Sg Micro Corp recently received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing application. The key points raised in the feedback are as follows:
1. **Technology Export Compliance**: The company’s subsidiaries engage in "technology import and export." The CSRC requires a detailed explanation of the business activities and compliance status of technology exports over the past three years.
2. **Consistency in Disclosure**: The filing materials must align with the prospectus regarding the listing plan. Specifically, the company must clarify the number of shares to be issued, the proportion of post-issue share capital, and the expected fundraising amount—both with and without the exercise of an over-allotment option. A comparative table of pre- and post-issuance shareholding structure changes is also required, in accordance with regulatory guidelines.
3. **Domestic Subsidiary Eligibility**: The company must confirm whether its domestic subsidiaries fall under any prohibited or restricted categories for overseas listings as outlined in Article 8 of the "Trial Measures for the Administration of Overseas Securities Offerings and Listings by Domestic Enterprises."
4. **Foreign Investment Restrictions**: The CSRC has asked for clarification on whether the business scope and actual operations of Sg Micro Corp and its subsidiaries involve sectors restricted or prohibited for foreign investment under the "Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)."
These matters must be verified by legal counsel, who must provide a clear legal opinion.
**Company Overview**: Sg Micro Corp, headquartered in Beijing and Hong Kong, was established on January 26, 2007, and listed on June 6, 2017. The company specializes in the R&D and sales of high-performance analog integrated circuits. Its revenue breakdown includes power management products (61.75%), signal chain products (38.04%), and technology services (0.21%).
**Industry & Market Performance**: Classified under the semiconductor sector (analog chip design), Sg Micro Corp is associated with themes such as the sharing economy, high stock dividends, LED, ultra-HD, and AI.
As of September 30, 2025, the company reported: - Shareholder count: 110,800, up 128.90% QoQ. - Average tradable shares per holder: 5,351, down 56.30% QoQ. - Jan-Sept 2025 revenue: RMB 2.801 billion (+14.55% YoY). - Net profit attributable to shareholders: RMB 343 million (+20.47% YoY).
**Dividends & Institutional Holdings**: Since its A-share listing, Sg Micro Corp has distributed RMB 557 million in dividends, including RMB 250 million over the past three years.
Key institutional holdings as of September 30, 2025: - Hong Kong Securities Clearing Co. Ltd. (4th largest holder): 24.6114 million shares (-10.2427 million QoQ). - Noah Growth Mixed Fund A (320007, 5th largest): 16.8542 million shares (-2.5335 million QoQ). - GF Technology Pioneer Mixed Fund (008903, 6th largest): 8.6988 million shares (-1.157 million QoQ). - E Fund ChiNext ETF (159915, 7th largest): 8.5897 million shares (-1.4364 million QoQ). - Huatai-PineBridge CSI 300 ETF (510300, 9th largest): 7.3642 million shares (-483,100 QoQ). - Wanjia Preferred (161903, 10th largest): 6.0001 million shares (new entry). - Galaxy Innovation Mixed Fund A (519674) exited the top 10 holdings.
Investors are advised to conduct independent research and exercise caution when making decisions.
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