IPO News | Xingchen Technology (301536.SZ) Proposes Hong Kong Stock Listing, China Securities Regulatory Commission Requests Additional Explanation on Expected Amount of Capital Raised after the Exercise of Overallotment Rights

Zhitong Finance App learned that on December 12, the China Securities Regulatory Commission announced the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (December 8, 2025 to December 12, 2025)”. The International Department of the China Securities Regulatory Commission announced supplementary material requirements for eight companies. Among them, Xingchen Technology was requested to provide additional information on matters such as the estimated amount of capital raised after the overallocation rights are exercised. According to reports, Xingchen Technology (301536.SZ) submitted the Hong Kong Stock Exchange on September 26, with CICC and CITIC Construction Investment International as co-sponsors.

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

1. Please explain the progress of the registration procedure for changes in registered capital, industry, and commerce after the company's restricted stock ownership was completed in August 2025.

2. Please explain the implementation of overseas investment filing procedures involving the establishment of the Taiwan branch of the company, and issue a concluding opinion on compliance.

3. Please explain whether there are domestic entities prohibited from holding shares by laws and regulations after the upward penetration of shareholders holding 5% or more of the company's shares.

4. Regarding business operations: (1) Please indicate whether the scope of business and actual business development of the company and its subsidiaries involves areas where foreign investment is restricted or prohibited by the “Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)”; (2) The business scope of the company and its subsidiaries includes technology export business. Please explain the development and compliance of technology export business in the last three years, and whether there has been any cross-border transfer of technology.

5. Please indicate the estimated amount of capital raised after the over-allotment rights are exercised.

According to the prospectus, Xingchen Technology is the world's leading wafer-free designer and supplier of visual AI SoCs. Relying on the core framework of “vision+AI” and the core technical advantages of “perception+computation+connection”, the company's visual AI SoC is committed to promoting visual AI technology to empower edge devices in all walks of life. As of June 30, 2025, the company has successfully designed and developed more than 600 SoC products. Cumulative SoC shipments during the record period reached 454 million units.

Xingchen Technology's solutions are widely used in various end side devices, covering the fields of intelligent security, intelligent IoT and intelligent vehicles, and continue to expand into rapidly growing markets, including 3D sensing application scenarios. Relying on the company's market advantage in the field of home service robots, Xingchen Technology has successfully entered the broader intelligent robot market, and has used its expertise in network video recorder SoC to seize development opportunities in the field of end-side AI inference SoC. Furthermore, the company is actively developing emerging fields such as automotive lidar and mobile imaging devices such as AI glasses.