Orient Securities(SH:600958) Zhong Guo Jing Ji Wang·2025-04-05 05:37Core Viewpoint - The Shanghai Stock Exchange's listing review committee approved the initial public offering (IPO) of Jiyuan Group Co., Ltd., marking it as the ninth company to pass the review this year [1] Company Overview - Jiyuan Group is an international enterprise group specializing in the research, innovation, and industrialization of dietary nutritional supplements [1] - As of the signing date of the prospectus, Jiyuan (Hong Kong) Limited holds 27,567.38 million shares, accounting for 78.76% of Jiyuan Group's total share capital, making it the controlling shareholder [1] Shareholding Structure - Zhou Jingshi and Long Ling hold 58.91% and 62.82% of TSI Group Limited and TSI Holdings International Inc., respectively, which in turn hold 90.91% and 9.09% of Jiyuan Hong Kong [2] - The couple controls 84.47% of the voting rights of Jiyuan Group through Jiyuan Hong Kong and Jiyuan Consulting [2] IPO Details - Jiyuan Group plans to publicly issue no less than 50.01 million shares, representing at least 10% of the total share capital post-issuance [3] - The company aims to raise 602.73 million yuan for projects including the construction of a nutritional health raw material production base and the expansion of a nutritional health food production line [3] Key Questions from Listing Committee - The committee inquired about the company's operational environment, potential significant changes, and risks of substantial performance decline [4] - Questions were raised regarding the company's reliance on Abbott Group, including the history of cooperation, contract terms, and pricing stability [4]