IPO News | Beijing Junzheng (300223.SZ) Proposes Hong Kong Stock Listing China Securities Regulatory Commission Requests Additional Explanation of Business Model and Matters Involving Large Models

The Zhitong Finance App learned that on October 31, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing registration (October 27, 2025 to October 31, 2025), which mentioned that Beijing Junzheng (300223.SZ) was required to further explain the business model and matters involving large models. According to the Hong Kong Stock Exchange's disclosure on September 15, Beijing Junzheng submitted a listing application to the main board of the Hong Kong Stock Exchange, and Guotai Junan International is its sole sponsor.

The Securities Regulatory Commission requested Beijing Junzheng to provide additional explanations on the following matters, and requested lawyers to check and issue clear legal opinions:

1. Please explain whether the share pledge situation of the controlling shareholder and actual controller of your company before and after the issuance is completed may cause changes in the control of your company, and whether it may cause your company to have prohibited situations as stipulated in section 8 of the “Trial Measures on the Administration of Overseas Issuance of Securities and Listing of Domestic Enterprises”.

2. Please explain whether there are domestic entities prohibited by laws and regulations from holding shares after shareholder Wu Yuefeng's investment penetrated upward.

3. Regarding business operations: (1) Please explain in detail the business model and the specific situation involving the big model in easy-to-understand language, and explain whether the relevant big model filing has been completed; (2) Please explain whether the business scope of your company's subsidiary companies includes “asset management, investment consulting, enterprise management consulting, business consulting”, and whether they actually carry out finance-related business and obtain the necessary qualifications; (3) Please explain whether the business scope and actual business development of your company and its subsidiaries involve the “Special Administrative Measures for Foreign Investment Access (Negative List)” (2024 edition) Areas where entry is prohibited or restricted.

4. Please explain the estimated amount of capital raised and its specific calculation method before and after the over-allotment rights are exercised, the specific use of the funds raised, and the proportion of funds used in domestic and overseas fund-raising projects. If overseas fund-raising projects are involved, please indicate the status of implementation of overseas investment approval, approval or filing.

5. Please explain whether your company and its subsidiaries are involved in developing and operating products such as websites, applets, apps, public accounts, etc., and whether they are involved in providing information content to third parties, the types of information content provided, and security measures for information content; also explain the scale of collected and stored user information, data collection and use, and personal information protection and data security arrangements or measures before and after listing.

According to the prospectus, Beijing Junzheng is the world's leading provider of “computing+storage+analog” chips, providing high-performance low-power computing chips, high-quality high-reliability memory chips, and various types of high-specification analog chips for automotive electronics, industrial medical, AIoT and intelligent security markets.