New stock news: Xiaokuo Group is planning a Hong Kong IPO. The China Securities Regulatory Commission requires an explanation of whether the issuance and listing will continue to meet the requirements for foreign investment access after "full circulation".

On June 12th, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing application (June 8, 2026 June 12, 2026). The Commission requested Xiao Kuo Group to supplement explanations on whether the company and its subsidiaries' business scope and actual operations involve areas restricted or prohibited for foreign investment, and whether the issuance and listing, as well as post-"full circulation", continue to meet the requirements for foreign investment access. According to the disclosure on March 27th by the Hong Kong Stock Exchange, Xiao Kuo Technology submitted a listing application to the main board of the Hong Kong Stock Exchange, with CMB International as the exclusive sponsor. At the same time, the Commission requested Xiao Kuo Group to supplement the following matters, and have lawyers verify and provide clear legal opinions: Supplementary explanations: (1) Whether there have been abnormal situations in the pricing and basis for pricing of the company's capital increase and equity transfer, whether there have been benefits transfer, whether actual capital contributions have been made, whether there are situations of unfulfilled capital contribution obligations, diversion of capital, or flaws in the capital contribution method; (2) Please provide a conclusive opinion on the legality and compliance of the company's establishment and historical equity changes, as well as the company's legal entity status and effective existence. Supplemental explanations on the pricing basis for new shareholders' capital contributions in the 12 months prior to submitting the application for overseas issuance and listing, and whether it is fair, the tax payment status of the transferors in the equity transfer process, and a clear conclusion on whether there is benefits transfer. Explanation on whether the participants in the company's employee stock incentive plan are company employees, the specific composition and positions of the participants, whether there are reserved or unallocated shares in the employee shareholding platform. Detailed explanation of the company's products, whether the corresponding filings, permits, or registrations have been obtained, and whether the claims of product efficacy comply with legal requirements. Explanation on whether the shares held by the proposed participants in the "full circulation" have any defects such as being pledged, frozen, or other rights issues. The prospectus shows that Xiao Kuo Group is an oral care products group, focusing on providing comprehensive oral care products. The company has built a diversified daily chemical product portfolio, covering toothpaste, mouthwash, toothbrushes, oral sprays, etc. According to data from Frost & Sullivan, based on retail sales in 2025, the company is the third largest group in the Chinese oral care products market, and achieved the highest online retail sales in 2025 among Chinese oral care products groups.