Core Viewpoint - Hongji Chuangneng has received feedback from the Securities Regulatory Commission regarding its overseas listing application, requiring additional clarifications and legal opinions on various matters related to its corporate history and business operations [1][2][4]. Group 1: Corporate History and Compliance - The company is required to clarify the actual paid-in capital at the time of its establishment and provide details on the pricing basis and rationale for multiple equity transfers that occurred between 2018 and 2021 [1]. - A legal opinion is needed to confirm the legality and compliance of the company's establishment and the subsequent equity changes [1]. Group 2: Business Operations - The company's subsidiaries are involved in "medical research and experimental development," and it must clarify whether these activities are being conducted and if necessary qualifications and licenses have been obtained [1]. - The company needs to ensure that its business operations do not fall under the prohibited or restricted areas for foreign investment as outlined in the 2024 version of the Negative List for Foreign Investment Access [1]. Group 3: Financial Performance - Hongji Chuangneng reported revenues of 249 million, 167 million, and 263 million for the years 2022, 2023, and 2024, respectively, with net losses of 43 million, 132 million, and 132 million during the same period, totaling a cumulative net loss of 307 million [4][5]. - The primary reasons for the net losses include the early-stage development of the hydrogen energy and MEA industries, as well as the company's ongoing investments in core technology and sales growth [5]. Group 4: IPO Plans - The company plans to use the funds raised from its IPO in Hong Kong to enhance its research and development capabilities, improve technology, and promote product innovation and international sales [4].