CICC(SH:601995) Zhi Tong Cai Jing·2025-11-28 13:43Core Viewpoint - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for five companies, including Tambor Group, which is seeking to list on the Hong Kong Stock Exchange. The CSRC has requested Tambor to clarify the use of raised funds and other compliance matters [1][2]. Group 1: Company Overview - Tambor Group is recognized as a leading professional outdoor apparel brand in China, known for its high-quality products designed for various outdoor activities such as skiing, climbing, and hiking, as well as urban leisure [3]. - The company has developed a comprehensive product system that includes professional outdoor clothing, with a focus on three main product series: top outdoor series, sports outdoor series, and urban light outdoor series. As of June 30, 2025, the product system comprises 687 SKUs [3]. Group 2: Regulatory Requirements - The CSRC has requested Tambor to provide further clarification on whether its domestic subsidiaries are subject to any prohibitive conditions under the regulations governing overseas issuance and listing [1]. - Tambor must explain the operational status of its subsidiaries regarding the development and operation of apps, mini-programs, and public accounts, particularly concerning the collection and use of personal information, including the scale of user data [2]. - The company is required to clarify whether the funds raised will be used for overseas investments and whether it has completed the necessary approval or filing procedures [2]. - Tambor must detail its advertising business operations and confirm whether it has obtained the necessary qualifications and licenses [2]. - The company is also asked to confirm if the shares held by shareholders participating in the "full circulation" are subject to any pledges, freezes, or other rights defects [3].