Core Viewpoint - Banu International, the parent company of the well-known hot pot brand Banu, is seeking to go public in Hong Kong and has received detailed feedback from the China Securities Regulatory Commission (CSRC) after submitting its prospectus over a month ago [1] Group 1: Company Overview - Banu International submitted its listing application to the Hong Kong Stock Exchange on June 16, 2023, and is currently the third-largest player in the Chinese hot pot market with a market share of 0.4% as of 2024 [1] - As of June 9, 2025, Banu operates 145 directly-owned stores across 39 cities, with 53 stores in Henan, accounting for over 36% of its total [6] Group 2: Regulatory Feedback - The CSRC has requested supplementary materials from Banu International, focusing on three main areas: equity structure, data security, and the reasonableness of dividends, with a total of nine specific questions [2] - The compliance of the equity structure is a primary concern, with the CSRC asking for detailed explanations regarding the shareholding of founders and related entities [2] - Banu International is required to clarify its data security measures, including the scale of user information collected and whether any data is shared with third parties [3] Group 3: Financial Performance - Banu International has shown continuous revenue growth in recent years, with revenues of 1.433 billion, 2.112 billion, and 2.307 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 47.34%, 9.27% [6] - The net profit figures for the same years were -5.19 million, 102 million, and 123 million yuan, with profit margins of -0.4%, 4.8%, and 5.3% respectively, indicating room for improvement in profitability compared to industry leader Haidilao [6] Group 4: Dividend and Compliance Issues - Banu International announced a dividend distribution of 70 million yuan to shareholders in January 2025, with over 58 million yuan received by the founding family [5] - The CSRC has requested explanations regarding the internal decision-making process for dividends, tax payments, and compliance with foreign exchange management [5] - The company faces issues related to unpaid social insurance and housing fund contributions, totaling approximately 1.6 million yuan for 2022 and 120,000 yuan for the first three months of 2025 [5]

Core Viewpoint - Banu International, the parent company of Banu Hot Pot, has received feedback from the China Securities Regulatory Commission (CSRC) regarding its IPO application, focusing on compliance issues related to its equity structure, data security, and dividend rationality [1][6]. Equity Structure Compliance - The CSRC's primary focus is on the compliance of Banu International's equity structure, which includes six specific matters related to the ownership and control of the company [3]. - Banu International's founders, Du Zhongbing and Han Yanli, control approximately 83.38% of the voting rights through various entities, including D&H (BVI) LTD and BANU UNITED LTD [4]. - The company must clarify the reasons for the ownership structure involving Tomato Second and the compliance of foreign investment and foreign exchange management procedures [3][4]. Data Security Requirements - The CSRC requires Banu International to provide details on the development and operation of its digital platforms, including user information collection and storage practices, and measures for personal information protection [4]. Dividend Distribution - Banu International announced a dividend of 70 million yuan to shareholders, with over 58 million yuan distributed to Du Zhongbing's family [5]. - The CSRC has requested explanations regarding the internal decision-making process for dividends, tax payments, and the necessity of financing through the IPO in light of the company's liabilities [6]. Social Security and Compliance Issues - Banu International faces issues related to unpaid social insurance and housing fund contributions, amounting to approximately 1.6 million yuan in total for 2022 to early 2025 [6][7]. - The company attributes these unpaid contributions to high employee turnover and preferences for alternative social security plans [7]. Financial Performance - Banu International's revenue for 2022, 2023, and 2024 was 1.433 billion yuan, 2.112 billion yuan, and 2.307 billion yuan, respectively, showing a significant slowdown in growth from 47.34% to 9.27% [6]. - The net profit for the same years was -5.19 million yuan, 102 million yuan, and 123 million yuan, indicating a gradual improvement in profitability but still trailing behind industry leader Haidilao's profit margins [6].

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