安序源赴港上市收证监会反馈意见：搭建离岸架构及返程并购合规性受关注，需说明激励对象涉及外部顾问情况

Core Viewpoint - Anxuyuan has received feedback from the China Securities Regulatory Commission regarding its application for a Hong Kong IPO, highlighting compliance and operational concerns, as well as its financial performance over the past two years [1][2]. Group 1: Regulatory Feedback - The company is required to clarify the establishment, type, operation, and beneficiary arrangements of the Axbio Talent Limited trust [1]. - Compliance issues regarding the offshore structure and reverse mergers need to be addressed, including foreign exchange management, tax compliance, and the fairness of acquisition pricing for its subsidiaries [1]. - The company must provide details on external consultants involved in incentive arrangements, including contract specifics and responsibilities [1]. Group 2: Business Operations - Anxuyuan is involved in developing and operating various digital platforms and must disclose user data collection practices and security measures [2]. - The company has submitted its listing application to the Hong Kong Stock Exchange, with CICC and浦银国际 as joint sponsors, despite reporting continuous losses over the past two years [2]. - Founded in 2016, Anxuyuan specializes in integrated circuit biotechnology, with its core product being the AxiLona EL-100, a molecular diagnostic tool [2]. Group 3: Financial Performance - The company reported no revenue in 2023 and projected revenue of $479,000 in 2024, with losses of $22.856 million and $23.466 million for the respective years [2]. - Adjusted net losses were $19.68 million in 2023 and $14.66 million in 2024 [2]. - As of December 31, 2024, the company had a net debt of $58.27 million and cash and cash equivalents of $36.91 million [2].