近日，证监会下发的境外上市备案反馈意见，更直指其资质合规、数据安全、股权激励等关键问题。 一、 业务资质与外资准入合规性：需详细披露公司及子公司广告设计、代理、广告制作、广告发布、互联网信息服务、增值电信业务、保险经纪业务、 医疗美容服务、互联网直播服务、人体基因诊断与治疗技术开发、互联网医院等业务开展情况，是否取得必要的资质许可，本次发行上市前后是否持续符 合《外商投资准入特别管理措施（负面清单）（2024年版）》要求。同时，请补充说明你公司及下属公司经营范围是否涉及《外商投资准入特别管理措施 （负面清单）（2024年版）》领域。 二、 用户数据安全与信息保护：要求公司说明开发、运营的网站、APP、小程序等情况，收集和存储用户信息规模，数据收集使用情况，是否存在向第 三方提供信息的情形，以及上市前后保护个人信息和保障数据安全的安排或措施。 三、 股权激励方案合规性：要求公司补充说明已实施的股权激励方案合规性，包括具体人员构成及任职情况，参与人员与发行人其他股东、董事、监 事、高级管理人员是否存在关联关系，以及价格公允性、协议约定情况、履行决策程序情况、规范运行情况，并就其是否合法合规、是否存在利益输送出 具 ...

Core Viewpoint - The stock of HuTongDa Network (9878.HK) rose by 5.65% to HKD 16.08, despite the overall decline in the Hong Kong stock market, with a trading volume of HKD 114 million and a market capitalization of HKD 9.046 billion. The company is set to release its interim results for the six months ending June 30, 2025, after the market closes today [1]. Group 1 - HuTongDa Network is expected to achieve steady revenue growth for the full year 2025, according to a report from Citigroup [1]. - The company has proactively reduced low-margin business segments following a strategic adjustment last year, which is anticipated to significantly enhance profit margins this year [1]. - The improvement in the company's profitability path is clear, affirming a positive trend in its fundamentals, leading to a "Buy" rating with a target price of HKD 23 [1].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested Shanghai Kaijie E-commerce Co., Ltd. (Kaijie E-commerce) to provide supplementary information regarding its previous listing attempts and current plans for A-share listing, amid a backdrop of declining financial performance [1][2][3]. Financial Performance - Kaijie E-commerce reported revenues of approximately 1.829 billion yuan, 1.723 billion yuan, and 1.699 billion yuan for the years 2022, 2023, and 2024, respectively, indicating a continuous decline in revenue [4]. - The company's net profits for the same years were approximately 86 million yuan, 68 million yuan, and 60 million yuan, also reflecting a downward trend [4]. - Revenue from the top five customers accounted for 20.8%, 25.1%, and 26.6% of total revenue in 2022, 2023, and 2024, respectively [4]. - The largest customer contributed 16.7%, 18.6%, and 21.7% of total revenue for the years ending December 31, 2022, 2023, and 2024, respectively [4]. Listing and Regulatory Requirements - The CSRC has mandated Kaijie E-commerce to clarify its previous listing attempts on the National Equities Exchange and Quotations (NEEQ) and the reasons for its withdrawal from the A-share listing process [2][3]. - The company had previously listed on the NEEQ in May 2016 and voluntarily delisted in May 2019, with two subsequent A-share listing applications being withdrawn [3]. - The CSRC requires a legal opinion on whether the proposed shareholders' shares are subject to any pledges, freezes, or other rights defects [3]. Business Operations and Strategy - Kaijie E-commerce is a digital retail solution provider, ranked as the fifth largest in China by GMV in 2024 and the largest O2O digital retail solution provider [4]. - The company aims to use the funds raised from its listing for strategic business expansion, innovation, upgrading digital capabilities, strengthening its technical team and infrastructure, and expanding overseas, particularly in Southeast Asia and Europe [5].