New Stock News | Ingenic plans to list on the Hong Kong Stock Exchange, and the China Securities Regulatory Commission requires supplementary explanations on business models and matters involving large models, etc

According to the Zhitong Finance APP, on October 31, the China Securities Regulatory Commission (CSRC) announced the supplementary material requirements for overseas issuance and listing filings (from October 27, 2025, to October 31, 2025), which mentioned that Beijing Junzheng (300223.SZ) is required to provide additional explanations regarding its business model and matters related to 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, with Guotai Junan International as its sole sponsor.

The CSRC requested Beijing Junzheng to supplement the following matters and asked lawyers to verify and provide clear legal opinions:

1. Please explain, in conjunction with the actual controlling shareholder's debt repayment ability and other circumstances, whether the pledge of shares by your company's controlling shareholder and actual controller before and after the completion of this issuance may lead to a change in your company's control, and whether it may result in your company being in a prohibited situation as stipulated in Article 8 of the "Interim Measures for the Administration of Overseas Issuance of Securities and Listing by Domestic Enterprises."

2. Please clarify whether the domestic entity that the shareholder Wuyuefeng Investment penetrates through has any entities prohibited from holding shares by laws and regulations.

3. Regarding business operations: (1) Please describe the business model and specific circumstances related to large models in simple and understandable language, and indicate whether the relevant large model filing has been completed; (2) Please explain the specific situation of your company's subsidiaries' business scope, which includes "asset management, investment management, investment consulting, corporate management consulting, and business consulting," whether they actually engage in financial-related businesses and have obtained the necessary qualifications and licenses; (3) Please clarify whether the business scope and actual operations of your company and its subsidiaries involve areas prohibited or restricted for foreign investment as stipulated in the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)."

4. Please explain the expected amount of funds raised before and after the exercise of the over-allotment option and the specific calculation method, the specific use of the raised funds, and the proportion of funds used for domestic and overseas fundraising projects. For overseas fundraising projects, please explain the situation regarding the approval, authorization, or filing of overseas investments.

5. Please clarify whether your company and its subsidiaries are involved in the development and operation of websites, mini-programs, apps, public accounts, and other products, whether they provide information content to third parties, the types of information content provided, and the security measures for protecting information content; also, please explain the scale of user information collected and stored, the data collection and usage situation, and the arrangements or measures for personal information protection and data security before and after the listing.

The prospectus shows that Beijing Junzheng is a global leader in "computing + storage + simulation" chip provision, offering high-performance, low-power computing chips, high-quality, high-reliability storage chips, and a variety of high-specification analog chips for markets such as automotive electronics, industrial medical, AIoT, and intelligent security