New Stock News | Nations plans to list on the Hong Kong stock market, and the China Securities Regulatory Commission requires a clear conclusive opinion on the legality and compliance of the company's establishment and previous equity changes

Nations plans to list on the Hong Kong stock market. The China Securities Regulatory Commission requires it to provide clear conclusive opinions on the legality and compliance of the company's establishment and previous equity changes. The CSRC has requested supplementary materials for Nations' listing application, including the progress of the reinvestment report procedures for overseas subsidiaries and whether there are any restrictions on overseas issuance and listing. Nations is an integrated circuit design company focused on high-security and high-reliability control chips and system solutions

According to the Zhitong Finance APP, on September 19, the China Securities Regulatory Commission (CSRC) announced the "Supplementary Material Requirements for Overseas Issuance and Listing Filing (September 12, 2025 - September 18, 2025)," in which the CSRC's International Department issued supplementary material requirements for five companies. Among them, it requires Nations to provide a clear conclusive opinion on the legality and compliance of the company's establishment and previous equity changes. It is reported that on June 26, 2025, Nations submitted a listing application to the Hong Kong Stock Exchange's main board, with CITIC Securities as the sole sponsor.

The CSRC requests Nations to supplement the following matters and asks the lawyer to verify and provide clear legal opinions:

Please provide a clear conclusive opinion on the legality and compliance of the company's establishment and previous equity changes.
Please explain the progress of the company's overseas subsidiaries in supplementing the procedures for overseas reinvestment reports, and provide clear evidence that the failure to perform the overseas reinvestment report procedures does not constitute a significant violation of laws and regulations.
Please further explain whether the company's domestic subsidiaries fall under the circumstances prohibited from overseas issuance and listing as stipulated in Article 8 of the "Interim Measures for the Administration of Overseas Issuance of Securities and Listing by Domestic Enterprises."
Please explain whether the business scope and actual business operations of the company and its subsidiaries involve areas prohibited or restricted for foreign investment as per the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)."

The prospectus shows that Nations is a platform-based integrated circuit design company dedicated to providing high-security, high-reliability, and highly integrated control chips and system solutions for various smart terminals. With industry-leading hardware and software security architecture, cutting-edge heterogeneous integration solutions, and flexible compatibility capabilities, the company has achieved widespread application of its products in key areas such as consumer electronics, industrial control, digital energy, smart home, automotive electronics, and medical electronics, successfully building a product matrix covering diverse scenarios.

According to data from ZhiShi Consulting, based on 2024 revenue, the company ranks among the top five Chinese enterprises in the global platform MCU market and ranks among the top three Chinese enterprises in the global 32-bit platform MCU market. According to data from ZhiShi Consulting, based on 2024 revenue, the company ranks first in the Chinese MCU market with built-in commercial encryption algorithm modules