New Stock News | Bige Catering Plans to List on Hong Kong Stock Exchange, CSRC Requires Explanation of Equity Structure Building and Compliance of Reverse Mergers

On April 17, the China Securities Regulatory Commission announced the supplementary materials required for overseas issuance and listing application disclosure (from April 13, 2026 to April 17, 2026). The CSRC requires Bige Catering to explain the legality of the equity structure construction and return merger, including (1) whether shareholders holding more than 5% have completed the foreign exchange registration according to the "Notice on the Relevant Issues of Domestic Residents' Overseas Financing and Return Investment through Special Purpose Companies" (Document No. 37); (2) for acquisitions of domestic entities in the red-chip structure construction process, please explain the transaction price, pricing basis, tax payment, etc., and whether it complies with the regulations on foreign investors acquiring domestic enterprises; (3) whether the equity structure construction and return merger process comply with the conclusive opinions of the then effective regulations on foreign exchange management, overseas investment, foreign investment, tax administration, etc. According to the disclosure by the Hong Kong Stock Exchange on January 16, Bige Catering submitted an IPO application to the Hong Kong Stock Exchange, with China International Capital Corporation acting as its exclusive sponsor. At the same time, the CSRC requires Bige Catering to provide supplementary explanations on the following matters, for which lawyers are required to verify and provide clear legal opinions: Regarding domestic operating entities, please explain (1) whether there are any major lawsuits or arbitration cases that have significant adverse impact on the financial condition and business operations of the issuer or constitute substantive obstacles to this issuance and listing process in accordance with the "Regulatory Rules Application Guidelines - Overseas Issuance and Listing Class No. 2"; (2) whether conclusive opinions on the legality and compliance of each equity change in the main domestic operating entities have been issued. The upper limit of the number of issuance materials and prospectus should be consistent. If there are inconsistencies, please provide the revised filing report or prospectus. If there are adjustments to the number of issuances and fundraising scale in the prospectus, please also update the fundraising plan. The prospectus shows that Bige Catering is a leading pizza buffet brand in China. Founded in Beijing in 2002, the company has expanded to 387 restaurants as of the latest feasible date, covering 127 cities in China, including 310 self-operated restaurants and 77 franchised restaurants. According to Zhushi Consulting data, based on the GMV for the nine months ending on September 30, 2025, the company ranks first in China's domestic pizza restaurants with a total turnover of 1.7 billion yuan and a market share of 4.3%. During the same period, it ranks first in buffet restaurants with a market share of 1.2%, and first in Western casual dining restaurants.