来源：新浪证券 五、请你公司说明应当向地方政府退回补贴的具体原因、相关诉讼的最新进展，是否构成本次境外发行 上市的实质性障碍。 近日，华富洋收到证监会关于本次境外上市的备案反馈意见，具体反馈如下： 请你公司补充说明以下事项，请律师核查并出具明确的法律意见： 一、2025 年 5 月至 6 月，你公司通过增资认购深圳华富洋境外持股主体中安贸易的股权以及中安贸易 原股东减资退出，从而取得境内运营实体 100% 权益。请说明上述增资、减资的定价依据、公允性、对 价（或增资款） 支付及所得税纳税情况，是否符合《关于外国投资者并购境内企业的规定》，以及外 商投资、税务管理等监管程序合法合规的结论性意见，并说明主要境内运营实体历次股权变动均合法合 规的结论性意见。此外，现有备案材料对于上述减资、增资过程是否适用《关于外国投资者并购境内企 业的规定》的理解有误，请予以更正。 二、关于跨境资金安排的合规性。你公司为客户提供跨境资金安排服务，包括货币兑换业务、贸易结构 化结算业务等。请说明上述跨境资金安排服务的具体模式、向客户收费的定价依据、跨境资金安排净收 益的具体构成，并说明上述跨境资金活动属于经常项目或者资本项目及其确定 ...

8月15日，中国证监会公布《境外发行上市备案补充材料要求(2025年8月8日—2025年8月14日)》。中国 证监会对华富洋等7家企业出具补充材料要求。其中，证监会要求华富洋说明跨境资金安排的合规性、 境内运营实体业务开展过程中收集及储存的数据信息类型、规模、来源、使用情况等事项。据悉， Hope Sea Inc.(华富洋)已于2025年6月16日向港交所主板提交上市申请，农银国际为独家保荐人。 二、关于跨境资金安排的合规性。公司为客户提供跨境资金安排服务，包括货币兑换业务、贸易结构化 结算业务等。请说明上述跨境资金安排服务的具体模式、向客户收费的定价依据、跨境资金安排净收益 的具体构成，并说明上述跨境资金活动属于经常项目或者资本项目及其确定依据，是否需要相应的外汇 业务资质，是否符合外汇管理的规定。 三、请对照《监管规则适用指引——境外发行上市类第2号》，说明公司股东向上穿透后的基本信息。 四、请说明境内运营实体业务开展过程中收集及储存的数据信息类型、规模、来源、使用情况，是否涉 及向第三方、向境外提供个人用户信息，上市前后个人信息保护和数据安全的安排或措施。 五、请公司说明应当向地方政府退回补贴的具体原因 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for seven companies, including Hope Sea Inc. (华富洋), regarding their overseas listing application, focusing on compliance with cross-border fund arrangements and data management practices [1][2]. Group 1: Regulatory Requirements - CSRC requires Hope Sea to clarify the compliance of cross-border fund arrangements, including the specific model of services provided, pricing basis, and net income composition from these activities [2]. - The company must provide detailed information on the pricing basis and legality of its capital increase and reduction processes related to its domestic operating entity [1][3]. - Hope Sea is also asked to explain the types, scale, sources, and usage of data collected during its operations, particularly concerning personal user information and data security measures [3]. Group 2: Company Background - Hope Sea Inc. was registered in the Cayman Islands on April 22, 2025, and is backed by Shenzhen Huafu Yang Supply Chain Co., Ltd., a leading provider of cross-border supply chain solutions for electronic products in China [3]. - The company has over 20 years of experience in the cross-border supply service industry, focusing on importing electronic products, particularly integrated circuits, from international suppliers to China [3]. - In 2024, Hope Sea's import Gross Merchandise Volume (GMV) reached approximately RMB 34.8 billion [3].

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for seven companies, including Hope Sea Inc. (华富洋), regarding their overseas listing application [1] - Hope Sea Inc. submitted its listing application to the Hong Kong Stock Exchange on June 16, 2025, with Agricultural Bank of China International as the sole sponsor [1] - The CSRC requires Hope Sea to clarify the compliance of its cross-border fund arrangements, including the types, scale, sources, and usage of data collected during its domestic operations [1][2] Group 2 - The company is required to provide details on its capital increase and reduction processes, including pricing basis, fairness, payment of consideration, and tax implications, ensuring compliance with regulations on foreign investment in domestic enterprises [1] - Hope Sea's cross-border fund arrangement services include currency exchange and structured trade settlement, necessitating clarification on the service model, pricing basis, and net income composition [2] - The company must disclose the types, scale, sources, and usage of data collected during its operations, including any implications for personal user information protection and data security measures [3] Group 3 - Hope Sea was registered in the Cayman Islands on April 22, 2025, and is backed by Shenzhen Huafu Yang Supply Chain Co., Ltd., a major provider of electronic product import supply chain solutions in China [3] - The company has over 20 years of experience in cross-border supply services, focusing on importing electronic products, particularly integrated circuits, with a GMV of approximately RMB 34.8 billion in 2024 [3]

Group 1 - The core viewpoint of the article is that Huafu Yang, a supply chain service provider, has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, with Agricultural Bank of China International as the sole sponsor [2] - Huafu Yang, established in 2001, has over 20 years of experience in cross-border supply chain services, primarily for electronic products, especially integrated circuits, covering over 40 vertical industries [2] - The company's revenue and profit figures from 2022 to 2024 show fluctuations, with revenues of 253 million, 221 million, and 235 million yuan, and profits of 86.99 million, 83.61 million, and 85.53 million yuan respectively [2] Group 2 - Huafu Yang has implemented significant cash dividends totaling 524 million yuan from 2022 to 2024, with 210 million yuan in 2023 and 314 million yuan in 2024, exceeding the net profits during the same period [2] - The total dividends distributed during the IPO period account for 41.1% of the company's cumulative profits over its 23-year history [2] - The actual controllers of Huafu Yang, Feng Sujun and Yang Chun Kui, hold 76% of the shares through a family trust, indicating that the majority of the dividends will benefit their family [3] Group 3 - One of the major fundraising projects for the IPO is to supplement working capital, highlighting a strategy of large-scale dividend distribution alongside capital raising [4]

Core Viewpoint - Hope Sea Inc. (华富洋) has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage capital markets to strengthen its position in the Chinese electronic product import supply chain sector [1][4]. Company Overview - Hope Sea Inc. is a comprehensive supply chain solutions provider headquartered in China, focusing on cross-border supply chain solutions for electronic products, particularly complex integrated circuits [1]. - According to Frost & Sullivan, by 2024, Hope Sea is projected to be the largest comprehensive electronic product import supply chain solutions provider in China, with an import GMV of approximately 34.8 billion RMB [1]. Financial Performance - The company's main business revenue from 2022 to 2024 showed fluctuations: 253 million RMB in 2022, 221 million RMB in 2023, and 235 million RMB in 2024. Net profits for the same years were 86.99 million RMB, 83.07 million RMB, and 85.53 million RMB respectively [3]. - The successful execution of cross-border fund arrangements is crucial for the company's financial health and operational performance [3]. Customer and Supplier Structure - Hope Sea has a relatively low dependency on a single largest customer, with the revenue concentration from the top five customers around 28%, showing a slight upward trend [3]. - The company relies heavily on logistics services and property leasing suppliers, with the top five suppliers also accounting for approximately 28% of procurement, indicating a potential operational risk [3]. Market Opportunity - The market for electronic product cross-border supply chain services in China is expected to grow from 10.2 trillion RMB in 2024 to 13.3 trillion RMB by 2029, with a compound annual growth rate (CAGR) of 6.9% [4]. - The GMV for comprehensive solutions in the electronic product import supply chain is projected to increase from 2.4 trillion RMB in 2024 to 3.8 trillion RMB by 2029, with a CAGR of 8.9% from 2025 to 2029 [4]. - The anticipated recovery of the global electronic product market is expected to drive growth in China's international trade of electronic products, projected to reach 13.9 trillion RMB by 2029, growing at a CAGR of 6.1% from 2025 to 2029 [4].

Core Viewpoint - Hope Sea Inc., the largest integrated electronic product import supply chain solution provider in mainland China, has submitted its listing application to the Hong Kong Stock Exchange, with the application officially accepted [1]. Company Overview - Hope Sea is headquartered in Shenzhen, China, and specializes in cross-border supply chain solutions for electronic products, particularly complex integrated circuits [5][6]. - The company serves over 40 vertical industries, including IoT communication, semiconductors, smart robotics, and renewable energy [5]. - In 2024, the company's import GMV is projected to reach approximately RMB 34.8 billion, capturing a market share of 1.45% [5]. Financial Performance - The company declared zero dividends in FY2022, RMB 211 million in FY2023, and RMB 314 million in FY2024, with the controlling family receiving over RMB 500 million in dividends over two years [4]. - Revenue from supply chain solutions for FY2022, FY2023, and FY2024 was RMB 136.7 million, RMB 116.5 million, and RMB 123 million, respectively [8]. - Net income from cross-border funding arrangements for the same periods was RMB 117.1 million, RMB 104 million, and RMB 111.9 million, respectively [8]. - Total revenue from core operations was RMB 252.8 million, RMB 220.5 million, and RMB 234.9 million for FY2022, FY2023, and FY2024, respectively [8]. Market Potential - The market for cross-border supply chain services in China is expected to grow at a compound annual growth rate (CAGR) of 6.9%, increasing from RMB 10.2 trillion in 2024 to RMB 13.3 trillion by 2029 [6]. - The company is diversifying its business by developing export solutions and international logistics capabilities to support clients' global expansion strategies [7]. Ownership Structure - The company is fully controlled by the Feng family, with 76% held through the Chunhui Family Trust and 24% through the Yucheng Family Trust [8][9]. - The board consists of six members, including two executive directors and three independent non-executive directors, with Feng Sujun serving as the non-executive chairman [9][11]. Management Team - Feng Sujun, 70, has been with the company since its inception in 2001 and provides strategic direction [11]. - Feng Yang, 41, oversees all operational matters and has nearly 20 years of experience in the supply chain industry [12]. - Zhang Chengguang, 40, is the CEO and responsible for business development, with over ten years of experience in the supply chain sector [13].