New stock news | Puch Medicine plans to list in Hong Kong. The China Securities Regulatory Commission requires additional information on the rectification of defects in historical construction projects, among other matters.

The China Securities Regulatory Commission issued the "Supplementary Materials Requirement for Overseas Issuance and Listing Filings (March 3, 2026 - March 13, 2026)." The CSRC International Department has requested supplementary materials from 8 companies, including a request for Puqi Pharmaceuticals to explain the rectification of historical construction project defects. According to the Hong Kong Stock Exchange disclosure on January 21st, Beijing Puqi Medical Technology Co., Ltd. (referred to as Puqi Pharmaceuticals) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and CMBC CAPITAL as joint sponsors. The CSRC requested Puqi Pharmaceuticals to explain the following matters and requested lawyers to verify and provide clear legal opinions: 1. Please explain (1) that shareholder Chifeng Mingquan is the actual controller Li Yuliang's controlled entity, please conduct a thorough investigation according to the requirements for shareholders of more than 5% as stipulated in the "Regulatory Rules Application Guidelines - Overseas Issuance and Listing Class No. 2"; (2) Provide an explanation on the entities involved in the share repurchases and transfers in 2026, as required for new shareholders in the past 12 months; (3) Confirm if there is state-owned equity in the company's share capital and whether related state asset management procedures should be followed. 2. Please explain (1) Li Yuliang, Wang Hongmei, Han Yongxin entrusted others to hold company shares, resulting in all shares being held by proxies at the establishment of the company, please explain the specific reasons for the shareholding arrangements, specific transaction arrangements involved, proxy holding reversal situation, and whether there were violations of laws, regulations, non-compete agreements, or relevant management systems; (2) Wang Hongmei transferred funds to her brother-in-law and Puqi's staff accounts, and the related parties then transferred them to the nominal shareholder, please explain the specific reasons for this arrangement; (3) In 2020, Chifeng Puqi transferred its registered capital to Wang Hongmei, and in 2021, Wang Hongmei transferred all the shares to Li Yuliang, combined with the above situation, please explain whether the judgment in the filing materials regarding the timing of the shareholding removal is accurate, and whether the basis for the removal of the shareholding is sufficient; (4) State the specific reasons for Li Yusen holding the investment shares of Chifeng Qingxi on behalf of Li Yuliang and Wang Hongmei, the specific transaction arrangements involved, and whether the basis for the complete removal of shareholding proxies at the Chifeng Qingxi level is sufficient; (5) Please provide a conclusion on whether the filing materials accurately and completely describe the shareholding proxy situation and whether the historical shareholding proxies are legal and compliant; (6) Provide a conclusive opinion on whether the establishment of the company and all previous shareholding changes were legal and compliant. 3. Please explain (1) the reasons for the company setting up two employee shareholding platforms with inconsistent incentive methods; (2) the specific details of Zhu Li's participation in equity incentives, including the time and price of obtaining incentive shares, and whether it complies with relevant agreements on equity incentives; (3) Provide a clear and conclusive opinion on the legality and compliance of the equity incentives and whether there is any element of interest transfer. 4. Please explain (1) the progress of handling the enterprise investment project record change procedures for complex dosage form projects and the re-approval procedures for environmental protection construction projects, and whether there are substantive obstacles; (2) the progress of rectifying historical construction project defects, the risk of investigation or penalties, and whether it constitutes a substantial obstacle to the current issuance and listing; (3) the relationship between Chifeng Zhongyu Zhiye and the company. 5. Please explain whether the shares held by the shareholders participating in this "full circulation" have any defects such as pledging, freezing, or other rights issues. The prospectus shows that Puqi Pharmaceuticals is a biotechnology company focusing on the field of immunoinflammation, committed to becoming a leader in targeted therapy. Since its establishment in 2016, the company has focused on the treatment of chronic inflammatory diseases with innovative and precise local delivery as its core capability, aiming to provide innovative solutions that combine effectiveness, safety, and long-term patient satisfaction. Puqi Pharmaceuticals has developed its late-stage core product PG-011 (Pumeixitini), which has two formulations, a gel for atopic dermatitis and a nasal spray for allergic rhinitis. The company also has a diversified portfolio of candidate products, including PG-033 tablets for pruritus, PG-018 tablets for autoimmune kidney disease, and PG040 eye drops for glaucoma. The company is actively exploring expanding the indications for Pumeixitini, including perennial allergic rhinitis, nodular prurigo, and non-segmental vitiligo.