Tempu Co., Ltd. has faced seven consecutive inquiries from the Shanghai Stock Exchange, leading to a halt in leveraged buyouts, with funds reportedly “in transit.”

① All acquisition funds rely on self-raised capital, and the acquired equity cannot be pledged afterwards; ② If Zhonghao Xinying’s transaction fails, the financing contingent clauses will be reactivated, involving potential liabilities of 1.642 billion yuan; ③ Zhonghao Xinying has changed the use of funds from the Series B financing to cover the acquisition funding gap; ④ Another acquirer, Hainan Xinfan, is still in the process of capital increase, with funds still on the way.