New Stock News | Leebon Pharmaceuticals Plans Hong Kong IPO, China Securities Regulatory Commission Requires Explanation of Whether Plans to Continue A-Share Listing and Specific Arrangements

On January 19, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing registration disclosure (January 12, 2026 - January 16, 2026). The CSRC requested Liebon Medicine to explain in detail the previous listing on the Jiangsu Equity Exchange Center and the reasons for the termination of the listing, whether there are plans to continue advancing the A-share listing and specific arrangements, and whether there are any circumstances that would have a significant impact on the current issuance and listing. According to the disclosure by the Hong Kong Stock Exchange on October 31, 2025, Liebon Medicine submitted its listing application to the HKEx, with Jefferies, BofA Securities, and HTSC serving as joint sponsors. At the same time, the CSRC requested Liebon Medicine to provide supplementary explanations on the following matters, to be verified by lawyers and to issue clear legal opinions: - In accordance with the "Regulatory Rules Application Guide - Overseas Issuance and Listing Class 2: Filing Material Content and Format Guidelines," and based on the requirements for controlling shareholders and actual controllers, supplementary explanations are required regarding the company's largest shareholder and shareholders with significant influence on the company. - Regarding prohibitions on overseas listings: (1) In accordance with the requirements for controlling shareholders and actual controllers, supplementary explanations are required on whether the company's largest shareholder and shareholders with significant influence on the company are subject to the prohibitive circumstances stipulated in Article 8 of the Measures for the Administration of the Issuance of Securities and Listing by Domestic Enterprises Overseas; (2) Supplementary explanations are required on whether the company and all its subsidiaries are subject to prohibitive circumstances for overseas issuance and listing, and lawyers are required to issue clear conclusions. - Regarding the equity structure, supplementary explanations are required on: (1) the pricing basis and reasons for previous capital increases and equity transfers, whether there are abnormal situations in the equity consideration, whether the capital contribution has been paid, whether there are any benefits transfers, and a conclusive opinion on the legality and compliance of the company's establishment and previous equity changes; (2) the reasons for and the consideration payment situations in each capital reduction during the equity structure adjustment process, whether there is involvement in false capital contributions or capital embezzlement, and the decision-making procedures, compliance with tax obligations, and compliance with the Company Law and related tax laws and regulations; (3) the consideration for the company's share buybacks, pricing basis, and tax payments by the repurchased parties; (4) the consideration, pricing basis, payment methods, payment terms, fairness of pricing, and tax reporting obligations of the transferor in the process of acquiring domestic operating entities, compliance with the regulations on foreign investors' acquisition of domestic enterprises. - Supplemental explanations are required on the reasons and specific situations for the discontinuation of penetration by overseas companies and funds among the upper-level investors of the company's major shareholders, as well as whether there are any domestic entities or entities prohibited by laws and regulations from holding shares. Supplementary explanations are required on whether the shares held by the shareholders participating in the "full circulation" in this round are subject to pledges, freezes, or other defects. - The company's employee stock ownership plan includes a small number of external individuals. In accordance with the requirements for equity structure and control architecture verification in the "Regulatory Rules Application Guide - Overseas Issuance and Listing Class 2," supplementary explanations are required on the reasons for granting prices lower than those of the issuer's employees to relevant individuals and the reasonableness, and clear conclusions are required on whether there are any benefits transfers and whether the stock incentive plan is legal and compliant. - The prospectus shows that Liebon Medicine is a global leading biopharmaceutical company focusing on the field of kidney diseases. According to the data from Ziocy Consulting, the company has the most comprehensive innovative product portfolio for kidney diseases, with the widest range of indications. The CKD market is huge, valued at billions of dollars, with enormous growth potential. Liebon Medicine has built a vertically integrated platform covering research and development, production, and commercialization.