New stock news | Hu Baobao intends to IPO in Hong Kong. China Securities Regulatory Commission requires additional explanation of the equity structure building situation.

On April 11, the China Securities Regulatory Commission (CSRC) issued the "Requirements for Supplementary Materials for Overseas Issuance and Listing Record Filing (April 3, 2025 - April 10, 2025)", and the International Department of CSRC issued supplementary material requirements for 7 companies. The announcement mentioned that Shanghai Dove was required to provide further explanation on the company's equity structure. According to the disclosure by the Hong Kong Stock Exchange on February 18, Shanghai Dove submitted an application to the Main Board of the Hong Kong Stock Exchange, with CICC and DBS as joint sponsors. The CSRC requested the company to provide explanations on the following matters, and instructed lawyers to verify and provide clear legal opinions: Regarding the establishment of the equity structure: (1) the payment of consideration for the transfer of equity of Changhua Limited in 2023, pricing basis, and tax payment situation, as well as the tax payment situation of the shareholder of Shandong Shanghai Dove in 2024; (2) the payment of consideration for the acquisition of equity of Shandong Shanghai Dove by Shanghai Dove, pricing basis, and tax payment situation of the related transferor; (3) in accordance with the "Regulatory Rules Application Guidelines-Overseas Issuance and Listing Type No. 2" (referred to as "Regulatory Guidelines No. 2"), a new shareholder requirement to verify and explain the situation of 6 shareholders including Chuhuiyuanjing, and explain the overseas investments and foreign exchange management procedures of the related shareholders (4) the reasons and specific circumstances for the addition of several natural persons who did not hold shares before the restructuring after the penetration of the overseas holding platform of the company, to be verified and explained according to the new shareholder requirements of the "Regulatory Guidelines No. 2", and to explain the compliance of the domestic natural persons holding company shares indirectly through overseas holding platforms in terms of foreign exchange registration procedures, fund outflows, etc. According to the prospectus, Shanghai Dove is one of the leading domestic oral materials companies in China, providing a diverse product portfolio covering oral clinical products, oral technical products, and oral digital products, suitable for multiple applications in the core dental field. The company's comprehensive product matrix covers all scenarios of oral medical institutions (including oral hospitals and clinics) and technical workshops, effectively meeting the diverse clinical needs of customers including restorative dentistry, implantology, endodontics, orthodontics, and pediatric dentistry. According to Frost & Sullivan data, based on the 2023 sales revenue, Shanghai Dove is the largest manufacturer of dental impression materials in China, and is also one of the largest manufacturers of clinical oral materials in China, with the most CE markings or FDA approvals among domestic manufacturers.