Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas issuance and listing, specifically for Jiyi Technology, which must comply with the regulations outlined in the "Trial Measures for the Administration of Overseas Issuance and Listing of Domestic Enterprises" [1] - Jiyi Technology has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1] - The CSRC has requested Jiyi Technology to clarify the personnel composition and changes in various incentive plans, as well as any potential conflicts of interest with other shareholders and management [1][2] Group 2 - Jiyi Technology is recognized as a leading digital retail comprehensive operation service provider and a Silk Road e-commerce service provider in China, focusing on driving brand growth through digital technology and efficient operations [3] - According to Frost & Sullivan, Jiyi Technology ranks second among digital retail comprehensive operation service providers in China by GMV in 2024, and fifth among e-commerce operation service providers [3] - Jiyi Technology is also the top-ranked service provider in cross-border import e-commerce operations in China, based on GMV in 2024 [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas issuance and listing, specifically for Jiyite Technology [1] - Jiyite Technology is required to clarify whether there are any prohibitive circumstances for overseas issuance and listing according to the relevant regulations [1] - The company has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Group 2 - Jiyite Technology must provide detailed information regarding its incentive plans, including personnel composition and any potential conflicts of interest with shareholders and management [1][2] - The company is also required to explain the reasons for the significant price differences in the incentive share grants among its various incentive plans [1][2] - The CSRC has requested clarification on the compliance of the decision-making process for certain incentive plans that were established in December 2020 but only executed in April 2025 [1][2] Group 3 - Jiyite Technology is recognized as a leading digital retail comprehensive operation service provider and a Silk Road e-commerce service provider in China [3] - According to Frost & Sullivan, Jiyite Technology ranks second among digital retail comprehensive operation service providers in China by GMV for 2024, and fifth among e-commerce operation service providers [3] - The company is also the top-ranked service provider in cross-border import e-commerce operations in China, based on GMV for 2024 [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced additional requirements for the overseas listing application of Jiyi Technology, emphasizing compliance with regulations and the need for detailed disclosures regarding incentive plans and business operations [1][2][3] Group 1: Regulatory Requirements - Jiyi Technology is required to provide supplementary explanations regarding the existence of any prohibitive circumstances for overseas issuance and listing [1] - The CSRC demands detailed information about the personnel composition and relationships involved in various incentive plans, including potential conflicts of interest [1] - The company must clarify the reasons for the significant price differences in incentive share grants among different plans and whether there are any signs of benefit transfer [1] Group 2: Business Operations and Compliance - Jiyi Technology must explain its business operations, including its involvement in value-added telecommunications and market research, and confirm compliance with foreign investment regulations [2] - The company is required to detail its advertising service operations and the compliance status of its cross-border e-commerce retail import business [2] - Information regarding the development and operation of digital platforms, user data collection, and security measures must be disclosed [2] Group 3: Market Position - Jiyi Technology is recognized as a leading digital retail comprehensive operation service provider and a Silk Road e-commerce service provider in China [3] - According to Frost & Sullivan, Jiyi Technology ranks second among digital retail comprehensive operation service providers in China by GMV for 2024 and first in cross-border import e-commerce operation service providers [3]

Core Viewpoint - Suzhou Jiyi Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, marking a significant step for the company in the digital retail and e-commerce service sector in China [3]. Group 1: Company Overview - Established in October 2015, Jiyi Technology is a comprehensive digital retail operation service provider and Silk Road e-commerce service provider in China [3]. - The company focuses on brand asset management driven by AI and digital intelligence, aiming to enhance brand growth and value [3]. Group 2: Investment and Financing - Jiyi Technology received its first significant investment from JD Group's Jiangsu JD Bangneng Investment Management Co., Ltd. in January 2018, which acquired a 25% stake for 25 million RMB [3]. - The company has completed five rounds of financing, including pre-IPO funding, raising a total of approximately 440 million RMB [3]. Group 3: Shareholding Structure - Prior to the IPO application, the controlling shareholder, Wang Shan, held approximately 33.45% of the company's equity through various entities [4]. - Wang Shan has gradually diluted her shareholding through multiple transfers, cashing out approximately 47.9 million RMB [4]. Group 4: Special Rights and Agreements - Investors have been granted special rights, including tag-along rights, preemptive rights, anti-dilution rights, redemption rights, and board nomination rights [7]. - Although the related agreements were suspended upon the IPO application submission, they will automatically resume if the IPO is rejected or not completed within 18 months [8].

Group 1 - The core viewpoint of the article is that Suzhou Jiyi Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading digital retail comprehensive operation service provider in China, with significant rankings in both digital retail and e-commerce operation sectors [1][2]. - Jiyi Technology ranks second among digital retail comprehensive operation service providers in China and fifth among e-commerce operation service providers based on GMV for 2024, according to Frost & Sullivan data [1]. - The company has established a strong brand value chain service capability, collaborating with over 200 global brands across various categories, including health, beauty, fast-moving consumer goods, home, and appliances [1]. Group 2 - Financial data indicates steady revenue growth for Jiyi Technology, with GMV increasing from 8.2 billion RMB in 2022 to 11.1 billion RMB in 2023, and further to 15.0 billion RMB in 2024, representing growth rates of 35.1% and 35.3% respectively [2]. - Revenue figures for the years 2022, 2023, and 2024 are 1.117 billion RMB, 1.356 billion RMB, and 1.400 billion RMB, respectively, while the gross profit margin has declined from 17.4% in 2022 to 14.4% in 2024 [2]. - Net profit for the years 2022, 2023, and 2024 is reported as 37.58 million RMB, 24.87 million RMB, and 49.82 million RMB, showing a significant drop in 2023 but a recovery in 2024 [2]. Group 3 - The company faces challenges such as high customer concentration, with revenue from the top five customers accounting for 77.3%, 58.7%, and 56.2% of total revenue in 2022, 2023, and 2024, respectively [2]. - The reliance on major e-commerce platforms is a critical risk factor, as the business model heavily depends on maintaining relationships with these platforms [3]. - Regulatory changes and specific risks associated with international and cross-border e-commerce operations are additional challenges that the company must navigate [3].