New stock news | Chengyi Biotech plans to list on the Hong Kong Stock Exchange. The China Securities Regulatory Commission requires additional information on the establishment of the equity structure and the compliance of the reverse merger.

Recently, the China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Registration (January 12, 2026 - January 16, 2026)." The CSRC International Department issued supplementary material requirements for 6 companies, including requesting Chengyi Biotechnology to provide additional explanations on the share capital situation, the establishment of the equity structure, and the compliance of the return investment and acquisition. According to the disclosure by the Hong Kong Stock Exchange on October 8, 2025, Chengyi Biotechnology Cayman Limited ("Chengyi Biotechnology") submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Jefferies, BofA Securities, and CICC as its joint sponsors. The CSRC asked Chengyi Biotechnology to provide clarification on the following matters, and requested legal counsel to verify and provide clear legal opinions: 1. Regarding the compliance of the equity structure and return investment and acquisition, please explain (1) whether shareholders holding more than 5% of the shares have completed the foreign exchange registration as stipulated in the "Notice on Issues Related to Domestic Residents' Overseas Investment and Return Investment through Special Purpose Companies" (Document No. 37), as well as whether domestic institutional shareholders have completed domestic regulatory procedures for foreign investments; (2) if the red-chip structure involves the acquisition of domestic entities, please explain the transaction price, pricing basis, tax payments, etc., and whether it complies with the provisions on the acquisition of domestic enterprises by foreign investors; (3) if the domestic operating entity has been involved in capital reduction in history, please explain the transaction price, pricing basis, fairness, compliance with the Company Law, tax payment, etc., and whether there is false capital contribution or capital siphoning, and whether it complies with relevant laws and regulations on taxation; (4) Provide conclusive opinions on whether the equity structure establishment and return investment and acquisition process comply with the applicable foreign exchange management, overseas investment, foreign investment, and tax regulations. 2. Regarding the share capital situation, please explain (1) whether the shareholding proportions of Hangzhou AstraZeneca Zhongjin and AstraZeneca UK Limited should be consolidated, and whether Hangzhou AstraZeneca Zhongjin should be verified and explained according to the standard for shareholders holding more than 5%; (2) the specific arrangements for the appointment of directors and observers in special shareholder rights and whether it affects the determination of control rights, any changes in control rights before and after listing should be fully explained; (3) whether there is shareholding by proxy in the company's historical evolution; (4) whether the prices of newly added shareholders in the last 12 months are fair and reasonable, whether there is any transfer of benefits; (5) Whether the domestic natural persons participating in equity incentives have completed foreign exchange registration procedures, explain the involvement of consultants in equity incentives according to the "Guidelines for Regulatory Application - Overseas Issuance and Listing No. 2," and provide a clear conclusive opinion on whether there is any transfer of benefits in the equity incentives. 3. Regarding the domestic operating entity, please explain (1) Shanghai Chengyi holds a patent for an extracorporeal gene expression intervention method, and explain whether the company's business involves areas covered by the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)"; (2) Explain major litigation, arbitration, or administrative penalties according to the "Guidelines for Regulatory Application - Overseas Issuance and Listing No. 2"; (3) Provide a conclusive opinion on whether the establishment of the domestic operating entity and the various changes in equity have been legal and compliant. The prospectus shows that Chengyi Biotechnology is a global biotechnology company in the clinical stage, dedicated to exploring and developing a new generation of oral small molecule drugs to address significant unmet medical needs in the global cardiovascular metabolism and inflammatory disease areas. Leveraging its proprietary TRANDD platform, the product pipeline is specifically designed for single-agent therapy and combination therapy, aimed at achieving effective results in weight management (obesity/overweight), metabolic-related nonalcoholic steatohepatitis ("NASH"), osteoarthritis (OA) pain, and other cardiovascular metabolic diseases.