New Stock News | Baifei Dairy Plans Hong Kong IPO; CSRC Requests Supplementary Explanation of Specific Reasons for Each Change in Listing Board, Among Others

On October 30, the China Securities Regulatory Commission (CSRC) issued the "Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (October 26, 2026 October 30, 2026)." The International Department of the CSRC issued supplementary material requirements to a total of 5 companies. Among them, Baifei Dairy was required to supplement explanations on matters including the specific reasons for each change in listing board. According to disclosure by the Hong Kong Stock Exchange on July 22, Guangxi Baifei Dairy Co., Ltd. (referred to as: Baifei Dairy) submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with GF SEC as its sole sponsor. The company is requested to supplement explanations on the following matters, and lawyers are to conduct verification and issue clear legal opinions: 1. Regarding the withdrawal of previous applications and the frequent changes in listing paths, please explain the specific reasons, decision-making process and basis for each change in listing board, and whether there are circumstances that would have a material impact on this issuance and listing. 2. Regarding the controlling shareholder and actual controller, Wu Shouyun and Wu Lianqiao are able to control a combined 88.39% of the voting rights of the issuer's shares. Please explain whether the company's governance and internal controls are sound and effective, whether effective checks and balances can be achieved, and the relevant measures to protect minority shareholders' voting rights, right to know, and other rights. 3. Regarding the employee shareholding platform Qiangfei Investment, whose limited partners are mostly relatives of the actual controller, please explain (1) the background of the establishment of this employee shareholding platform, whether it is genuinely used for employee incentives, and whether there are other arrangements such as nominee holding or tunneling of benefits. (2) There are departed personnel participating in the equity incentive; please explain whether there are relevant repurchase arrangements subsequently and whether there are any disputes. 4. Please explain the pricing basis for each capital increase and equity transfer, whether capital contributions were paid in full, and whether there are circumstances of failure to fulfill capital contribution obligations, withdrawal of capital contributions, or defects in the method of capital contribution, and issue a clear conclusive opinion on whether each equity change is lawful and compliant. The prospectus shows that Baifei Dairy is a buffalo dairy products company strategically focused on the field of buffalo dairy products, and is one of the first companies in China to achieve integrated operation across the entire value chain of buffalo dairy products, from upstream breeding and dairy product development to advanced processing and omnichannel sales.