Core Viewpoint - Anxuyuan has received feedback from the China Securities Regulatory Commission regarding its application for a Hong Kong IPO, highlighting compliance and operational concerns, as well as its financial performance over the past two years [1][2]. Group 1: Regulatory Feedback - The company is required to clarify the establishment, type, operation, and beneficiary arrangements of the Axbio Talent Limited trust [1]. - Compliance issues regarding the offshore structure and reverse mergers need to be addressed, including foreign exchange management, tax compliance, and the fairness of acquisition pricing for its subsidiaries [1]. - The company must provide details on external consultants involved in incentive arrangements, including contract specifics and responsibilities [1]. Group 2: Business Operations - Anxuyuan is involved in developing and operating various digital platforms and must disclose user data collection practices and security measures [2]. - The company has submitted its listing application to the Hong Kong Stock Exchange, with CICC and浦银国际 as joint sponsors, despite reporting continuous losses over the past two years [2]. - Founded in 2016, Anxuyuan specializes in integrated circuit biotechnology, with its core product being the AxiLona EL-100, a molecular diagnostic tool [2]. Group 3: Financial Performance - The company reported no revenue in 2023 and projected revenue of $479,000 in 2024, with losses of $22.856 million and $23.466 million for the respective years [2]. - Adjusted net losses were $19.68 million in 2023 and $14.66 million in 2024 [2]. - As of December 31, 2024, the company had a net debt of $58.27 million and cash and cash equivalents of $36.91 million [2].

Core Viewpoint - Axbio International Limited, a biotechnology company focused on integrated circuit technology, has filed for an IPO on the Hong Kong Stock Exchange, despite reporting consecutive losses over the past two years and not generating revenue from its research products [1][2]. Company Overview - Axbio International Limited was established in 2016 and specializes in molecular diagnostic products, a next-generation electrochemical long-read sequencing platform (EL-NGS), and biochips, along with related services [2]. - The company's product pipeline includes a microarray chip analyzer, two EL-NGS gene sequencers, and various testing kits [4]. Financial Performance - The company reported no revenue in 2023, with projected revenue of $47,900 in 2024, primarily from the sale of AxiLona AXP-100 for research purposes [4]. - Financial data for 2023 and 2024 shows: - Revenue: $479,000 in 2024 - Cost of Sales: $175,000 in 2024 - Gross Profit: $304,000 in 2024 - Other Income: $1,935,000 in 2023 and $2,063,000 in 2024 - Total Loss: $22,856,000 in 2023 and $23,466,000 in 2024 [5]. - The losses are primarily attributed to research and administrative expenses, with R&D expenditures of $15.3 million in 2023 and $11.4 million in 2024 [6]. Shareholding and Investment - The company was founded by Dr. Hui Tian and Dr. Igor Ivanov, with Dr. Tian holding 30.44% of the shares, making him the largest single shareholder [7]. - Axbio has received investments from notable institutions including AstraZeneca, CICC, and Yunfeng Capital [9]. Use of IPO Proceeds - The funds raised from the IPO will be allocated for the further development, commercialization, and production of core products AxiLona EL-100 and AxiLona AXP-100, as well as the development of AxiLona AXP-1000 and other pipeline products [9].