Group 1 - Magnesium Health has received feedback from the CSRC regarding its overseas listing, requiring additional explanations and legal opinions on various business operations and compliance with the 2024 Negative List for Foreign Investment [1][2] - The company is required to clarify the compliance of its equity incentive plan, including the composition of participants and any potential conflicts of interest [2] - Magnesium Health's business model involves providing intelligent drug and insurance solutions, as well as operating an internet hospital [3] Group 2 - On June 30, Magnesium Health submitted its listing application to the Hong Kong Stock Exchange, with Goldman Sachs (Asia), CICC, and HSBC serving as joint sponsors [4] - Established in August 2017, Magnesium Health was spun off from Shanghai Pharmaceutical and operates under an "Internet + Medicine + Pharmaceuticals + Insurance" model, aiming to connect pharmaceutical companies, insurance firms, hospitals, and patients [4] - Prior to its IPO, Magnesium Health completed seven rounds of financing, achieving a valuation of approximately 11.7 billion yuan, with investors including Shanghai Pharmaceutical and Ant Group [4]