Group 1: Andersen Group IPO - Andersen Group priced its IPO at $16 per share, at the high end of the previously set range of $14 to $16 [1] - The company raised $176 million by issuing 11 million shares, resulting in a fully diluted market capitalization of $1.9 billion [1] - Andersen Group, founded in 2002, provides independent tax, valuation, and financial consulting services to over 11,900 clients across the U.S. [2] - The company is a member of Andersen Global, which consists of over 300 member firms and partners [2] - Andersen Group is listed on the New York Stock Exchange under the ticker symbol ANDG, with several investment banks acting as joint bookrunners for the transaction [2] Group 2: Iron Horse Acquisition II IPO - Iron Horse Acquisition II, a SPAC focused on media and entertainment, completed its IPO by raising $200 million through the issuance of 20 million units priced at $10 each [3] - The initial plan was to issue 25 million units, but the final structure included 1 share of common stock and 1 warrant per unit [3][4] - The company is led by CEO Jose Bengochea, who is also the founder of Bengochea Capital, and aims to focus on sectors like music, animation, and artificial intelligence [3] Group 3: Churchill Capital XI IPO - Churchill Capital XI, a SPAC founded by Michael Klein, raised $360 million by issuing 36 million units at $10 each, exceeding its initial expectations by 6 million units [6] - Each unit consists of 1 share of common stock and a warrant with an exercise price of $11.50 [6] - The company is focused on acquiring businesses that generate stable free cash flow and have strong management teams [7] - Churchill Capital XI is listed on NASDAQ under the ticker symbol CCXIU, with Citigroup serving as the sole bookrunner for the transaction [8] Group 4: Spectre Acquisition IPO - Spectre Acquisition, led by Chinese executives, filed for an IPO to raise up to $60 million by issuing 6 million units at $10 each [9] - Each unit includes 1 share of common stock and a full warrant with an exercise price of $11.50 [9] - The SPAC plans to target companies outside mainland China that possess key technologies and strong competitive positions [9]

（原标题：美股异动 | Andersen Group(ANDG.US)登陆美股市场 股价涨超30%） 智通财经APP获悉，周四，Andersen Group(ANDG.US)登陆美股市场，截至发稿，该股涨超30%，报 20.87美元。IPO价格为16美元。该集团由前安达信会计师事务所的领导团队及合伙人于2002年创立，为 个人、家族办公室、企业和机构客户提供独立的税务、估值及财务顾问服务。截至2025年9月30日，集 团已为美国超过11900家客户群体提供服务。 ...

Core Insights - The U.S. IPO market saw four companies go public and six SPACs listed last week, with eight companies filing for IPOs and four for SPACs [1][4]. Group 1: IPO Highlights - Wealthfront (WLTH) priced at the upper end of its range, raising $485 million with a market cap of $2.6 billion, targeting young "digital-first" customers and boasting over 1.3 million paying clients and $88.2 billion in assets by July 2025 [1]. - Lumexa (LMRI) raised $463 million with a market cap of $1.8 billion, operating 184 outpatient imaging centers across 13 states, and has a high leverage ratio of 3.7 times [2]. - Cardinal Infrastructure (CDNL) raised $242 million with a market cap of $769 million, focusing on utility installation services in the Southeastern U.S. with a backlog valued at $646 million [3]. - JM Group (JMG) raised $15 million with a market cap of $79 million, specializing in merchandise sourcing for various retail categories [3]. Group 2: SPAC Highlights - Six SPACs completed pricing last week, including Meshflow Acquisition (MESHU) and Karbon Capital Partners (KBONU), each raising $300 million targeting blockchain infrastructure and energy sectors respectively [4]. - Other SPACs included Daedalus Special Acquisition (DSACU) raising $225 million for consumer-facing AI and technology, and Twelve Seas III (TWLVU) raising $150 million for investments in oil and gas companies outside the U.S. [4]. Group 3: Upcoming IPOs - Medline (MDLN) plans to raise $5 billion at a market cap of $37.3 billion, focusing on medical supplies distribution, facing recent tariff pressures [8]. - Andersen (ANDG) aims to raise $165 million at a market cap of $1.74 billion, providing tax and advisory services with a 15% CAGR since 2003 [8].

Core Viewpoint - Andersen Group, founded by former partners of Arthur Andersen, announced its IPO terms, aiming to raise $165 million with a market cap of $1.7 billion at midpoint pricing [1][2] Company Overview - Andersen Group was established in 2002 and provides independent tax, valuation, and financial advisory services to individuals, family offices, corporations, and institutional clients [1] - The company has served over 11,900 clients in the U.S. as of September 30, 2025, and has global coverage through Andersen Global, which consists of over 300 member and collaborating firms [1] Financial Performance - For the 12 months ending September 30, 2025, Andersen Group reported revenue of $811 million [2] IPO Details - The company plans to issue 11 million shares at a price range of $14 to $16 per share, with the stock expected to trade under the ticker "ANDG" on the New York Stock Exchange [2] - Joint book-running managers for the IPO include Morgan Stanley, UBS Investment Bank, Deutsche Bank, Truist Securities, and Wells Fargo Securities, with the pricing expected to be determined in the week of December 15, 2025 [2]

Core Insights - BDO UK reported annual revenue of £1bn ($1.3bn) for the year ending 4 July 2025, unchanged from the previous year, while operating profit decreased by 7.5% to £210m [1] - The firm faced challenges due to global political and economic factors but continued to invest in staff development, technology, and infrastructure [1][6] - A merger with BDO Ireland is expected to create a combined entity with revenues near £1.1bn and approximately 8,500 employees, enhancing BDO's position in the market [7] Financial Performance - Revenue in Tax increased by 3.4%, and CR&O rose by 5.4%, while Audit revenue fell by 3.7% and Deals declined by 4% [2] - Profit per equity partner decreased to £589k from £681k in the previous year [1] Workforce Development - BDO UK recruited 690 trainees during the financial year, an increase from 675 the previous year, and promoted 2,440 staff, including 36 partners [3] Technological Investments - Continued investment in technology included new digital tools for improving work quality and consistency, with a focus on AI applications and sustainability assurance [4] - Relocations and refurbishments of offices took place in various cities, with a new headquarters in central London expected to be completed by late 2027 [4] Market Outlook - The firm anticipates growth in regional offices to surpass London in the coming years [2] - Managing partner Mark Shaw emphasized the importance of collaboration in navigating economic challenges [5][6]

Core Insights - Deloitte China released its 2025 Fiscal Year Social Impact Report, showcasing its commitment to sustainable development and high-quality economic growth in China [1] Group 1: Business Growth and Talent Development - In the 2025 fiscal year, Deloitte China supported over 2,000 Chinese enterprises in expanding into international markets, enhancing their global competitiveness [1] - Deloitte China has been recognized as a "Top Employer in China" for the 19th consecutive year and launched a "10,000 AI/GenAI Talent Certification Training Program" to improve employees' AI skills [2] Group 2: Environmental Protection - Deloitte China integrated sustainable development into daily operations, achieving 20 green/healthy building certifications and purchasing 7,242 international renewable energy certificates (I-RECs) and 754 Chinese green power certificates (GECs) [2] - The company aims for net-zero emissions and actively engages employees in ecological protection initiatives [2] Group 3: Social Contribution - Deloitte China invested in rural education and talent development, benefiting over 1.4 million people through the "Smart Start" program, with a total social impact investment of 30.18 million RMB [3] - Employee volunteer service hours reached 66,782, demonstrating the company's commitment to social responsibility [3] Group 4: Corporate Governance - Deloitte China has enhanced its governance structure through collaboration among partners, councils, and management teams [3] - The company achieved four international certifications in information security management, ensuring data protection for clients and employees [3] Group 5: Future Commitment - The CEO of Deloitte China emphasized the importance of professional service firms as leaders in corporate social responsibility, committing to strengthen capabilities and innovation for long-term positive impacts [3]

Core Insights - Deloitte China has released its sixth annual Social Impact Report for the fiscal year 2025, highlighting a total strategic investment exceeding 30 million yuan [1][2] Business Growth - In fiscal year 2025, Deloitte China integrated audit, tax, and consulting services, supporting over 2,000 Chinese enterprises in expanding into overseas markets [1] Talent Development - Since the establishment of Deloitte Academy, the company has organized over 3,000 internal training and exchange sessions, with more than 1,500 visits from government and enterprises [1] Environmental Protection - Deloitte China's offices have achieved 20 certifications for green and/or healthy buildings, and the company purchased 7,242 International Renewable Energy Certificates (I-RECs) and 754 Chinese Green Electricity Certificates (GECs), ensuring 100% renewable energy usage in its offices [1] Social Contribution - In fiscal year 2025, Deloitte China continued its investment in rural education and talent development, benefiting over 1.4 million people through the "Smart Start" program, with a total of 9.27 million beneficiaries. Employee volunteer service hours reached 66,782, with total strategic investment in social impact amounting to 30.18 million yuan [2] Governance - The practical experience of the independent consulting committee on audit quality at Deloitte Huayong has been incorporated into the "Certified Public Accountant Industry Development Report" for promotion within the industry [2]

Company Overview - Kearny Financial Corp (KRNY) has total assets of $7.7 billion[19], total loans of $5.8 billion[19], total deposits of $5.7 billion[19], and total capital of $0.7 billion[19] - The company's market capitalization is $425.3 million[19] and the tangible book value (TBV) per share is $9.77[19] - The company operates 43 full-service branches across 12 counties in New Jersey and the New York metro area, with plans to consolidate three branches to 40 by October 2025[23] Financial Performance - The company experienced growth in net interest income throughout fiscal year 2025, increasing from $32.446 million in Q1 to $35.843 million in Q4[33] - Net income also increased from $6.092 million in Q1 to $9.941 million in Q4[35] - The net interest margin improved from 1.80% in Q1 to 2.00% in Q4[33] Credit Risk Management - The company's cumulative charge-offs between 2006 and 2025 totaled $39.8 million[38] - The company maintained an average annual net charge-off rate of nine basis points between 2006 and 2025, compared to 48 basis points for all commercial banks (US banks not among the top 100)[38] Strategic Initiatives - The company aims to deepen client relationships through personalized cross-selling and targeted digital outreach[41] - The company intends to build a stable, low-cost funding base to reduce reliance on higher-cost alternatives[43] - The company plans to expand into new and adjacent markets to diversify lending opportunities[45] Operational Efficiency - The company is deploying real-time KPI dashboards for advanced performance tracking[49] - The company is automating workflows with RPA and AI and unifying processes via top automation platforms[53] Kearny Investment Services - Kearny Investment Services has generated $8.7 million in gross revenue since inception[55] - The investment services team manages $369 million in assets under administration[55]

Core Viewpoint - Andersen Group has filed for an IPO to raise up to $100 million, marking a significant step for the company founded by former Arthur Andersen leaders [1] Company Overview - Founded in 2002, Andersen Group provides independent tax, valuation, and financial consulting services to individuals, family offices, corporations, and institutional clients [1] - The company is headquartered in San Francisco, California, and operates globally [1] Financial Performance - As of June 30, 2025, Andersen Group served over 11,300 clients in the U.S., reflecting a year-over-year growth of 9% [1] - The company reported revenues of $774 million for the 12 months ending June 30, 2025 [1] IPO Details - The company plans to list on the New York Stock Exchange under the ticker symbol "ANDG" [1] - The IPO application was submitted confidentially on April 25, 2025, with pricing terms yet to be disclosed [1] - The underwriting syndicate for the IPO includes Morgan Stanley, UBS Investment Bank, Deutsche Bank, Truist Securities, and Wells Fargo Securities [1]

Group 1 - The implementation of the "Law of the People's Republic of China on Promoting the Development of the Private Economy" on May 20 marks a significant policy shift aimed at enhancing the growth of private enterprises [1] - The core issue causing financing difficulties for private enterprises is insufficient financial transparency, which can be addressed through collaboration among enterprises, financial institutions, and regulatory bodies [1] - Enterprises are encouraged to improve financial management systems and enhance information disclosure quality by engaging professional auditing firms [1] Group 2 - Data governance is highlighted as a means for private enterprises to unlock asset value, with a focus on establishing standardized data collection and management systems [2] - The concept of "new productive forces" is introduced, emphasizing the need for a comprehensive innovation system that integrates data, technology, and talent for the growth of private enterprises [2] - Companies planning to go public in Hong Kong should understand their market fit, align governance structures with Hong Kong standards, and assess compliance with regulatory requirements [2] Group 3 - Deloitte China, established in 1981, is a well-recognized professional services firm with significant influence in the industry, operating in 29 cities with over 350 partners and 7,000 employees [3] - The firm offers a range of services including auditing, tax, consulting, valuation, and engineering management, aiming to support clients in achieving sustainable and responsible growth [3]