Zhitong Finance App learned that on October 30, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (October 26, 2026 to October 30, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 5 companies. Among them, Baifei Dairy was requested to provide additional explanations on matters such as the specific reasons for the successive changes in the listing sector. According to the Hong Kong Stock Exchange's disclosure on July 22, Guangxi Baifei Dairy Co., Ltd. (abbreviation: Baifei Dairy) submitted a listing application to the main board of the Hong Kong Stock Exchange, and GF Securities is its sole sponsor.
The company is requested to further explain the following matters, and the lawyer will check and issue a clear legal opinion:
1. Regarding the withdrawal of applications and frequent changes in listing routes, please explain the specific reasons, decision-making process and basis for the successive changes in the listing sector, and whether there are any circumstances that have had a significant impact on this issuance and listing.
2. Regarding the controlling shareholder and actual controller, Wu Shouyun and Wu Lianqiao can control 88.39% of the issuer's share voting rights in total. Please explain whether corporate governance and internal controls are sound and effective, and whether checks and balances can be effective to guarantee the voting rights and right of small and medium shareholders to know.
3. Regarding Qiangfei Investment, an employee shareholding platform, most of the limited partners are relatives of the actual controller. Please explain (1) the background of the establishment of the employee shareholding platform, whether it is actually used to motivate employees, and whether there are other arrangements such as brokerage and transfer of benefits. (2) There are cases where former employees participate in equity incentives. Please indicate whether there are any relevant repurchase arrangements and whether there are any disputes in the future.
4. Please explain the basis for the pricing of the previous capital increases and equity transfers, whether the investment was actually paid, whether there were cases of failure to fulfill funding obligations, evasion of capital, and defects in investment methods, and issue clear concluding opinions on whether the successive equity changes were legal and compliant.
According to the prospectus, Baifei Dairy is a buffalo milk products company that strategically focuses on the field of buffalo milk products. It is one of the first companies in China to achieve integrated operation of the entire value chain from upstream breeding and dairy product development to advanced processing and omni-channel sales of buffalo milk products.