IPO News | Visual China (000681.SZ) Proposes Hong Kong Stock IPO, China Securities Regulatory Commission Requests Additional Clarification on Recent Developments in Pending Lawsuits

Zhitong Finance App learned that on October 23, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (October 19, 2026 - October 23, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 4 companies. Among them, Vision China (000681.SZ) was requested to provide additional explanations on matters such as the latest developments in the pending lawsuit and whether it involves the field of artificial intelligence such as AI big models. According to the Hong Kong Stock Exchange disclosure on June 14, Vision (China) Culture Development Co., Ltd. submitted a statement to the main board of the Hong Kong Stock Exchange, and Huatai International is its sole sponsor.

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

1. Please explain the latest developments in the company's pending lawsuits, whether the relevant circumstances will have a significant adverse impact on future operations, whether they will pose a material obstacle to this issuance, and whether the relevant pending lawsuits have been fully disclosed.

2. Please explain the implementation of overseas investment, foreign exchange registration and other supervisory procedures involving the establishment of overseas subsidiaries by the company.

3. Please indicate whether the company is involved in artificial intelligence fields such as AI models, and whether it complies with the “Generative Artificial Intelligence Service Management Measures”.

4. Please explain the necessity and rationality of this listing in Hong Kong in line with the direction of capital raised.

According to the prospectus, Vision China is a leading provider of content licensing and customization services in China. The company's services enable customers to efficiently obtain, create, manage and use authorized content in a wide range of application scenarios. The company's development strategy is built around content assets, AI capabilities and application scenarios. According to Frost & Sullivan, based on revenue in 2025, the company ranked first in China and fifth in the world in the visual content licensing service market.

As of December 31, 2025, the company has accumulated more than 700 million content assets in various forms, including images, videos, audio files, and 3D/CG models. The company's content assets usually derive from (i) global content providers, mainly including a global procurement network composed of contracted copyright partners and contributors; and (ii) its own content, which mainly includes Corbis' world-leading image library.