New Stock News | Yonyou plans to list on the Hong Kong Stock Exchange, and the China Securities Regulatory Commission requires supplementary explanation of the expected fundraising amount after fully exercising the over-allotment option

Zhitong
2025.10.24 13:31
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Yonyou plans to go public on the Hong Kong stock market, but the China Securities Regulatory Commission requires it to provide additional information on the expected amount of funds raised after fully exercising the over-allotment option. The regulatory body has issued supplementary material requests to 11 companies, covering various aspects such as the pledge of shares by major shareholders, value-added telecommunications services, and the business scope of subsidiaries. Yonyou submitted its listing application to the Hong Kong Stock Exchange on June 27, 2025, with CMB International and CITIC Securities as joint sponsors

According to the Zhitong Finance APP, on October 18, the China Securities Regulatory Commission (CSRC) announced the "Supplementary Material Requirements for Overseas Issuance and Listing Filing (October 20, 2025 - October 24, 2025)." The International Department of the CSRC issued supplementary material requirements for 11 companies, among which Yonyou was required to provide additional explanations regarding the expected amount of funds raised after fully exercising the over-allotment option, among other matters. It is reported that Yonyou submitted its listing application to the Hong Kong Stock Exchange Main Board on June 27, 2025, with CMB International and CITIC Securities as joint sponsors.

The CSRC requested Yonyou to supplement the following matters and asked lawyers to verify and provide clear legal opinions:

  1. Please explain, in conjunction with the actual controlling shareholder's debt repayment ability and other circumstances, whether the pledge of shares held by the company's controlling shareholder and actual controller before and after the completion of this issuance may lead to a change in the company's control, and whether it may result in the company being subject to the prohibitive circumstances for overseas issuance and listing as stipulated in Article 8 of the "Administrative Measures for the Overseas Issuance of Securities and Listing by Domestic Enterprises (Trial)."

  2. Regarding business operations: (1) Please specify the specific content of the value-added telecommunications business engaged in by the company and its subsidiaries, the upper limit of foreign investment shareholding ratio, and the specific basis for continuously complying with foreign investment access policies before and after this issuance and listing; (2) Please clarify whether the subsidiary Xiamen Yonyou Tobacco is involved in the "wholesale and retail of tobacco leaves, cigarettes, re-dried tobacco leaves, and other tobacco products," and whether it has obtained the necessary qualifications and licenses; (3) Please explain the specific situation regarding the company's and its subsidiaries' business scope that includes "advertising production, publishing, design, and agency," whether relevant businesses are actually conducted and the specific operational situation, and whether necessary qualifications and licenses have been obtained.

  3. Please strictly compare with the provisions of Article 8 of the "Administrative Measures for the Overseas Issuance of Securities and Listing by Domestic Enterprises (Trial)" to explain whether the company and its domestic subsidiaries are subject to prohibitive circumstances for overseas issuance and listing.

  4. Please supplement the business situation and standardized operation situation of the company and its domestic subsidiaries in the legal opinion according to the "Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Class No. 2," as currently only the main subsidiary situation has been verified.

  5. Please explain the expected amount of funds raised after fully exercising the over-allotment option.

The prospectus shows that Yonyou is a global leading provider of enterprise software and intelligent services, dedicated to the research and innovation, sales, and services of enterprise digital intelligence software and intelligent services based on core technologies such as AI, big data, and cloud computing. According to Frost & Sullivan, based on 2024 revenue, the company is the largest market participant in China's enterprise software and services market. The company's strategic focus is to lead industry innovation by developing AI intelligent agent clusters tailored for enterprise applications.

Yonyou BIP is the core platform of the company's cloud services, designed to provide comprehensive tools, capabilities, and resource support for enterprise digital transformation and intelligent operations. With the strong technical foundation and modular delivery capabilities of Yonyou BIP, the company has launched the Yonyou BIP product series, including YonBIP for large enterprises and YonSuite for medium-sized enterprises. Yonyou BIP effectively addresses long-standing pain points in traditional enterprise software, such as application silos, data fragmentation, and disconnection of AI capabilities, precisely matching the advanced needs of enterprise digital transformation

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