推进港股上市，海澜之家控制权风险被监管关注

Core Viewpoint - The company, HLA (海澜之家), is facing regulatory scrutiny regarding its overseas listing process, specifically concerning the pledging of shares by its controlling shareholder and the potential implications for corporate control [2][5]. Group 1: Regulatory Requirements - The China Securities Regulatory Commission (CSRC) has requested additional materials from HLA regarding its controlling shareholder's share pledges, historical equity changes, and employee stock ownership plans [2]. - The CSRC's primary concern is the impact of the controlling shareholder's share pledges on the company's control and whether these pledges could lead to a change in control, which may violate regulatory provisions [2][5]. Group 2: Share Pledge Details - As of the latest reporting date, HLA's controlling shareholder, HLA Group, has pledged a total of 875 million shares, representing approximately 18.22% of the company's total issued capital, primarily as collateral for loans from several banks [2][4]. - The company disclosed that HLA Group's share pledges could pose risks if the group fails to meet its repayment obligations, potentially leading to forced execution of pledged shares and adverse effects on HLA [3][4]. Group 3: Business Operations and Structure - HLA Group is involved in various sectors beyond HLA, including investments in culture, sports, tourism, and energy services, indicating a diverse business portfolio that may necessitate share pledging for financing [4]. - HLA has submitted its prospectus to the Hong Kong Stock Exchange, aiming for a dual listing (A+H shares), and is ranked fourth in revenue among Chinese apparel groups, with over 7,200 global stores projected by mid-2025 [5][6].