New Stock News | Aersen plans to be listed on the Hong Kong stock market. The China Securities Regulatory Commission requires additional explanation of changes in equity and other matters.

On November 14th, the China Securities Regulatory Commission (CSRC) announced the "Supplementary Materials Requirement for Overseas Issuance and Listing Filing (November 10, 2025 - November 14, 2025)". The CSRC's International Department disclosed the supplementary materials requirements for 10 companies, among which, it was mentioned that Emerson was required to provide additional explanations on equity changes, shareholder situations, and business operations. According to the disclosure by the Hong Kong Stock Exchange on September 28th, Wuhan Emerson Life Science and Technology Co., Ltd. (referred to as Emerson) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with joint sponsors being China International Capital Corporation and BOCOM International. The CSRC requested Emerson to provide explanations on the following matters, and to have lawyers verify and provide clear legal opinions: 1. Regarding equity changes: (1) Please explain the pricing basis for your company's past capital increases and equity transfers, whether actual capital contributions have been made, whether there are situations of unfulfilled contribution obligations, capital diversion, or flaws in capital contribution methods; (2) In June 2016, two shareholders of your company transferred their shares in whole or in part for 0 yuan, leading to a change in your company's controlling rights. Please explain the reasons for the aforementioned 0 yuan transfer, and whether there is a situation of shareholding on behalf of others. If so, please conduct a verification according to the requirements of "Regulatory Rules Application Guide - Overseas Issuance and Listing Type No. 2"; (3) There have been instances of shareholding on behalf of others in your company's history, please conduct a verification according to the requirements of "Regulatory Rules Application Guide - Overseas Issuance and Listing Type No. 2". 2. Regarding shareholder situations: (1) Please explain the reasonableness of the prices at which new shareholders have acquired stakes in the past 12 months, the reasons for variations in these acquisition prices, and provide a clear conclusion on whether there is any transfer of benefits; (2) Please explain whether mainland entities Guangzhou Kaipu and Suzhou Jinhe, as shareholders holding more than 5% of shares in your company, are subject to legal prohibitions on shareholding; (3) Please explain the basis for identifying the relevant state-owned shareholders of Gaoke Medical Devices; (4) Please explain the number of shareholders in your company, the calculation method, and the specific basis. 3. Regarding business operations: (1) Please explain the specific situation of your company and its subsidiaries' business scope, including medical research and experimental development, cell technology research and application, human genetic diagnosis and treatment technology development, and internet information services. Whether actual related businesses have been conducted, specific operational situations, whether necessary qualifications/licenses have been obtained, whether the business scope and actual business operations involve "human stem cells, genetic diagnosis and treatment technology development and applications" or other areas subject to foreign investment restrictions or bans, and the basis for such judgments. Whether there is continuous compliance with foreign investment entry policy requirements before and after this issuance and listing; (2) Please explain the related-party transactions between your company and Guangdong Hybribio Biotech, Guangdong Hybribio Biotech, and Wuhan Eno Medical Laboratory, as well as the independence in terms of personnel, business, assets, and finances. 4. Regarding this issuance and listing and "full circulation": (1) Please explain the specific plans for the subdivision of your company's shares, whether it will affect the number of shares issued in this offering; (2) The contents related to the issuance plan in the filing materials and prospectus should be consistent. Please explain the issuance plan in accordance with the requirements of the "Regulatory Rules Application Guide - Overseas Issuance and Listing Type No. 2"; (3) Please explain whether the shares held by shareholders intending to participate in "full circulation" in this offering are subject to pledges, freezes, or other defects in rights. The prospectus shows that Emerson is a leading early cancer detection company, strategically focusing on cancers with high incidence and mortality rates. The company was the first to develop early cancer detection technology based on methylation. The company has two core products, namely Emigen for liver cancer and Egle for upper urinary tract carcinoma. Emigen is the world's first liver cancer detection reagent based on methylation technology and using real-time quantitative polymerase chain reaction (qPCR) technology. It has a sensitivity of 92.33% and specificity of 93.35% in detecting liver cancer through blood samples, with a higher sensitivity of 84.43% in detecting stage I patients. The company's other core product, Egle, only requires a 1-milliliter urine sample for non-invasive detection of upper urinary tract carcinoma, significantly improving efficiency and convenience compared to traditional methods.