New stock news | iCarbonX plans to list in Hong Kong, China Securities Regulatory Commission asks for supplementary explanations on the compliance of implemented stock incentive plans and others

On October 31st, the China Securities Regulatory Commission announced the "Supplementary Materials Requirements for Overseas Issuance and Listing Registration (October 27, 2025 - October 31, 2025)". Among them, Ai Ke Bai Fa was required to provide supplementary explanations on the compliance of implemented equity incentive plans, as well as reasons for not completing overseas issuance and listing after the previous approval. It is reported that Ai Ke Bai Fa submitted an IPO application to the Hong Kong Stock Exchange Main Board on September 15th, with Morgan Stanley and CITIC SEC as its joint sponsors. The China Securities Regulatory Commission requested Ai Ke Bai Fa to provide supplementary explanations on the following matters and requested lawyers to verify and provide clear legal opinions: 1. Please provide a supplementary explanation of the actual operation of your company and its subsidiaries in the medical equipment production and operation business, whether they have obtained relevant qualifications, and whether the business scope of your company and its subsidiaries involves the areas listed in the "Negative List for Foreign Investment Access Management (2024 version)". 2. Please provide a supplementary explanation of the specific fulfillment of overseas investment, foreign exchange management, and other regulatory procedures by the overseas subsidiaries, and provide conclusive opinions on compliance. 3. Please provide a supplementary explanation on the compliance of implemented equity incentive plans, including the composition of specific personnel and their positions, the existence of relationships between participating personnel and other shareholders, directors, supervisors, and senior management of the issuer, fairness of prices, agreement terms, decision-making procedures, standardized operation, and provide clear conclusive opinions on legality, compliance, and the existence of any conflicts of interest. 4. Please provide a supplementary explanation on whether the shares held by shareholders participating in the "full circulation" this time are subject to pledges, freezes, or other defects. 5. Please provide a supplementary explanation of the reasons for not completing overseas issuance and listing after the previous approval. 6. Please provide details on the previous A-share listing counseling filing and the submission of an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board, including the reasons for withdrawal, plans to continue with the A-share listing and specific arrangements, and whether there are any factors that may have a significant impact on this issuance and listing. According to the prospectus, Ai Ke Bai Fa is a biopharmaceutical company established in 2013, focusing on discovering and developing therapies to address medical needs in respiratory and pediatric diseases. The company has a pipeline of six candidate drugs, including the core product Qirisofovir (the world's first New Drug Application (NDA) stage specifically targeting respiratory syncytial virus (RSV) infection), AK0610 (a Phase II monoclonal antibody (mAb) for preventing RSV infection), the core product AK3280 for idiopathic pulmonary fibrosis (IPF) in the Phase II Proof of Concept (PoC) stage, and the NDA stage drug AK0901 for attention deficit hyperactivity disorder (ADHD), forming a combination for RSV treatment.