Core Viewpoint - Lisheng Sports has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1][4]. Summary by Sections Issuance Details - The company plans to raise a total of no more than 33 million yuan (approximately 4.6 million USD) through this issuance, which will be used for the Hainan New Energy Vehicle Experience Center International Racing Track project [1][3]. - The total investment for the racing track project is 635.8 million yuan (approximately 89.5 million USD) [3]. Share Issuance Structure - The shares will be domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan per share [3]. - The issuance will target no more than 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities companies, trust companies, financial companies, insurance institutions, and qualified foreign institutional investors [4][5]. Pricing and Limitations - The issuance price will be no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [4]. - The number of shares issued will not exceed 30% of the company's total share capital before the issuance, capped at 48.0142 million shares [4]. Control and Governance - To maintain control stability, the company will set limits on the number of shares that a single investor can subscribe to and will require commitments from investors not to seek control of the company [5]. - After the issuance, the controlling shareholders' stake will decrease but will not lead to a change in control of the company [5]. Underwriting - The lead underwriter for this issuance is Guosheng Securities Co., Ltd., with representatives Wang Chenjie and Jiang Xiang [6].

力盛云动（上海）体育科技股份有限公司（简称"力盛体育"）近日针对深圳证券交易所出具的《关于力 盛云动（上海）体育科技股份有限公司申请向特定对象发行股票的第二轮审核问询函》，会同相关中介 机构进行了详细回复，就公司经营情况、募投项目等重要问题进行了说明。 业绩依赖与业务前景 力盛体育在报告期内业绩对Top Speed及上海擎速依赖度较高。Top Speed主营境外赛事和境外客户业 务，上海擎速主营境内客户业务。2023 - 2024年，因Top Speed体育赛事经营业务营收增加，带动公司 整体营收增长。除这两家公司外，其余业务板块2023年开始复苏，营收及盈利前景有所改善。 存货跌价准备主要集中在体育场馆经营和体育俱乐部经营业务。体育场馆经营业务规模大、存货多；体 育俱乐部经营业务虽存货规模小，但收入下滑致长库龄库存商品增加。体育场馆经营业务发展前景较 好，体育俱乐部经营业务受燃油车销量下滑影响，正拓展新能源汽车厂商客户。 应收账款增长与公司实际营运及收入规模匹配，不存在放宽信用政策扩大收入的情形，坏账准备计提充 分。境外客户回款情况良好，境外经营收入预计可持续。 募投项目解读 报告期内，公司营业收入分别为2 ...