New Stock News | Sinocelltech Inc. (688520.SH) plans Hong Kong IPO; CSRC requires supplementary explanation on the necessity and rationality of listing in Hong Kong and other matters.

On September 18, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Materials Requirements for Overseas Offering and Listing Filing (September 14, 2026 September 18, 2026)." The International Department of the CSRC issued supplementary materials requirements for a total of 6 companies. Among them, Sinocelltech Inc. (688520.SH) was required to supplement explanations on the specific performance of regulatory procedures such as overseas investment and foreign exchange management involved in the establishment of overseas subsidiaries, and to further explain the necessity and rationality of this Hong Kong listing in light of the use of proceeds, among other matters. According to disclosure by the Hong Kong Stock Exchange on May 22, Beijing Sinocelltech Inc. Biotechnology Group Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with CITIC SEC as the sole sponsor. The CSRC requested Sinocelltech Inc. to supplement explanations on the following matters, and requested lawyers to verify and issue clear legal opinions: 1. Please supplement explanations on the specific performance of regulatory procedures such as overseas investment and foreign exchange management involved in your company's establishment of overseas subsidiaries, and issue conclusive opinions on compliance. 2. Please list item by item the specific amounts and proportions of the proceeds from this offering to be used for domestic and overseas investment projects, and explain the performance of the relevant approval, authorization, or filing procedures. If the relevant procedures are in the process of being performed, please issue a commitment that all proceeds will be repatriated to the domestic territory. 3. Please supplement explanations on the specific circumstances of all pending litigation and arbitration involving your company, whether the relevant circumstances will have a material adverse impact on the company's future operations, whether they will constitute a substantive obstacle to this offering, and whether the relevant circumstances have been fully disclosed. 4. Please further explain the necessity and rationality of this Hong Kong listing in light of the use of proceeds. 5. Please supplement explanations, in light of solvency and other circumstances, on whether circumstances such as equity pledges and loan guarantees of the issuer before and after the completion of this offering may lead to major ownership disputes or lead to a change in the issuer's controlling shareholder. 6. Please supplement explanations on the specific development of your company's property management business. The prospectus shows that Sinocelltech Inc. is an innovative biopharmaceutical company focusing on the research and development, production, and commercialization of therapeutic antibodies, recombinant proteins, and vaccines. Since its establishment in 2002, Sinocelltech Inc. has been committed to independent research and development and has established an end-to-end development platform supporting drug discovery, clinical development, and commercialization. In July 2021, Sinocelltech Inc. launched its first commercialized product, Anjiayin (recombinant human coagulation factor VIII, or "rhFVIII"), transforming it into a biopharmaceutical company with commercial operations. Since its launch, Anjiayin has contributed to improving the domestic supply of rhFVIII products and has ranked first among comparable products in China by sales value since 2023, accounting for approximately 35.5% of the rhFVIII market in 2024. Leveraging its integrated technology platform, Sinocelltech Inc. has established a product pipeline covering oncology, autoimmune diseases, ophthalmology, hemophilia, and vaccines. As of the latest practicable date, Sinocelltech Inc. has five commercialized products, three COVID-19 vaccine products authorized for emergency use, and 13 candidate products in ongoing clinical research stages. All of the company's products and candidate products are independently developed, and it owns the global intellectual property rights to these products. Sinocelltech Inc. has more than 40 research projects selected for and supported by national and municipal research programs.