IPO News | Wan Yuantong's proposed Hong Kong stock IPO, China Securities Regulatory Commission requested additional explanation of the specific amount of capital raised to be used for domestic and foreign investment projects

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, Wan Yuantong was requested to provide additional information on matters such as the specific amount and proportion of the funds raised in this offering to be used for domestic and foreign investment projects. According to the Hong Kong Stock Exchange disclosure on March 30, Kunshan Wanyuantong Electronic Technology Co., Ltd. (hereinafter referred to as “Wan Yuantong”) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Xingzheng International is its sole sponsor.

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

1. Please explain whether the issuer's share pledge, loan, or guarantee may lead to major ownership disputes or changes in the controlling shareholder of the company before and after the completion of the current offering, taking into account circumstances such as solvency.

2. Please itemize the specific amount and proportion of the funds raised in this issuance for domestic and foreign investment projects, and explain the implementation of the relevant approval, approval or filing procedures. If so, please issue a commitment to return all of the funds raised to the country during the implementation of the relevant procedures.

3. Please further explain the details of all pending lawsuits and arbitration involving your company, whether the relevant circumstances will have a significant adverse impact on the company's future operations, whether they will constitute a material obstacle to this issuance, and whether the relevant circumstances have been fully disclosed.

4. Please provide additional information on the specific implementation of overseas investment, foreign exchange registration and other supervisory procedures involving the establishment of overseas subsidiaries by your company, and issue a concluding opinion on compliance.

According to the prospectus, Wanyuantong is a high-tech enterprise specializing in the R&D, production and sale of printed circuit boards (“PCBs”). Since its establishment, Wan Yuantong has focused on building comprehensive capabilities in engineering design, process technology and production execution.