On April 12, the China Securities Regulatory Commission issued a notice on the requirements for filing supplementary materials for overseas issuance and listing (March 29, 2024 to April 11, 2024).
The Zhitong Finance App learned that on April 12, the China Securities Regulatory Commission issued a notice requesting supplementary materials for overseas issuance and listing (March 29, 2024 to April 11, 2024). Among them, the announcement mentioned requesting Fuxing Group (FFFZ.US) to provide additional explanations on the shareholding structure and share changes, the holding company situation, and the current listing plan.
According to reports, the company submitted an initial public offering (IPO) application to the US Securities and Exchange Commission (SEC) on April 2, with the stock code “FFFZ”. The company plans to raise $9 million by issuing 2 million shares at a price of $4.00 to $4.50 per share. Based on the median value of the proposed issue price range, the market value of Fuxing Group will reach 82 million US dollars. The company's shares are currently listed on the Singapore Exchange.
Specifically, the China Securities Regulatory Commission announced that Fuxing Group was requested to provide additional explanations on the following matters, and that lawyers were requested to conduct inspections and issue clear legal opinions:
1. Regarding the shareholding structure and changes in equity, please explain: the issuer's acquisition of the shares of domestic operating entities through Baocui Group, the relevant share transfer taxes and fees are paid in accordance with law; and the beneficial owners of major domestic operating entities.
2. Regarding the holding company situation, please explain the main domestic operating entities and the standard basis for determining the main domestic operating entities; if so, please indicate the specific circumstances of such business, including but not limited to revenue, balance and liability size, projects already started and pending and related development funding, as well as future development plans for such businesses, and their share in the company.
3. Regarding the listing plan, please explain the number of shares issued, the ratio of total share capital after issuance, the estimated amount of capital raised, and the list shows the changes in the equity structure before and after the issuance.
4. Please provide additional information on the types of audit opinions of accounting firms.
According to the company's website, Fuxing Group is a modern large-scale comprehensive enterprise group mainly in the zipper industry, involved in bleaching, hardware electroplating, and yarn dyeing and weaving. The Group is headquartered in Jinjiang, China.