IPO News | Hairou Innovation plans to list Hong Kong stocks, China Securities Regulatory Commission requires additional explanation on the rationality of the share price of additional shareholders within 12 months before submitting an application for overseas issuance and listing

The Zhitong Finance App learned that on July 10, the China Securities Regulatory Commission announced the disclosure of supplementary materials for overseas issuance and filing (July 6, 2026 to July 10, 2026). The International Department of the China Securities Regulatory Commission issued supplementary material requirements for a total of 7 companies. Among them, Hairou Innovation was requested to provide additional explanations on matters such as the rationality of the share price of additional shareholders within 12 months before submitting the overseas issuance and listing filing application. According to reports, Hairou Innovation submitted a listing application to the main board of the Hong Kong Stock Exchange on February 13, 2026, with Goldman Sachs and CITIC Securities as co-sponsors.

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

1. Regarding this offering and “full circulation”: (1) Please indicate the estimated amount of capital raised after full exercise of the over-allotment rights; (2) Please indicate whether the shares held by shareholders who intend to participate in the “full circulation” have been pledged, frozen or otherwise flawed.

2. Please provide additional explanations: (1) The rationality of the new shareholders' share price within 12 months before the company submitted the overseas issuance and listing filing application, and issue clear concluding opinions on whether there was a transfer of benefits, etc.; (2) the circumstances relating to the failure of Dongguan Hairou to complete asset evaluation procedures during the capital increase in May 2019, and issue a clear concluding opinion on whether the establishment and previous equity changes were legal and compliant.

3. Please provide additional information on: (1) whether the scope of business and actual business of the company and its subsidiaries involves areas where foreign investment is restricted or prohibited, and whether they continue to meet foreign investment entry requirements after the current listing and “full circulation”; (2) Please explain the specific implementation of regulatory procedures involving overseas investment, foreign exchange registration, etc. involving the company's overseas subsidiaries, and issue a concluding opinion on compliance.

4. Please provide additional information on the company's specific overseas fund-raising projects. If involved, please explain the status of implementation of overseas investment approval, approval or filing.

5. (1) If the incentive target still holds the relevant incentive share after leaving the job, whether it complies with the conditions agreed in the previous agreement, whether there are any disputes or potential disputes; (2) issue a clear conclusion on whether the implemented equity incentive plan and the option incentive plan implemented after listing are legal and compliant, and whether there is a transfer of benefits.

6. Regarding standardized operation: (1) Please explain the circumstances and rectification of the company and its subsidiaries subject to administrative penalties relating to production safety, whether the relevant circumstances constitute a major violation of law and regulations, and whether they constitute a substantial obstacle to the current listing; (2) Please explain whether the rectification situation of the company and its subsidiaries after receiving administrative penalties from other parties has had a significant adverse impact on the company's daily operations and current issuance and listing; (3) Please explain the latest developments in the company's litigation cases and whether they constitute a substantial obstacle to this listing.

According to the prospectus, Hairou innovatively invented an integrated automated box-type storage robot (ACR) solution for automatically picking and handling individual boxes in warehouses. Through solutions, Hairou Innovation can show customers increasing storage density, improving operational efficiency, speeding up order fulfillment, and reducing labor costs. Hairou Innovation provides enterprise customers with fully integrated solutions, combining robots and related hardware, software, and a full range of auxiliary support and services.

Hairou Innovation provides a series of advanced ACR solutions to provide flexibility, efficiency, reliability and economy in various distribution and manufacturing fields. In 2025, HaiRou innovatively launched HaiPick Climb, which became the first single-sided climbing ACR solution for large-scale commercial use in the global ACR solution market. According to Insight Consulting, HaiPick Climb supports a storage height of up to 15 meters in both newly built and modified storage facilities, which is the highest among similar products.