IPO News | Baiwei Storage (688525.SH) to be listed on Hong Kong stocks, China Securities Regulatory Commission requires additional explanation on the development and compliance of technology export business in the past three years

Zhitong Finance App learned that on December 6, the China Securities Regulatory Commission announced the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (December 1, 2025 to December 5, 2025)”. The International Department of the China Securities Regulatory Commission announced supplementary material requirements for the two companies. Among them, Baiwei Storage was required to provide additional explanations on matters such as the development of technology export business in the past three years and compliance. According to reports, Baiwei Storage (688525.SH) was submitted to the Hong Kong Stock Exchange on October 28, and Huatai International is the sole sponsor.

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

1. The company's subsidiaries include “technology import and export”. Please explain the development and compliance of technology export business in the past three years.

2. Please explain the relevant approval, approval or filing procedures carried out by the company involving overseas investments for the use of capital raised by the company.

3. Regarding foreign investment access: (1) The business scope of the company's subsidiaries includes “market research”, please explain the relevant business development and compliance; (2) In addition to the above, please further check whether the business scope and actual business operations of the company and its subsidiaries involve areas prohibited or restricted from foreign investment in the “Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)”.

According to the prospectus, Baiwei Storage is a leading independent semiconductor storage solution provider for the AI era. It has scarce master control chips x innovative storage solution design x advanced packaging and testing full-stack technology capabilities in the industry. As one of the few companies in the industry with such capabilities, the company transforms NAND and DRAM wafers into diverse storage solutions to accurately meet the evolving needs of applications in the AI era.

BIWIN storage is a market leader in multiple vertical fields. The company's solutions have served many world-renowned customers including Meta, Google, Xiaomi, OPPO, vivo, Honor, Voice, Motorola, ZTE, TCL, HP, Lenovo, Acer, Asus, Positivo, BYD and Changan.