IPO News | Perea (603605.SH) Proposes Hong Kong Stock Listing, China Securities Regulatory Commission Requests Additional Explanations on Foreign Investment Access and Other Matters

The Zhitong Finance App learned that on December 26, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (December 22, 2025 to December 26, 2025)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for 19 companies. Among them, Perea (603605.SH) was requested to provide additional explanations on matters relating to foreign investment access, etc. According to the Hong Kong Stock Exchange's disclosure on October 30, Perilla Cosmetics Co., Ltd. submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC and UBS Group as co-sponsors.

The Securities Regulatory Commission requested Perea to further explain the following matters, and ask lawyers to check and issue clear legal opinions:

1. Please indicate whether the issuer's use of the funds raised this time involves overseas investment, and whether it has completed the relevant approval, approval or filing procedures.

2. Please explain the development and operation of products such as apps, applets, and public accounts by the issuer and subsidiary companies, and whether they involve the collection and use of personal information. If so, please indicate the scale of collected and stored user information and data collection and use.

3. The business scope of the issuer's subsidiary company includes design, production, agency, advertising, etc. Please explain the development of advertising-related businesses and whether the necessary qualifications have been obtained.

4. Regarding foreign investment access: (1) The business scope of the issuer's domestic subsidiaries includes “film production services,” “radio and television program production and management,” “online cultural management,” “film distribution,” “publication retail,” “performance brokerage,” etc. Please explain the relevant business development and compliance, and further comprehensively sort out whether the business scope of all of the issuer's subsidiaries involves the “Culture, Sports and Entertainment Industry” related fields in the “Special Administrative Measures on Foreign Investment Access (Negative List)” (2024 edition); (2) In addition to the above, please further explain the issuer and the issuer All domestic subsidiaries Whether the scope of business and actual business operations involve areas where foreign investment is prohibited or restricted under the “Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)”.

According to the prospectus, Perea is a multi-brand beauty group in China. It is committed to building a world-class cosmetics industry platform to bring consumers around the world a consumer experience combining technology and high quality cosmetics products. The company has established a multi-brand and multi-category cosmetics matrix covering different consumer groups, and has covered the fields of skin care, makeup, personal care, etc.

According to Frost & Sullivan, in terms of retail sales in 2024, the company ranked fifth among the top five groups in the Chinese cosmetics industry, and is the only local cosmetics group in China. In terms of retail sales, the company was the largest local cosmetics group in China for four consecutive years from 2021 to 2024.