New stock news | Guangdong Shushuzi plans to list on the Hong Kong stock market. China Securities Regulatory Commission requires supplementary explanations on the compliance of previous changes in equity ownership.

On May 22, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filing (May 18, 2026 - May 22, 2026). The International Department of China Securities Regulatory Commission issued supplementary material requirements for 17 companies, including requesting Yue Shi Shuzhi to explain the compliance of historical equity changes. It is reported that Yue Shi Shuzhi submitted an application to the Hong Kong Stock Exchange on January 26, 2026, and Shenwan Hongyuan Group in Hong Kong is its exclusive sponsor. The China Securities Regulatory Commission requested Yue Shi Shuzhi to provide clarification on the following matters and requested lawyers to verify and provide clear legal opinions: 1. The basis for historical capital increases and equity transfer pricing, whether the capital has been paid in, whether there is any failure to fulfill capital obligations, capital diversion, or flaws in the method of capital contribution, and provide a clear conclusive opinion on the legality and compliance of historical equity changes. 2. Please explain the basis and fairness of the pricing of new shareholder investments in the last 12 months, the reasons for any differences in investment prices, the reasonableness of these differences, and the payment of taxes and fees, whether there are abnormal prices for new shareholder investments, and provide a clear conclusive opinion on the presence of related party transactions. 3. Please explain the progress of the identification of state-owned shareholders. 4. In accordance with the "Regulatory Rules and Application Guidelines-Overseas Issuance and Listing No. 2", please explain the complete penetration of your company's controlling shareholders; the penetration of shareholders holding more than 5% of your company, and the basic situations of domestic entities after the upward penetration, and whether there are entities prohibited by laws and regulations from holding shares. 5. Please explain whether the shares held by the shareholders who intend to participate in the "fully circulation" this time have any defects such as pledging, freezing, or other rights. According to the prospectus, Yue Shi Shuzhi is a digital-driven enterprise mainly engaged in the sale of cold chain products of Shenzhen Agricultural Power Group, supported by the company's self-developed digital platform. By embedding digital capabilities in procurement, warehousing, logistics, and trade links, the company enhances the efficiency, transparency, and synergy of the entire cold chain circulation process through a data-driven model. This operating model differentiates the company from traditional cold chain trading models that rely mainly on manual experience and fragmented offline coordination. According to Frost & Sullivan data, based on 2024 sales revenue, the company ranks among the top ten in the Chinese digital cold chain market. The company adopts a dual-core data-driven business model, including (i) cold chain product sales (the main growth engine of the company); and (ii) providing comprehensive cold chain digital solutions (to strengthen the company's operational digital capabilities). The two business lines operate on a unified data basis, are highly integrated, and form a complementary dual-engine business model.