New Stock News | UnionTech Plans Hong Kong IPO, CSRC Requests Supplementary Explanation on Pricing Basis of Previous Capital Increases and Equity Transfers

On September 30, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Offering and Listing Filing (September 20, 2026 September 30, 2026)." The International Department of the CSRC issued supplementary material requirements to a total of 5 companies. Among them, UnionTech was required to supplement explanations on matters such as the pricing basis of previous capital increases and equity transfers. It is reported that UnionTech submitted its listing application to the Main Board of the Hong Kong Stock Exchange on June 26, 2026, with HAITONG INT'L as its sole sponsor. The CSRC requested UnionTech to supplement explanations on the following matters, and requested lawyers to verify and issue clear legal opinions: I. Regarding equity transfers, please explain (1) the pricing basis of previous capital increases and equity transfers, the fairness of certain equity transfers with a consideration of 0 or 1 yuan, and the income tax payment status of the relevant transferors in the above equity transfer links, and issue a clear conclusive opinion on whether there is any tunneling of benefits. (2) Please issue a conclusive opinion on whether the establishment of the company and previous equity changes were legal and compliant, as well as on the company's subject qualification and valid existence. II. Regarding equity incentives, please explain (1) the background and reasonableness of the company granting equity incentives to external consultants, and the basic information of such external consultants (including their employer, professional background, and whether they have any affiliated relationship with the company and its shareholders). (2) The comparison between the subscription price of external consultants and the employee incentive price and external investor subscription price during the same period, the pricing basis and fairness, and issue a clear conclusive opinion on whether it is legal and compliant and whether there is any tunneling of benefits. III. Ma Jinsong and 12 other shareholders signed the "Concerted Action Agreement" in January 2023, holding a total of approximately 18.12%. (1) Please explain the main terms of the concerted action agreement, explain how effective resolutions are formed when parties have differing opinions in the decision-making of major company matters, and also explain whether the company's control may undergo major changes after the concerted action agreement expires. (2) Please explain the specific basis and reasonableness for the company's determination that it has "no controlling shareholder and no actual controller," and also explain whether the company's governance mechanism is sound. IV. Regarding the historical evolution, please explain (1) the background and reasons for Zou Bo's exit from the company. (2) Whether Zou Bo has any pending disputes or potential controversies with the company and other shareholders, including but not limited to company control and intellectual property ownership. Whether there are circumstances that would have a material impact on this offering and listing. (3) Whether Zou Bo engaged in the same or similar business as the company after exiting, and if so, please explain the specific business content and the competitive relationship with the company's business. V. Please supplement explanations on the progress of handling the state-owned shareholder identification and the performance of state-owned asset management procedures. VI. Regarding this offering and listing and "full circulation": (1) Please explain the estimated amount of funds raised after the full exercise of the over-allotment option; (2) Please explain whether the shares held by shareholders intending to participate in the "full circulation" are subject to pledge, freeze, or other rights defects. VII. Please explain the specific circumstances of the company's previous application for A-share listing tutoring and the reasons for termination, whether it plans to continue advancing the A-share listing and the specific arrangements, and whether there are circumstances that would have a material impact on this offering and listing. VIII. Whether the company's business involves AI large models and other artificial intelligence fields, and whether it complies with the "Administrative Measures for Generative Artificial Intelligence Services." The prospectus shows that UnionTech is a leading comprehensive solution provider for industrial-grade 3D printing in China. The company empowers 3D printing with AI and digital technologies, committed to driving the industry from prototype verification to process optimization, and further accelerating toward large-scale customized production of end-use functional parts and products, building high delivery capability across all scenarios of digital manufacturing. The company's business covers the entire industrial-grade 3D printing industry chain, providing self-developed industrial-grade 3D printing equipment integrated with the company's digital software, high-performance printing materials, and digital and intelligent 3D printing services based on a cloud factory model.