Baifei Dairy: CSRC Seeks Filing on Listing Path Changes

NewTimeSpace News: On 30 October 2026, the International Department of the CSRC issued supplementary materials requirements for the overseas listing filing of Guangxi Baifei Dairy Co., Ltd. (stock code: 874376), asking its lawyers to verify the matters and issue a clear legal opinion.

The CSRC first asked about the specific reasons, decision-making process and basis for the company's repeated withdrawals of applications and frequent changes of listing path, and whether any matters materially affect the current listing. On corporate governance, it noted that the controlling shareholders and actual controllers Wu Shouyun and Wu Lianqiao together control 88.39% of the voting rights, and required an explanation of whether governance and internal controls are sound, and the measures to protect minority shareholders' rights.

The CSRC also questioned the employee share platform Qiangfei Investment, whose limited partners are mostly relatives of the actual controllers, asking whether it genuinely serves as employee incentives and whether there are nominee holdings or interest transfers, and the buyback arrangements for departed employees. It also required details on the pricing basis of historical capital increases and equity transfers and whether contributions were actually paid.