The listing process of Kechuang Bio has reached the stage of review and inquiry by the Shanghai Stock Exchange.

Shanghai Stock Exchange:

We have received your inquiry letter regarding the application documents for the initial public offering and listing on the Science and Technology Innovation Board of Suzhou Kechuang Biotechnology Co., Ltd. (Shenzheng Keshen (Shenguan) [2021] No. 201, hereinafter referred to as the "Inquiry Letter").

Because Kechuang Biotechnology was established relatively recently and has a simple equity structure, only five institutions hold shares besides Zheng Li.

With a single product type, clear financial data, and the China Securities Regulatory Commission's urgent need for innovative biotech companies to go public to boost morale.

Therefore, the inquiry letter from the Shanghai Stock Exchange was very simple, mainly addressing two questions:

"The application of each patent used for capital contribution in the issuer's products and technologies, the amount of revenue generated, and whether they correspond to the issuer's core technologies; the reasonableness of the valuation price of the patents used for capital contribution and the fairness of the shareholding price."

The patents here mainly concern whether the valuation of the endorphin industrial synthesis route patent and the valuation of the brain-computer interface technology are reasonable.

“Based on Zheng Li’s resume, explain the research and development process and technology source of the patent technologies used for investment, whether they involve the work achievements of Zheng Li’s previous employer, and whether there are any disputes or potential disputes.”

During the listing process of Kechuang Bio, some self-media figures did indeed cite Zheng Li's experience of publishing endorphin-related papers at Jiangcheng University, suggesting that Jiangcheng University also had a share in the patents.

However, this statement did not cause any stir. The fact that the Shanghai Stock Exchange inquired about it here is also giving Kechuang Bio a chance to explain publicly. As long as it goes public, no one can bring this up in the future.