New stock news | Dongxin Marketing plans for a Hong Kong IPO, China Securities Regulatory Commission requires additional information on the specific business operations of the operating entity.

On April 11, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing Publicity (April 3, 2025 - April 10, 2025)", and the CSRC's International Department issued supplementary material requirements for 7 enterprises. The publicity mentioned that Dongxin Marketing is required to provide supplementary explanations on the specific business of the domestic operating entity, as well as the service models or content related to the main source of revenue of its smart marketing solution, and to explain the main compliance measures taken in data security and privacy protection, among other matters. According to the Hong Kong Stock Exchange disclosure on January 15, Dongxin Marketing submitted an application to the Hong Kong Stock Exchange main board, with Haitong International and China CITIC Bank International as its joint sponsors. The CSRC requested the company to provide clarification on the following matters and to have lawyers verify and provide clear legal opinions: 1. Please explain in simple language, considering the main products or business, main clients and suppliers, industry position, comparable companies in the industry, etc., the business model and core competitiveness, the service models or content related to the main source of revenue of its smart marketing solutions, the specific meaning of being an AI marketing company, the methods of data collection, whether it involves collecting and using personal information, and specific compliance measures taken in data security and privacy protection. 2. Please further explain: (1) the compliance-related conclusion on offshore architecture construction and onshore investment registration, overseas investment, foreign investment, tax-related regulatory procedures; (2) the pricing basis, payment methods, payment terms, compliance, and fairness of the acquisition pricing for obtaining the equity of Shenzhen Dongxin Times in 2021 through capital increase and equity transfer, as well as the tax declaration and payment situation of the transferor in the equity transfer process, whether it complies with the "Provisions on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors"; (3) the reasons for not having Dongxin Xin hold all the equity of Shenzhen Dongxin Times during the stock structure construction process, but instead having Dongxin Xin and Dongxin Hong Kong each hold 98.5% and 1.5% of the equity of Shenzhen Dongxin Times respectively; (4) the compliance-related conclusion on the establishment of the company and major domestic operating entities, as well as the conclusion on historical equity changes. 3. Please list and explain the specific business of the domestic operating entity of the company, the specific division of labor in the company's overall business layout, and explain whether the relevant entity business operations have obtained the necessary qualifications and licenses, and whether they involve any foreign investment prohibition or restrictions. 4. The filing report shows that GIMC HK, which holds 11.97% of your company's shares, is preparing to apply for a state-owned share identification. Please provide specific progress on the application process. The prospectus shows that Dongxin Marketing is an AI marketing company driven by AI, big models, and big data technologies. Since its establishment in 2004, the company has been committed to leading the research, innovation, and application of marketing technology and full-stack AI marketing products, reaching the trillion-level business scenes of smart marketing and smart commerce. The company provides a full range of smart marketing and smart commerce solutions, using AI marketing technology to create commercial value for customers in various industries, maximizing marketing effectiveness and efficiency. According to Frost & Sullivan data, based on 2023 revenues, the company is China's largest AI marketing company with a market share of 5.0%, and is the fastest-growing participant among the top five AI marketing companies in China, with revenue growth of 38.9% from 2022 to 2023.