Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice regarding the overseas issuance and listing of shares for Shanghai Goraili Software Co., Ltd., allowing the company to issue up to 11,500,000 overseas listed ordinary shares on the Hong Kong Stock Exchange and enabling 22 shareholders to convert a total of 60,676,136 unlisted domestic shares into overseas listed shares for circulation on the same exchange [1]. Group 1 - The company plans to issue a maximum of 11,500,000 overseas listed ordinary shares [1]. - A total of 22 shareholders will convert 60,676,136 unlisted domestic shares into overseas listed shares [1]. - The shares will be listed and traded on the Hong Kong Stock Exchange [1]. Group 2 - The list of shareholders and the number of shares they are converting includes significant stakeholders such as Sun Zhiyan with 18,212,846 shares and Shanghai Xinxiang Investment Management Partnership with 8,652,532 shares [4]. - Other notable shareholders include Jiang Zhi with 3,897,537 shares and Hangzhou Hikvision Equity Investment Fund with 3,417,524 shares [4]. - The total number of shares converted by all shareholders amounts to 60,676,136 [4].

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for four companies, including Yifang Biotechnology, which is required to clarify compliance operations related to safety production [1] - Yifang Biotechnology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as its sole sponsor [1] - The CSRC has requested Yifang Biotechnology to provide legal opinions on several matters, including the company's business scope and compliance with foreign investment policies [1] Group 2 - As of December 24, 2025, the company has established a comprehensive and differentiated product pipeline, including two commercialized products and several products in various clinical stages [2] - The commercialized products include BPI-D0316 and D1553, while core clinical products include D-2570 and D-0502 [2] - The pipeline also features a clinical candidate product, D-0120, and three preclinical candidates: YF087, YF550, and YF057 [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for four companies, including Yifang Biotechnology, which is required to clarify compliance operations related to safety production [1] - Yifang Biotechnology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - The CSRC has requested Yifang Biotechnology to provide legal opinions regarding its business scope and whether it involves restricted foreign investment areas, as well as compliance with foreign investment policies [1] Group 2 - As of December 24, 2025, the company has established a comprehensive and differentiated product pipeline, including two commercialized products (Befotizumab and Gexorase), two core products in clinical stages (D-2570 and Terysqun), one clinical candidate (Dabinoside), and three preclinical candidates (YF087, YF550, and YF057) [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for overseas listing applications from 15 companies, focusing on compliance with foreign investment policies and operational legality [1][2][3]. Group 1: Supplementary Material Requirements - For Kid Wang, the company must clarify the start date and specifics of its value-added telecommunications services, foreign ownership limits, and compliance with foreign investment policies post-listing [5]. - For Qianli Technology, the company needs to provide updates on the transfer of shares related to the agreement with Lifan Holdings and confirm compliance with the Shanghai Stock Exchange [9]. - For Nanjing Qingtian, the company is required to align its listing plan with regulatory guidelines and disclose details about significant litigation [14]. Group 2: Compliance and Legal Opinions - For Zhenqu Technology, the company must explain the legality of shareholding arrangements and provide a list of past capital increases and share transfer prices, ensuring no irregularities exist [24]. - For Dafeng Gardening, the company needs to justify the establishment of a new listing entity in the Cayman Islands and confirm compliance with foreign investment reporting obligations [38]. - For Chengyi Biology, the company must clarify the shareholding structure and any potential changes in control, as well as the implications of special shareholder rights [40]. Group 3: Business Operations and Models - For Kid Wang, the company is required to describe its business model and the specific applications of AI large models [6]. - For Qianli Technology, the company must detail its business operations, including data processing and whether it complies with foreign investment restrictions [10]. - For Nanjing Qingtian, the company is asked to explain its involvement in AI large models and the operational status of its online platforms [15].

Group 1 - A total of 11 companies have received approval for overseas issuance or domestic unlisted shares "full circulation" registration, all listed on the Hong Kong Stock Exchange [1] - Companies such as Huajin Technology and Guanghe Technology, which are already listed on A-shares, plan to issue up to 102 million shares and 54.39 million shares respectively in Hong Kong [1] - New Qi'an, Youzhiyou Biotechnology, Tongyuan Kang Medical, Ruike Biotechnology, and Fuhong Hanlin are transitioning their unlisted shares to H-shares, with respective share amounts of 41.08 million, 68.01 million, 4.608 million, 14.2 million, and 18.3 million [1] Group 2 - Lantu Automotive, a new energy brand under Dongfeng, aims to list on the Hong Kong Stock Exchange through an introduction method without new share issuance, targeting over 150,000 cumulative deliveries by 2025 [1] - Aixin Yuanzhi, backed by chip tycoon Yu Renrong and companies like Meituan and Tencent, has shipped 165 million chips since its establishment five years ago, with a projected revenue CAGR of 206.8% from 2022 to 2024, although it has not yet achieved profitability [1] - Huaxida, a smart home solution provider for enterprise clients, plans to issue up to 72.96 million shares in Hong Kong and convert 190 million shares to H-shares [2] - Feisuo Innovation, an online DTC network solution provider, aims to issue up to 104 million shares in Hong Kong after a previous attempt to list on the Shenzhen main board failed, also converting 360 million shares to H-shares [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for six companies regarding their overseas listing applications, specifically focusing on compliance and operational details [1] Group 1: Overseas Listing Requirements - The CSRC has requested that Qianli Technology (601777.SH) clarify the compliance status of its overseas investment filing procedures related to the establishment of foreign subsidiaries [1] - The CSRC also seeks updates on the progress of the share transfer agreement between Lifan Holdings and Mercedes Digital Technology [1] Group 2: Business Operations - The company is required to explain its business model, particularly in relation to AI large models and AI-assisted driving systems, including application scenarios and specific functionalities [2] - The company must detail its operational scope, including data processing, economic consulting, advertising, real estate development, property management, and project investment consulting, and confirm whether it has obtained the necessary licenses [2] - The company needs to clarify if its operations involve any sectors that restrict or prohibit foreign investment and ensure compliance with foreign investment policies before and after the listing [2] Group 3: Compliance and Governance - The company must provide a detailed legal opinion on its business operations and compliance status, including updates on any litigation that may pose substantial obstacles to the overseas listing [3] - The company is required to disclose information about its digital products, including websites and apps, and the measures taken to protect user data and privacy [3] - The company must confirm whether there are any prohibitive circumstances regarding its overseas issuance and listing, as per the relevant regulatory guidelines [3]

四、请说明本次拟参与"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。 2026年1月23日晚，中国证监会3家企业出具了补充材料要求，具体如下： 1、曦华科技(赴港上市) 请你公司补充说明以下事项，请律师核查并出具明确的法律意见： 一、请说明备案材料对控股股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确结论性意见。 二、请说明最近12个月内新增股东入股价格的定价依据及公允性，该等入股价格之间存在差异的原因及其合理性以及税费缴纳情况，是否存在入股对价异 常，并就是否存在利益输送出具明确结论性意见。 三、请说明员工持股平台办理工商变更登记手续的进展情况。 2、臻驱科技(赴港上市) (2)列表说明发行人历次增资及股权转让价格、定价依据，同一批次价格不一致的应说明合理性、是否存在利益输送，零对价转让的应说明交易真实性、对 价公允性，约定价格与实际支付价格不一致的应说明具体原因; (3)就发行人设立及历次股权变动是否合法合规出具结论性意见。 二、请说明 (1)沈捷及其控制的主体合计控制超过30%的表决权，是否均应按照《监管规则适用指引——境外发行上市类第2号》(以下简称《监管指引第2号》 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for three companies, including Zhenqu Technology, which is seeking to list on the Hong Kong Stock Exchange. The CSRC has requested clarifications on various legal and compliance matters related to the company's shareholding structure and corporate governance [1][2]. Group 1: Regulatory Requirements - Zhenqu Technology is required to provide details on the compliance of shareholding arrangements involving key individuals and the legality of past capital increases and share transfers [1][2]. - The company must clarify the impact of special shareholder rights on control and provide information on major shareholders holding over 5% of shares [2]. - The CSRC has requested a review of the company's stock incentive plans to ensure there are no conflicts of interest or improper benefits [2]. Group 2: Business Operations - Zhenqu Technology is a technology-driven supplier of electric control solutions, primarily targeting the electric vehicle sector, focusing on efficient and reliable vehicle performance [3]. - According to Frost & Sullivan, Zhenqu Technology holds leading positions in the Chinese market for various electric control solutions, ranking first in the main drive power bricks and third in dual motor controllers as of September 30, 2025 [4].

广合科技公告称，公司申请境外发行股份（H股）并在香港联交所主板挂牌上市，近日收到中国证监会 备案通知书。公司拟发行不超5439.35万股境外上市普通股并在港交所上市。自通知书出具日至发行结 束前，若发生重大事项，公司应报告。完成发行后15个工作日内，需报告发行情况。本次境外发行上市 尚需取得港相关监管机构、交易所批准，存在不确定性。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional disclosures from Libang Pharmaceutical regarding seven key matters as part of its overseas listing application, highlighting concerns about the company's financial performance and corporate governance [1][2][4]. Group 1: Financial Performance - Libang Pharmaceutical reported net losses of approximately CNY 365 million, CNY 335 million, and CNY 210 million for the years 2023, 2024, and the first half of 2025, respectively [1][4]. - The company's revenue for the first half of 2024, 2024, and the first half of 2025 was approximately CNY 1.969 million, CNY 6.525 million, and CNY 12.112 million, respectively [4]. Group 2: Corporate Governance and Compliance - The CSRC has mandated that Libang Pharmaceutical provide detailed information about its major shareholders and any potential prohibitive circumstances related to overseas issuance and listing [2][3]. - The company is required to clarify the circumstances surrounding its previous listing on the Jiangsu Equity Exchange, including reasons for termination and plans for A-share listing [2][3]. - The CSRC has requested a comprehensive review of the company's equity structure, including past capital increases, share transfers, and compliance with relevant laws [3]. Group 3: Product Development and Market Strategy - Libang Pharmaceutical focuses on the renal disease sector and has commercialized a product, Meixinluo, which began sales in June 2024 [4]. - The company's future revenue and profitability are heavily dependent on the successful development and commercialization of its candidate products, which involves significant investment and carries inherent uncertainties [4].