IPO News | Yifei Smart Proposes Hong Kong Stock IPO, China Securities Regulatory Commission Requests Additional Explanation on Shareholding Changes and Other Matters

The Zhitong Finance App learned that on September 26, the China Securities Regulatory Commission issued the “Supplementary Material Requirements for Overseas Issuance and Listing (September 19, 2025 to September 25, 2025)”. The International Department of the Securities Regulatory Commission issued supplementary material requirements for 5 companies. In the announcement, the Securities Regulatory Commission requested additional explanations on matters such as equity changes and shareholder conditions. According to the Hong Kong Stock Exchange's disclosure on June 30, Zhejiang Yifei Intelligent Technology Co., Ltd. (abbreviation: Yifei Intelligent) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Agricultural Bank International is its sole sponsor.

The China Securities Regulatory Commission requested Yi Fei Intelligence to further explain the following matters, and ask lawyers to check and issue clear legal opinions:

1. Regarding changes in equity. (1) Please explain the basis for the capital increase and equity transfer pricing of your company and its predecessor, Yifei Automation, whether the investment was actually paid, whether there were any situations where the investment obligation was not fulfilled or the funding method was flawed; (2) Please explain the progress of the registration of changes related to the investment situation of the employee shareholding platforms Jinan Ziyu, Jinan Zhiqiu, and Jinan Yunfan.

2. The shareholder situation. (1) Please explain the progress of the foreign exchange registration process related to Chunhua Investment, taking into account the solvency of the actual controller of your company, etc., and explain whether the actual controller's share pledge situation of your company may cause changes in your company's control rights before and after the issuance is completed, and whether it may cause your company to have prohibited situations as stipulated in section 8 of the “Trial Measures on Overseas Issuance of Securities and Listing Management by Domestic Enterprises”; (2) Please explain the specific penetration situation of shareholders holding 5% or more of your company's shares in the past 12 months; (3) Please explain the rationality of the shareholding prices of the new shareholders in the past 12 months. The reason, is there any abnormal shareholding consideration; (4) Please explain the progress of Yuhuan Investment, Vientiane Holdings, and Caoejiang C&D's state-owned shareholder registration process.

3. The business scope of your company's domestic subsidiary Shanghai Yick includes “advertising design, agency, production and publishing”. Please indicate whether it is actually carrying out related business and specific operations.

4. Please ask your company to strictly follow the provisions of Article 8 of the “Trial Measures on the Administration of Overseas Issuance and Listing of Domestic Enterprises” to explain whether your company and domestic subsidiaries are prohibited from issuing and listing overseas, and ask a lawyer to check and issue a clear legal opinion.

5. Regarding the current issuance, listing and “full circulation” plan: (1) Please explain whether the specific plan for the division of your company's shares will affect the number of shares issued; (2) Please explain whether the shares held by shareholders who intend to participate in the “full circulation” have been pledged, frozen, or otherwise flawed in their rights.

According to the prospectus, Yifei Intelligence is a comprehensive industrial robot enterprise focusing on the design, R&D, manufacturing and commercialization of industrial robots, providing comprehensive robot solutions, and deeply involved in the light industry. With self-developed robot bodies, control and vision systems, and manufacturing processes, the company has established a strong full-coverage technology ecosystem to achieve large-scale intelligent decision-making, environmental perception, accurate control and autonomous movement.

According to Frost & Sullivan's report, in terms of 2024 revenue, Yifei Intelligence is the fifth largest domestic company in China among suppliers of industrial robots and related robot solutions focused on the light industry. According to the same source, the company is also one of the few robot companies in China with comprehensive coverage of large-scale industrial robots and related solutions, helping enterprise customers from all walks of life to improve production efficiency, optimize production costs, improve product quality, and ultimately promote their intelligent transformation.