New Stock News | Beitong Intelligence plans to list on the Hong Kong Stock Exchange. The China Securities Regulatory Commission requires additional explanations on the compliance of the equity architecture.

The China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing (March 3, 2026 - March 13, 2026)". The International Department of the China Securities Regulatory Commission issued supplementary materials requirements for 8 companies, including requirements for Beiting Digital Intelligence to provide additional explanations regarding the compliance of the equity structure construction and reverse mergers. According to the disclosure by the Hong Kong Stock Exchange on December 2, 2025, Beiting Digital Intelligence submitted an application to the main board of the Hong Kong Stock Exchange, with CCB International as its sole sponsor. The China Securities Regulatory Commission requested Beiting Digital Intelligence to provide supplementary explanations on the following matters, and requested lawyers to verify and provide clear legal opinions: 1. Regarding the compliance of the equity structure construction and reverse mergers. Please explain (1) whether shareholders holding more than 5% of the shares have completed the foreign exchange registration as specified in the "Notice on Issues Related to Foreign Residents' Overseas Investment and Financing and Return Investment through Special Purpose Companies" (Document No. 37), and whether domestic institutional shareholders have completed relevant domestic regulatory procedures for outbound investment; (2) For acquisitions involving domestic entities in the red-chip structure construction process, please provide the pre and post-acquisition equity structure and penetration situation of the acquired domestic entity, explain the transaction price, pricing basis, tax payments, and the evaluation value of Beiting Pharmaceuticals Technology in June 2024 and September 2025, whether it complies with the "Regulations on Foreign Investors Acquiring Domestic Enterprises", reasons for the transfer of domestic assets at a lower price than the evaluation value in June 2024, and whether there is a situation of transferring domestic assets to overseas at a low price; (3) Conclusion on whether the equity structure construction and reverse mergers process complies with the then-effective foreign exchange management, overseas investment, foreign investment, tax management, and other regulatory requirements. 2. In accordance with the requirements of the "Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing No. 2: Guidelines for Content and Format of Filing Materials", please provide detailed information on the establishment of the issuer and the domestic operating entity, changes in share capital and shareholders since establishment, including but not limited to capital increases, share transfers, related payment of consideration, whether there are relationships among shareholders, and whether there are situations of entrusted holding of shares or other benefits transfer; Lawyers shall provide verification opinions on the legality and compliance of the establishment of the issuer and the domestic operating entity and the changes in equity ownership. 3. Please explain whether there are any related or concerted actions between your company's shareholders Beijing Vastdata and Pharmeyes Data Holding Limited. 4. Please provide additional explanations on the main contents of the relevant contracts and asset management arrangements involving your company's shareholder Super Trust, including but not limited to the specific manner of the trust, trust management authority, trust or asset management fees, the term and conditions for changes and termination of the contract, trust asset disposal arrangements, the time of contract signing and other special clauses, the time and method of share changes that lead to shareholder rights in the listed company; Please explain the rights and obligations arrangements of all parties involved in the trust based on the specific terms of the trust agreement, and provide specific information about all trust beneficiaries, including but not limited to beneficiaries, benefit shares, and relationships with the settlor. 5. Please explain your company's business operation model in plain language. 6. Please provide detailed information on the specific use of raised funds and the proportion of domestic and overseas use, as well as the relevant approval, examination, or filing procedures for the use of raised funds; If there are projects involving overseas fund raising, please explain the approval, examination, or filing procedures for overseas investment. 7. Please provide updates on the changes in the business scope of your subsidiary Beijing 01 Lightyear. According to the prospectus, Beiting Digital Intelligence is a leading data-empowered company in the Chinese healthcare industry. The company has built an all-element intelligent data platform in the healthcare industry based on Beijing Vastdata Technology assets and industry expertise, using its proven and scalable business model and industry synergies to achieve full-lifecycle coverage of healthcare products and seamless integration of all channels in the pharmaceutical distribution field. According to a Frost & Sullivan report, Beiting Digital Intelligence pioneered the Channel Data Direct Connection (DDI) solution in China Meheco Group and the medical device industry in 2009. The DDI model enables direct, structured, and automated data exchange between production enterprises and numerous distributors and sales terminals, improving data accuracy, enhancing the traceability of complex distribution networks, and supporting more efficient channel supervision and compliance management. According to the Frost & Sullivan report, in 2024, based on revenue, Beiting Digital Intelligence ranked second among third-party channel digital service providers for China Meheco Group and medical device companies.