Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Kaijie E-commerce regarding its previous listing attempts and current plans for A-share listing, as the company has submitted a listing application to the Hong Kong Stock Exchange [1][2]. Group 1: Listing and Regulatory Requirements - CSRC requires Kaijie E-commerce to clarify the details of its previous listing on the National Equities Exchange and Quotations (NEEQ), the reasons for terminating that listing, and the status of its application for the ChiNext board [1]. - The company must provide information on whether it plans to continue pursuing an A-share listing and the specific arrangements for this [1]. - Legal opinions must be obtained to confirm that there are no significant issues affecting the current listing process [1]. Group 2: Business Operations and Compliance - Kaijie E-commerce operates in various sectors, including wholesale and retail of publications, medical device operations, social and market research, advertising, and cultural activities, and must report on the progress and compliance of these operations [1][2]. - The company needs to confirm whether it has the necessary qualifications and licenses for its business activities and whether it complies with foreign investment policies before and after the listing [1][2]. Group 3: Digital Solutions and Market Position - Kaijie E-commerce is recognized as a leading digital retail solutions provider in China, focusing on full-chain and omnichannel solutions for global premium brands [3]. - The company serves over 200 brands, including more than 100 international brands, and is the fifth-largest digital retail solutions provider in China by GMV in 2024 [3]. - It has established partnerships with nearly 50% of the Fortune 500 fast-moving consumer goods companies and maintains an average partnership duration of over eight years with its major brand partners [3].

Group 1 - Shanghai Kaijie submitted its IPO application to the Hong Kong Stock Exchange on May 28, with CITIC Securities as the exclusive sponsor [1] - Established in 2010, Shanghai Kaijie is a digital retail solutions provider serving over 200 brands, including more than 100 international brands across various industries [1] - The company is recognized as the fifth largest digital retail solutions provider in China and the largest O2O digital retail solutions provider by GMV in 2024 [1][4] Group 2 - Financial data shows a decline in revenue and profit from 2022 to 2024, with revenues of approximately 1.829 billion, 1.723 billion, and 1.699 billion yuan, and profits of 86.47 million, 67.59 million, and 60.43 million yuan respectively [1][4] - The company's gross margin has also decreased consecutively, with overall gross margins of 24.0%, 22.9%, and 21.8% from 2022 to 2024 [4] Group 3 - Shanghai Kaijie previously attempted to list on the A-share market but was unsuccessful, having withdrawn its application for the ChiNext board in December 2021 and later deciding not to pursue listing on the Shanghai Stock Exchange [5] - As of the latest date, the controlling shareholder, Xu Hao, and his concerted parties hold 70.94% of the voting rights [5] Group 4 - The funds raised from the IPO will be used for strategic business expansion, upgrading digital capabilities, strengthening the technical team and infrastructure, and expanding overseas, particularly in Southeast Asia and Europe [7]