IPO News | Bethel's Proposed Hong Kong Stock IPO, China Securities Regulatory Commission Requests Additional Clarification on the Details of All Outstanding Litigation and Arbitration Involved

The Zhitong Finance App learned that on September 18, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (September 14, 2026 - September 18, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 6 companies. Among them, Bethel was requested to provide additional explanations on all outstanding lawsuits and the specific circumstances of the arbitration involving the company. According to reports, Bethel submitted a listing application to the main board of the Hong Kong Stock Exchange on May 21, 2026, with CICC as the sole sponsor.

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

1. Please provide additional information on the specific implementation of overseas investment, foreign exchange management and other supervisory procedures involving the establishment of overseas subsidiaries by the company, and issue a concluding opinion on compliance.

2. Please itemize the specific amount and proportion of the funds raised in this issuance for domestic and foreign investment projects, and explain the implementation of the relevant approval, approval or filing procedures. If so, please issue a commitment to return all of the funds raised to the country during the implementation of the relevant procedures.

3. Please further explain the details of all pending lawsuits and arbitration involving the company, whether the relevant circumstances will have a significant adverse impact on the company's future operations, whether they will constitute a material obstacle to this issuance, and whether the relevant circumstances have been fully disclosed.

4. Please provide additional information on the details of the company's transactions with Chery Auto and the like during the reporting period, the fairness of related transaction prices, and issue clear conclusions on whether there were any benefits.

5. Please provide additional explanations on whether the company's share pledges, loan guarantees, etc. may lead to major ownership disputes or changes in the issuer's controlling shareholder before and after the issuance is completed, taking into account circumstances such as solvency.

According to the prospectus, Bethel is a leading Chinese supplier of automotive intelligent chassis systems. According to Frost & Sullivan, in 2025, the company ranked first among Chinese brand suppliers in the market share of electronic parking brake systems and linear control systems in China. In terms of revenue, it was 14.2% and 8.6% respectively.

Since its establishment in 2004, Bethel has focused on the R&D, manufacture and supply of automotive intelligent chassis systems. It has built a full stack of self-research capabilities covering automobile braking systems (X axis), steering systems (Y axis), suspension systems (Z axis) to intelligent driving systems, and has end-to-end capabilities from independent research and development, matching and verification to large-scale production. According to Frost & Sullivan, the company is one of the few Chinese brand suppliers that can provide a full range of chassis XYZ axle solutions and achieve system-level integration. It is also one of the first Chinese brand suppliers to achieve large-scale production and platform-based layout of core automotive intelligent chassis technology.