关于主营业务。公司拥有一种基于用户画像的二手手机销售推荐方法及系统的发明专利，请说明是否涉 及广告业务。 据招股书，闪回科技是一家从事提供消费电子产品回收服务的中国公司，专注于二手手机。根据弗若斯 特沙利文的资料，按2024年回收的二手手机交易总额及售出的二手手机交易总额计，闪回科技是中国第 三大手机回收服务提供商，市场份额分别约为1.3%及1.3%。 关于主要境内运营实体。(1)请说明深圳天海是否实际从事第一类增值电信业务、互联网信息服务、基 础电信业务，深圳闪新是否实际从事互联网数据服务、数据处理服务，深圳闪吉是否实际从事在线数据 处理与交易业务;(2)请说明深圳星河是否履行外商投资信息报告义务及外汇登记程序;(3)请就发行人及主 要境内运营实体设立及历次股权变动是否合法合规出具结论性意见。 10月24日，中国证监会公布境外发行上市备案补充材料要求公示(2025年10月20日—2025年10月24日)。 证监会要求闪回科技说明关于股本情况及股东穿透，说明公司历史沿革中是否存在股权代持情况；对上 海绣回上层出资人中的境外企业进行穿透核查，说明上海骄锃上层出资人天津金米投资合伙企业(有限 合伙)停止穿透的原因 ...

Group 1 - ShanH Technology Limited, based in Anji County, Huzhou, Zhejiang, has submitted its IPO application to the Hong Kong Stock Exchange after two previous failed attempts in February and September 2024 [3] - The company specializes in providing recycling services for consumer electronics, focusing on trade-in programs for used mobile phones and other electronic products [5][6] - According to Frost & Sullivan, ShanH Technology is the third-largest mobile phone recycling service provider in China, with a market share of approximately 1.3% in both the total transaction value of recycled and sold used mobile phones [5] Group 2 - The company has developed two core brands: "ShanH Recycling" and "ShanH Quality Products," primarily sourcing used electronics through trade-in transactions at online and offline stores [6] - Revenue is mainly generated from sales of second-hand electronic products through the "ShanH Quality Products" online platform and third-party e-commerce platforms [6] - Financial performance shows revenues of RMB 750 million, RMB 919 million, RMB 1.16 billion, RMB 1.30 billion, and RMB 809 million for the years 2021 to 2025 (first half) respectively, with corresponding net losses [12][13] Group 3 - The shareholder structure prior to the IPO indicates that Liu Jianyi holds 31.71% through ShanHuiShou BVI, with other significant shareholders including MGY Wisdom BVI and Xiaomi [8][9] - The board of directors consists of eight members, including four executive directors and three independent non-executive directors, with Liu Jianyi serving as the chairman and CEO [11] - The IPO's intermediary team includes QianKe Capital as the sole sponsor and KPMG as the auditor [13]