New Stock News | Tiandihe Xing plans to list on the Hong Kong Stock Exchange. The China Securities Regulatory Commission requires clarification on whether the IPO listing and "full circulation" will continue to meet the requirements for foreign investment access after listing.

On April 17th, the China Securities Regulatory Commission (CSRC) announced the supplementary materials required for overseas issuance and listing filing (April 13, 2026 - April 17, 2026) to be disclosed. The CSRC required Tiandi Hengxing to explain whether the company and its subsidiaries' business scope and actual operations involve restricted or prohibited areas for foreign investment, and whether the issuance and listing this time and after "full circulation" continued to meet the requirements for foreign investment access. The CSRC also requested information on whether the shares held by shareholders participating in the "full circulation" were pledged, frozen, or had other defects. According to the Hong Kong Stock Exchange disclosure on January 30th, Tiandi Hengxing submitted a listing application to the Hong Kong Stock Exchange, with China Securities Co., Ltd. International and Orient International as its joint sponsors. At the same time, the CSRC requested Tiandi Hengxing to further explain the following matters, ask lawyers to verify and issue clear legal opinions: 1. Please provide additional explanations: (1) Whether there have been abnormal entry prices or benefits transfer in the historical capital increases and equity transfers, whether the capital contributions have been paid, whether there are situations of failure to fulfill capital obligations, capital diversion, or defects in the capital contribution method; (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 effective existence; (3) If there has been shareholding by proxies in the company's history, please provide detailed explanations. 2. Please provide additional explanations: (1) The basis for pricing the new shareholders' entry prices in the 12 months before submitting the application for overseas issuance and listing filingand whether it is fair, the tax payment status of the transferor in the equity transfer process, and issue a clear conclusion on the existence of benefits transfer; (2) Shareholder related party relationships and aggregate shareholding percentage. 3. Please provide additional explanations: (1) Whether the company has formulated pre-listing option incentive plans or employee stock ownership plans before the initial public offering filing, if so, please provide detailed explanations; (2) The employee shareholding platforms Tianjin Xingyuan and Tianjin Xinghui both have unallocated shares, please dispose of them. The prospectus shows that Tiandi Hengxing is a well-known Chinese industrial network security and energy digitalization comprehensive solution provider. According to Frost & Sullivan data, the company ranked first in the Chinese industrial network security market in 2024 by market share, with an overall market share of approximately 6.7%, particularly in the energy sector of the Chinese industrial network security market with a market share of approximately 8.4%.