IPO News | Dana Technologies Plans Hong Kong Stock IPO, China Securities Regulatory Commission Requests Additional Explanation on Pricing Basis for Successive Capital Increases and Equity Transfers

Zhitong Finance App learned that on August 28, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (August 24, 2026 to August 28, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 5 companies. Among them, Dana Technology was requested to further explain the price and pricing basis of the previous capital increases and equity transfers, and whether there were any circumstances such as abnormal share prices or transfer of benefits. According to the Hong Kong Stock Exchange's disclosure on April 28, Beijing Dana Experimental Technology Co., Ltd. (Dana Technology for short) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CMB International and Guojin Securities (Hong Kong) were co-sponsors.

The China Securities Regulatory Commission requested Dana Technology to further explain the following matters, ask lawyers to check and issue clear legal opinions:

1. Please provide additional explanation: (1) The company's successive capital increases and equity transfer prices and pricing grounds; whether there is an abnormal share price; whether there are any transfers of benefits; whether there is actual payment of capital; whether there are situations of failure to fulfill investment obligations, evasion of contributions, and defects in funding methods; (2) whether there is share escrow in the company's historical history; (3) Please issue a concluding opinion on whether the establishment of the company and the successive share changes are legal and compliant, and the status and effective survival of your company.

2. Please further explain the pricing basis for the share price of new shareholders within 12 months before submitting the overseas issuance and listing filing application, the reasons and rationality of the difference in capital increase pricing with the same period, and the transferor's income tax payment status in connection with the above equity transfer process, and issue a clear conclusion on whether there is a transfer of benefits.

3. Please further explain the fairness of the price of the company's employee shareholding plan, the standardized operation situation, whether there are disputes or potential disputes, whether there are transfers of benefits, whether there are reserved shares or ungranted shares, and issue clear conclusions on the legal compliance of the implementation of the employee shareholding plan.

4. Please provide additional information on (1) changes in the main business of Caozhong Company along the history; (2) describe the company's main business and cooperation with universities and research institutes in plain language; (3) basic circumstances such as shareholders and main business of Zhonglu Hangmiao, and the background of the company's acquisition of Zhonglu Hangmiao; (4) whether the business scope and actual business of the company and its subsidiaries involve restricted or prohibited foreign investment areas, and whether the current issuance and “full circulation” have continued to meet foreign investment entry requirements.

5. 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.

According to the prospectus, Dana Technology provides one-stop AI-driven R&D, quality control and quality optimization services for the fields of chemicals, new materials, new energy and life sciences with self-developed multi-modal artificial intelligence technology, industry-related AI model platforms and integrated capabilities.

The company is a leading supplier of smart laboratory full life cycle solutions in China. According to the Frost & Sullivan report, the company ranked second in the smart lab solutions market in China and ranked first among suppliers headquartered in China in terms of 2025 revenue. According to the same source, the company ranked first in China in the field of black light laboratory solutions (the most advanced form of smart laboratories), with a market share of about 34.2% in the same year.