a par value of RMB 1.00 each [2]. - The issuance will be subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [2][5]. - The maximum number of shares to be issued will not exceed 30% of the company's total share capital prior to the issuance, which is approximately 297,444,321 shares [6]. Group 3: Fund Utilization - The total amount to be raised from this issuance is capped at RMB 1,050 million, which will be allocated to specific projects, including ecological restoration and solar power generation [9]. - The company will adjust the investment priorities based on the actual amount raised and project needs if the net amount raised is less than planned [9]. Group 4: Related Transactions - The issuance constitutes a related party transaction due to Zhanglong Group's involvement, and the related director has abstained from voting [2][17]. - The board has proposed to seek shareholder approval for Zhanglong Group to be exempt from making a tender offer for additional shares due to its existing stake exceeding 30% [18]. Group 5: Future Steps - The company plans to hold a shareholder meeting on August 20, 2025, to discuss and approve the proposed issuance and related matters [21].

Core Viewpoint - The legal opinion letter from Beijing Jiayuan Law Firm confirms that Northern International Cooperation Co., Ltd. is authorized to issue A-shares to specific investors, complying with relevant laws and regulations [3][27]. Group 1: Issuance Details - The company plans to issue no more than 105,032,822 A-shares, which will not exceed 30% of the total share capital before the issuance [12][10]. - The issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing benchmark date [20][11]. - The total amount of funds raised is expected to be no more than 960 million RMB, which will be allocated to specific projects, including the Aurora Optoelectronics project [14][13]. Group 2: Approval and Compliance - The issuance has been approved by the company's board of directors and will be subject to further approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [9][7]. - The company has confirmed that it meets all legal qualifications for the issuance, including compliance with the Company Law and Securities Law [18][22]. - The company will ensure that the issuance does not lead to a change in control, as the controlling shareholder will remain the same post-issuance [22][21]. Group 3: Investor Participation - The issuance will target no more than 35 specific investors, including qualified institutional investors such as securities companies and insurance institutions [10][19]. - All investors will subscribe to the shares using cash in RMB, and any changes in regulations regarding investor qualifications will be adhered to [11][20]. Group 4: Fund Utilization - The raised funds will be used for specific projects, and if the actual funds raised are less than the total project needs, the company will adjust the investment priorities accordingly [15][14]. - The company may initially use self-raised funds for project implementation before the raised funds are available [14][15].