New stock news | Yimai Gongpin plans to go public in Hong Kong. The China Securities Regulatory Commission requires further clarification on the compliance of its shareholding structure and reverse mergers, among other issues.

On August 14, the China Securities Regulatory Commission (CSRC) issued the Supplementary Material Requirements for Overseas Issuance and Listing Filing (August 10, 2026 August 14, 2026). The CSRC's International Department provided supplementary material requirements for eight companies. Among them, it specifically requested YESMRO Holdings Limited (referred to as "") to supplement its explanation regarding the compliance of its equity structure and return mergers and acquisitions. According to a disclosure by the Hong Kong Stock Exchange on January 30, YESMRO Holdings Limited submitted a listing application to the main board of the Hong Kong Stock Exchange, with Agricultural Bank of China International acting as its sole sponsor. The CSRC requested YESMRO Holdings Limited to provide supplementary explanations on the following matters, and to have its legal counsel verify and provide clear legal opinions: 1. Compliance of the equity structure and return mergers and acquisitions: Please explain (1) whether domestic natural persons holding more than 5% of shares have completed foreign exchange registration in accordance with the Notice on Issues Concerning Foreign Exchange Administration for Domestic Residents Investing Overseas through Special Purpose Companies and Returning Investments, and whether domestic institutional shareholders have fulfilled the domestic regulatory procedures for foreign investment; (2) when acquiring domestic assets and rights involving the acquisitions of Beijing Huoye, Suzhou Huoye, Shanghai Sheti, and Wuhu Huoke, please explain the transaction price, pricing basis, tax payment, and whether it complies with the Regulations on Foreign Investors Merging Domestic Enterprises; (3) regarding Shanghai Sheti's historical capital reduction, please explain the transaction price, pricing basis, and fairness, the compliance of relevant decision-making procedures, and tax payments, and whether it involves false capital contributions or capital withdrawal, and whether it complies with the Company Law and related tax laws and regulations; (4) a conclusive opinion stating that the equity structure building and return mergers and acquisitions complied with the effective foreign exchange, overseas investment, foreign investment, and tax management regulatory requirements at the time. 2. Regarding new shareholders in the past 12 months: Please explain (1) whether the Repayment and Transfer of Issuer Shares in January 2026 has been verified strictly in accordance with the Supervision Rule Application Guidelines No. 2 for Overseas Issuance and Listing (hereinafter referred to as Supervision Guideline No. 2), and if it involves the issuer repurchasing shares, please specify the reasons for the repurchase, price, and pricing basis; (2) if there is a disparity in the shareholding price of new shareholders in the last 12 months, the reasons should be explained, and a conclusive opinion should be provided regarding whether the shareholding price is fair and reasonable, and if there is any transfer of interests. 3. Regarding the identification of control rights: Please explain the impact of the issuer cancelling the special voting rights arrangement on the identification of control rights. Based on the shareholding proportions of shareholders after the issuance and listing, the composition of the board of directors, and the nomination and dismissal of directors, please indicate whether the basis for identifying control rights is sufficient. If there is a change in control rights before and after listing, please thoroughly explain the situation. 4. Regarding shareholder penetration and shareholding on behalf: Please explain (1) the penetration verification of shareholders holding more than 5%, specifically Shanghai Lingyi, based on Supervision Guideline No. 2; (2) after penetration, there are two natural persons of Chinese nationality involved, please further explain the basic situation of the relevant entities; (3) please clarify if there was any shareholding on behalf in the historical evolution of the issuer. 5. Regarding equity incentives: Please explain (1) whether the issuer's resolution to confirm the equity incentive plan and the granted options in January 2026 was lawful and compliant in terms of procedure, and whether the incentive plan is legally valid; (2) the situation of former employees holding rights in the equity incentive plan, the basic situation of external consultants, their specific responsibilities, ways of participating in operational management, and whether holding incentive shares after departure or expiration of the consulting contract complies with the provisions of the equity incentive plan; (3) provide conclusive opinions regarding the legality and compliance of equity incentives, the fairness of consideration, and whether there are any interests being transferred. 6. Regarding the use of raised funds, the issuer plans to expand its overseas business in Southeast Asian countries or regions such as Thailand and Vietnam. Please clarify whether there are specific overseas fundraising projects involved and whether it is necessary to carry out procedures for overseas investment approval, approval, or filing. 7. Please strictly refer to Article 8 of the Interim Measures for the Administration of Domestic Enterprises Issuing Securities and Listing Overseas to indicate whether there are circumstances that prohibit overseas issuance and listing. 8. Please provide a conclusive opinion on the legality and compliance of the establishment of major domestic operating entities and the history of shareholding changes. The prospectus shows that YESMRO Holdings Limited is a leading provider of digital FA factory automation components in China, possessing strong supply chain integration, research and development, and inventory management capabilities. Through data-driven insights and continuous research and development, the company enables automation equipment manufacturers to procure FA factory automation components with shorter delivery times and higher efficiency.