IPO News | Smart Rent IoT Proposes Hong Kong Stock IPO China Securities Regulatory Commission Requests Additional Explanation on the Rationality of Investment Prices for New Shareholders in the Last 12 Months

The Zhitong Finance App learned that on September 18, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (September 14, 2026 - September 18, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 6 companies. Among them, the Smart Rental Internet of Things was requested to provide additional explanations on matters such as the rationality of the share price of new shareholders in the last 12 months. According to reports, Smart Rent IoT submitted a listing application to the main board of the Hong Kong Stock Exchange on May 29, 2026, with Shen Wan Hongyuan Hong Kong as the sole sponsor.

The China Securities Regulatory Commission requested the company to provide additional explanations on the following matters, and ask lawyers to check and issue clear legal opinions:

1. Please explain: (1) the rationality of the share price of the new shareholders in the last 12 months, and the reasons for the differences in the share price of the different shareholders; (2) issue a clear conclusion on whether the share price of the new shareholders within the last 12 months is fair and reasonable, and whether there is any benefit transmission.

2. Please indicate whether there is a relationship between shareholders holding less than 5% of the shares. If so, whether the shareholding ratio should be calculated collectively, and those over 5% should be thoroughly checked by 5% or more shareholders.

3. Please explain the full details of the special shareholders' rights arrangement, the details of the termination clause and the decision-making process for implementation, whether all shareholders have reached an agreement, whether there are any disputes, and whether it constitutes a substantial obstacle to the current overseas issuance and listing.

4. Please explain: (1) The business and business scope of the company and its subsidiaries include sales of new energy vehicle power exchange facilities, value-added telecommunication services, industrial Internet data services, etc., please specify whether the relevant business is actually being carried out, and whether the necessary qualifications have been obtained; (2) Please check whether the business and business scope of the company's subsidiaries and branches involves restricting or prohibiting foreign investment in each field of the company and its subsidiaries; (3) The scope of business of the company and its subsidiaries Including “technology import and export”, please explain the relevant business development, whether the main business involves dual-use items and export prohibited export restrictions, specific circumstances such as external licensing and transfer of the company's intellectual property rights, and the establishment and implementation of the company's internal export control compliance management system.

5. Please provide additional information on the specific implementation of overseas investment, foreign exchange management and other regulatory procedures involving the company's overseas subsidiaries, and issue a concluding opinion on compliance.

6. Please explain the specific situation of the project to raise funds to establish a localized service network in the Southeast Asian market and whether it complies with the relevant regulations and basis for overseas investment. Also explain the status of implementation of relevant approval, approval or filing procedures. For example, in the process of implementing the relevant procedures, please issue a commitment to return all funds raised to the country.

7. Please explain 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, Smart Rent IoT is a leading provider of power exchange solutions in China, focusing on providing safe, efficient, convenient, green and intelligent power exchange solutions for light electric vehicle riders. According to Frost & Sullivan, in terms of revenue in 2025, Smart Rent IoT is the fourth largest power exchange solution provider in China's light electric vehicle exchange industry, with a market share of 5.8%.