IPO News | Xiangong Smart's proposed Hong Kong stock IPO, China Securities Regulatory Commission requires explanation of the development and compliance of technology export business in the past three years

The Zhitong Finance App learned that on August 8, the China Securities Regulatory Commission announced the disclosure of supplementary materials for overseas issuance and filing (August 1, 2025 to August 7, 2025). The Securities Regulatory Commission requested Xiangong Intelligence to provide additional information on the company's and subsidiaries' technology export business development and compliance in the last three years. The rationality of the shareholding prices of new shareholders in the last 12 months, the reasons for the differences between these share prices, and issue clear conclusions on whether there are benefits. According to the Hong Kong Stock Exchange's disclosure on May 27, Xiangong Smart submitted a listing application to the Hong Kong Stock Exchange, and CICC is the sole sponsor.

At the same time, the Securities Regulatory Commission requested additional clarification on whether the scope of business of the company and its subsidiaries covers the field of “Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)”. Further explain the compliance of the implemented equity incentive plan, including specific personnel composition and employment status, whether 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 clear concluding opinions on whether it is legal and compliant and whether there is a transfer of benefits. The additional explanation is 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, Xiangong Intelligence is the world's largest intelligent robot company with control systems as the core. Based on the leading technology and market position of robot brain-control systems, it integrates global supply chain resources to provide customers with a one-stop solution for robot development, acquisition, and use. According to Insight Consulting, the company ranked first in global robot controller sales for two consecutive years from 2023 to 2024, and built the world's first large-scale open platform for intelligent robots based on this.