New Stock News | KeLi Plans to IPO in Hong Kong. The China Securities Regulatory Commission requires supplementary explanations on whether the main domestic operating entity's past equity changes are legal and compliant, and issue conclusive opinions, etc.

On June 12, the China Securities Regulatory Commission disclosed the "Supplementary Materials Requirements for Overseas Issuance and Listing Records (June 8, 2026 - June 12, 2026)". The International Department of the China Securities Regulatory Commission issued supplementary material requirements for 12 companies. Among them, Ke Li was requested to provide additional clarification on whether the past equity changes of the main domestic operating entity were legal and compliant and to provide conclusive opinions. According to the disclosure by the Hong Kong Stock Exchange on December 18, 2025, Ke Li Limited submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. The China Securities Regulatory Commission asked Ke Li Limited to provide explanations on the following matters and requested lawyers to verify and provide clear legal opinions: 1. Please clarify (1) the process of acquiring assets and equity of domestic enterprises, including details such as transaction price, pricing basis, tax payments, etc., and whether it complies with the "Regulations on the Acquisition of Domestic Enterprises by Foreign Investors"; (2) provide conclusive opinions on whether the equity structure construction and reverse mergers process complied with the then effective foreign exchange management, overseas investment, foreign investment, tax management, and other regulatory requirements. 2. Please explain (1) the transaction where the issuer issued shares to purchase shares of Goryeo's mother from the actual controller Lin Zhongrun in October 2025 has not been completed, please update the filing materials after the delivery is completed; (2) if all the shares of the issuer have been pledged, please explain whether there is a major ownership dispute among the controlling shareholders, the actual controller, and whether it constitutes a prohibition under Article 8 of the Measures for the Administration of Issuance of Securities and Listing of Overseas Issuers of Domestic Enterprises." 3. Please explain (1) if a domestic operating entity of the issuer has been administratively punished for illegal activities in the areas of market supervision, fire protection, environmental protection, etc., provide details of the rectification situation, and the subsequent measures and effects of strengthening compliance management; (2) if Zhangjiakou Oufuman's self-owned house has not completed planning permits, completion inspections, etc., and faces the risk of administrative punishment, explain whether it constitutes a significant violation and whether it poses a substantial obstacle to this issuance and listing; (3) Beijing Runmeikang is involved in an unresolved lawsuit, explain whether it has a significant adverse impact on the issuer's financial condition and business operations or poses a substantial obstacle to this issuance and listing; (4) provide conclusive opinions on whether the past equity changes of the main domestic operating entity were legal and compliant. 4. Regarding this issuance and listing plan, the upper limit of the issuance quantity in the filing materials and the prospectus should be consistent. If there is inconsistency, please provide a modified filing report or prospectus. If the prospectus involves an increase in the quantity of this issuance and the amount of funds raised, please also update the fundraising plan. The prospectus shows that Ke Li is a comprehensive medical health solution provider originating from South Korea, with its main business located in China and expanding its international business. The company is committed to promoting the upgrade of the pharmaceutical supply chain through digital solutions and advancing innovation and development in the fields of biological health and multifunctional nutrition. During the reporting period, the company mainly engaged in the following business lines: pharmaceutical marketing, promotion and sales business; research, production, and distribution of infant and maternal health products and nutritional supplements. According to Frost & Sullivan data, based on revenue in 2024, the company ranks in the top ten in the China Meheco Group marketing, promotion, and sales markets. Based on revenue in 2024, the company is the largest children's pharmaceutical marketing, promotion, and sales service provider in China, accounting for approximately 15.9% of the market share in China.