Core Viewpoint - Balanshi (920112.BJ) experienced a significant decline of 6.63% in its stock price, closing at 44.96 yuan on August 29, following its listing on the Beijing Stock Exchange on August 28 [1] Group 1: IPO Details - Balanshi issued a total of 19 million shares before the exercise of the over-allotment option, and 21.85 million shares if the over-allotment option is fully exercised, with an issue price of 15.78 yuan per share [1] - The total funds raised before the exercise of the over-allotment option amounted to 299.82 million yuan, with a net amount of 258.19 million yuan after deducting issuance costs, which is 41.74 million yuan less than the original plan [1] Group 2: Use of Proceeds - The company plans to use the raised funds for projects including the intelligent transformation and expansion of automotive maintenance equipment, the establishment of an intelligent factory for lifting equipment, and the construction of a research and development center [1] Group 3: Issuance Costs - The total issuance costs for Balanshi were 41.63 million yuan before the exercise of the over-allotment option and 45.68 million yuan if the over-allotment option is fully exercised, including a sponsorship fee of 4 million yuan and underwriting fees of 22.98 million yuan before the over-allotment option and 27.03 million yuan if fully exercised [1]

Core Viewpoint - The report details the fundraising activities and usage of funds by Changshu Tongrun Automotive Parts Co., Ltd., highlighting the total amount raised, net proceeds, and the management of these funds [1][2][3]. Fundraising Overview - The company raised a total of RMB 607,329,087.04 through the issuance of 19,873,334 shares at a price of RMB 30.56 per share [1]. - After deducting issuance costs of RMB 97,869,187.04, the net proceeds amounted to RMB 509,459,900.00 [2]. - As of June 30, 2025, the remaining balance of the raised funds was RMB 222,348,190.57 [2]. Fund Management - The company has established a fundraising management system to ensure the proper storage, approval, usage, and supervision of the raised funds [3]. - Funds are stored in dedicated bank accounts, and the company has signed tripartite and quadripartite supervision agreements with its underwriter and banks to clarify the rights and obligations of all parties involved [3][4]. Fund Usage - As of June 30, 2025, the company had invested RMB 250,092,869.26 into fundraising projects, with RMB 27,902,314.85 used to replace self-raised funds previously invested in these projects [2][5]. - The company temporarily supplemented working capital with RMB 43,000,000 from idle funds, ensuring that this does not affect the implementation of fundraising projects [5][6]. - An additional RMB 75,000,000 was allocated for cash management investments from idle funds [5][6]. Project Adjustments - The company has made adjustments to the timelines and funding allocations for certain projects, including the "R&D Center and Information Technology Project" and the "Automotive Parts Manufacturing Project," extending their expected completion dates to August 31, 2025 [6][7]. - A portion of the funds originally allocated for the "Automotive Maintenance Equipment Production Base Project" was redirected to the new "Puke Technology Storage Cabinet Production Base Project," amounting to RMB 4,232,000 [6][7]. Compliance and Reporting - The company has adhered to relevant laws and regulations regarding the use of raised funds and has disclosed the usage status in a timely manner, with no violations reported [6].

Core Viewpoint - The company plans to utilize part of its idle raised funds for cash management and to store the remaining balance in agreed deposits, ensuring that these actions do not affect the ongoing projects funded by the raised capital [1][10]. Summary by Sections Cash Management Plan - The company will use up to RMB 230 million of idle raised funds to purchase short-term, low-risk investment products with high liquidity, allowing for rolling use of funds within a year from the board's approval [1][6][10]. - The cash management will be conducted through financial institutions such as banks, securities companies, or trust companies [1]. Fundraising Overview - The company raised a total of RMB 607.33 million from the public offering of 19,873,334 shares at a price of RMB 30.56 per share, with net proceeds after expenses amounting to RMB 509.46 million [2][5]. - The funds are stored in dedicated accounts with banks, and the company has established tripartite supervision agreements to clarify the rights and obligations of all parties involved [3][4]. Previous Cash Management - In a prior meeting, the company approved the use of up to RMB 300 million of temporarily idle funds for cash management, which has not yet matured as of August 19, 2025 [5][6]. Investment Products - The investment products will include structured deposits, notice deposits, fixed-term deposits, large certificates of deposit, and income certificates, all of which must not be used for pledging [6][7]. Compliance and Oversight - The company will adhere to relevant regulations and guidelines to ensure the proper management of raised funds, including timely disclosures of cash management activities [7][10]. - The supervisory board and independent directors will monitor the use of funds and may engage professional institutions for audits if necessary [8][9]. Impact on Company - The cash management and agreed deposit storage will enhance the efficiency of fund utilization without affecting the normal progress of the company's investment projects, ultimately benefiting the company and its shareholders [9][10].

Market Overview - As of July 27, 2025, there are 268 companies listed on the Beijing Stock Exchange (BSE) with a total share capital of 37.877 billion shares and a circulating share capital of 24.455 billion shares [2] - For the week of July 21-27, 2025, the BSE recorded a trading volume of 7.14 billion shares, an increase of 38.69% compared to the previous week, and a trading value of 155.463 billion yuan, up 42.26% week-over-week [3] Index Performance - The BSE 50 Index fell by 2.55% to 1458.98 points during the same week, with 35 stocks rising, none remaining flat, and 15 declining [3] - The top performer was Wuxin Tunnel Equipment (835174), which surged by 49.54%, followed by Nacono (832522) with a 19.21% increase. The worst performer was Jinbo Biological (832982), which dropped by 5.07% [3] New Listings and Approvals - During the week, one company opened for subscription, two companies received registration approval, and one company passed the listing committee meeting [6][11] - As of July 27, 2024, there are 157 companies awaiting review, with 19 accepted, 127 in inquiry, and 8 submitted for registration [6] Company Highlights - **Dingjia Precision Technology Co., Ltd.**: Opened for subscription on July 22, 2025, with a total of 190 million shares allocated to 80,300 investors, raising 21.2 million yuan at an issue price of 11.16 yuan per share. The company specializes in manufacturing computer components and reported revenues of 329 million yuan in 2022, 367 million yuan in 2023, and 408 million yuan in 2024 [8][9][10] - **Ningbo Nengzhiguang New Materials Technology Co., Ltd.**: Received registration approval on July 25, 2025, for an IPO of up to 21.565 million shares, aiming to raise approximately 170 million yuan for expansion projects [12][13] - **Shanghai Balanshi Automotive Testing Equipment Co., Ltd.**: Also received registration approval on July 25, 2025, for an IPO of up to 21 million shares, targeting 300 million yuan for smart upgrades and expansion projects [14][15] Financial Performance - **Dingjia Precision**: Reported a 20.36% year-over-year revenue growth in Q1 2025, reaching 10 million yuan, with a net profit increase of 63.27% to 2.03 million yuan [10] - **Nengzhiguang**: Achieved revenues of 556 million yuan in 2022, 569 million yuan in 2023, and 611 million yuan in 2024, with a projected 2.61% revenue growth in H1 2025 [13] - **Balanshi**: Reported revenues of 643 million yuan in 2022, 794 million yuan in 2023, and 1.057 billion yuan in 2024, with a 6.33% increase in Q1 2025 [15] Regulatory Updates - Three companies entered the counseling period, while three others terminated their counseling [21][25] - **Tianyun Co., Ltd.**: Entered the counseling period for an IPO on July 22, 2025, focusing on automotive components [22] - **Benxing New Materials Co., Ltd.**: Changed its listing application from the Shenzhen Stock Exchange to the BSE on July 22, 2025 [23]

Core Viewpoint - The recent surge in IPO applications on the Beijing Stock Exchange indicates a robust growth potential across various sectors, with companies focusing on innovation and advanced technology solutions [1][4]. Group 1: IPO Applications and Companies - A total of 17 companies submitted IPO applications to the Beijing Stock Exchange from June 1 to June 20, showing a significant increase compared to May [1]. - Notable companies include Autu Technology, Longxin Intelligent, New Fortune Technology, and Ryan Precision Engineering, each specializing in different high-growth sectors [1][2]. - Autu Technology focuses on automotive stamping automation solutions, while Longxin Intelligent provides smart factory solutions for industries like new energy and fine chemicals [1][2]. Group 2: Financial Performance and Projections - Longxin Intelligent's projected revenues for 2022, 2023, and 2024 are 336 million, 582 million, and 604 million yuan, respectively, driven by demand in the new energy sector [2]. - New Fortune Technology specializes in thermal management components for electric vehicles, with plans to raise 463 million yuan for expansion and working capital [2]. - Ryan Precision Engineering aims to raise 359 million yuan for projects including aluminum profile production and upgrading its R&D center [3]. Group 3: Successful IPO Approvals - Companies Energlow and Balanshi have recently received approval for their IPOs, indicating strong market confidence [3][4]. - Balanshi focuses on automotive maintenance equipment and plans to raise 300 million yuan for smart upgrades and expansion [3]. - Energlow specializes in high polymer additives and has developed over 300 product grades, serving various industries including automotive and electronics [4]. Group 4: Emphasis on R&D and Innovation - Companies applying for IPOs and those that have been approved emphasize significant investment in R&D to maintain competitive advantages [4][5]. - Autu Technology's R&D expenses are projected to increase from 14.3 million to 18.5 million yuan from 2022 to 2024, reflecting its commitment to innovation [4]. - Ryan Precision Engineering has developed multiple core technologies and maintains a strong focus on R&D, with expenses projected to be around 3.28% to 4.53% of revenue from 2022 to 2024 [5][6].