Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional compliance documentation from Warmwa Technology regarding its overseas listing application, focusing on its equity structure and reverse mergers [1][2][3][4][5] Group 1: Compliance and Regulatory Requirements - Warmwa Technology is required to clarify the compliance of its equity structure and reverse mergers, including foreign exchange registration and domestic regulatory procedures for shareholders holding over 5% [1] - The CSRC has asked for a detailed explanation of the pricing and tax implications related to acquisitions of domestic entities during the red-chip structure setup [1] - Legal opinions must be provided to confirm compliance with foreign exchange management, overseas investment, foreign investment, and tax regulations during the equity structure and reverse merger processes [1] Group 2: Shareholder and Control Structure - The company must outline the identification of its controlling shareholders and actual controllers based on current shareholding, including any changes in control before and after listing [2] - Clarification is needed regarding the voting rights associated with shares held by DeTong Capital and whether there is a contradiction in the statement about the lack of concerted action with ZATechnology [2] - Details on the delegation of board nomination rights to ZATechnology by Lu Min must be provided, including any conditions that may affect control recognition [2] Group 3: Capital Structure - Warmwa Technology must provide additional information on the entry of new shareholders, including the fairness of the share price for CentralPine and Glenunga over the past 12 months [3] - The company needs to confirm whether HSG Venture VII Holdco, Ltd. is a foreign private equity fund and whether its share price is reasonable [3] - The company must disclose any external personnel involved in equity incentives and whether there has been any benefit transfer [3] Group 4: Business Operations and Management - Warmwa Technology is required to explain its business model and specific applications of AI large models in simple terms, including use cases and functionalities [4] - The company must detail the specific countries or regions related to the overseas residency rights of its directors and senior management [4] Group 5: Domestic Operations - The company must disclose any significant litigation or arbitration involving its domestic operating entities [4] - Warmwa Technology needs to clarify the scope of its value-added telecommunications business licenses and ensure compliance with foreign investment access requirements [4] Group 6: Company Overview - Warmwa Technology is recognized as a leading AI technology company in China's insurance industry, providing AI solutions throughout the insurance transaction lifecycle, particularly in underwriting and claims management [4] - As of December 31, 2024, Warmwa Technology's solutions have been adopted by 90 insurance companies, including eight of the top ten insurers in China by premium income [5] - The company has executed 204 million underwriting reviews and claims investigations, serving over 41 million insurance clients as of June 30, 2025, and has facilitated the payment of first-year premiums totaling RMB 10.7 billion since its establishment [5]