New Stock News | Brilliance Technology Plans Hong Kong IPO CSRC Requires Explanation of Historical Equity and Pricing Basis for Each Capital Increase and Equity Transfer

On June 12, the China Securities Regulatory Commission announced the supplementary materials requirements for overseas issuance and listing filing (June 8, 2026 - June 12, 2026). The Commission required Beray Intelligent to explain the pricing basis and reasons for each increase in capital and equity transfer, whether there are any abnormal stock entry prices, whether there is any benefit transfer, whether the capital has been paid up, whether there are any failures to fulfill capital obligations or capital diversion, and whether there are any defects in the capital contribution method; provide conclusive opinions on the legality and compliance of company establishment and various equity changes, as well as the qualifications and effective existence of the main entities. According to the disclosure by HKEX on January 29, Beray Technology submitted its listing application to the main board of HKEX, with CITIC SEC and China Securities Co., Ltd. International as its joint sponsors. At the same time, the Commission required Beray Technology to provide supplementary explanations on the following matters, have lawyers verify and provide clear legal opinions: Supplemental explanations on the pricing basis for the entry price of new shareholders within 12 months before applying for overseas issuance and listing filing, and whether it is fair, the tax payment situation of the transferor in the equity transfer process, and provide a clear conclusion on whether there is any benefit transfer. Supplemental explanations on (1) whether the participants in the company's employee stock incentive plan are company employees, the specific composition of personnel and their positions, and whether there are any disputes or potential disputes; (2) whether the reserved shares on the employee holding platform have been fully assigned, please explain the recipients, exercise prices, decision-making procedures, whether there is any benefit transfer, and provide verification basis. Supplemental explanations on whether the business scope and actual operations of the company and its subsidiaries involve restrictions or prohibitions in the area of foreign investment, whether the issuance and listing this time and the subsequent "full circulation" continue to adhere to foreign investment admission requirements. Supplemental explanations on whether the shares held by the shareholders intending to participate in the "full circulation" this time have any pledges, freezes, or other defects. The prospectus shows that Beray Technology is committed to becoming a global leader in zero-carbon unmanned mining solutions, and is also the first company in the world to deploy a fleet of pure electric autonomous mining trucks in mining areas. According to data from Intellisight Consulting, in 2024, based on shipment volume and revenue, the company is the largest provider of pure electric autonomous mining trucks in the world and the second-largest provider of autonomous mining truck solutions in China.