New Stock News | Haitaike plans to list on the Hong Kong Stock Exchange. China Securities Regulatory Commission requires supplementary explanations on the establishment of offshore structures and the compliance of back-end mergers and acquisitions.

On December 12th, the China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Record Filing (December 8, 2025 to December 12, 2025)". The International Department of the China Securities Regulatory Commission announced the supplementary material requirements for 8 companies, including the requirement for Hipac to provide further explanations on the establishment of offshore structure and the compliance of reverse mergers, among other matters. It is reported that Hipac submitted an application to the Hong Kong Stock Exchange on June 30th, with CITIC SEC as the exclusive sponsor. The China Securities Regulatory Commission requested Hipac to provide explanations on the following matters and requested legal verification and clear legal opinions: 1. Regarding the compliance of establishing offshore structure and reverse mergers. (1) The specific compliance status of the foreign exchange registration, overseas investment, foreign investment, tax management, and other regulatory procedures related to the establishment of offshore structure and reverse investment by your company and major shareholders, and provide a conclusive opinion on compliance; (2) Provide information on the pricing basis, payment method, payment period, fairness of pricing, and tax declaration compliance of the acquisitions of Yantuo Network and Hangzhou Haitun in June 2025, as well as whether it complies with the regulations on foreign investors acquiring domestic enterprises. If there are similar acquisitions of domestic assets by your company, please provide information; (3) Explain the reasons for establishing an agreement control structure and controlling Yantuo Network and Hangzhou Haitun through agreements, whether the business operations and qualifications of the two companies have been subject to foreign investment restrictions or prohibitions, and if so, provide specific information on the areas of restriction or prohibition, as well as the current business adjustments and justification for no longer being subject to foreign investment restrictions or prohibitions; also explain whether there have been other agreement control arrangements in the history of your company other than the two companies mentioned, and whether the business operations of Hangzhou Jingou and Hangzhou Jinxu acquired in June 2025 have been subject to foreign investment restrictions or prohibitions; (4) Provide conclusive opinions on the compliance of the establishment and historical changes of shareholding of your company and domestic subsidiaries; (5) Provide information on the basis and fairness of pricing for share repurchases, as well as tax payment (if applicable); (6) Provide conclusive opinions on the compliance of the establishment and historical changes of shareholding of your company and main domestic operating entities. 2. Explain the pledging situation of shares held by the actual controller of your company, whether it affects the control rights and business operation stability of the actual controller over your company and its subsidiaries, and whether it constitutes any prohibitive circumstances for overseas issuance and listing as stipulated in Article 8 of the Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Companies. 3. Provide information on the compliance issues, corrective measures, and completion of corrections regarding the fund payment and settlement model of the Hipac platform under your company during the reporting period. 4. The legal opinion report should only verify and explain that there is no shareholding proxy for existing shareholders of your company. Please explain whether there have been instances of shareholding proxies in the history of your company. 5. Explain whether your company and its subsidiaries are involved in developing and operating websites, mini-programs, apps, public accounts, and other products, whether they provide information content to third parties, the types of information content provided, measures for information content security, and the policy basis for operating platform businesses without requiring a value-added telecommunications business license (Internet information services); also explain the scale of collected and stored user information, data collection and usage, arrangements or measures for personal information protection and data security before and after listing. 6. HIPAC Incentive Plan Limited holds 7.26% of your company's shares, and this shareholder is a trust holding entity established by your company for implementing equity incentive plans; in addition, there are domestic entities after piercing the veil related to Shunwei Capital's two shareholders. Please provide basic information on the trust and the aforementioned domestic entities in accordance with the requirements of the Regulatory Rules Application Guidelines - Overseas Issuance and Listing No. 2. 7. Please further refine the issuance and listing scheme in accordance with the Regulatory Rules Application Guidelines - Overseas Issuance and Listing No. 2. According to the prospectus, the company is a leading trading and service platform in China, focusing on family care and nutrition products. By integrating the supply chain of family care and nutrition products, the company provides enterprise customers with a high-quality, caring, stable, and reasonably priced combination of family care and nutrition products, optimizing consumer experience and promoting the upgrading of consumption in low-tier markets. In 2024, the transactions generated by the family care and nutrition products in the low-tier market in China amounted to 8.6 billion yuan.