New Stock News | Hgtech (000988.SZ) plans to IPO in Hong Kong. The China Securities Regulatory Commission requires supplementary explanations on the compliance of regulatory procedures such as foreign exchange registration for overseas subsidiaries.

On August 14, the China Securities Regulatory Commission (CSRC) released the "Supplementary Material Requirements for the Record-Filing of Overseas Issuance and Listing (August 10, 2026August 14, 2026)." The International Department of the CSRC issued supplementary material requirements for eight enterprises. Among them, Hgtech is required to provide supplementary explanations regarding the actual implementation of overseas investments, foreign exchange registration, and other regulatory matters related to all overseas subsidiaries, and to issue a conclusive opinion on compliance. According to the Hong Kong Stock Exchange's disclosure on April 13, Hgtech (000988.SZ) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC as its sole sponsor. The CSRC has requested that Hgtech further explain the following matters, with legal counsel conducting verification and providing clear legal opinions: 1. The specific implementation of regulations concerning overseas investments and foreign exchange registration for all overseas subsidiaries, along with a conclusive opinion on compliance. 2. Please further explain the necessity and rationality of this listing in Hong Kong in relation to the use of the raised funds. The prospectus shows that Hgtech, established in 1999, is the first listed company in Chinas laser industry. After more than twenty years of development, the company has formed a core business matrix of "optical connectivity, intelligent perception, and intelligent manufacturing," aiming to become a full-stack AI capability provider for "perception, transmission, knowledge, and application." According to Frost & Sullivan, Hgtech is the sixth largest manufacturer of professional optical interconnection products globally. The companys core products, the 800G and 1.6T optical modules, have achieved large-scale mass production and delivery worldwide, and in 2025, it will launch the industrys first 3.2T NPO/CPO solution, 6.4T NPO solution, and 12.8T XPO. In terms of intelligent perception business, the companys PTC heaters for new energy vehicles rank first in the global market, with a domestic market share of 67.2%. In the intelligent manufacturing sector, Hgtech ranks second in the Chinese laser equipment market in 2025, with a market share of 4.4%.