New Stock News | Guan'an Information Plans Hong Kong IPO; CSRC Requires Supplementary Explanation of the Prices and Pricing Bases of Previous Capital Increases and Equity Transfers

On September 18, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Offering and Listing Filing (September 14, 2026 September 18, 2026)." The International Department of the CSRC issued supplementary material requirements for a total of six companies. Among them, Guan'an Information was required to supplementarily explain the prices and pricing bases of the company's previous capital increases and equity transfers, and whether there was any shareholding on behalf of others in the company's historical evolution. According to disclosure by the Hong Kong Stock Exchange on May 20, Shanghai Guan'an Information Technology Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with ICBC International and Zhongtai International as joint sponsors. The CSRC requested Guan'an Information to supplementarily explain the following matters, and requested lawyers to verify and issue clear legal opinions: 1. Please supplementarily explain: (1) the prices and pricing bases of your company's previous capital increases and equity transfers, whether there are any abnormal share subscription prices, whether there is any tunneling of benefits, whether capital contributions have been paid in full, and whether there are circumstances of failure to perform capital contribution obligations, withdrawal of capital contributions, or defects in the method of capital contribution; (2) whether there is any shareholding on behalf of others in your company's historical evolution; (3) please issue a conclusive opinion on whether your company's establishment and previous equity changes are legal and compliant, as well as your company's subject qualification and valid existence. 2. Please supplementarily explain the pricing basis for the share subscription prices of new shareholders within 12 months before submitting the overseas offering and listing filing application, the reasons for and reasonableness of the difference from the pricing of capital increases during the same period, as well as the income tax payment status of the relevant transferors in the above equity transfer process, and issue a clear conclusive opinion on whether there is any tunneling of benefits. 3. Please supplementarily explain the progress of your company's state-owned shareholders in performing state-owned share identification and other state-owned asset management procedures, as well as the approval or internal decision-making procedures performed for the "full circulation" of shares. 4. Please supplementarily explain the reasons for the close relatives of members of your company's management team subscribing for shares in the employee stock ownership platform, whether there are other external personnel, whether the share subscription by the above personnel is legal and compliant, and whether there is any tunneling of benefits; whether the employee stock ownership platform has reserved shares or shares not yet granted. 5. Please supplementarily explain whether the business scope and actual business of your company and its subsidiaries involve restricted or prohibited fields for foreign investment, the foreign shareholding ratio and specific calculation method after this offering and listing and "full circulation," and whether it continues to comply with foreign investment access requirements. 6. Please supplementarily explain whether the shares held by shareholders participating in the "full circulation" this time are subject to pledge, freeze, or other rights defects. The prospectus shows that Guan'an Information is a professional intelligent information security solution provider in China. According to a Frost & Sullivan report, based on 2025 revenue, Guan'an Information ranked first among professional security providers offering data security platforms in China (market share 9.7%), seventh among professional security providers offering data security in China (market share 3.8%), and thirteenth among professional security providers offering information security in China (market share 1.8%). Guan'an Information is also an early participant in the application of big data analytics and artificial intelligence technologies in China's information security field, with the company focusing on data security, network security, and emerging security fields. Guan'an Information's security solutions can specifically meet the needs of customers in fields such as telecommunications, energy and power, and government and public entities.