New Stock News | Xingchen Tianhe plans to list on the Hong Kong Stock Exchange, and the China Securities Regulatory Commission requires clarification on the specific details of the business involving large-scale AI models.

On April 3, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing (March 30, 2026 - April 3, 2026). The CSRC requested Xingchen Tianhe to provide a detailed explanation of the company's business related to AI large models, including application scenarios and specific functions. According to the disclosure by the Hong Kong Stock Exchange on January 27, Xingchen Tianhe submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. At the same time, the CSRC requested Xingchen Tianhe to provide clarifications on the following matters, and asked lawyers to verify and provide clear legal opinions: 1. Please provide further explanations on (1) the prices and pricing basis of the company's previous capital increases and equity transfers, whether there are situations of abnormal entry prices, profit transfer, actual capital contributions, failure to fulfill capital contribution obligations, diversion of capital, and flaws in the capital contribution methods; the detailed situations of the company's capital surplus transfer to increase capital for certain shareholders, and whether it is legal and compliant; (2) provide conclusive opinions on the legality and compliance of the company's establishment and historical equity changes, as well as the company's legal status and valid existence. 2. Please explain (1) the situations of the company's controlling shareholders, actual controllers, directors, senior management personnel obtaining permanent residency rights overseas; (2) whether there have been situations of shareholding on behalf of others in the company's historical evolution; (3) please provide additional information on the identification of state-owned shareholders of the company. 3. Please provide further explanations on (1) situations where the company's domestic business involving foreign capital restrictions or prohibitions during the establishment of red-chip structure and agreement control structure; (2) provide conclusive opinions on the legality and compliance of the fulfillment of foreign exchange registration, overseas investment, foreign investment, tax and other regulatory procedures during the establishment and dismantling of red-chip structure and agreement control structure. 4. Please provide further explanations on the background of the company providing approximately 500 million RMB interest-free loans to assist the shareholder Kaitianlu to enter the company, the internal decision-making process, and the subsequent three-party set-off of creditor's rights and debts with investors such as Jicun Xinyuan, whether there are disputes or potential disputes, whether relevant taxes have been paid for the transactions, and whether the transactions are legal and compliant. 5. Please provide further explanations on whether the business scope and actual operations of the company and its subsidiaries involve areas of restricted or prohibited foreign investment, whether they continue to meet foreign investment access requirements after this issuance and "full circulation". Explain whether the shares held by the shareholders participating in the "full circulation" are subject to pledge, freeze or other defects in rights. The prospectus shows that Xingchen Tianhe focuses on providing enterprise-level AI storage solutions to help enterprises efficiently integrate data, decision-making, and operations on a large scale. According to data from Zhaoshi Consulting, based on the installed capacity in 2024, the combined market share of the top five distributed AI storage solution providers in China accounts for 52.3%, while the company accounts for 10.4% of the market share. The company is the second-largest distributed AI storage solution provider in China and the largest independent distributed AI storage solution provider.