New stock news | Pilot Biology plans Hong Kong IPO, CSRC requires explanation of pricing basis for all previous capital increases and equity transfers.

On May 15, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filing (May 11, 2026 - May 15, 2026). The CSRC required Anchor Bio to explain the pricing basis for each capital increase and equity transfer, whether the paid-in capital has been made, whether there are situations of unfulfilled capital obligations, diversion of capital, or defects in the capital contribution method, and to provide a clear conclusion on the legality and compliance of the establishment and past equity changes. According to the disclosure by the Hong Kong Stock Exchange on February 12, Anchor Bio submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. At the same time, the CSRC required Anchor Bio to supplement the following matters, have them verified by lawyers, and provide clear legal opinions: Explain the basic information of the overseas private equity funds once GAUT and VAUT, who hold more than 5% of the company's shares, are penetrated, whether there are domestic entities among their investors, executing partners, and actual controllers, and whether there are entities prohibited from holding shares according to laws and regulations. Explain the specific compliance with overseas investments and foreign exchange registration procedures of overseas subsidiaries, and provide a conclusive opinion on compliance. Regarding standardized operations: (1) Please explain the latest developments in the company's litigation cases, their impact on the company's operations and solvency, and whether they constitute substantial obstacles to this issuance and listing; (2) Please explain the rectification situation after the administrative penalties imposed on the company and its subsidiaries by the emergency management department, whether it constitutes major violations of laws and regulations, and whether it has a significant adverse impact on the company's daily operations and this issuance and listing. Regarding this issuance and listing and "full circulation": (1) Please explain the estimated amount of funds to be raised after the full exercise of the over-allotment option; (2) Please explain whether there are any defects such as pledging, freezing, or other rights issues in the shares held by the shareholders participating in this "full circulation". According to the prospectus, Anchor Bio is a pioneer in synthetic biology driven by technological innovation, committed to providing green and sustainable, cost-effective bio-based products with outstanding cost advantages. In terms of active pharmaceutical ingredients and intermediates, as of 2025, the company achieved large-scale production of fluphenazine, and based on revenue for the nine months ended September 30, 2025, the company's market share was 24.5%, ranking second in the global fluphenazine industry; based on revenue for the nine months ended September 30, 2025 (including internal and external sales), the company's market share of D-ethyl acetate was 44.5%, ranking first in the global D-ethyl acetate industry.