Core Viewpoint - Banu International Holdings Limited is facing scrutiny from the China Securities Regulatory Commission (CSRC) regarding its overseas listing plan, particularly in areas such as equity structure, data security, and dividend policy [1][2]. Company Overview - Founded in 2001 by Du Zhongbing in Anyang, Henan, Banu International focuses on healthy dining and high-quality hot pot, with its signature product being "Mao Du + Mushroom Soup" [1]. - As of 2024, Banu holds a 3.1% market share in China's quality hot pot market, with 145 direct stores across 39 cities, marking a 74.7% increase from 83 stores at the end of 2021 [1]. Financial Performance - The company's revenue has shown steady growth, with figures of 1.433 billion yuan in 2022, 2.112 billion yuan in 2023, and 2.307 billion yuan in 2024, while the first quarter of 2025 recorded revenue of 709 million yuan [2]. - After a net loss of 5.2 million yuan in 2022, Banu achieved a net profit of 102 million yuan in 2023, which further increased to 123 million yuan in 2024, and 55 million yuan in the first quarter of 2025 [2]. Regulatory Concerns - The CSRC has raised questions about the company's equity structure, particularly regarding the identification of the actual controller and the rationale behind not listing Han Yanli as a co-controller [2]. - Concerns were also expressed regarding the high dividend payout of 70 million yuan in January 2025, which accounted for 56.9% of the company's net profit of 123 million yuan for 2024, raising questions about the necessity of such dividends in light of the company's short-term debt repayment capacity [3]. Compliance Issues - Banu International has been noted for failing to fully pay social insurance and housing provident fund for some employees, with the company citing high employee turnover and personal preferences as reasons [4]. - The CSRC has mandated the company to clarify the social insurance contributions for non-full-time employees and the legality of its labor practices [4]. Data Security Requirements - The CSRC has imposed strict requirements regarding data security, demanding explanations on the collection, storage, and use of user information across various digital platforms, as well as measures for personal information protection and data security before and after the listing [5]. - To gain the trust of investors and regulatory bodies, Banu International must demonstrate a transparent equity structure, robust financial health, compliant employee welfare, and stringent data security management [5].