New Stock News | Huan Chuang Technology Plans to List on the Hong Kong Stock Exchange. China Securities Regulatory Commission Requires Supplementary Explanation on the Reasonableness of the Price at which New Shareholders have invested in the past 12 months.

On November 21, the China Securities Regulatory Commission announced the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing (November 17, 2025 - November 21, 2025)." The International Department of the China Securities Regulatory Commission publicly disclosed the supplementary material requirements for 7 companies, among which it was mentioned that Huan Chuang Technology was required to provide further explanation on the rationality of the new shareholders' investment prices in the past 12 months. According to the Hong Kong Stock Exchange's disclosure on September 29, Shenzhen Huan Chuang Technology Co., Ltd. submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and Guosen (Hong Kong) as the joint sponsors. The China Securities Regulatory Commission requested Huan Chuang Technology to provide explanations on the following matters and requested lawyers to verify and provide clear legal opinions: 1. Please explain the reasonableness of the new shareholders' investment prices in the past 12 months, the reasons for the differences in these investment prices, and whether there is any benefit transfer. 2. Please explain the reasons for the inconsistencies in the filing materials and prospectus regarding the issuance and listing scheme, as required by the "Regulatory Rules Application Guidelines - Overseas Issuance Listing No. 2: Filing Material Content and Format Guidelines." 3. Please provide a conclusive opinion on the fairness of the implementation of the issuer's equity incentive plan and whether there is any benefit transfer. 4. Please explain the involvement of the issuer and its subsidiaries in the advertising business, whether they are actually engaged in advertising business, and the specific operating conditions. 5. Please provide information on the progress of the state-owned assets management of China National Capital, Qingdao State Investment, and Qingdao Microelectronics. 6. Please explain whether there are any pledge, freeze, or other defects in the shares held by the shareholders participating in the "full circulation" in this offering. The prospectus shows that Huan Chuang Technology is a global leading company in high-precision spatial perception solutions, utilizing AI technology to build an intelligent spatial perception system and providing high-precision algorithms and related hardware for intelligent Siasun Robot & Automation. According to data from Zuo Shi Consulting, based on the 2024 revenue, the company is a leading company in the field of sweeping Siasun Robot & Automation spatial perception solutions globally and maintained a leading position in the sweeping Siasun Robot & Automation laser radar product field in terms of revenue and shipment in 2024, with a shipment volume of approximately 8 million units, accounting for over 50% of the market share based on shipment volume. Since its establishment, the cumulative shipment volume has exceeded 25 million units. With this strong momentum, it continued to grow steadily in the first half of 2025, with a total shipment volume of laser radar and line laser sensors exceeding 5 million units and 2 million units respectively.