New Stock News | Haina Medicine Plans to List on the Hong Kong Stock Exchange, the China Securities Regulatory Commission Requires Supplemental Explanation of the Specific Use of Funds Raised.

On December 26th, the China Securities Regulatory Commission announced the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing (December 22, 2025 - December 26, 2025)". The International Department of China Securities Regulatory Commission disclosed the supplementary materials requirements for 19 companies, including asking Haina Medicine to provide further details on the specific use of raised funds, the proportion of domestic and foreign use, and other matters. It is reported that Haina Medicine submitted its application to the Hong Kong Stock Exchange on November 7, 2025, with CICC as the exclusive sponsor. China Securities Regulatory Commission requested Haina Medicine to clarify the following issues and asked lawyers to verify and provide clear legal opinions: 1. Regarding changes in equity: (1) Please explain the compliance of the company's capital reduction process, payment of related taxes and fees, and payment of capital reduction consideration, and provide a clear conclusive opinion on the legality and compliance of the company's establishment and historical changes in equity; (2) Please verify the historical situation of shareholding proxy according to the requirements related to shareholding proxy in the "Regulatory Rules Applicability Guidelines - Overseas Issuance and Listing Class No. 2". 2. Please explain the specific fulfillment of regulatory procedures related to overseas investments, foreign exchange registration, etc. for the establishment of overseas subsidiaries by the company, and provide a conclusive opinion on compliance. 3. Please explain the specific situation of the company's and its subsidiaries' business scope, including "pharmaceutical development, research; medical research and experimental development; testing services", whether they actually carry out relevant businesses and their specific operational situation, whether they have obtained necessary qualifications and licenses, whether the business scope and actual operations involve "human stem cells, gene diagnosis and treatment technology development and application" or other areas subject to foreign investment access restrictions or prohibitions, and whether they continue to comply with the requirements of foreign investment access policy before and after this issuance and listing. 4. Please explain the specific situations of third-party payment and unpaid social insurance and housing provident fund by the company and its subsidiaries; the latest progress of unresolved litigation and arbitration cases, and whether they constitute substantial obstacles to this overseas issuance and listing. 5. Please explain the specific use of raised funds, the proportion of domestic and foreign use, and the fulfillment of domestic and foreign investment approval, review, or filing procedures. 6. Please explain whether there are any situations of pledged, frozen, or other defects in the shares held by the shareholders planning to participate in the "full circulation" in this offering. The prospectus shows that Haina Medicine is an integrated pharmaceutical research and manufacturing company providing CXO services. At the same time, the company owns a proprietary product pipeline, mainly commercializing the pipeline through pharmaceutical technology transfer. According to a Frost & Sullivan report, during the historical period and until the latest practicable date (November 2, 2025), Haina Medicine ranked second in the number of approved clinical trials and market approvals among CXO service providers engaged in drug technology transfer in China. According to the same source, Haina Medicine also ranked second in the total number of clinical trial and market approval applications submitted during the same period. Haina Medicine operates one of the most comprehensive CXO platforms in the industry, covering the entire chain of drug discovery, CMC, preclinical and clinical development, registration and validation, and commercial production. The company provides end-to-end or modular CRO and CMO solutions covering drug research and CMC, clinical and bioequivalence studies, registration and contract manufacturing. As of December 31, 2022, 2023, 2024, and June 30, 2025, Haina Medicine had 242, 331, 383, and 398 ongoing CXO projects respectively.