火锅第三巨头巴奴港股上市遇阻！证监会9大问题直击7000万分红合理性

Core Viewpoint - Banu International has received additional clarification requests from the Securities Regulatory Commission regarding its overseas listing, focusing on issues such as equity structure, data security, and the reasonableness of dividends [1] Equity Structure - The founder, Du Zhongbing, and his spouse collectively control approximately 83.38% of the voting rights, while Tomato Capital's private equity funds hold about 7.95% [1] - The regulatory body has questioned the reasons for indirect holdings through overseas private equity funds and requested an explanation for why the founder's spouse is not recognized as a co-actual controller [1] Dividend Distribution - In January 2025, Banu plans to distribute dividends amounting to 70 million yuan, with most of it flowing into the pockets of the founder's family [1] - The regulatory authority has requested clarification on the reasonableness of this dividend distribution [1] Employment Model and Compliance - As of the end of March 2025, Banu has a significant number of non-full-time employees and has faced issues with unpaid social security and housing fund contributions in recent years [1] Data Security - The regulatory body has also requested information regarding data security, emphasizing that the quality of Banu's responses will influence the approval process for its listing on the Hong Kong Stock Exchange [1]