New stocks news | Venus Beer plans to list on the Hong Kong stock market. The China Securities Regulatory Commission requires supplementary explanations on the pricing basis for each capital increase and equity transfer.

The China Securities Regulatory Commission issued the "Supplementary Materials Requirement for Overseas Issuance and Listing (March 23, 2026 - March 27, 2026)". The International Department of the China Securities Regulatory Commission issued supplementary material requirements for 11 enterprises, among which, JinXing Beer was required to provide additional explanations about the pricing basis for each capital increase and equity transfer, whether the contributions have been paid, whether there are situations of unfulfilled contribution obligations, capital withdrawal, or flaws in the contribution method, etc. According to reports, Henan JinXing Beer Co., Ltd. ("JinXing Beer") submitted its listing application to the Main Board of the Hong Kong Stock Exchange on January 13, 2026, with CITIC SEC and China International Capital Corporation as its joint sponsors. The China Securities Regulatory Commission requested JinXing Beer to provide explanations on the following matters and to have lawyers verify and provide clear legal opinions: 1. The pricing basis for each capital increase and equity transfer, whether the contributions have been paid, whether there are situations of unfulfilled contribution obligations, capital withdrawal, or flaws in the contribution method, and to issue clear conclusive opinions on whether the equity changes in each period are legal and compliant. 2. The pricing basis for the entry of new shareholders in the 12 months prior to the submission of the overseas issuance and listing application, the reasons for the differences in pricing compared to the capital increase at the same period, and the reasonableness of the aforementioned shareholder's tax payments from the transfer process. Clear conclusive opinions should be provided on whether there is any improper benefit transfer. 3. Whether the participants in the employee stock incentive plan are employees of the company, the specific composition and positions of the participants, whether there are any relationships between the participants and other shareholders, directors, supervisors, or senior executives of the issuer; Whether there are external personnel involved, if so, check and explain according to the requirements related to the external personnel in "Regulatory Rule Application Guidelines - Overseas Issuance and Listing Class No. 2"; Whether the participants who hold incentive shares after leaving the company meet the previous agreement, whether there are disputes or potential disputes; The entry price and fairness of the stock incentive plan, the reasons and background for external personnel to participate, the entry price, valuation basis, and funding sources. If the entry price is the same or close to that of employees, explain whether there is any improper benefit transfer. Clear conclusive opinions should be provided on whether the implemented stock incentive plan and the options incentive plan after listing are legal and compliant and whether there is any improper benefit transfer. 4. Whether there are any flaws such as pledge, freeze, or other rights in the specific shares held by the shareholders participating in the current "full circulation" in the raised funds. The purpose and proportion of domestic and overseas use, whether there are plans to bring back funds domestically and the specific proportion, whether there are investments in foreign projects, and whether the necessary approval/record procedures have been completed. 5. The content related to the issuance plan in the filing materials should be consistent with the prospectus. Please explain the issuance plan according to the requirements in the "Regulatory Rule Application Guidelines - Overseas Issuance and Listing Class No. 2". 6. Whether there are any flaws such as pledge, freeze, or other rights in the specific shares held by the shareholders participating in the current "full circulation". According to the prospectus, JinXing Beer is a leading craft beer company dedicated to brewing beers with distinctive Chinese flavors. According to ZuoShi Consultancy, based on retail sales in 2024 and the nine months ending September 30, 2025, the company ranks as the eighth largest enterprise in the Chinese beer industry and the fifth largest domestic beer company. In the craft beer segment, the company is the third largest craft beer company in China and the largest flavored craft beer company in China, with a market share of 14.6%. The company's product portfolio includes easy-drinking lager and wheat beers, including series like Pure, Original, and White, and also launches Chinese-style craft beers, notably creating innovative products with tea flavors like Jasmine Tea and JinXing Maotian. In August 2024, the company launched its first Chinese-style craft beer - JinXing Maotian, and subsequently expanded its range to include more varieties such as Jasmine Tea, Candied Hawthorn, and Sugar Orange. As of September 30, 2025, the company's Chinese-style craft beer lineup consists of 50 SKUs, contributing 78.1% of the revenue for the nine months ending September 30, 2025.