IPO News | Yushi Technology plans to list Hong Kong stocks, China Securities Regulatory Commission requires additional clarification on matters such as compliance with the implemented equity incentive plan

The Zhitong Finance App learned that on August 1, the China Securities Regulatory Commission issued the “Supplementary Material Requirements for Overseas Issuance and Listing (July 25, 2025 to July 31, 2025)”. The International Department of the Securities Regulatory Commission issued supplementary material requirements for 9 companies. In the announcement, the Securities Regulatory Commission requested that Yushi Technology provide additional explanations on matters such as compliance with the implemented equity incentive plan and the progress of state-owned assets management procedures such as state-owned shareholders' implementation of state-owned stock labeling. According to the Hong Kong Stock Exchange disclosure on May 28, Yushi Technology (Beijing) Co., Ltd. (“Yushi Technology” for short) submitted a listing application to the main board of the Hong Kong Stock Exchange.

The Securities Regulatory Commission requested Yushi Technology to further explain the following matters, and ask lawyers to check and issue clear legal opinions:

1. Please further explain whether the scope of business of your company and its subsidiaries covers the field of “Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)”.

2. Please ask your company to further explain the specific implementation of overseas investment, foreign exchange registration and other supervisory procedures involving the three overseas subsidiaries, and issue a concluding opinion on compliance.

3. Please ask your company to further explain the progress of state-owned shareholders in implementing state-owned assets management procedures such as the state-owned stock logo.

4. Please request your company to further explain the compliance of the implemented equity incentive plan, including the specific composition and employment status, whether the participants have relationships with the issuer's other shareholders, directors, supervisors, and senior management, as well as price fairness, agreement status, implementation of decision-making procedures, and standardized operation, and issue a clear conclusion on whether it is legal and compliant and whether it transfers benefits.

5. Please ask your company to further explain whether the shares held by shareholders who intend to participate in the “full circulation” have been pledged, frozen, or have other rights defects.

According to the prospectus, Yushi Technology is an innovation-driven leading enterprise in Greater China, focusing on truly unmanned, full-scene L4 autonomous driving technology. The company's core products include providing autonomous driving solutions to enterprise customers such as airports and factories, as well as commercial vehicle and passenger car manufacturers. These solutions include commercial vehicles equipped with L4 autonomous driving functions, autonomous driving kits, software solutions, and leasing services.