New stock news | ViMoo Biotech plans to IPO in Hong Kong. The CSRC requires further clarification on whether the establishment and previous changes in equity were legal and compliant.

On May 15, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filing (May 11, 2026 - May 15, 2026). Among them, the CSRC requested Weimu Life Sciences to provide supplementary explanations on whether the establishment and previous equity changes were legal and compliant, as well as to provide conclusive opinions on the company's legal status and effective existence. According to the disclosure by the Hong Kong Stock Exchange on February 13, Weimu Life Sciences Technology (Zhejiang) Co., Ltd.-B (referred to as Weimu Life Sciences) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. The China Securities Regulatory Commission asked Weimu Life Sciences to provide supplementary explanations on the following matters, and requested lawyers to verify and provide clear legal opinions: 1. Please provide additional explanations: (1) whether there were abnormal entry prices, related-party transactions, actual capital contributions, failures to fulfill capital obligations, capital withdrawals, or flawed capital contribution methods in the company's previous capital increases and equity transfers; (2) please provide conclusive opinions on the legality and compliance of the company's establishment and previous equity changes, as well as the company's legal status and effective existence. 2. Please provide additional information: (1) explain the rationality of identifying non-controlling shareholders and actual controllers of the company in accordance with regulatory guidance, and provide specific basis; (2) provide pricing basis for new shareholders entering in the 12 months before the overseas issuance and listing filing, reasons for pricing differences from capital increases in the same period, and whether there were any tax payments by the transferor parties in the equity transfer process, with a clear conclusion on whether there was any related-party transactions; (3) explain the penetration of shareholder ITVFC and whether their shareholding behavior complies with local laws and regulations. 3. Please provide additional information on the company's state-owned shareholders' compliance with state-owned shareholder identification and other state-owned asset management procedures, as well as the approval or internal decision-making processes related to the "full circulation" of shares. 4. Please provide additional explanations: (1) whether the relevant persons participating in the employee stock ownership plan as consultants have signed consultant contracts with the issuer, whether the contracts clearly define the consultant's specific responsibilities, term, and involvement in the company's management, whether the entry behavior is commercially reasonable, and whether there are any related-party transactions if the entry price is the same as or close to that of employees; (2) whether the holding of incentive shares by departing employees complies with previous agreements, and whether there are any disputes or potential disputes. 5. Please verify and explain whether the company's product research and business activities require compliance with the relevant regulatory procedures for the management of human genetic resources, and whether they comply with relevant provisions of the Regulations on the Management of Human Genetic Resources of the People's Republic of China, Article 7, Article 21, etc. 6. Please provide additional explanations on whether the shares held by the intended participants in the "full circulation" are pledged, frozen, or have other defects in rights. According to the prospectus, Weimu Life Sciences was established in 2016 and is a biotechnology company focusing on the ophthalmology field, aiming to become a global leader in the research and commercialization of innovative ophthalmic therapies. Leveraging its professional technical expertise in the discovery of small molecule drugs for ophthalmic diseases, high-end formulation development, and translational medical research, the company is building a competitive and differentiated product pipeline covering various unmet clinical needs in the anterior and posterior eye segments. The company has two core products, VVN461 (high dose) and VVN001. VVN461 (high dose) is a high-dose formulation of VVN461 eye drops, a novel Janus kinase 1 (JAK1) and tyrosine kinase 2 (TYK2) selective dual-target inhibitor with potency at the subnanomolar level. The company has initiated a Phase III clinical trial of VVN461 (high dose) in patients with non-infectious anterior uveitis (NIAU) in China. VVN001 is a second-generation lymphocyte function-associated antigen-1 (LFA-1) antagonist, an innovative eye drop for the treatment of dry eye disease (DED). The company has also initiated a Phase III clinical trial of VVN001 in China. As of the last practicable date (February 5, 2026), in addition to the company's core products, the company has six other candidate drugs, three of which are in clinical stages.