China Resources Drinks, the largest brand of purified drinking water in China, submitted a prospectus on the Hong Kong Stock Exchange on April 22, 2024 to be listed in Hong Kong. On April 29, the China Securities Regulatory Commission received its listing filing application. This week, the China Securities Regulatory Commission's International Department issued supplementary material requirements for China Resources Drinks:
Huarun Drinks
Please ask your company to provide additional instructions on the following matters, and ask a lawyer to check and issue
A clear legal opinion:
1. Regarding the shareholding structure and changes in equity,
(1) Concluding opinions on compliance with regulatory procedures such as overseas investment, foreign investment, tax administration, and state-owned assets management related to equity structure construction and return mergers and acquisitions, and compliance with foreign investment information reporting obligations;
(2) Kirin Drinks Co., Ltd. transfers the issuer's shares to Plateau Consumer Limited, and the pricing basis and tax payment status of the related share transfers;
(3) Hong Kong China Resources uses shares of China Resources Yibao and other subsidiaries to increase the capital of China Resources Investment, and the payment of taxes and fees related to share transfers;
(4) The pricing basis and tax payment status of China Resources Investment's acquisition of Wuhan Huaxinda in January 2024, related equity transfers;
(5) The basis for determining the issuer's actual controller.
2. Regarding the situation of major domestic operating entities, please provide opinions on the legal compliance established by Biyou Choice, Yixing Huarun Yibao, and Wuhan Huaxinda.
3. Regarding the management of state-owned assets, it is proposed that the issuer explain the state-owned assets supervision procedures and implementation status involved in this offering and listing.
4. Regarding the distribution of dividends, please explain whether the rationality of distributing dividends before listing when there is a large amount of debt has a significant impact on the company's ability to pay its debts and continue to operate.
Link to China Resources Beverage's prospectus:
