六、请补充说明你公司持股平台前员工财产份额回购纠纷的具体情况及最新进展，其对你公司境内未上 市股份申请"全流通"的影响，是否可能会对本次发行构成实质障碍，请你公司及律师发表明确意见。 12月19日，中国证监会发布《境外发行上市备案补充材料要求(2025年12月15日—2025年12月19日)》。 中国证监会国际司公示7家企业补充材料要求，其中，要求汉森软件补充说明募集资金用途、本次境外 发行及"全流通"前后内资股及H股的占比等事项。据港交所10月30日披露，深圳市汉森软件股份有限公 司向港交所主板提交上市申请书，国金证券(香港)有限公司、中信证券为联席保荐人。 请汉森软件补充说明以下事项，请律师核查并出具明确的法律意见： 四、请补充说明本次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 五、请补充说明：(1)你公司增值电信业务的注销进展；(2)你公司增资香港汉森的价款支付进展；(3)你 公司投资设立美国锐印的境内审批或备案手续办理进展。 一、关于你公司本次发行方案的发行数量上限，你公司备案报告与招股说明书应保持一致，如存在不一 致情形，请提供修改后的备案报告或招股说明书，如果涉及招股说 ...

Core Viewpoint - The company, Meixin Health, is facing significant challenges in its IPO journey due to regulatory scrutiny, financial losses, and ongoing legal disputes, which have raised concerns about its compliance and business model sustainability [1][12][19]. Regulatory Compliance - The China Securities Regulatory Commission (CSRC) has requested Meixin Health to address five core compliance issues before proceeding with its IPO, including business qualifications, data security, stock incentive plans, shareholder rights, and core business model disclosures [2][3][4]. Financial Performance - Meixin Health has reported cumulative losses exceeding 800 million RMB over three years, with cash reserves plummeting by 92% from 22.01 billion RMB in 2021 to just 1.66 billion RMB by April 2025 [4][9][11]. - The company's revenue has shown growth, with projected revenues of 10.69 billion RMB, 12.55 billion RMB, and 20.35 billion RMB for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of approximately 38% [4][5]. Business Model and Revenue Streams - The company's main revenue comes from two core business segments: "Smart Drug Solutions" and "Smart Insurance Solutions," which together account for over 95% of total revenue [6][7]. - The "Smart Drug Solutions" segment has faced challenges due to low profit margins, while the "Smart Insurance Solutions" segment has maintained higher margins, increasing from approximately 72% in 2022 to 81.5% in 2024 [7][8]. Legal and Reputational Risks - Meixin Health is embroiled in a legal dispute with Tianxiao Technology, which has accused it of misappropriating trade secrets, potentially impacting its reputation and compliance standing [19][26]. - The ongoing legal issues pose a challenge for the company as it seeks to establish credibility with investors and regulators during its IPO process [26]. Market Environment and Financing Challenges - The company has experienced a slowdown in financing activities, with a significant drop in capital raised from 21.3 billion RMB in 2021 to just 1.78 billion RMB in early 2023, reflecting a tightening capital market environment [17][18]. - Increased reliance on debt financing has raised concerns about financial sustainability, especially given the company's ongoing operational losses [10][17]. Industry Trends - The "Huiminbao" insurance product, a key revenue source for Meixin Health, is facing growth challenges and rising claims, leading to concerns about its long-term viability and potential "death spiral" risks [14][15][16]. - Regulatory scrutiny of innovative insurance products, particularly those related to high-cost medications, has intensified, creating additional compliance challenges for the company [12][13].

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].