On January 23, the China Securities Regulatory Commission (CSRC) issued its "Requirements for Supplementary Materials for Overseas Listing Filing (January 19, 2026 - January 23, 2026)." The CSRC's International Department requested supplementary materials from three companies, including Xihua Technology, which was asked to provide further clarification on the pricing basis for new shareholders who joined within the last 12 months.
According to a disclosure made by the Hong Kong Stock Exchange on December 3, 2025, Shenzhen Xihua Technology Co., Ltd. submitted its application to the Main Board of the HKEX, with ABC International acting as its sole sponsor.
The CSRC requested Xihua Technology to supplement the following items and instructed its lawyers to review and provide clear legal opinions: Firstly, explain the reasons for inconsistencies in the identification of the controlling shareholder within the filing materials and the criteria used for such identification, and provide a definitive conclusion on the controlling shareholder's status.
Secondly, clarify the pricing basis and fairness for shares acquired by new shareholders in the last 12 months, explain the reasons and rationale for any price discrepancies among these share acquisitions, detail the tax payment status, indicate whether any acquisition prices were abnormal, and provide a clear conclusion on whether any improper benefit transfers occurred.
Thirdly, report on the progress of the industrial and commercial registration procedures for the employee shareholding platform.
Fourthly, specify whether the shares held by shareholders intending to participate in the "full circulation" scheme are subject to pledge, freeze, or any other encumbrances.
The prospectus reveals that Xihua Technology is a provider of edge AI chips and solutions. The company's primary intelligent display chips and solutions include AIScaler and STDI chips, while its intelligent sensing and control chips and solutions mainly consist of TMCU, general-purpose MCU, touch chips, and smart cockpit solutions.
The company's products have been adopted by several mainstream automotive OEMs and globally renowned consumer electronics brands. Its mass-produced chip portfolio can meet diverse customer needs in consumer electronics, the automotive industry, and emerging markets such as embodied intelligence.
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