巴奴火锅上市遇阻：证监会关注股权架构、分红合理性及社保公积金欠缴

Core Viewpoint - Banu International, the parent company of the well-known hot pot brand Banu, is seeking to go public in Hong Kong and has received detailed feedback from the China Securities Regulatory Commission (CSRC) after submitting its prospectus over a month ago [1] Group 1: Company Overview - Banu International submitted its listing application to the Hong Kong Stock Exchange on June 16, 2023, and is currently the third-largest player in the Chinese hot pot market with a market share of 0.4% as of 2024 [1] - As of June 9, 2025, Banu operates 145 directly-owned stores across 39 cities, with 53 stores in Henan, accounting for over 36% of its total [6] Group 2: Regulatory Feedback - The CSRC has requested supplementary materials from Banu International, focusing on three main areas: equity structure, data security, and the reasonableness of dividends, with a total of nine specific questions [2] - The compliance of the equity structure is a primary concern, with the CSRC asking for detailed explanations regarding the shareholding of founders and related entities [2] - Banu International is required to clarify its data security measures, including the scale of user information collected and whether any data is shared with third parties [3] Group 3: Financial Performance - Banu International has shown continuous revenue growth in recent years, with revenues of 1.433 billion, 2.112 billion, and 2.307 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 47.34%, 9.27% [6] - The net profit figures for the same years were -5.19 million, 102 million, and 123 million yuan, with profit margins of -0.4%, 4.8%, and 5.3% respectively, indicating room for improvement in profitability compared to industry leader Haidilao [6] Group 4: Dividend and Compliance Issues - Banu International announced a dividend distribution of 70 million yuan to shareholders in January 2025, with over 58 million yuan received by the founding family [5] - The CSRC has requested explanations regarding the internal decision-making process for dividends, tax payments, and compliance with foreign exchange management [5] - The company faces issues related to unpaid social insurance and housing fund contributions, totaling approximately 1.6 million yuan for 2022 and 120,000 yuan for the first three months of 2025 [5]