Group 1 - The core point of the news is that Zhongqi Yunlian Co., Ltd. submitted its Hong Kong IPO application on May 6, which has now expired after six months on November 6, with CITIC International, Agricultural Bank of China International, Industrial and Commercial Bank of China International, and Maishi Capital as joint sponsors [1] Group 2 - Zhongqi Yunlian is recognized as a leading independent digital financial platform in China, facilitating the interests of various stakeholders in the industrial financial supply chain [2] - According to Frost & Sullivan, Zhongqi Yunlian holds the largest market share in terms of confirmed accounts receivable and total financing obtained among all digital accounts receivable confirmation platforms in China, with market shares of 14.2% and 15.0% respectively in 2024 [2]

Group 1 - The core viewpoint of the news is that Zhongqi Yunlian Co., Ltd. has submitted its Hong Kong IPO application, which has now expired after six months [1] - Zhongqi Yunlian is recognized as a leading independent digital financial platform in China, facilitating various stakeholders in the industrial financial supply chain [2] - According to Frost & Sullivan, Zhongqi Yunlian holds the largest market share in China for digital accounts receivable confirmation platforms, with a market share of 14.2% in confirmed accounts receivable amount and 15.0% in total financing obtained in 2024 [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested additional information from Zhongqi Yunchain regarding its business operations and compliance with foreign investment policies [1][2] - Zhongqi Yunchain is in the process of listing on the Hong Kong Stock Exchange, with several financial institutions acting as joint sponsors [1] - The company is identified as a leading independent industrial digital finance platform in China, facilitating various stakeholders in the industrial financial supply chain [3] Group 2 - Zhongqi Yunchain's market share in the digital accounts receivable confirmation platform is reported to be 14.2% in terms of confirmed accounts receivable amount and 15.0% in total financing obtained as of 2024 [3] - The CSRC has specifically asked for clarification on whether Zhongqi Yunchain's business involves basic telecommunications and value-added telecommunications services, and whether it holds the necessary operating licenses [2] - The company is required to provide detailed explanations of its digital business processes, revenue sources, and any involvement in assistance goods services [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested additional information from Zhongqi Yunchain regarding its business operations and compliance with foreign investment policies before its planned listing on the Hong Kong Stock Exchange [1][2] - Zhongqi Yunchain is recognized as a leading independent digital financial platform in China, facilitating connections among various stakeholders in the industrial financial supply chain [2] - According to Frost & Sullivan, Zhongqi Yunchain holds the largest market share in China for digital accounts receivable confirmation platforms, with a market share of 14.2% in confirmed accounts receivable amount and 15.0% in total financing obtained in 2024 [2] Group 2 - The CSRC has specifically asked Zhongqi Yunchain to clarify whether its business involves basic telecommunications and value-added telecommunications services, and whether it possesses the necessary operating licenses [1] - The CSRC also requires a detailed explanation of the company's compliance with regulations regarding supply chain financial services aimed at better supporting small and medium-sized enterprises [1] - The company is expected to provide legal opinions confirming the status of shares held by shareholders participating in the "full circulation" plan, including any pledges or freezes [2]