New Stock News | China Science & Technology News Intends to Conduct Hong Kong IPO, CSRC Requires Explanation of the Reasonableness of the Price of New Shareholders' Entry in the Past 12 Months

On April 17th, the China Securities Regulatory Commission (CSRC) announced the disclosure of supplementary materials for overseas issuance and listing filings (April 13, 2026 April 17, 2026). The CSRC requested Zhongke Wenge to provide explanations on the compliance conclusions of the procedures related to the valuation of state-owned assets and filing for equity changes in the past, and to explain the progress of labeling state-owned shares by state-owned shareholders. Within the past 12 months, the reasonableness of the prices paid by new shareholders, the reasons for differences in these prices, and whether there are any abnormal conditions such as abnormal consideration or benefit transfer in the shareholding process. According to the Hong Kong Stock Exchange disclosure on April 12th, Zhongke Wenge submitted an application for listing to the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. At the same time, the CSRC requested Zhongke Wenge to provide explanations on the following matters and asked lawyers to verify and provide clear legal opinions: Explanation of whether there may be a situation that could affect control rights after the issuance listing when exercising the over-allotment option. Explanation of whether the shares held by the shareholders participating in the "full circulation" in this offering are subject to pledge, freeze, or other defects. Explanation of the specific situation of the company and its subsidiaries' businesses involving internet information services, basic telecommunications services, value-added telecommunications services, network cultural operations, internet cultural activities, literary creation, organization of cultural and artistic exchange activities, radio and television program production, cultural and artistic brokerage and agency, advertising design agency and publishing, graphic design and production, health consulting, etc., whether they are actually carried out and have obtained necessary qualifications and licenses, and whether they continue to comply with foreign investment access policy requirements before and after the listing. Explanation of the reasons, progress, and compliance of the cancellation of the subsidiary company Guizhou Xinhua Numerical Intelligence Technology Co., Ltd., and whether the cancellation has a significant detrimental impact on the company's business. Explanation of whether the company and its subsidiaries are involved in the development and operation of websites, mini-programs, apps, public accounts, etc., whether they provide information content to third parties, the types of information content provided and information content security measures, as well as the scale of collected and stored user information, data collection and use, arrangements or measures for personal information protection and data security before and after listing. The prospectus shows that Zhongke Wenge is a emerging enterprise-level artificial intelligence technology and service provider in China, focusing on complex data analysis and AI-assisted decision-making. According to findings from Zhishi Consulting, enterprise-level large model-driven decision intelligence is currently a small but rapidly growing segment in the Chinese enterprise-level AI industry. By revenue, Zhongke Wenge ranked first among Chinese enterprise-level large model-driven decision intelligence service providers in 2024, with a market share of 11.4%. Additionally, the company ranked seventh in the Chinese enterprise-level large model market in 2024, with a market share of 2.4%, competing mainly with the mainstream AI companies in China in this market.