New Stock News | GYT Technology Plans Hong Kong IPO. The China Securities Regulatory Commission requires additional information to confirm if there are any prohibitive circumstances regarding overseas issuance and listing.

On August 22, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing registration disclosure (August 15, 2025 - August 21, 2025). The CSRC requires JiYi Technology to strictly follow the provisions of Article 8 of the "Trial Measures for the Issuance of Securities and Listing of Overseas Enterprises by Domestic Enterprises" to supplement whether there are any prohibitive situations for overseas issuance and listing. Comparing with the "Regulatory Rules Application Guidelines - No. 2", supplement the basic information of the top investors of Nanjing Jisheng. According to the disclosure on June 18 by the Hong Kong Stock Exchange, JiYi Technology submitted an IPO application to the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. At the same time, the CSRC requires JiYi Technology to provide supplementary explanations: (1) the specific personnel composition, changes, and positions in the Suzhou Shang Lai Incentive Plan, Suzhou Yimai Youwei Incentive Plan, Suzhou JiYi DaZhan Incentive Plan, JiYi XiaoMan Incentive Plan, and JiYi Leading Incentive Plan, whether the participating personnel have any relationship with other shareholders, directors, supervisors, or senior management, and whether there are any reserved rights; (2) the reasons for the significantly lower incentive share issuance price of the Suzhou Shang Lai Incentive Plan, Suzhou Yimai Youwei Incentive Plan, Suzhou JiYi DaZhan Incentive Plan, and JiYi Leading Incentive Plan compared to the JiYi XiaoMan Incentive Plan, and whether there is any situation of interest transfer; (3) the reasons for the decision-making process being delayed from the establishment of the Suzhou Yimai Youwei Incentive Plan, Suzhou JiYi DaZhan Incentive Plan in December 2020, to April 2025, whether the delayed decision-making process is compliant. In addition, supplement the changes in the equity structure before and after the full exercise of the over-allotment option in this overseas issuance, and the specific situation of value-added telecommunications, market research, and other businesses within the company and its subsidiaries, whether the actual business is conducted, the specific operational situation, whether the necessary qualifications and licenses have been obtained, whether the business scope and actual operations involve restricted or prohibited areas of foreign investment. Whether this IPO and "full circulation" continue to meet the requirements for foreign investment admission. Explain whether there are any pledge, freeze, or other defects in the shares held by the shareholders participating in the "full circulation." Supplementary explanations: (1) Combine the company's customer and supplier information to provide a detailed explanation of the company's business operations model; (2) the specific operation model of the company's advertising placement services; (3) the compliance of the company's cross-border e-commerce retail import business; (4) the names and specific situations of comparable companies in the same industry. Supplementary explanations on whether the company and its subsidiaries are involved in the development and operation of websites, mini-programs, apps, official accounts, and other products, whether they provide information content to third parties, the types of information content provided, and information content security measures; also explain the scale of collected and stored user information, data collection and use, arrangements or measures for personal information protection and data security before and after listing. The prospectus shows that JiYi Technology is a leading digital retail integrated operation service provider and Silk Road e-commerce service provider in China, as well as a brand asset manager driven by AI and digital intelligence, dedicated to driving brand growth and value with digital technology and efficient operations. According to Frost & Sullivan, based on the GMV in 2024, JiYi Technology ranks second among digital retail integrated operation service providers in China and fifth among e-commerce operation service providers in China. The company is also a leading Silk Road e-commerce service provider in the industry. According to Frost & Sullivan, based on the GMV of cross-border import e-commerce operations in 2024, JiYi Technology ranks first among cross-border import e-commerce operation service providers in China.