New stock news | Qian Mama plans to list in Hong Kong stock market. The China Securities Regulatory Commission requires additional explanations on the establishment of the equity structure and the compliance of return mergers and acquisitions.

On March 20, the China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Records (March 16, 2026 - March 20, 2026)". The China Securities Regulatory Commission has issued supplementary material requirements for 8 companies, among which Qian Damei is required to provide supplementary explanations on the compliance of equity structure construction and the specific business operation details of return and merger matters. It is reported that Qian Damei submitted its listing application to the main board of the Hong Kong Stock Exchange on January 12, with CICC and Bank of Agriculture and Rural Areas International as its joint sponsors. Qian Damei is requested to provide explanations on the following matters, and lawyers are required to verify and provide clear legal opinions: 1. Regarding the compliance of equity structure construction and return and merger, please explain (1) whether shareholders holding more than 5% have completed the foreign exchange registration in accordance with the "Notice on Issues Related to Foreign Exchange Registration of Domestic Residents Through Special Purpose Companies for Overseas Financing and Return Investment" (Document No. 37), and whether domestic institutional shareholders have completed domestic regulatory procedures for outbound investment; (2) if the red-chip structure involves the acquisition of domestic entities, please explain the transaction price, pricing basis, tax payment, etc., and whether it complies with the provisions on the acquisition of domestic enterprises by foreign investors; (3) if the domestic operating entity has been involved in capital reduction in history, please explain the transaction price, pricing basis, fairness, compliance of decision-making procedures, tax payment, whether it involves false capital contribution or capital diversion, and whether it complies with the Company Law and tax-related laws and regulations; (4) provide conclusive opinions on whether the equity structure construction and return and merger process comply with the then-effective regulatory requirements on foreign exchange management, overseas investment, foreign investment, and tax management. 2. Regarding the penetration of shareholders holding more than 5%, please explain (1) whether the overseas private equity fund Generation Alpha Investment Ltd. belongs to a holding platform, whether there are obvious anomalies in the share price, the situation of domestic entities among the ultimate shareholders, and whether there are entities prohibited from holding shares by laws and regulations; (2) based on the relationship between Generation Alpha Omega Investment Ltd. and Generation Alpha Investment Ltd., whether the shares of the two should be combined for calculation, and whether both should be subject to penetration check for shareholders holding more than 5%; (3) conduct a penetration check on shareholder JG Queens Holding Limited in accordance with the "Regulatory Rules Application Guide - Overseas Issuance Listing No. 2" (hereinafter referred to as "Regulatory Guide No. 2"), and provide reasons for stopping the penetration check; (4) Shenzhen Linyu Foundation Equity Investment Partnership Enterprise and Shenzhen Linhui Foundation Equity Investment Fund Partnership Enterprise are controlled by the same entity and collectively hold 5% of the shares, please conduct penetration check for shareholders holding more than 5%. 3. Regarding the share capital situation, please explain (1) in accordance with "Regulatory Guide No. 2", verify the issuance of new shares in September 2025; (2) specify the specific timing of the exit of Feng Jisheng and his overseas holding platform from the issuer, and related transaction arrangements. 4. Regarding business operation, the issuer's subsidiaries are involved in the sale of health foods, liquor operation, and tobacco product retail. If they are actually engaged in related businesses, please explain the specific business operation details, as well as the income scale and proportion. 5. Regarding corporate governance, please explain (1) in accordance with "Regulatory Guide No. 2", the specific countries or regions where the issuer's directors and senior management have permanent residency, as well as the qualification of domestic operating entity's directors and senior management; (2) before submitting the overseas listing application, several directors and executives of the issuer resigned, and some media questioned the real business situation of the issuer, please verify and explain the relevant situation, whether it had a significant adverse impact on this issuance and listing; (3) provide conclusive opinions on whether the successive changes in equity of the main domestic operating entities are legal and compliant. 6. The upper limit of the issuance quantity in the filing materials and prospectus should remain consistent. If there is any inconsistency, please provide the revised filing report or prospectus. If it involves adjusting the issuance quantity and fundraising scale in the prospectus, please also update the fundraising usage plan. The prospectus shows that Qian Damei's product portfolio covers three major categories, including animal protein, vegetables and fruits, and refrigerated processed foods, including pork. As of September 2025, Qian Damei has established nearly 2938 stores and built a community fresh retail network covering the whole country. The market share in the South China, Central China, Southwest China, and Hong Kong and Macau regions continues to lead, ranking first in the total trading volume of fresh products in the industry for five consecutive years. Since the opening of the first community store in 2013, Qian Damei has leveraged the discount-clearance model of "no overnight meat sales", relying on a network of 16 comprehensive warehouses and efficient cold chain to achieve the fastest 24-hour direct delivery for fresh products, with the majority of fresh products having a turnover time of not more than 12 hours in the comprehensive warehouse, far lower than the industry average of 2-4 days. This provides consumers with a fresh, convenient, and high-quality fresh shopping experience. The development speed has been significant in recent years.