News on New Stocks | Dyna Technology Plans Hong Kong IPO; China Securities Regulatory Commission Requires Supplementary Explanation on Pricing Basis for Past Capital Increases and Equity Transfers

On August 28, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Issuance and Listing Filing (August 24, 2026 - August 28, 2026)." The International Department of the CSRC has issued supplementary material requirements for five enterprises. Among them, Dinah Technology is required to provide additional explanations regarding the prices and pricing bases of previous capital increases and equity transfers, and whether there are any anomalies in the shareholding price, transfer of benefits, etc. According to the Hong Kong Stock Exchange's disclosure on April 28, Beijing Dinah Laboratory Technology Co., Ltd. (abbreviated as: Dinah Technology) submitted a listing application to the main board of the Hong Kong Stock Exchange, with China Merchants Securities and Sinolink (Hong Kong) as its joint sponsors. The CSRC asked Dinah Technology to supplement the following matters, and requested the lawyer to verify and provide clear legal opinions: 1. Please supplement the explanation: (1) the companys previous capital increases and equity transfer prices and pricing bases, whether there are any anomalies in shareholding prices, whether there is any transfer of benefits, whether the capital is fully paid, and whether there are any cases of failing to fulfill capital obligations, withdrawing capital, or defects in the method of contribution; (2) whether there has been any shareholding on behalf of others in the company's historical evolution; (3) please provide a conclusive opinion on the legality and compliance of the companys establishment and historical equity changes, as well as its corporate qualifications and valid existence. 2. Please supplement the explanation regarding the pricing basis for new shareholders investment within 12 months prior to the submission of the overseas issuance and listing filing application, the reasons for discrepancies in pricing with concurrent capital increases and their reasonableness, and the income tax payment situation related to the transferors in the aforementioned equity transfer process, along with a clear conclusive opinion on whether there is any transfer of benefits. 3. Please supplement the explanation regarding the fairness of the pricing of the employee stock ownership plan, its compliance with regulations, whether there are any disputes or potential disputes, whether there is any transfer of benefits, whether there are reserved or unawarded shares, and provide a clear conclusive opinion on the legality and compliance of the implementation of the employee stock ownership plan. 4. Please supplement the explanation regarding (1) changes in the company's main business over its historical development; (2) a clear and understandable description of the companys main business and its cooperation with universities and research institutions; (3) basic information about Zhonglu Hangmiaos shareholders, main business, and the background of the acquisition of Zhonglu Hangmiao; (4) whether the operating scope and actual businesses of the company and its subsidiaries involve fields that restrict or prohibit foreign investment, and whether this issuance and listing, along with the "full circulation," will continue to meet the requirements for foreign investment access. 5. Please supplement the explanation regarding whether the shares held by shareholders intending to participate in the "full circulation" are subject to pledges, freezes, or other rights defects. According to the prospectus, Dinah Technology provides AI-driven R&D, quality control, and quality optimization one-stop services in fields such as chemical engineering, new materials, new energy, and life sciences, leveraging its self-developed multimodal embodied intelligent technology, industry-specific AI model platform, and integrated capabilities. The company is a leading provider of smart laboratory full lifecycle solutions in China. According to a Frost & Sullivan report, based on projected revenue for 2025, the company ranks second in the smart laboratory solution market in China and is the number one supplier headquartered in China. Based on the same source, the company ranks first in the field of dark lab solutions in China (the most advanced form of smart laboratories), with a market share of approximately 34.2% in the same year.