According to sources, on August 22, the China Securities Regulatory Commission (CSRC) published "Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (August 15, 2025 - August 21, 2025)." The CSRC's International Department issued supplementary material requirements to 3 companies. Among them, Joulwatt Technology Co.,Ltd. was required to provide supplementary explanations regarding the company's basic situation, specific circumstances of the establishment of Joulwatt Hong Kong Limited, and disclosure matters. It is reported that on May 30, 2025, Joulwatt Technology submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor.
The CSRC requested Joulwatt Technology to provide supplementary explanations on the following matters, with lawyers required to conduct verification and provide clear legal opinions:
1. Regarding the company's basic situation: (1) Please explain the historical evolution from the establishment of the company's predecessor to its overall transformation into a joint stock limited company, and provide clear conclusive opinions on whether each equity change during this period was legal and compliant; (2) Please compare with the relevant provisions of "Regulatory Rule Application Guidelines - Overseas Issuance and Listing Category No. 2" and explain the situation regarding state-owned shares in the company's share capital.
2. Regarding the company's overseas subsidiaries, please explain: (1) The specific circumstances of the establishment of Joulwatt Hong Kong Limited and disclosure situation; (2) Clear basis for why Joulwatt Hong Kong Limited's failure to fulfill overseas investment filing procedures and foreign exchange registration procedures does not constitute major illegal or non-compliant behavior; (3) Progress on the cancellation of Joulwatt Hong Kong Limited.
3. Please explain whether the business scope and actual business operations of the company and its subsidiaries involve foreign investment prohibited or restricted access areas under the "Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)."
According to the prospectus, Joulwatt Technology is committed to becoming a global leader in the analog integrated circuit industry. The company possesses a complete core technology architecture covering processes, integrated circuit design, and system definition. The company's product portfolio mainly includes power management integrated circuits and signal chain integrated circuits. As of December 31, 2024, the company offers approximately 2,200 integrated circuit product models available for sale, including over 2,000 power management integrated circuit product models. According to Frost & Sullivan data, in 2024, the company has reached industry-leading levels in terms of the number of power management integrated circuit product models.
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