New Stock News | Yonyou Network Technology plans to list on the Hong Kong Stock Exchange. China Securities Regulatory Commission requires supplementary information on the expected amount of funds to be raised after the full exercise of the over-allotment option.

On October 24th, the China Securities Regulatory Commission announced the "Supplementary Materials Requirements for Overseas Issuance and Listing (October 20, 2025 - October 24, 2025)". The International Department of the China Securities Regulatory Commission issued supplementary material requirements to 11 companies, including a requirement for Yonyou Network Technology to provide further details on the estimated amount of funds to be raised after the full exercise of the over-allotment option. It is reported that Yonyou Network Technology submitted its listing application to the Main Board of the Hong Kong Stock Exchange on June 27, 2025, with CMB International and CITIC SEC as joint sponsors. The China Securities Regulatory Commission requested that Yonyou Network Technology provide clarification on the following matters and requested legal opinions to be issued after verification by lawyers: 1. Please explain, taking into account the debt repayment ability of the company's actual controller, whether the pledging of shares by the controlling shareholder or the actual controller before and after this issuance could lead to a change in control of the company or result in circumstances prohibited by Article 8 of the Measures for the Administration of the Issuance and Listing of Securities Overseas by Domestic Enterprises. 2. Regarding business operations: (1) Please explain the specific content of the value-added telecommunications business conducted by the company and its subsidiaries, the foreign ownership limit, and the specific basis for continuing to comply with the foreign investment access policy before and after this issuance; (2) Please explain whether the subsidiary Xiamen Yonyou Tobacco is involved in the wholesale, retail, or other activities related to tobacco products, and whether it has obtained the necessary qualifications and licenses; (3) Please explain the specific situation of the company and its subsidiaries' business scope, including "advertising production, distribution, design, and agency", whether they are actually engaged in related business and their specific operational situation, and whether they have obtained the necessary qualifications and licenses. 3. Please strictly compare the provisions of Article 8 of the Measures for the Administration of the Issuance and Listing of Securities Overseas by Domestic Enterprises to determine whether the company and its domestic subsidiaries fall under any circumstances prohibited for overseas issuance and listing. 4. Please supplement the business and operation regulations of the company and its domestic subsidiaries in accordance with the "Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Type No. 2" in the legal opinion, currently only explaining the main subsidiary situation. 5. Please provide an estimate of the amount of funds to be raised after the full exercise of the over-allotment option. According to the prospectus, Yonyou Network Technology is a leading global enterprise software and intelligent service provider, committed to the research and development, sales, and services of enterprise digitalization software and intelligent services based on core technologies such as AI, big data, and cloud computing. Based on 2024 revenue figures, the company is the largest market participant in the Chinese enterprise software and services market according to Frost & Sullivan data. The company's strategic focus is to lead industry innovation by developing AI intelligence body clusters tailored for enterprise applications. Yonyou BIP is the core platform for the company's cloud services, aimed at providing comprehensive tools, capabilities, and resources to support enterprise digital transformation and intelligent operation. With the powerful technical foundation and modular delivery capability of Yonyou BIP, the company has launched the Yonyou BIP product series, including YonBIP for large enterprises and YonSuite for medium-sized enterprises. Yonyou BIP effectively addresses the long-standing issues of application silos, data fragmentation, and disconnected AI capabilities in traditional enterprise software, accurately matching the advanced requirements of enterprise digital transformation.