New Stock News | Zhi Ling Biology plans to list on the Hong Kong Stock Exchange, the China Securities Regulatory Commission requires additional clarification on whether the business involves large-scale AI models, etc.

On May 22, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filings (May 18, 2026 - May 22, 2026). The CSRC's International Department issued supplementary material requirements to 17 companies, including a request for Zeling Biotech to clarify whether its business involves AI large models. It is reported that Zeling Biotech submitted an application to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as its joint sponsors. The CSRC requested Zeling Biotech to provide clarification on the following matters, and asked lawyers to verify and provide clear legal opinions: 1. Please provide net asset data in the filing report in accordance with the requirements for financial condition in the "Regulatory Guidelines Applicable to Overseas Issuance and Listing Class No. 2." 2. Please supplement the explanation of the QM288 shareholder structure of your company as per the "Regulatory Guidelines Applicable to Overseas Issuance and Listing Class No. 2," including whether there are domestic entities, whether there are entities prohibited from holding shares by laws and regulations, and the compliance status of domestic entities with overseas investments and foreign exchange registration procedures. 3. Please provide supplementary information on whether your company's business involves AI large models. If so, please provide specific details on the involvement of AI large models, their application scenarios, specific functions, etc. 4. Please provide explanations on the pricing basis of your company's capital increase and equity transfer in the past, whether the capital has been paid in, whether there are instances of unfulfilled capital obligations, capital diversion, or defects in the capital contribution method, and provide clear conclusions on the legality and compliance of the equity changes in the past. 5. Please explain the basis and fairness of the pricing of new shareholders' stock acquisitions in the last 12 months, reasons for any differences in the acquisition prices, their reasonableness, and the payment of taxes and fees. Provide a clear opinion on whether there are anomalies in the acquisition consideration and the existence of an improper transfer of benefits. 6. Please list the changes in the shareholding structure before and after the issuance and listing, as well as before and after the "full circulation" if the oversubscription rights are not exercised or fully exercised. 7. Please explain whether the shares held by shareholders intending to participate in the "full circulation" are subject to pledges, freezes, or other rights defects. According to the prospectus, Zeling Biotech is a late-stage clinical biotechnology company committed to integrating structural biology, artificial intelligence, and clinically relevant disease models to develop highly differentiated small molecule therapies with unique first-in-class or best-in-class potential. Zeling Biotech aims to address significant unmet medical needs in the areas of hematologic diseases, tumors, central nervous system disorders, and immune/inflammatory diseases. The company has established a strong and diversified pipeline consisting of eight proprietary assets, covering both clinical and preclinical stages. As of January 5, 2026, Zeling Biotech's pipeline includes two core products (namely Fluoropyrimidine Maleate and Ivosidenib Sulfate for injection), two clinical stage candidate drugs (ZL-82 and ZL-85), and four preclinical stage candidate drugs (ZL-65, ZL-69, ZL-59, and ZL-89). Two candidate drugs have entered Phase 3 registrational clinical trials, including Fluoropyrimidine Maleate for the treatment of myelofibrosis (FM) and Ivosidenib Sulfate for the treatment of relapsed/refractory diffuse large B-cell lymphoma (PM).