BOW(SZ:300070) Xin Lang Cai Jing·2025-09-02 11:14Core Viewpoint - The China Securities Regulatory Commission (CSRC) has provided feedback on the overseas listing application of Beijing BWS Technology Co., Ltd. (BWS Technology), raising concerns about the relationship between BWS Technology and its domestic operating entity, Beijing BWS Smart Technology Co., Ltd. (BWS Smart) [1] Group 1: Company Relationship and Legal Concerns - BWS Technology has been asked to clarify its relationship with BWS Smart and whether there are any unresolved historical issues that could impact the listing [1] - The CSRC has requested a legal opinion to confirm that the listing will not harm the interests of relevant parties [1] - In August 2024, an investor inquired about the relationship between BWS Technology and BWS Smart, to which BWS Technology responded that there is currently no equity relationship [3] Group 2: Shareholding Structure - Liang Hui, the legal representative and chairman of BWS Smart, holds 42.5% of BWS Smart and has a 0.7% stake in BWS Technology, making him the ninth largest shareholder [3][5] - The major shareholders of BWS Technology include China Urban and Rural Village Group Co., Ltd. with a 33.04% stake, followed by other significant shareholders [6]