New Stock News | Fujian Wanchen Food Group (300972.SZ) is planning a Hong Kong IPO. The China Securities Regulatory Commission requires additional information on all pending litigation, arbitration cases, and other matters related to the company.

The China Securities Regulatory Commission (CSRC) issued the "Supplementary Materials Requirements for Overseas Issuance and Listing (June 8, 2026 - June 12, 2026)". The International Department of CSRC issued supplementary material requirements for 12 companies. Among them, Fujian Wanchen Food Group (300972.SZ) was required to provide clarification on whether the equity pledge situation before and after this issuance could lead to changes in the controlling shareholder of the company, as well as all pending litigation matters involving the company. According to the disclosure by the Hong Kong Stock Exchange on March 30, Fujian Wanchen Bio-technology Group Co., Ltd. re-submitted its listing application to the Hong Kong Stock Exchange's main board, with CICC and CMSC International as its joint sponsors. The CSRC requested Fujian Wanchen Food Group to provide clarification on the following matters and to have lawyers verify and provide clear legal opinions: 1. Please provide additional explanation on whether the equity pledge situation of your company before and after this issuance could lead to changes in the controlling shareholder of the company, considering factors such as the ability to repay debts. 2. Please provide additional information on all unresolved litigation, arbitration cases, and administrative penalties incurred during the reporting period, whether such circumstances would have a significant adverse impact on the company's future operations, whether they would constitute substantial obstacles to this issuance, and whether such circumstances have been adequately disclosed. The prospectus shows that Fujian Wanchen Food Group is a large-scale and fast-growing snack and beverage retailer, with a GMV growth rate of 156.4% on average per year from 2023 to 2025. According to the data from Burning Insight Consulting, based on the GMV of snacks and beverages in 2025, the company is the second-largest snack and beverage retailer in China. The national brand of the company, Haixianglai, ranks first in the sales of convenience snack and beverage brands in China, and it was the first convenience snack and beverage retailer to surpass 10,000 national stores in 2024, while the second-largest brand in the industry achieved this milestone in 2025. The company mainly operates the snack and beverage retail business through a franchising model. The company is also engaged in the cultivation and sale of fresh edible mushrooms, supplying consumers across the country. In 2025, 98.8% of the company's revenue came from the sales of snacks and beverages, while 1.2% came from the sales of mushroom products. The company mainly operates convenience snack and beverage retailing, providing a variety of competitive-priced snack and beverage products under multiple brands and categories through a streamlined and cost-effective supply chain. Based on this positioning, the company is committed to providing consumers with a wide range of high-quality and cost-effective products through its scale advantage and efficient supply chain, bringing a pleasant shopping experience.