New Stock News: China Securities Regulatory Commission requires Yuntian Lifei (688343.SH) to provide additional information on business operations scope as it plans to list in Hong Kong.

On October 24, the China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing (October 20, 2025 - October 24, 2025)", with the International Department of the CSRC requesting supplementary materials from 11 companies. In the announcement, the CSRC requested Yun Tian Li Fei (688343.SH) to provide further explanation on the specific business scope of the company and its subsidiaries, whether it continues to meet the requirements of the foreign investment access policy after the issuance and listing, among other things. According to the disclosure by the Hong Kong Stock Exchange on August 25, Shenzhen Yun Tian Li Fei Technology Co., Ltd. (referred to as Yun Tian Li Fei) updated the prospectus to the Hong Kong Stock Exchange, with Huatai International, CITIC SEC, and CICC as the joint sponsors. Please provide the following information for Yun Tian Li Fei to be verified by lawyers and provide clear legal opinions: 1. Regarding Business Operations: (1) Please explain in detail the specific situation of the business scope of your company and its subsidiaries, including "value-added telecom services, electronic publication production, economic information consulting, advertising services, design, production, agency, and publication of advertisements", whether necessary qualifications and licenses have been obtained, whether the business scope and actual operations involve foreign investment restrictions or prohibited areas, whether the foreign ownership ratio complies with the upper limit regulations, and whether it continues to meet the requirements of the foreign investment access policy after the issuance and listing; (2) Please describe the business model and specific details of large-scale models in simple terms, and whether the relevant large-scale models have been filed. 2. Regarding Standard Operations: (1) Please supplement the business and standard operating conditions of your company and domestic subsidiaries in the legal opinion according to the "Regulatory Rules Application Guidelines - Overseas Issuance and Listing Category No. 2", currently only the main subsidiary situation has been reviewed; (2) Please explain whether your company and its subsidiaries are involved in the development and operation of websites, mini-programs, apps, official accounts, etc., and whether they provide information content to third parties, the types of information content provided, and information content security measures; also explain the scale of user information collection and storage, data collection and usage, arrangements or measures for personal information protection and data security before and after listing. 3. Please strictly compare your company with the provisions of Article 8 of the "Interim Measures for Domestic Enterprises' Overseas Issuance of Securities and Listing Management", and explain whether your company and domestic subsidiaries have any prohibitive circumstances for overseas issuance and listing. 4. Regarding this issuance and listing: (1) Please explain the expected amount of funds to be raised after the full exercise of the over-allotment option; (2) Please list the changes in the top ten shareholders and other shareholders' equity structure before and after this issuance, both with and without the full exercise of the over-allotment option. According to the prospectus, Yun Tian Li Fei is a leading artificial intelligence (AI) company in China, focusing on the research, design, and commercialization of AI inference chips. The company integrates a deep understanding of AI algorithms and practical application scenarios into powerful and cost-effective applications that utilize AI inference computing, launching industry-leading NPU-driven AI inference chip products and services for enterprise, consumer, and industry level applications. The company has successfully created a complete loop from AI inference infrastructure construction to product design, development, and commercialization implementation, enabling rapid migration of AI across multiple scenarios. In terms of finances, in the 2022, 2023, 2024 fiscal years, as well as the three months ended March 31, 2025, Yun Tian Li Fei realized revenues of approximately RMB 546 million, RMB 506 million, RMB 917 million, RMB 98.448 million, and RMB 264 million respectively; during the same periods, the annual/periodic losses were approximately RMB 448 million, RMB 384 million, RMB 572 million, RMB 138 million, and RMB 85.801 million respectively.