New Stock News | Intellifusion plans to list on the Hong Kong Stock Exchange, and the China Securities Regulatory Commission requires supplementary explanations regarding business operations and other matters

According to the Zhitong Finance APP, on October 24, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Issuance and Listing Filing (October 20, 2025 - October 24, 2025)," with the International Department of the CSRC issuing supplementary material requirements for 11 companies. In the announcement, the CSRC requested that Intellifusion (688343.SH) provide additional details regarding the specific circumstances of the company's and its subsidiaries' business scope, and whether it continues to comply with foreign investment access policy requirements after this issuance and listing. According to the Hong Kong Stock Exchange's disclosure on August 25, Shenzhen Intellifusion Technology Co., Ltd. (referred to as: Intellifusion) updated its prospectus to the Hong Kong Stock Exchange, with Huatai International, CITIC Securities, and CMB International as joint sponsors. Please have Intellifusion provide additional explanations on the following matters and have a lawyer verify and issue clear legal opinions: Regarding business operations: (1) Please explain the specific circumstances of your company's and its subsidiaries' business scope, which includes "value-added telecommunications services; electronic publication production; economic information consulting; engaging in advertising business; designing, producing, acting as an agent for, and publishing advertisements." Have the necessary qualifications and licenses been obtained? Does the business scope and actual operations involve areas restricted or prohibited for foreign investment? Does the foreign shareholding ratio comply with the upper limit regulations, and does it continue to meet foreign investment access policy requirements after this issuance and listing? (2) Please describe the business model and specific circumstances involving large models in simple and understandable language, and indicate whether the relevant large model filing has been completed. Regarding standardized operations: (1) Please supplement the business situation and standardized operation status of your company and domestic subsidiaries in the legal opinion according to the "Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Class No. 2." Currently, only the main subsidiary situation has been verified. (2) Please indicate whether your company and its subsidiaries are involved in the development and operation of websites, mini-programs, apps, public accounts, etc., whether they involve providing information content to third parties, the types of information content provided, and the information content security protection measures; also, explain the scale of user information collected and stored, data collection and usage situation, and arrangements or measures for personal information protection and data security before and after the listing. Please strictly compare with the provisions of Article 8 of the "Interim Measures for the Administration of Overseas Issuance of Securities and Listing by Domestic Enterprises" to explain whether your company and domestic subsidiaries have any prohibitive circumstances for overseas issuance and listing. Regarding this issuance and listing: (1) Please indicate the expected amount of funds raised after fully exercising the over-allotment option; (2) Please list the changes in the shareholding structure of the top ten shareholders and other shareholders before and after this issuance under the conditions of not exercising and fully exercising the over-allotment option. The prospectus shows that Intellifusion is a leading artificial intelligence (AI) company in China, focusing on the research, design, and commercialization of AI inference chips. The company integrates a deep understanding of AI algorithms and practical application scenarios into powerful and cost-effective applications using AI inference computing, launching industry-leading NPU-driven AI inference chip-related products and services for enterprise-level, consumer-level, and industry-level application scenarios, successfully creating a complete closed loop from AI inference infrastructure construction to product design, development, and commercialization, achieving rapid migration of AI across diverse scenarios In terms of finance, for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2024 and 2025, Intellifusion achieved revenues of approximately RMB 546 million, RMB 506 million, RMB 917 million, RMB 98.448 million, and RMB 264 million, respectively; during the same periods, the losses were approximately RMB 448 million, RMB 384 million, RMB 572 million, RMB 138 million, and RMB 85.801 million, respectively