New Stock News | Zhizu IoT Plans Hong Kong IPO, CSRC Requests Supplementary Explanation on the Reasonableness of the Subscription Prices of New Shareholders Added in the Past 12 Months

On September 18, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Offering and Listing Filing (September 14, 2026 September 18, 2026)." The International Department of the CSRC issued supplementary material requirements to a total of 6 companies. Among them, Zhizu IoT was required to supplementarily explain matters such as the reasonableness of the subscription prices of new shareholders added in the past 12 months. It is reported that Zhizu IoT submitted a listing application to the Main Board of the Hong Kong Stock Exchange on May 29, 2026, with Shenwan Hongyuan Group (Hong Kong) as the sole sponsor. The CSRC requested the company to supplementarily explain the following matters, and requested lawyers to verify and issue clear legal opinions: 1. Please explain: (1) the reasonableness of the subscription prices of new shareholders added in the past 12 months, and the reasons for differences in subscription prices among different shareholders; (2) issue a clear conclusive opinion on whether the subscription prices of new shareholders added in the past 12 months are fair and reasonable and whether there is any tunneling of benefits. 2. Please explain whether there are affiliated relationships among shareholders holding less than 5%, and if so, whether the shareholding ratios should be calculated on a consolidated basis, and those exceeding 5% should be subject to look-through verification as shareholders holding 5% or more. 3. Please explain the complete and specific content of the special shareholder rights arrangements, the specific circumstances of the termination clauses and the decision-making procedures performed, whether all shareholders have reached a consensus, whether there are any disputes, and whether it constitutes a material obstacle to this overseas offering and listing. 4. Please explain: (1) the specific circumstances in which the company and its subsidiaries have business and scope of operations including the sale of new energy vehicle battery swap facilities, value-added telecommunications services, industrial internet data services, etc. Please supplementarily explain whether the relevant businesses are actually carried out and the specific operating conditions, and whether the necessary qualifications and permits have been obtained; (2) please conduct a one-by-one verification in accordance with the "Regulatory Rules for Application Guidelines Overseas Offering and Listing No. 2" as to whether the business and scope of operations of the company's subsidiaries and branches involve restricted or prohibited fields for foreign investment, and request lawyers to issue a clear conclusive opinion; (3) the company and its subsidiaries have "technology import and export" in their scope of operations. Please explain the relevant business development, whether the main business involves dual-use items and technologies prohibited from export or restricted from export, the specific circumstances of the company's outbound licensing and transfer of intellectual property, and the establishment and implementation of the company's internal export control compliance management system. 5. Please supplementarily explain the specific performance of regulatory procedures such as overseas investment and foreign exchange management involved in the company's overseas subsidiaries, and issue a conclusive opinion on compliance. 6. Please explain the specific project circumstances of using the proceeds to establish a localized service network in the Southeast Asian market, and whether it complies with the relevant provisions and basis for overseas investment. Also explain the performance of the relevant approval, authorization, or filing procedures. If the relevant procedures are in the process of being performed, please issue a commitment that all proceeds will be repatriated to the domestic territory. 7. Please explain whether the shares held by shareholders participating in the "Full Circulation" this time are subject to pledge, freeze, or other rights defects. The prospectus shows that Zhizu IoT is a leading battery swap solution provider in China, focusing on providing safe, efficient, convenient, green, and intelligent battery swap solutions for light electric vehicle riders. According to Frost & Sullivan, based on 2025 revenue, Zhizu IoT is the fourth-largest battery swap solution provider in China's light electric vehicle battery swap industry, with a market share of 5.8%.