Zheng Quan Zhi Xing·2025-08-17 16:11Core Viewpoint - The report outlines the verification opinions of Guotai Junan Securities Co., Ltd. regarding the listing and circulation of restricted shares for Shanghai Xuantai Pharmaceutical Technology Co., Ltd. after its initial public offering on the STAR Market, confirming compliance with relevant regulations and commitments made by shareholders [1][9]. Group 1: Restricted Shares Details - The restricted shares being listed for circulation amount to 311,018,400 shares, representing 68.61% of the company's total share capital [2][6]. - The lock-up period for these shares is set for 36 months from the date of the company's stock listing, which commenced on August 25, 2022, allowing circulation to begin on August 25, 2025 [2][4]. - The total number of shares issued in the initial public offering was 45,340,000 shares, with a total share capital of 453,340,000 shares post-IPO [1][2]. Group 2: Shareholder Commitments - Shareholders of the restricted shares have committed not to transfer or manage their shares for 36 months post-listing and cannot propose a buyback of these shares during this period [3][5]. - After the lock-up period, any reduction in shareholding must maintain a minimum price equal to the issue price, with specific conditions for automatic extension of the lock-up period if share prices fall below the issue price [3][4]. - Shareholders must disclose any plans to reduce their holdings 15 trading days in advance, adhering to the regulations set by the Shanghai Stock Exchange [5][6]. Group 3: Verification by the Sponsor - The sponsor, Guotai Junan, confirms that all shareholders have adhered to their commitments during the lock-up period, and the details regarding the restricted shares' circulation comply with the relevant regulatory requirements [9].