New Stock News | Bonasia Planned Hong Kong IPO CSRC Demands Supplementary Explanation of Overseas Investments Involving Overseas Subsidiaries

On May 8, the China Securities Regulatory Commission announced the disclosure of supplementary materials required for overseas issuance and listing registration (April 27, 2026 - May 8, 2026). Among them, the CSRC requested Bonasia to provide further explanation on overseas investments involving its overseas subsidiaries. According to the disclosure by the Hong Kong Stock Exchange on February 11, Bonasia (Hangzhou) Pharmaceutical Technology Co., Ltd. (referred to as Bonasia) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CISI FIN and ICBC International as its joint sponsors. The CSRC requested Bonasia to provide clarification on the following matters, and to have lawyers verify and provide clear legal opinions: 1. Regarding equity changes: (1) Please explain the pricing basis for each capital increase and equity transfer in your company's history, whether the capital has been paid in, whether there are instances of failure to fulfill capital obligations, diversion of capital, or flaws in capital injection methods, and provide a clear conclusion on the legality and compliance of the establishment and historical equity changes; (2) Please verify the instances of shareholding proxies in your company's history in accordance with the regulations applicable guide for overseas issuance and listing. 2. Please explain the specific compliance status of the overseas investment and foreign exchange registration procedures involving your company's overseas subsidiaries, and provide a conclusive opinion on compliance. 3. Please explain the reasonableness of the prices of new shareholders' investments in the past 12 months, the reasons for differences in these investment prices, and provide a clear conclusion on whether there is any related party transactions. 4. Please explain the reasonableness of the zero-dollar subscription of your company's shares by external advisor Shen Weizhong, the reasons for the difference in subscription prices between him and other external advisors or employees, and provide a clear conclusion on whether there is any related party transactions or compliance issues. 5. Please explain whether the lack of registration of rental agreements for your company and its subsidiaries has any adverse effects on daily operations and whether it constitutes a substantive obstacle to this issuance and listing. 6. Regarding this issuance and listing as well as "full circulation": (1) Please explain the specific plans for the subdivision of your company's shares and whether it affects the quantity of shares issued this time; (2) Please explain whether the shares held by shareholders proposed to participate in the "full circulation" have been pledged, frozen, or have any other defects in rights. According to the prospectus, Bonasia is a clinical contract research organization (CRO) headquartered in Hangzhou, China, dedicated to innovating drug clinical research through digital empowerment. The company's core business is to provide clinical trial services to pharmaceutical and biotechnology companies domestically and internationally, with the aim of accelerating the research and commercialization processes of chemical drugs and biologics.