Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, focusing on compliance related to offshore structures and reverse mergers for JiaoTian International [1] - JiaoTian International submitted its listing application to the Hong Kong Stock Exchange on June 26, 2025, with Jianquan Financing Co., Ltd. as the sole sponsor [1] - The CSRC has requested JiaoTian International to provide legal opinions on various compliance issues, including foreign exchange registration, offshore investment, and tax obligations related to its offshore structure and acquisitions [2] Group 2 - The CSRC has asked for explanations regarding the registered capital of domestic operating entities JiaoTian Health and Yuejian Nursing, including reasons for unpaid capital and its impact on operational and debt repayment capabilities [2] - The company must clarify the pricing basis and compliance of past capital increases and share transfers for JiaoTian Health and Yuejian Nursing, ensuring that all contributions have been fulfilled [2] - The company is required to disclose the scale of raised funds after fully exercising the over-allotment option, as stated in the prospectus [3] Group 3 - JiaoTian International primarily engages in the manufacturing and sales of absorbent hygiene products, which are categorized into three types: baby care products, female hygiene products, and adult incontinence products [3] - The company employs a multi-brand strategy to offer a wide range of absorbent hygiene products in China, with brands such as "Cotton Hour," "JiaoTian Baby," and "Beimu Le" for baby care, and "Weiyue" and "Blue Cotton Flower" for female hygiene products [3]

Company Overview - Focus International Limited has submitted its prospectus for an IPO on the Hong Kong Stock Exchange [2] - The company was established in 2014 and primarily engages in the manufacturing and sales of absorbent hygiene products, as well as the sale of hygiene product materials [3] Financial Performance - Revenue for Focus International was reported as follows: 181 million in 2022, 372 million in 2023, and 447 million in 2024 [4] - Gross profit figures were 35.12 million in 2022, 87.59 million in 2023, and 123 million in 2024 [4] - Net profit for the years 2022, 2023, and 2024 was 12.27 million, 39.47 million, and 65.61 million respectively [5] Product Lines and Strategy - Focus International's absorbent hygiene products are categorized into three types: baby care products, feminine care products, and adult incontinence products [3] - The company has adopted a multi-brand strategy, offering a variety of absorbent hygiene products primarily in China [3] - As part of its strategic measures to optimize resource allocation, the company will cease operations of its adult incontinence product line under its own brand by May 2024, while continuing to manufacture these products for third-party clients [3] Management and Ownership - The executive directors of Focus International include Zhou Hang, He Shanshan, Chen Zhenbing, and Yu Yahan [6] - Zhou Hang holds a 59.4% stake in the company, while He Shanshan holds 39.6%, and Hong Bo holds 1% [7] - Zhou Hang and He Shanshan are a married couple and co-founders of the company [9]