Wodetong plans to list on the US stock market, and the China Securities Regulatory Commission requires supplementary information on the company's development and operation of websites, apps, mini-programs, and other products

According to the Zhitong Finance APP, on June 27, the China Securities Regulatory Commission (CSRC) announced the "Supplementary Material Requirements for Overseas Issuance and Listing Filing (June 20, 2025 - June 26, 2025)," in which the CSRC's International Department issued supplementary material requirements for 10 companies. Among them, Wodetong (WODO.US) (from private placement to public offering) was required to provide additional explanations regarding the company's development and operation of websites, apps, mini-programs, etc., the scale of user information collection and storage, data collection and usage, whether there is any provision of information to third parties, and the arrangements or measures for personal information protection and data security before and after the listing.

The CSRC requested Wodetong to supplement the following matters and asked lawyers to verify and provide clear legal opinions:

1. Please explain: (1) List the corresponding relationship between the shareholders of Wuhan Wodetong before this issuance and listing restructuring and the existing shareholders of the issuer; (2) The compliance of the equity structure establishment, including but not limited to the regulatory procedures for foreign exchange management, overseas investment involved in the setup and reverse mergers, and the legal payment of taxes and fees; (3) The specific transaction arrangements between relevant entities under the equity structure, including but not limited to the time, amount, channels, and methods of financial support to domestic entities, as well as arrangements for fund transfers and profit transfers; (4) The reasons and rationality for Wuhan Wodetong's capital reduction in July 2024 and the introduction of new shareholders in August 2024, the decision-making procedures followed, and the payment of taxes and fees; (5) A brief overview of Qianben Holding Limited, the reasons and compliance for its shareholder Jiande Qianben Investment Partnership (Limited Partnership) not obtaining the "Business Registration Certificate."

2. Please explain: Whether the company's domestic operating entity is engaged in domestic express delivery services for mail or involved in other businesses that are prohibited or restricted for foreign investment according to the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)."

3. Please explain: (1) In conjunction with the top five customers and their business types, contracts, and franchise licenses during the reporting period, explain the company's business model; (2) There are instances where the registered capital of the domestic operating entity has not been fully paid; please provide reasons and compliance; (3) The situation regarding the company's development and operation of websites, apps, mini-programs, etc., the scale of user information collection and storage, data collection and usage, whether there is any provision of information to third parties, and the arrangements or measures for personal information protection and data security before and after the listing.

According to the information, Wodetong Supply Chain Technology Co., Ltd.'s holding company World Road Inc (hereinafter referred to as Wodetong) submitted a public version of the prospectus to the SEC for the first time on May 16, applying for a listing on NASDAQ under the code "WODO," but the number of shares to be issued and the price range have not yet been announced.

Founded in 2020, Wodetong is an end-to-end integrated logistics solution provider focused on cross-border logistics and intelligent warehousing, strategically focusing on connecting cross-border freight services between China and global markets, providing comprehensive logistics solutions for customers.

According to the prospectus, Wodetong has established regional hubs in major cities such as Shanghai, Wuhan, and Shenzhen, which play an important role in the company's cross-border logistics business. At the same time, Wodetong has established close cooperative relationships with a wide network of suppliers, including ocean and air port operators, ocean and air carriers, customs brokers, e-commerce platforms, and domestic and international logistics service providers In the past four years, we have established stable cooperation with over 100 clients and suppliers