New stock news | DaoYuan Technology plans to list on the Hong Kong Stock Exchange. The China Securities Regulatory Commission requires the company to improve the explanation of the issuance and listing plan, etc.

The China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Registration (March 23, 2026 - March 27, 2026)". The International Department of the China Securities Regulatory Commission issued supplementary material requirements for 11 companies, including a requirement for Dao Yuan Technology to provide further explanation on the reasonableness of the share price for new shareholders in the past 12 months, and to improve the explanation of the issuance and listing plan. It is reported that Dao Yuan Technology submitted an application for listing on the main board of the Hong Kong Stock Exchange on January 1, 2026, with CICC and China Securities Co., Ltd. International serving as its joint sponsors. The China Securities Regulatory Commission requested Dao Yuan Technology to provide clarification on the following matters, and asked lawyers to verify and provide clear legal opinions: 1. Please explain the pricing basis for the share prices of new shareholders in the past 12 months, the reasons for any differences in pricing compared to capital increases during the same period, the reasonableness of the pricing, and the tax payment situation. Please provide a clear conclusion on whether there is any abnormal consideration for the shares, and provide a definitive opinion on whether there is any improper exchange of benefits. 2. In accordance with the "Regulatory Rules Applicable Guidelines - Overseas Issuance and Listing Class No. 2: Guidelines on Content and Format of Filing Materials", please provide a complete explanation of the issuance and listing plan. 3. Please clarify whether the shares held by the shareholders intending to participate in the "full circulation" are subject to pledge, freeze, or other rights defects. The prospectus shows that Dao Yuan Technology focuses on the field of spatial intelligence, empowering intelligent machines to accurately and sensitively perceive, locate, and interact with the physical world. According to Zoku Consulting's data, the company is the world's first enterprise to mass-produce vehicle-grade MEMS-based spatial intelligence solutions for the field of intelligent driving. Based on the number of spatial intelligence solutions installed in 2024, the company is the largest provider of spatial intelligence solutions in the global automotive industry, with a market share of 27.6%.