Buy Quickly BMax Receives Supplementary Material Requirements for Overseas Listing Record-Filing, Focusing on Full Verification of Nominee Shareholding Arrangements and Compliance of AI Businesses

NewTimeSpace News: Recently, Shanghai Buy Quickly BMax Technology Services Group Co., Ltd. received supplementary material requirements issued by regulatory authorities during the record-filing process for its overseas securities offering and listing.

Pursuant to the requirements, the Company shall first issue definitive conclusive opinions on whether share subscription prices for newly added shareholders within the latest 12 months are fair and reasonable and whether any benefit transfer exists; issue definitive conclusive opinions on whether the implementation of employee equity incentives is legal and compliant and whether any benefit transfer exists; explain the impact of special shareholder right arrangements on corporate control and assess whether corporate control will change before and after listing; with regard to historical nominee shareholding, elaborate on its causes, evolution, termination process, legality and compliance, existing or potential disputes, and whether entities prohibited from shareholding under laws and regulations hold the Company’s shares directly or indirectly, and issue definitive conclusive opinions thereon; explain whether private equity funds among the Company’s shareholders have completed filing with the Asset Management Association of China; further specify the basis for identifying the controlling shareholder and actual controller and their basic information in accordance with the Guidelines for the Application of Regulatory Rules — Overseas Securities Offering and Listing Series No. 2.

Second, the Company shall explain whether its business involves artificial intelligence fields such as large AI models, and illustrate compliance with the Measures for the Administration of Generative Artificial Intelligence Services if applicable; explain whether the business scopes and actual operations of the Company and its subsidiaries involve express delivery and internet platform operation, and whether such businesses fall within fields prohibited or restricted for foreign investment specified in the Special Administrative Measures (Negative List) for Foreign Investment Access (2024 Version); explain details of websites, APPs, mini-programs and other products developed and operated by the Company, including the scale of collected and stored user information, data collection and usage practices, whether personal user information is provided to third parties, as well as specific arrangements and measures for personal information protection and data security before and after listing.

Third, the Company shall specify the completion of regulatory procedures including overseas investment and foreign exchange registration for overseas subsidiaries and issue conclusive opinions on compliance; explain specific details of pending litigation, assess whether such litigation may exert material adverse impacts on the Company’s future operations or constitute substantial obstacles to the proposed offering, and confirm whether relevant pending litigation has been fully disclosed. Fourth, the Company shall explain whether shares held by shareholders intending to participate in full-circulation are subject to pledges, freezes or other title defects. Legal counsel shall conduct verification procedures and issue definitive legal opinions on all the above matters.