The IPO acceptance of the three major exchanges in Shanghai, Shenzhen, and North China has been fully restored. The Shanghai and Shenzhen Stock Exchanges have both welcomed their first IPO acceptance since the beginning of this year. On the evening of June 20th, the Shanghai and Shenzhen Stock Exchanges respectively accepted the IPOs of Xi'an Taijin New Energy Technology Co., Ltd. (hereinafter referred to as Taijin New Energy) and China Uranium Industry Co., Ltd. (hereinafter referred to as China Uranium Industry) on the Science and Technology Innovation Board and the Shenzhen Stock Exchange Main Board. On the Beijing Stock Exchange side, two companies, Dongang Technology and Dayu, were previously accepted for IPOs in January and March this year, respectively. On June 21st, the Beijing Stock Exchange once again accepted IPOs of three companies: Chuangzheng Electric Co., Ltd., Omeson Intelligent Equipment Co., Ltd. (hereinafter referred to as Omeson), and Zhejiang Jinhua New Materials Co., Ltd. (hereinafter referred to as Jinhua New Materials). The reporter noticed that Taijin New Energy and China Uranium Industry, which are planned to be listed on the Shanghai and Shenzhen Stock Exchanges, have a considerable background: China Uranium Industry is a subsidiary of China National Nuclear Corporation Limited (hereinafter referred to as CNNC); Taijin Xinneng is a controlling subsidiary of Northwest Nonferrous Metals Research Institute (hereinafter referred to as Northwest Institute), which currently has multiple listed companies in the capital market. Among the three companies planned to be listed on the Beijing Stock Exchange, Aomeisen and Jinhua New Materials experienced significant performance fluctuations during the reporting period. The newly accepted IPO companies on the Shanghai and Shenzhen Stock Exchanges all have a strong background. According to the prospectus of Taijin Xinneng, the company mainly engages in the research and development, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products. It is a leading enterprise internationally that can provide overall solutions for high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production lines, and is the main research and development and production base for precious metal titanium electrode composite materials and electronic sealing glass materials in China. It is worth mentioning that the controlling shareholder of Taijin New Energy, Northwest Institute, already owns four listed companies: Western Superconductor (688122. SH), Western Materials (002149. SZ), Kaili New Materials (688269. SH), and Tianli Composite (873576. BJ). Its subsidiary, Western Baode, also planned to list on the Beijing Stock Exchange last year. China Uranium Industry, which was accepted for the Shenzhen Stock Exchange's main board IPO, is a subsidiary of China National Nuclear Corporation, mainly engaged in the mining, sales, and trade of natural uranium resources, as well as the comprehensive utilization and product sales of radioactive co associated mineral resources such as monazite and uranium molybdenum. From the perspective of performance, from 2021 to 2023, Taijin New Energy achieved operating revenue of 519 million yuan, 1.005 billion yuan, and 1.669 billion yuan respectively, with net profit attributable to the parent company after deducting non income of 48.4282 million yuan, 87.6371 million yuan, and 138 million yuan, respectively; During the same period, China's uranium industry achieved operating income of 8.906 billion yuan, 10.535 billion yuan, and 14.801 billion yuan, respectively, with net profit attributable to the parent company after deducting expenses of 759 million yuan, 1.26 billion yuan, and 1.327 billion yuan, respectively. Taijin New Energy has seen a rapid increase in performance, while the larger Chinese uranium industry has also maintained sustained growth, indicating that the two companies have a certain guarantee of sustainable business capabilities in the future. Among the three companies that were accepted for IPOs on the Beijing Stock Exchange, Omicron's net profit attributable to the parent company after deducting non income from 2021 to 2023 was 40.9846 million yuan, 12.0896 million yuan, and 42.0824 million yuan, respectively; The net profit attributable to the parent company after deducting non recurring expenses for the same period of Jinhua New Materials was 245 million yuan, 78.4175 million yuan, and 173 million yuan, respectively. The performance of the two companies fluctuated significantly during the reporting period. During the reporting period, companies such as Taijin Xinneng and others all distributed dividends. On May 15th of this year, the China Securities Regulatory Commission issued the "Guidelines for the Application of Regulatory Rules - Issuance Category No. 10", which requires issuers to publish a statement to investors in a prominent position on the front page of the prospectus, including the issuer's listing purpose, the issuer's ability to continue operating, and future development plans. The reporter noticed that as the first batch of IPO acceptance companies after the new regulations were issued, both Taijin New Energy and China Uranium Industry have disclosed statements to investors in their prospectus. However, compared to China's uranium industry, Taijin New Energy's statement to investors is somewhat concise. Yin Zhongyu, Assistant to the President of Federal Reserve Securities, believes that the significance of "statements to investors" is limited, especially in the current situation where retail investors who subscribe to new shares do not read the prospectus very much. In addition, in March of this year, the China Securities Regulatory Commission also issued the "Opinions on Strictly Controlling the Access to Issuance and Listing from the Source to Improve the Quality of Listed Companies (Trial)", proposing to strictly investigate and prevent potential listed companies from conducting surprise "clearance style" dividends. In April this year, the Shanghai and Shenzhen Stock Exchanges disclosed plans to further strengthen supervision. The preliminary consideration in terms of indicators is that for the cumulative dividend amount over the reporting period of three years, which accounts for more than 80% of the net profit of the same period; If the cumulative dividend amount during the reporting period exceeds 50% of the net profit for the same period, and the cumulative dividend amount exceeds 300 million yuan, and the total proportion of supplementary flow and loan repayment in the raised funds exceeds 20%, it will not be allowed to be issued for listing. According to the prospectus, Taijin New Energy will receive a cash dividend of 60 million yuan in 2022 and China Uranium Industry will receive a cash dividend of 740 million yuan in 2023. Taijin New Energy plans to raise 1.5 billion yuan in this IPO, including 133 million yuan to supplement working capital; China Uranium Industry plans to raise 4.11 billion yuan, including 1.233 billion yuan to supplement working capital. "If the dividend does not exceed the prescribed standards, there should be no problem." A representative of a securities firm's recommendation told reporters that since the relevant rules have already clarified the proportion, compliance with the rules should suffice. The dividend situation of Taijin Xinneng and China Uranium Industry during the reporting period did not exceed the preliminary indicators considered by the Shanghai and Shenzhen Stock Exchanges. (Lai Xin She)