New Stock News | Baileys Coman plans to list in Hong Kong. The China Securities Regulatory Commission requires supplementary explanations on the actual operation of the company's management.

On October 31st, the China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Applications (October 27, 2025 - October 31, 2025)" and the CSRC International Department issued supplementary material requirements to nine enterprises. In the public notice, the CSRC requested BlissBio Inc. to provide further clarification on the actual operation of the company's management, significant influences on the management team, and other related matters. According to the disclosure by the Hong Kong Stock Exchange on June 29th, BlissBio Inc. submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Huatai International, and CICC as joint sponsors. The CSRC requested BlissBio Inc. to provide further explanation on the following matters and requested legal counsel to verify and provide clear legal opinions: 1. Please explain: (1) the consideration received by the company for the acquisition of CCCBio in December 2024 and June 2025, the pricing basis, and the tax situation of the transferor; (2) the tax situation of the capital reduction process carried out by BlissBio Hangzhou in June 2025, the relationship between the capital reduction shareholders and the company shareholders, and the compliance of domestic shareholders with foreign exchange management and overseas investment procedures; (3) the reasons for the asynchronous capital reduction process in Shenyang Yuo Yin, the compliance of the capital reduction process, and the tax situation; (4) the consideration, pricing basis, and tax situation of CCCBio's acquisition of BlissBio Hangzhou shares; (5) the compliance of overseas investments and foreign exchange management procedures related to the establishment of BlissBio Hangzhou in Hong Kong; (6) the situation of Liming SPV penetration. 2. Please further explain the reasons and rationale for not identifying Wei Ziping and Zhou Yuhong as joint actual controllers, in conjunction with the board of directors (proposals and voting processes for major decisions), the actual operation of the company's management, and the significant influence on the management team. 3. Please explain: (1) the price distribution and fairness of the incentive agreement; (2) the reasons for deciding to convert the options incentive plan into a restricted stock incentive plan before listing, the rationale for issuing shares only to Wei Ziping and Zhou Yuhong, and whether it involves substantial equity holding and reserved rights. 4. Please explain the scope of business operations of domestic operating entities of the company and whether the actual business operations involve the "Special Management Measures for Foreign Investment access (2024 Edition)" regarding the development and application of human stem cell, gene diagnosis, and treatment technologies, and provide clear basis. According to the prospectus, BlissBio Inc. is a clinical-stage biopharmaceutical company dedicated to developing next-generation Antibody-Drug Conjugates (ADCs) to address unmet needs in cancer treatment. From a strategic perspective, the company has designed and advanced an ADC pipeline consisting of four clinical-stage drug candidates. The core product of the company, BB-1701, is a human epidermal growth factor receptor 2 (HER2) targeted Adcetris ADC candidate drug that primarily targets breast cancer, non-small cell lung cancer, and potential other HER2-expressing cancers. Financially, in 2023 and 2024, BlissBio Inc. achieved revenues of approximately RMB 180 million and RMB 22.591 million respectively, with net losses of approximately RMB 206 million and RMB 557 million for the same period.