Mandi Inc. is required to supplement explanations on matters including the compliance of round-trip investment procedures, the basis for controlling shareholder identification, the full disclosure of the trustee controller structure and beneficiaries, data security management, and the compliance of domestic businesses with foreign investment access rules in its overseas listing filing. Lawyers shall conduct penetrating verification on the above matters and issue legal opinions.

Pinecone Wisdom Inc. formally submitted its application for a main board listing on the Hong Kong Stock Exchange on January 2, with Huatai International serving as a joint sponsor for the offering. As a leading shared e-scooter service provider in China, the company had deployed approximately 455,000 shared e-scooters across 422 cities and counties nationwide as of September 30, 2025, with a total registered user base reaching 128.3 million. Based on transaction volume and fleet scale in 2024, the company ranked first in China's peripheral development regions and fourth in the national market.