New stock news: Thai LeBiotech intends to list in Hong Kong IPO. The China Securities Regulatory Commission requires additional explanations on matters such as the establishment of the equity structure and the compliance of the repatriation and acquisition.

The China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing (May 11, 2026 - May 15, 2026)". The International Department of the China Securities Regulatory Commission issued supplementary material requirements for 14 companies. Among them, Tailei BioTech was required to provide supplementary explanations regarding the compliance of the equity structure setup and reverse mergers, as well as information on the establishment of the issuers and domestic operating entities, changes in share capital and shareholders since establishment, etc. According to the disclosure of the Hong Kong Stock Exchange on January 29, Tailei Biotech Limited submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. The China Securities Regulatory Commission requested Tailei Biotech to provide explanations on the following matters and to have lawyers verify and provide clear legal opinions: 1. Regarding the compliance of the equity structure setup and reverse mergers. Please clarify (1) whether shareholders holding more than 5% of the shares have completed foreign exchange registration in accordance with the Notice on Issues Related to Foreign Exchange Management for Domestic Residents Through Overseas Investment and Financing and Reverse Investment (document No. 37), and whether domestic institutional shareholders have completed domestic regulatory procedures for overseas investments; (2) In the process of setting up red chip structures involving 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) Provide conclusive opinions on whether the equity structure setup and reverse mergers process complied with the then effective foreign exchange management, overseas investments, foreign investment, and tax management regulations. 2. In accordance with the "Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Type No. 2: Guidelines for Content and Format of Filing Materials," please provide detailed information on the establishment of the issuer and domestic operating entities, changes in share capital and shareholders since establishment, including but not limited to capital increase, share transfer and related price payments, the existence of relationships between shareholders, whether there are cases of entrusted holding or other benefit transfers; comprehensive information on shareholders holding more than 5%, whether there are domestic investors in overseas private equity funds; lawyers to provide verification opinions on the legality and compliance of the establishment of the issuer and domestic operating entities and the comprehensive changes in equity. 3. Please provide additional information on (1) list the number and proportion of shares held by your company's shareholders; (2) Provide the pricing basis and fairness of new shareholders entering the stock within the 12 months prior to the submission of the overseas issuance and listing application, and provide a clear conclusive opinion on the existence of benefit transfers. 4. Please provide additional information on (1) Decision-making procedures for the grantee, exercise price, and execution of reserved options; (2) Basic content of the equity incentive plan developed before the initial filing for listing and to be implemented after listing, decision-making procedures to be carried out, principles for determining exercise prices, basic information of incentive objects, whether reserved equity rights are set, and the compliance of the equity incentive plan, including but not limited to the implementation of foreign exchange management and other domestic regulatory procedures, the existence of external personnel, cases where the grantee is not clearly identified, the existence of benefit transfers, and provide a basis for verification. 5. Provide supplementary explanations on (1) whether the business scope of the domestic operating entity involves restrictions on foreign investment or prohibition in certain areas; (2) Business operations of overseas subsidiaries, and their relationships with domestic subsidiary companies. 6. Please verify and explain whether the company's product research and development activities require compliance with regulations related to the management of human genetic resources, and whether it complies with relevant provisions such as Article 7 and Article 21 of the Regulations of the People's Republic of China on the Management of Human Genetic Resources. According to the prospectus, Tailei BioTech is a clinical-stage biopharmaceutical company established in 2017, focusing on discovering and developing innovative cancer therapies. The company's drug portfolio includes four candidate drugs, including a core product TSN1611 in Phase 2 clinical trials, an additional clinical-stage candidate drug TSN222, and two pre-clinical candidate drugs TSNA1789 and TSNA3339. The company's core candidate drug TSN1611 is a highly selective oral KRAS G12D inhibitor. KRAS G12D, as one of the most common cancer-driving mutations, has always been a therapeutic challenge in history. TSN1611 is currently undergoing Phase 2 clinical trials in the United States and China, with plans to advance key registration clinical trials for the treatment of non-small cell lung cancer (NSCLC) in China.