IPO News | Linka Technology's proposed Hong Kong stock IPO, China Securities Regulatory Commission requires clarification on whether the operation involves embedded advertising business, etc.
The Zhitong Finance App learned that on September 11, the China Securities Regulatory Commission issued the “Notice on Requirements for Supplementary Material Filing for Overseas Issuance and Listing (September 7, 2026 to September 11, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 9 companies. Among them, Linka Technology is required to explain that its business scope and that of its subsidiary companies include advertising design, agency, production and distribution, and whether it involves embedded advertising business, etc. According to the Hong Kong Stock Exchange's disclosure on June 25, Lynka Technology submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC and SPDB International as co-sponsors.
The China Securities Regulatory Commission requested Lingka Technology to provide additional explanations on the following matters, and requested lawyers to conduct inspections and issue clear legal opinions:
1. Regarding changes in equity, please provide additional explanations: (1) the rationality of the share price of additional shareholders within 12 months before submitting the overseas issuance and listing filing application, the reason for the difference between these share prices, and whether there are abnormal share consideration situations; (2) whether there are any proxy holding situations in historical history. If so, please check the relevant requirements of the “Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Class No. 2” share brokerage requirements.
2. Regarding business operations, please explain (1) the business scope of your company and its subsidiaries includes advertising design, agency, production and publishing; please explain the specific operation situation and whether it involves embedded advertising business. If so, please further explain the revenue size, share and customer situation during the reporting period; (2) The business scope of your company and its subsidiaries includes market research, e-commerce, social and economic consulting services, and organization of cultural and artistic exchange activities. Please explain the relevant business development situation and the necessity of including it in the scope of business.
3. In accordance with the requirements of the “Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Category No. 2: Guidelines on the Content and Format of Filing Materials”, please include additional explanations in the filing report: (1) the number of shares issued and the proportion of total share capital after issuance; (2) the specific use of funds raised and the proportion of domestic and foreign uses involved investment in overseas investment projects, and whether the necessary approval/approval/filing procedures have been carried out by the competent authorities.
4. Please provide additional information on whether the shares held by shareholders who intend to participate in the “full circulation” have been pledged, frozen, or have other rights defects.
5. Please further explain: the basic content of your company's options incentive plan, the basic situation of the incentive target, the principles for determining the grant and exercise price, whether to set up reserved rights, whether there are any circumstances in which benefits are transferred, and issue a concluding opinion on compliance.
According to the prospectus, Lynka Technology is China's leading flexible employment platform, providing solutions to enterprises in various industries such as restaurants, retail, tea and coffee, and hotels. According to Insight Consulting, in terms of revenue in 2025, the company is the largest flexible employment platform in China, with a market share of 17.2%. The company operates the “Smart Job Check In” one-stop flexible employment solution and the “Youth League Club” recruitment platform. As of December 31, 2025, the Youth League has nearly 2 million registered enterprise customers and nearly 57 million registered users, and the company has served about 440,000 flexible workers.
On the financial side, from 2023 to 2025, the company's revenue was approximately 463 million yuan, 1.01 billion yuan, and 2,435 billion yuan respectively; profits were approximately -110 million yuan, -208.76 million yuan, and -269 million yuan, respectively.