CHINA’S securities regulator has asked Cainiao, the logistics arm of Alibaba Group, to submit additional information about its shareholders and operational structure as the unit seek to list in Hong Kong.

The China Securities Regulatory Commission (CSRC) also asked Cainiao to describe its business dependency on Alibaba and provide details of spinoff plans by Alibaba’s other businesses, according to a filing dated Nov. 10.

Companies seeking offshore listings are required to submit materials to the CSRC ahead of their overseas share sales under a new filing system the country set up in March this year.

It’s a common practice for the regulator to seek supplementary information from listing hopefuls under this current system.

Cainiao is the first subsidiary to be separated from Alibaba since the Chinese e-commerce giant announced its break-up into six units earlier this year. Its application for a Hong Kong listing was accepted by the CSRC last month.

Regarding shareholder structure, the CSRC asked why Alibaba and shareholder Shen Guojun held Cainiao stakes through several overseas platforms, and also requested details of some previous share transfer deals.

The CSRC also asked Cainiao if beneficiaries of the firm’s stock incentive scheme abided by Chinese forex management rules and other regulations.

Cainiao was also asked if it complies with China’s data security and personal data protection rules.

Regulators also focused on Cainiao’s relationship with Alibaba, asking for information around business dependency, related transactions, and duplication in customers and suppliers.

Cainiao was also asked to explain Alibaba’s logic, principle and arrangements in spinning off assets for listing, and offer details of listing plans by other units.

Cainaio declined to comment and Alibaba did not immediately respond to a request for comment. (SD-Agencies)