Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested supplementary materials from Beijing Junzheng regarding its application for listing on the Hong Kong Stock Exchange, focusing on five key issues related to control stability, shareholder qualifications, and business operations [2][3]. Group 1: Control Stability and Shareholder Qualifications - The CSRC emphasizes the need for Beijing Junzheng to clarify the stability of its control, particularly concerning the actual controller's debt repayment ability and whether share pledges could lead to a change in control [3]. - The qualifications of the shareholder Wuyuefeng Investment are under scrutiny, with the CSRC requiring details on whether the underlying domestic entity has any legal restrictions on shareholding [3]. - Recent share reductions by major shareholders, including Wuyuefeng Investment and Beijing Yitang Shengxin Semiconductor Industry Investment Center, have raised concerns about the stability of the company's shareholder structure [3][6]. Group 2: Business Operations and Compliance - The CSRC has requested detailed disclosures regarding the business model and compliance of Beijing Junzheng's large model business, including whether relevant filings have been completed [4]. - The company must clarify the operational status of subsidiaries involved in asset management and investment consulting, and whether they have obtained necessary qualifications for financial operations [4]. - The CSRC also requires information on the fundraising methods, specific uses of raised funds, and the company's data security measures, including user information collection and protection [4]. Group 3: Financial Performance and Risks - Beijing Junzheng has experienced a decline in revenue, with figures dropping from 5.412 billion yuan in 2022 to 4.213 billion yuan in 2024, and net profit decreasing from 779 million yuan to 364 million yuan during the same period [6]. - The company's revenue for the first three quarters of 2025 was 3.437 billion yuan, reflecting a year-on-year growth of 7.35%, while net profit fell by 19.75% to 244 million yuan [6]. - High customer and supplier concentration poses significant operational risks, with over 50% of sales attributed to the top five customers and over 65% of purchases from the top five suppliers in recent years [6].