IPO News | Huicheng Co., Ltd. (688403.SH) Proposes Hong Kong Stock IPO, China Securities Regulatory Commission Requests Additional Clarification on Whether Dual-Use Items and Export Restricted Export Technology Are Involved
The Zhitong Finance App learned that on September 11, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (September 7, 2026 to September 11, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 9 companies. Among them, Huicheng Co., Ltd. is required to further explain whether its main business involves dual-use items, prohibited export restricted technology, etc. According to the Hong Kong Stock Exchange disclosure on May 29, Huicheng Co., Ltd. (688403.SH) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CICC is its sole sponsor.
The China Securities Regulatory Commission requested Huicheng Co., Ltd. to provide additional explanations on the following matters, and ask lawyers to check and issue clear legal opinions:
1. Please further explain the necessity and rationality of this listing in Hong Kong in conjunction with the fund-raising investment.
2. Please explain whether your main business involves dual-use items and prohibited export restricted technology, specific circumstances such as external licensing and transfer of your company's intellectual property rights, and the establishment and implementation of the company's internal export control compliance management system.
According to the prospectus, Huicheng Co., Ltd. is a semiconductor packaging and testing service provider, focusing on DDIC's advanced packaging and testing solutions. The company's service portfolio is structured around four core process technologies: bump manufacturing, wafer testing (“CP”), glass crystallization (“COG”), and thin-film crystallization (“COF”). The company's services are mainly used for DDIC for LCD and AMOLED display panels. Terminal applications cover consumer electronics, industrial control and automotive electronics. The company is also strategically expanding memory IC packaging and testing capabilities, and is fully prepared to seize the opportunities brought by emerging application fields driven by the rapid development of AI.
According to Frost & Sullivan, Huicheng Co., Ltd. ranked second in terms of revenue in the DDIC advanced packaging and testing market in mainland China in 2025; in terms of the shipment volume of 12-inch wafer bumps in 2025, the company ranked second in the packaging and testing market in mainland China. Shipments reached 511.3 thousand wafers, making the company the fourth largest DDIC advanced packaging and testing service provider in the world.