Zheng Quan Zhi Xing·2025-06-17 12:31Core Viewpoint - The article discusses the qualification review conducted by CITIC Securities for the share transfer of Jiangsu Xinhang New Materials Co., Ltd. by its shareholder Yan Liuxin to specific institutional investors before the company's initial public offering [1][2]. Group 1: Share Transfer Delegation - CITIC Securities has been entrusted by Yan Liuxin to organize and implement the inquiry transfer of shares [1]. - The transfer is in accordance with relevant regulations including the Interim Measures for the Administration of Share Reduction by Shareholders of Listed Companies and the Shenzhen Stock Exchange's self-regulatory guidelines [1][2]. Group 2: Qualification Review Process - CITIC Securities conducted a thorough qualification review of the transferor, including interviews and document collection [2]. - Yan Liuxin has provided a commitment letter regarding the qualifications for the share transfer [2]. Group 3: Review Findings - Yan Liuxin is a Chinese national with no foreign permanent residency and has not violated any regulations regarding share reduction or holding period commitments [2][3]. - Yan Liuxin serves as the chairman and senior management of Xinhang New Materials, adhering to the regulations regarding the trading window for share transfers [2][3]. - The shares intended for transfer are not subject to any pledges or judicial freezes [2][3]. Group 4: Compliance with Regulations - The transferor must comply with specific regulations regarding the reduction of shares by controlling shareholders and actual controllers [3]. - The company has maintained a cash dividend amount exceeding 30% of the average annual net profit attributable to shareholders over the last three audited fiscal years [3]. - The stock price has remained above the net asset value per share and the initial public offering price during the last 20 trading days [3][4]. Group 5: Final Review Opinion - CITIC Securities concludes that the transferor meets the qualifications required by the inquiry transfer and allocation guidelines, confirming compliance with share reduction rules and other relevant regulations [5][6].