New Stock News | Qunhe Technology plans to list on the Hong Kong stock market. The China Securities Regulatory Commission requires additional clarification on the pricing basis for the acquisition of the equity of Hangzhou Qunhe, the domestic operating entity.

On April 18, the China Securities Regulatory Commission (CSRC) announced the "Supplementary Material Requirements for Overseas Issuance and Listing Filings (April 11, 2025 - April 17, 2025)", and the CSRC International Department issued supplementary material requirements for 9 companies. Among them, Qunhe Technology was required to provide supplementary explanations on the foreign exchange registration, overseas investment, foreign investment procedures performed by the company and domestic shareholders in the company's equity structure construction and reverse mergers, as well as the pricing basis, payment methods, payment deadlines and compliance of the acquisition of the equity of Hangzhou Qunhe in 2022, as well as the fairness of the acquisition pricing. It is reported that on February 14, Qunhe Technology submitted its application to the Hong Kong Stock Exchange Main Board, with J.P. Morgan and CIMB International as joint sponsors. The CSRC requested the company to provide explanations for the following matters and requested lawyers to verify and provide clear legal opinions: 1. Please summarize the company and domestic shareholders' compliance with foreign exchange registration, overseas investment, foreign investment procedures in the company's equity structure construction and reverse merger process, and provide a conclusive opinion on whether it complies with the then-effective foreign exchange management, overseas investment, foreign investment, tax management and other regulatory requirements. 2. Please explain the pricing basis, payment methods, payment deadlines and compliance of the company's acquisition of the equity of Hangzhou Qunhe in 2022, and the taxation declaration and payment situation of the relevant transferor in the equity transfer process, whether it complies with the "Regulations on the Acquisition of Domestic Enterprises by Foreign Investors", and provide a conclusive opinion on the compliance of the company and major domestic operating entities' establishment and previous equity changes. 3. Please explain whether the company and domestic operating entities are involved in developing and operating websites, mini programs, apps, WeChat official accounts, etc., whether they provide information content to third parties, the types of information content provided, and information content security measures; at the same time, explain the scale of collected and stored user information, data collection and usage, and arrangements or measures for personal information protection and data security before and after going public. 4. Please explain the names of the business areas in which the company's domestic operating entity engages in value-added telecommunications services that are restricted or prohibited for foreign investment according to the negative list. According to the prospectus, Qunhe Technology is a rapidly growing, disruptive design and visualization cloud platform driven by artificial intelligence (AI) technology and dedicated graphics processing units (GPUs). The company's platform enables businesses of all sizes to create captivating designs and bring them to life with real-time and immersive visual effects. The designs created on the platform can be transformed into producible drawings, enabling automated and accurate production processes. The open architecture of the company's platform enables seamless data interoperability, continuous platform upgrades, and scalability, bringing great potential for widespread application in various vertical industries. The company's business focus is on spatial design and visualization, primarily targeting the spatial design software market. According to Frost & Sullivan data, based on the average monthly active users (MAU) in 2023, the company is the world's largest spatial design platform, and based on revenue in 2023, it is also the largest spatial design industry software provider in China, accounting for approximately 22.2% of the market share.